财务会计教程10E全套配套课件亨格瑞 Accrual Accounting and Financial Statements_7.ppt

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1、InventoriesandCostofGoodsSoldCHAPTER7LearningObjectives(LO)Afterstudyingthischapter,youshouldbeabletoLinkinventoryvaluationtogrossprofitUsebothperpetualandperiodicinventorysystemsCalculatethecostofmerchandiseacquiredComputeincomeandinventoryvaluesusingthethreeprincipal

2、inventoryvaluationmethodsallowedunderbothU.S.GAAPandIFRSandtheonemethodallowedonlybyU.S.GAAPUsethelower-of-cost-or-marketmethodtovalueinventoriesunderU.S.GAAPandIRFS2of42LearningObjectives(LO)Afterstudyingthischapter,youshouldbeabletoShowtheeffectsofinventoryerrorsonfin

3、ancialstatementsEvaluatethegrossprofitpercentageandinventoryturnoverDescribecharacteristicsofLIFOandhowtheyaffectthemeasurementofincome(App.7A)3of42LO–1GrossProfitandCostofGoodsSold4of42BalanceSheetIncomeStatementMerchandiseInventorySalesCostofGoodsSold(anexpense)Sellin

4、gExpensesandAdministrativeExpensesMerchandisePurchasesMerchandiseSalesMinusEqualsGrossProfitMinusEqualsoperatingIncomeCurrentAssetLO–2PerpetualandPeriodicSystemsPurchaseinventory(bothsystems)(LO3)Recordrevenue(bothsystems)wheninventoryissold5of42MerchandiseInventory960A

5、ccountsPayable960AccountsReceivable1,740SalesRevenue1,740LO–2PerpetualandPeriodicSystemsPerpetualSystem–ateachsaleBeginningbalance100Purchases+910Availableforsale1,010Costofgoodssold–870Endingbalance140(Derived)___________________________________________________________

6、_______Endinginventorycountidentifiesspoilage,theft,etc.6of42CostofGoodsSold(COGS)870MerchandiseInventory870LO–2PerpetualandPeriodicSystemsPeriodicSystem–ateachsaleBeginningbalance100Purchases+910Availableforsale1,010EndingBalance–140CostofGoodsSold870(Derived)_________

7、_______________________________________________________Spoilage/theft,etc.buriedinCOGS7of42Noentryismadesoatyear-end,donothaveanuptodateinventorycountorCOGS.Mustconductanendinginventorycount.LO–2PerpetualandPeriodicSystemsEndinginventorycountRequiredunderaperiodicsystem

8、AgoodcontrolpracticeinaperpetualsystemsFirmsoftenchoosefiscalaccountingperiodssothattheyearendswheninventories