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Inventories and the Cost of Goods Sold презентация
Содержание
- 1. Inventories and the Cost of Goods Sold
- 2. as goods are sold The Flow of Inventory Costs
- 3. In a perpetual inventory system, inventory entries
- 4. When identical units of inventory have different
- 5. Inventory Subsidiary Ledger A separate subsidiary account
- 6. The Bike Company (TBC) Data for an Illustration
- 7. On August 14, TBC sold 20 bikes
- 8. A similar entry is made after each sale. Specific Identification
- 9. Additional purchases were made on August 17 and 28. Specific Identification
- 10. Balance Sheet Inventory = $1,395
- 11. Average-Cost Method The average cost per unit
- 12. Average-Cost Method Additional purchases were made
- 13. Income Statement COGS = $4,622 Balance Sheet
- 14. On August 14, TBC sold 20 bikes for $130 each. First-In, First-Out Method (FIFO)
- 15. Additional purchases were made on Aug. 17
- 16. First-In, First-Out Method (FIFO) Balance Sheet
- 17. On August 14, TBC sold 20 bikes
- 18. Last-In, First-Out Method (LIFO) Additional purchases
- 19. Balance Sheet Inventory = $1,260 Last-In, First-Out
- 21. Once a company has adopted a particular
- 22. The primary reason for taking a physical
- 23. LCM and Other Write-Downs of Inventory
- 24. LCM and Other Write-Downs of Inventory
- 25. Year End A sale should be recorded
- 26. In a periodic inventory system, inventory entries
- 27. In a periodic inventory system, inventory entries are as follows. Periodic Inventory Systems
- 28. Information for the Following Inventory Examples
- 29. Specific Identification
- 30. Avg. Cost $9,725 ÷ 1,800 = $5.40278
- 31. Remember: Start with the 11/29 purchase and
- 32. Now, let’s complete the table. First-In, First-Out
- 33. Completing the table summarizes the computations just made. First-In, First-Out Method (FIFO)
- 34. Remember: Start with beginning inventory and then
- 35. Last-In, First-Out Method (LIFO) Now, we have
- 36. Completing the table summarizes the computations just made. Last-In, First-Out Method (LIFO)
- 37. An error in ending inventory in a
- 38. The Gross Profit Method Determine cost of
- 39. The Gross Profit Method In March of
- 40. The Gross Profit Method Step
- 41. The Retail Method The retail method of
- 42. The Retail Method Matrix would follow the
- 43. (Beginning Inventory + Ending Inventory) ÷ 2 Financial Analysis
- 44. Financial Analysis (Beginning Receivables + Ending Receivables) ÷ 2
- 45. End of Chapter 8
Слайд 3In a perpetual inventory system, inventory entries parallel the flow of
The Flow of Inventory Costs
Слайд 4When identical units of inventory have different unit costs, a question
Which Unit Did We Sell?
Слайд 5Inventory Subsidiary Ledger
A separate subsidiary account is maintained for each item
How can we determine the unit cost for the Sept. 10 sale?
Слайд 7On August 14, TBC sold 20 bikes for $130 each.
Of
Specific Identification
The Cost of Goods Sold for the August 14 sale is $1,985. This leaves 5 units, with a total cost of $515, in inventory:
1 unit that costs $91 and 4 units that cost $106 each.
Слайд 11Average-Cost Method
The average cost per unit must be computed prior to
On August 14, TBC sold 20 bikes for $130 each.
Слайд 12Average-Cost Method
Additional purchases were made on August 17 and August 28.
Слайд 15Additional purchases were made on Aug. 17 and Aug. 28.
On August
First-In, First-Out Method (FIFO)
Слайд 16First-In, First-Out Method (FIFO)
Balance Sheet
Inventory = $1,420
Income Statement
COGS = $4,570
Слайд 17On August 14, TBC sold 20 bikes for
$130 each.
Last-In,
The Cost of Goods Sold for the August 14 sale is $2,045, leaving 5 units, with a total cost of $455, in inventory.
Слайд 18Last-In, First-Out Method (LIFO)
Additional purchases were made on Aug. 17 and
Слайд 19Balance Sheet
Inventory = $1,260
Last-In, First-Out Method (LIFO)
Income Statement
COGS = $4,730
Слайд 21Once a company has adopted a particular accounting method, it should
The Principle of Consistency
Слайд 22The primary reason for taking a physical inventory is to adjust
Taking a Physical Inventory
Слайд 25Year End
A sale should be recorded when title to the merchandise
F.O.B. shipping point ⎯ title passes to buyer at the point of shipment.
F.O.B. destination point ⎯ title passes to buyer at the point of destination.
Goods In Transit
Слайд 26In a periodic inventory system, inventory entries are as follows.
Note that
Periodic Inventory Systems
Слайд 30Avg. Cost $9,725 ÷ 1,800 = $5.40278
Average-Cost Method
Ending Inventory
Avg. Cost
Cost of Goods Sold
Avg. Cost $5.40278 × 600 = $3,242
Слайд 31Remember: Start with the 11/29 purchase and then add other purchases
First-In, First-Out Method (FIFO)
Слайд 32Now, let’s complete the table.
First-In, First-Out Method (FIFO)
Now, we have allocated
Слайд 33Completing the table summarizes the computations just made.
First-In, First-Out Method (FIFO)
Слайд 34Remember: Start with beginning inventory and then add other purchases until
Last-In, First-Out Method (LIFO)
Слайд 35Last-In, First-Out Method (LIFO)
Now, we have allocated the cost to all
Next, let’s complete the table.
Слайд 37An error in ending inventory in a year will result in
Importance of an Accurate Valuation of Inventory
Слайд 38The Gross Profit Method
Determine cost of goods available for sale.
Estimate cost
Deduct cost of goods sold from cost of goods available for sale to determine ending inventory.
Слайд 39The Gross Profit Method
In March of 2009, Matrix Company’s inventory was
Слайд 41The Retail Method
The retail method of estimating inventory requires that management
In March of 2009, Matrix Company’s inventory was destroyed by fire. At the time of the fire, Matrix’s management collected the following information:
Слайд 42The Retail Method
Matrix would follow the steps below to estimate their
