《财务会计(毕晓方)》(高等教育出版社)第09章习题答案.docVIP

Ex. 9–1 Switching to a perpetual inventory system will strengthen Onsite Hardware’s internal controls over inventory, since the store managers will be able to keep track of how much of each item is on hand. This should minimize shortages of good-selling items and excess inventories of poor-selling items. On the other hand, switching to a perpetual inventory system will not eliminate the need to take a physical inventory count. A physical inventory must be taken to verify the accuracy of the inventory records in a perpetual inventory system. In addition, a physical inventory count is needed to detect shortages of inventory due to damage or theft. Ex. 9–2 Include in inventory: c, e, g, i Exclude from inventory: a, b, d, f, h Ex. 9–3 a. Balance Sheet Merchandise inventory $1,950 understated Current assets $1,950 understated Total assets $1,950 understated Owner’s equity $1,950 understated b. Income Statement Cost of merchandise sold $1,950 overstated Gross profit $1,950 understated Net income $1,950 understated Ex. 9–4 When an error is discovered affecting the prior period, it should be corrected. In this case, the merchandise inventory account should be debited and the owner’s capital account credited for $12,800. Failure to correct the error for 2005 and purposely misstating the inventory and the cost of merchandise sold in 2006 would cause the balance sheets and the income statements for the two years to not be comparable. Ex. 9–5 Portable CD Players Purchases Cost of Merchandise Sold Inventory Date Quantity UnitCost TotalCost Quantity UnitCost TotalCost Quantity UnitCost TotalCost April 1 35 50 1,750 5 26 50 1,300 9 50 450 11 15 53 795 9 15 50 53 450 795 21 9 3 50 53 450 159 12 53 636 28 4 53 212 8 53 424 30 7 54 378 8 7 53 54 424 378 Total cost of merchandise sold 2,121 Inventory, April 30: $802 ($424 + $378) Ex. 9–6 Cell Phones