《Merchandise Inventory, Cost of Goods Sold, and Gross Profit：库存商品，商品销售成本，毛利》由会员分享，可在线阅读，更多相关《Merchandise Inventory, Cost of Goods Sold, and Gross Profit：库存商品，商品销售成本，毛利（55页珍藏版）》请在金锄头文库上搜索。
1、2004 Prentice Hall Business Publishing Financial Accounting, 5/e Harrison/HorngrenMerchandise Inventory, Cost of Goods Sold, and Gross ProfitChapter 612004 Prentice Hall Business Publishing Financial Accounting, 5/e Harrison/HorngrenIncome StatementsService revenue$XXX ExpensesSalary expense XDeprec
2、iation expense XIncome tax expense X Net income$ XService Company Century 21 Real Estate Income Statement Year Ended December 31, 20xxSales revenue$185 Cost of goods sold 146 Gross profit 39 Operating expenses:Salary expense XDepreciation expense XIncome tax expense$ X Net income$ 4Merchandising Com
3、pany General Motors Corporation Income Statement Year Ended December 31, 20xx22004 Prentice Hall Business Publishing Financial Accounting, 5/e Harrison/HorngrenBalance SheetsCurrent assets:Cash$XShort-term investments XAccounts receivable, net XPrepaid expenses XService Company Century 21 Real Estat
4、e Balance Sheet Year Ended December 31, 20xxCurrent assets:Cash$ XShort-term investments XAccounts receivable, net XInventory 11Prepaid expenses XMerchandising Company General Motors Corporation Balance Sheet Year Ended December 31, 20xx32004 Prentice Hall Business Publishing Financial Accounting, 5
5、/e Harrison/HorngrenAccounting for InventoryCurrent assets:Cash$ XXXShort-terminvestments XXXAccounts receivable XXXInventory (1 truck$15,000)$15,000Prepaid expenses XXXGeneral Motors Corporation Balance Sheet (partial)Sales revenue(2 trucks $20,000) $40,000 Cost of goods sold(2 trucks $15,000) 30,0
6、00 Gross profit$10,000General Motors Corporation Income Statement (partial)42004 Prentice Hall Business Publishing Financial Accounting, 5/e Harrison/HorngrenSales revenues Cost of goods sold = Gross profit (before operating expenses)Gross profit Operating expenses = Net incomeGross Profit (Gross Ma
7、rgin)52004 Prentice Hall Business Publishing Financial Accounting, 5/e Harrison/HorngrenComputing CostCost of inventory on hand = Number of units on hand unit costCost of goods sold = Number of units sold unit cost62004 Prentice Hall Business Publishing Financial Accounting, 5/e Harrison/HorngrenLea
8、rning Objective 1Use the cost-of-goods- sold model.72004 Prentice Hall Business Publishing Financial Accounting, 5/e Harrison/HorngrenCost of Goods Sold ModelBeginning inventory $20Purchases $100Cost of goods available for sale $120Ending inventory $30Cost of goods sold $9082004 Prentice Hall Busine
9、ss Publishing Financial Accounting, 5/e Harrison/HorngrenHow Much Inventory Should Be Purchased?Budgeted cost of goods sold$6,000+ Budgeted ending inventory 1,500 Actual beginning inventory 1,200= Budgeted purchases$6,300= Budgeted cost of goodsavailable for sale$7,50092004 Prentice Hall Business Pu
10、blishing Financial Accounting, 5/e Harrison/HorngrenLearning Objective 2Account for inventory transactions.102004 Prentice Hall Business Publishing Financial Accounting, 5/e Harrison/HorngrenPerpetual systems maintain a running record to show the inventory on hand at all times.Periodic systems do no
11、t keep a continuous record of inventory on hand.Inventory Accounting Systems112004 Prentice Hall Business Publishing Financial Accounting, 5/e Harrison/HorngrenDebit Cash or Accounts Receivable Credit Sales RevenueDebit Cost of Goods Sold Credit InventoryRecording Transactions in the Perpetual Syste
12、mDebit Inventory Credit Cash or Accounts Payable122004 Prentice Hall Business Publishing Financial Accounting, 5/e Harrison/HorngrenRecording Transactions in the Perpetual SystemPurchase price of the inventory$600,000 + Freight-in 4,000 Purchase returns 25,000 Purchase allowances 5,000 Purchase disc
13、ounts 14,000 = Net purchases of inventory$560,000132004 Prentice Hall Business Publishing Financial Accounting, 5/e Harrison/HorngrenRecording Transactions and the T-AccountsAccounts Payable 560,000Beg. 100,000 560,000InventoryInventory560,000 Accounts Payable560,000 Purchased inventory on account14
14、2004 Prentice Hall Business Publishing Financial Accounting, 5/e Harrison/HorngrenRecording Transactions and the T-AccountsSale on account $900,000 (cost $540,000):Accounts Receivable900,000 Sales Revenue900,000 Cost of Goods Sold540,000 Inventory540,000152004 Prentice Hall Business Publishing Finan
15、cial Accounting, 5/e Harrison/HorngrenRecording Transactions and the T-AccountsCost of Goods Sold 540,000Inventory Beg. 100,000 560,000 120,000540,000162004 Prentice Hall Business Publishing Financial Accounting, 5/e Harrison/HorngrenReporting in the Financial StatementsIncome Statement (partial) Sa
16、les revenue$900,000 Cost of goods sold 540,000 Gross profit$360,000Ending Balance Sheet (partial) Current assets:Cash$ XXXShort-term investments XXXAccounts receivable, net XXXInventory 120,000Prepaid expenses XXX172004 Prentice Hall Business Publishing Financial Accounting, 5/e Harrison/HorngrenNet sales= Sales revenue Sales returns & allowances
