ppt课件-financialaccountingandaccountingstandards.pptVIP

Learning Objectives Identify major classifications of inventory. Distinguish between perpetual and periodic inventory systems. Identify the effects of inventory errors on the financial statements. Understand the items to include as inventory cost. Describe and compare the methods used to price inventories. Inventory Issues Inventory Issues Inventory Issues Inventory Issues Inventory Issues Inventory Cost Flow Inventory Cost Flow Inventory Cost Flow Inventory Cost Flow Inventory Cost Flow Inventory Issues Inventory Issues Basic Issues in Inventory Valuation Physical Goods Included in Inventory Physical Goods Included in Inventory Effect of Inventory Errors Physical Goods Included in Inventory Costs Included in Inventory Costs Included in Inventory Financial Statement Summary Copyright Inventory Balance 30 35 Cost Flow Assumptions LO 5 Cost Flow Assumptions LO 5 Illustration: Call-Mart Inc. had the following transactions in its first month of operations. Beginning inventory (2,000 x $4) $ 8,000 Purchases: 6,000 x $4.40 26,400 2,000 x 4.75 9,500 Goods available for sale $43,900 Calculate Goods Available for Sale Specific Identification Illustration: Assume that Call-Mart Inc.’s 6,000 units of inventory consists of 1,000 units from the March 2 purchase, 3,000 from the March 15 purchase, and 2,000 from the March 30 purchase. Compute the amount of ending inventory and cost of goods sold. Illustration 8-12 Average Cost Illustration 8-13 Weighted-Average LO 5 Describe and compare the methods used to price inventories. Average Cost Illustration 8-14 In this method, Call-Mart computes a new average unit cost each time it makes a purchase. Moving-Average LO 5 Describe and compare the methods used to price inventories. First-In, First-Out (FIFO) Illustration 8-15 Periodic Method Determine cost of ending inventory by taking the cost of the most recent purchase and working back until it accounts for all units in the inventory. LO 5 Describe and compare