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1、Chp 9: Inventories and Cost of Goods Calculation,Glossary,Average-cost method（平均成本法，） Cost of goods available for sale（可供出售的存货成本） Cost of goods purchased（采购成本）,First-in, first-out method (FIFO)（先进先出法） Inventoriable costs（存货成本） Inventory turnover（存货周转率）,Glossary,Glossary,Last-in, first-out method (LI
2、FO)（后进先出法） Net purchases（采购净额） Specific identification method（个别辨认法） physical inventory（实际库存）,Glossary,Inventory on hand（现有库存） Current replacement cost（当前重置成本） Merchandise inventory（商品库存） Lower of cost or market (LCM)（成本与市价孰低法）,Study Objectives,The steps in determining inventory quantities The entri
3、es for purchases and sales of inventory under a periodic inventory system Cost of goods sold under a periodic inventory system,Study Objectives,The unique features of the income statement using a periodic inventory system. the inventory cost-flow methods The financial statement and tax effects of ea
4、ch of the inventory cost-flow methods,9-1 Inventory Basics,Inventories are an important barometer of business activity.,9-1 Inventory Basics,Inventory,Too little,Too much,9-1 Inventory Basics,Inventory,Balance sheet,Income statement,9-2 Classifying Inventory,Inventory,Merchandiser : Merchandise inve
5、ntory,Manufacturer: Finished goods Work in process Raw materials,9-3 Determining inventory quantities,taking a physical inventory of goods on hand,determining the ownership of goods,9-3-1 Taking a physical inventory,Inventory Internal Control Principles: 1.Separation of custody and records of the in
6、ventory 2.Taken periodically using preprinted inventory control forms 3.Underage or overage inventory reporting 4. High-priced items inventory taken daily 5.Storeroom should be secured,9-3-1 Taking a physical inventory,Internal Control Principles (p263),9-3-2 Determining Ownership of Goods,Goods in
7、Transit,FOB shipping point,FOB Destination,9-4 Periodic Inventory System,Periodic inventory system,Sales,Purchases,9-4-1 Purchases of Merchandise,Purchases （Dr.）,Purchase Returns & Allowances（Cr.）,Purchase Discounts（Cr.）,Freight-In（Dr.）,9-4-2 Sales of Merchandise,Sales Returns & Allowances,Sales Dis
8、counts,9-5 Cost of Goods Sold,Record purchases of merchandise,Determine the cost of goods purchased,Determine the cost of goods on hand at the beginning and end of the accounting period,9-5-1 cost of goods purchased,Purchase,-?,+?,P R&A P Discounts,Freight-in,9-5-2 cost of goods sold,Beg. Inventory,
9、+ : Cost of Good Purchased,cost of goods available for sale,- : End. Inventory,Cost of good sold,Transfers in and out,banquet,restaurant,lounge,Room service,9-5-3 Transfer in and out,Beg. Inventory,+ : Cost of Good Purchased,+ : Transfers in,- : Transfer out,- : End. Inventory,9-5-3 Transfer in and
10、out,Cost of Good Consumed,- : Employee meals and Promotion,Cost of Good Sold,Net Sales,Cost of Goods Sold,Gross Profit,Operating Expenses,Net Income,9-6 Income Statement Presentation,9-6 Income Statement Presentation,Under the periodic inventory system, the cost of goods sold section generally will
11、contain more detail.,9-7Inventory Costing,Inventory Costing,cost of the beginning inventory,cost of the goods purchased during the year,9-7Inventory Costing,Inventory Costing,Purchasing (采购成本),Receiving and warehousing （验收与仓储成本）,9-8 Specific Identification,This method is possible when a company sell
12、s a limited variety of high unit-cost items that can be clearly identified,The method tracks the actual physical flow of the goods,$65,$67,$70,$73,Salad oil,9-9 Cost-flow Methods,FIFO,LIFO,Average cost,There is no accounting requirement that the cost-flow assumption be consistent with the physical m
13、ovement of the goods.,9-10 Financial Statement Effects,1. Income Statement Effects,FIFO,Average cost,LIFO,Net income,rising prices,9-10 Financial Statement Effects,2. Balance sheet Effects,FIFO,Average cost,LIFO,Inventory Value,rising prices,9-10 Financial Statement Effects,3. Tax Effects,FIFO,Avera
14、ge cost,LIFO,Income taxes,rising prices,9-11 Effects of Inventory Errors,Beg. Inventory,Cost of Good Purchased,End. Inventory,CGS,9-11 Effects of Inventory Errors,9-11 Effects of Inventory Errors,becomes,offsets,P282 Illustration 9-23,9-11 Effects of Inventory Errors,9-11 Inventory Errors,9-12 State
15、ments Presentation and Analysis,Disclosure : (1) the major inventory classifications (2) the basis of accounting (3) the costing method,Computation of Lower of Cost or Market,The Walt Disney Company,Note 1. Description of the Business and Summary of Significant Accounting Policies Inventories Carryi
16、ng amounts of merchandise, materials and supplies inventories are generally determined on a moving-average cost basis and are stated at the lower of cost or market.,9-13 Estimating Ending Inventory and Cost of Goods Sold,The Retail Method(零售法),The Gross Profit Method （毛利法）,The Retail Method,Assume the following: Beginning inventory at cost: 12,376 Beginning inventory at retail: 22,277 Purchase at cost: 76,840 Purchase at retail: 138,312 N
