会计学（第21版）课件：Inventories.pptVIP

InventoriesAccounting,21stEditionWarrenReeveFess

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1. Summarizeandprovideexamplesofinternalcontrolproceduresthatapplytoinventories.2. Describetheeffectofinventoryerrorsonthefinancialstatement.3. Describethethreeinventorycostflowassumptionsandhowtheyimpacttheincomestatementandbalancesheet.4. Computethecostofinventoryundertheperpetualinventorysystem,usingthefollowingcostmethods:first-in,first-out;last-in,first-out;averagecost.ObjectivesAfterstudyingthischapter,youshouldbeableto:

5. Computethecostofinventoryundertheperiodicinventorysystem,usingthefollowingcostingmethods:first-in,first-out;last-in,first-out;averagecost.6. Compareandcontrasttheuseofthethreeinventorycostingmethods.7. Computethepropervaluationofinventoryatotherthancost,usingthelower-of-cost-or-marketandnetrealizationvalueconcepts.8. Prepareabalancesheetpresentationofmerchandiseinventory.Objectives

9. Estimatethecostofinventory,usingtheretailmethodandthegrossprofitmethod.10. Computetheinterprettheinventoryturnoverratioandnumberofdays’salesininventory.Objectives

WhyisInventoryControlImportant?Inventoryisasignificantassetandformanycompaniesthelargestasset.Inventoryiscentraltothemainactivityofmerchandisingandmanufacturingcompanies.Mistakesindetermininginventorycostcancausecriticalerrorsinfinancialstatements.Inventorymustbeprotectedfromexternalrisks(suchasfireandtheft)andinternalfraudbyemployees.

ReceivingreportPurchaseorderInvoiceAGREEAGREEAGREEJOURNALDescriptionNov.9Post.Ref.DateInventory 122200AccountsPayable--XYZCo. 122200Purchasedmerchandiseonaccount.

LIABILITIESOWNER’SEQUITYREVENUE