【正文】 A u g . 1 10 91$ = 910$ 910$ A u g . 3 15 106$ = 1 , 5 9 0$ 2 , 5 0 0$ A u g . 1 4 15 106$ = 1 , 5 9 0$ 5 91$ = 455$ 455$ A u g . 1 7 20 115$ = 2 , 3 0 0$ 2 , 7 5 5$ A u g . 2 8 10 119$ = 1 , 1 9 0$ 3 , 9 4 5$ A u g . 3 1 10 119$ = 1 , 1 9 0$ 13 115$ = 1 , 4 9 5$ 1 , 2 6 0$ Cost of Goods Sold for August 31 = $2,685 ?The McGrawHill Companies, Inc., 1999 Irwin/McGrawHill D a t e P u r c h a s e s C o s t o f G o o d s S o l dI n v e n t o r y B a l a n c eA u g . 1 10 91$ = 910$ 910$ A u g . 3 15 106$ = 1 , 5 9 0$ 2 , 5 0 0$ A u g . 1 4 15 106$ = 1 , 5 9 0$ 5 91$ = 455$ 455$ A u g . 1 7 20 115$ = 2 , 3 0 0$ 2 , 7 5 5$ A u g . 2 8 10 119$ = 1 , 1 9 0$ 3 , 9 4 5$ A u g . 3 1 10 119$ = 1 , 1 9 0$ 13 115$ = 1 , 4 9 5$ 1 , 2 6 0$ LIFO Example Balance Sheet Inventory = $1,260 Ine Statement COGS = $4,730 5 91$ = 455$ 7 115$ = 805 E n d . I n v . 1 , 2 6 0$?The McGrawHill Companies, Inc., 1999 Irwin/McGrawHill I n v e n t o r y V a l u a t i o n M e t h o d s : A S u m m a r yC o s t s A l l o c a t e d t o :V a l u a t i o n M e t h o dC o s t o f G o o d s S o l d I n v e n t o r y C o m m e n t sS p e c i f i c A c t u a l c o s t o f A c t u a l c o s t o f u n i t s P a r a l l e l s p h y s i c a l f l o w i d e n t i f i c a t i o n t h e u n i t s s o l d r e m a i n i n g L o g i c a l m e t h o d w h e n u n i t s a r e u n i q u eM a y b e m i s l e a d i n g f o r i d e n t i c a l u n i t sA v e r a g e c o s t N u m b e r o f u n i t s s o l d t i m e s t h e N u m b e r o f u n i t s o n h a n d t i m e s t h e A s s i g n s a l l u n i t s t h e s a m e a v e r a g e u n i t c o s ta v e r a g e u n i t c o s t a v e r a g e u n i t c o s t C u r r e n t c o s t s a r e a v e r a g e d i n w i t h o l d e r c o s t sF i r s t i n , F i r s t o u t ( F I F O )C o s t o f e a r l i e s t p u r c h a s e s o nC o s t o f m o s t r e c e n t l y C o s t o f g o o d s s o l d i s b a s e d o n o l d e r c o s t sh a n d p r i o r t o t h e s a l ep u r c h a s e d u n i t s I n v e n t o r y v a l u e d a t c u r r e n t c o s t sM a y o v e r s t a t e i n c o m e d u r i n g p e r i o d s o f r i s i n g p r i c e s 。 m a y i n c r e a s e i n c o m e t a x e s d u eL a s t i n , F i r s t o u t ( L I F O )C o s t o f m o s t r e c e n t l yC o s t o f e a r l i e s t p u r c h a s e sC o s t o f g o o d s s o l d s h o w n a t r e c e n t p r i c e sp u r c h a s e d u n i t s a s s u m e d s t i l l i n i n v e n t o r y )I n v e n t o r y s h o w n a t o l d ( a n d p e r h a p s o u t o f d a t e ) c o s t sM o s t c o n s e r v a t i v e m e t h o d d u r i n g p e r i o d s o f r i s i n g p r i c e s 。?The McGrawHill Companies, Inc., 1999 Irwin/McGrawHill Chapter 8 Inventories and the Cost of Goods Sold ?The McGrawHill Companies, Inc., 1999 Irwin/McGrawHill Inventory Defined Goods owned and held for sale to customers Current asset Inventory ?The McGrawHill Companies, Inc., 1999 Irwin/McGrawHill The Flow of Inventory Costs B A L A N C E S H E E T C u r r e n t a s s e t s : I n v e n t o r yI N C O M E S TA TE M E N T R e v e nue C os t of good s s ol d G r os s pr of i t E x pe ns e s N e t i nc om ePurchase cost (or manufacturing costs) as incurred as goods are sold ?The McGrawHill Companies, Inc., 1999 Irwin/McGrawHill The Flow of Inventory Costs G E N E R A L J O U R N A LD a t e A c c ou nt Ti t l e s a nd E x pl a na t i on D e bi t C r e di tE nt r y on P urc ha s e D a t eI nv e nt ory $$$$A c c ou nt s P a y a bl e $$$$E nt r y on S a l e D a t eC os t of G oo ds S ol d $$$$I nv e nt ory $$$$In a perpetual inventory system, inventory entries parallel the flow of costs. ?The McGrawHill Companies, Inc., 1999 Irwin/McGrawHill Which Unit Did We Sell? Does It Really Matter? G E N E R A L J O U R N A LD a t e A c c ou nt Ti t l e s a nd E x pl a na t i on D e bi t C r e di tE nt r y on S a l e D a t eC os t of G oo ds S ol d $$$$I nv e nt ory $$$$When identical units of inventory have different unit costs, a question naturally arises as to which of these costs should be used in recording a sale of inventory. ?The McGrawHill Companies, Inc., 1999 Irwin/McGrawHill Inventory Subsidiary Ledger A separate subsidiary account is maintained for each item in inventory. How can we determine the unit cost for the Sept. 10 sale? I t e m LL0 0 2 P r i m a r y s uppl i e r E l e c t r oni c C i t yD e s c r i pt i on La s e r Li ght S e c onda r y s uppl i e r E l e c t r i c C om pa nyLoc a t i on S t or e r oom 2 I nv e nt or y l e v e l : M i n: 2 5 M a x : 2 0 0 P ur c ha s e d S ol d B a l a nc eD a t e U ni t sU ni t C os t Tot a l U ni t sU ni t C os tC os t of G oods S ol d U ni t s U ni t C os t Tot a lS e pt . 5 100 30$ 3 , 0 0 0$ 100 30$ 3 , 0 0 0$ S e pt . 9 75 50 3 , 7 5 0 100 30 3 , 0 0 0 75 50 3 , 7 5 0 S e pt . 1 0 10 ? ? ? ? ?? ? ??The McGrawHill Companies, Inc., 1999 Irwin/McGrawHill Specific identification LIFO Average cost FIFO To determine the cost of inventory sold, accountants use one of the following inventory valuation methods. ?The McGrawHill Companies, Inc., 1999 Irwin/McGrawHill Information for the