《会计学课件清华大学Chapter07章节》由会员分享，可在线阅读，更多相关《会计学课件清华大学Chapter07章节（60页珍藏版）》请在金锄头文库上搜索。
1、Chapter 7,Reporting and Interpreting Cost of Goods Sold and Inventory,Learning Objectives,To identify the amounts that should be included in inventory (存货) and to determine COGS(销售成本).,LO1,Costs Included in Inventory Purchases,The cost principle requires that inventory be recorded at the price paid
2、or the consideration given.,Invoice Price,Freight,Inspection Costs,Preparation Costs,Flow of Inventory Costs,Nature of Cost of Goods Sold,Beginning Inventory,Purchases for the Period,Ending Inventory (Balance Sheet),Goods available for Sale,Cost of Goods Sold (Income Statement),Beginning inventory +
3、 Purchases = Goods Available for Sale Goods Available for Sale Ending inventory = Cost of goods sold,Learning Objectives,Report inventory and COGS using the four inventory costing methods.,LO2,Inventory Costing Methods,Specific Identification 个别认定法,FIFO 先进先出法,LIFO 后进先出法,Weighted Average 加权成本法,Invent
4、ory Costing Methods,Total Dollar Amount of Goods Available for Sale,Ending Inventory,Cost of Goods Sold,Inventory Costing Method,Specific Identification-个别认定法,When units are sold, the specific cost of the unit sold is added to cost of goods sold.,Cost Flow Assumptions-成本流动假设,The choice of an invento
5、ry costing method is not based on the physical flow of goods on and off the shelves.,FIFO,LIFO,Weighted Average,First-In, First-Out Method-先进先出法,Cost of Goods Sold,Oldest Costs,Ending Inventory,Recent Costs,First-In, First-Out,Remember: The costs of most recent purchases are in ending inventory. Sta
6、rt with 11/29 and add units purchased until you reach the number in ending inventory.,First-In, First-Out,First-In, First-Out,First-In, First-Out,Now, we have allocated the cost to all 1,200 units in ending inventory.,First-In, First-Out,Now, we have allocated the cost to all 1,050 units sold.,First
7、-In, First-Out,Here is the cost of ending inventory and cost of goods sold using FIFO.,Last-In, First-Out Method-后进先出法,Ending Inventory,Cost of Goods Sold,Oldest Costs,Recent Costs,Last-In, First-Out,Remember: The costs of the oldest purchases are in ending inventory. Start with beginning inventory
8、and add units purchased until you reach the number in ending inventory.,Last-In, First-Out,Last-In, First-Out,Now, we have allocated the cost to all 1,200 units in ending inventory.,Last-In, First-Out,Now, we have allocated the cost to all 1,050 units sold.,Average Cost Method-加权成本法,Average cost per
9、 unit Cost of goods available for sale Number of units available for sale Ending Inventory Units in Ending Inventory Average cost per Unit Cost of Good Sold Units Sold Average cost per Unit,Average Cost Method,Average Cost Method,Learning Objectives,Comparison of methods & Decide when the use of dif
10、ferent inventory costing methods is beneficial to a company.,LO3,Comparison of Methods,Advantages of Methods,First-In, First-Out,Last-In, First-Out,Weighted Average,Specific Identification: most accurate, but high cost,Comparison of Methods,Comparison of Methods,In periods of rising prices, FIFO res
11、ults in the highest ending inventory, gross profit, tax expense, and net income, and the lowest cost of goods sold.,In periods of rising prices, LIFO results in the lowest ending inventory, gross profit, tax expense, and net income, and the highest cost of goods sold.,Managers Choice of Inventory Me
12、thods,Net Income Effects Managers prefer to report higher earnings for their companies.,Income Tax Effects Managers prefer to pay the least amount of taxes allowed by law as late as possible.,Choosing Inventory Costing Methods,LIFO for books,LIFO for taxes,If . . .,Then . . .,LIFO Conformity Rule,CO
13、GS relation: BI + Purchase EI = COGS BI + Purchase = GAS Four inventory costing methods Specific identification (most accurate, but high cost) First in, first out (more accurate for EI) Last in, first out (more accurate for COGS) Weighted average (smooth out price changes) Comparison of methods Adva
14、ntages Effects on IS & BS: In periods of rising prices, FIFO results in the highest EI, gross profit, tax expense, and net income, and the lowest COGS.,Summary,Learning Objectives,Compare companies that use different inventory costing methods.,LO4,Inventory Methods and Financial Statement Analysis,U
15、.S. public companies using LIFO also report beginning and ending inventory on a FIFO basis if the FIFO values are materially different.,BIFIFO + Purchase EIFIFO = COGSFIFO BILIFO + Purchase EILIFO = COGSLIFO,Inventory Methods and Financial Statement Analysis,LIFO Reserve = FIFO inventory LIFO invent
16、ory,BIFIFO + Purchase EIFIFO = COGSFIFO BILIFO + Purchase EILIFO = COGSLIFO,COGS under FIFO COGS under LIFO = Difference in COGS,Inventory Costing Methods and Financial Statement Analysis,COGS under LIFO $15,000 Ending Inventory under LIFO $21,000 The following information are disclosed in the footnotes in 2006 financial reports. Dec. 31, 2011 Dec. 31, 2010 L
