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Chapter8InventoriesandtheCostofGoodsSold
DefiningInventoryInamerchandisingcompany,inventoryconsistsofallgoodsownedandheldforsaletocustomers.Inventoryisexpectedtobeconvertedintocashwithinthecompany’soperatingcycle.Inthebalancesheet,inventoryislistedimmediatelyafteraccountsreceivable,becauseitisjustonestepfurtherremovedfromconversionintocashthancustomerreceivables.
FlowofCoststhroughFinancialStatements
WhichUnitDidWeSell?Inpractice,acompanyoftenhasinitsinventoryidenticalunitsofagivenproductthatwereacquiredatdifferentcosts.Acquisitioncostsmayvarybecausetheunitswerepurchased:Atdifferentdates.Fromdifferentsuppliers.Indifferentquantities.KEYPOINTWhenidenticalunitsofinventoryhavedifferentunitcosts,aquestionarisesastowhichofthesecostsshouldbeusedinmeasuringthecostofgoodssold.
InventorySubsidiaryLedger
InventoryLayersNoticethat,onFebruary5,theBalancecolumnscontaintwo“layers”ofunitcostinformation,representingtheunitspurchasedatthetwodifferentunitcosts.Anewcostlayeriscreatedwheneverunitsareacquiredatadifferentper-unitcost.(Asallunitscomprisingacostlayeraresold,thelayeriseliminatedfromtheinventory.Therefore,abusinessisunlikelytohavemorethanthreeorfourcostlayersinitsinventoryatanygiventime.)
InventoryCostingOptionsUnderU.S.GAAP,companieshavefourbasicoptionsforcostinginventories.Theymayuse:SpecificIdentificationAcceptableonlywhentheactualcostsofindividualunitsofmerchandisecanbedeterminedfromtheaccountingrecords.CostFlowAssumptionSellermakesanassumptionastothesequenceinwhichunitsarewithdrawnfrominventory.
InventoryCostFlowAssumptionsAveragecostValuesallmerchandiseattheaverageper-unitcost.FIFO(first-in,first-out)Assumesthatgoodssoldarethefirstunitsthatwerepurchasedandtheremaininginventoryiscompr
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