財務會計概念與應用英文版lectu(1)(存儲版)
【正文】 441 Inventory is purchased: Purchases 500 Accounts Payable 500 Transportation costs: Freight In 10 Cash 10 Purchase returns: Accounts Payable 50 Purchase Returns 50 Purchase discounts: Accounts Payable 450 Purchase Discounts 9 Cash 441 7 Perpetual vs. Periodic Method When inventory is sold: Accounts Receivable 50 Sales 50 Cost of Goods Sold 30 Inventory 30 Closing Entry: None When inventory is sold: Accounts Receivable 50 Sales 50 No inventory entry at time of sale Closing Entries: Inventory 451 Purchase Returns 50 Purchase Discounts 9 Freight In 10 Purchases 500 Cost of Goods Sold 30 Inventory 30 8 Inventory Counts ? Inventory counts – Necessary under both the periodic and the perpetual method. – With a periodic system, a physical count is the only way to get the information necessary to pute cost of goods sold. – Under perpetual method, physical counts allow panies to determine inventory shrinkage. ? Shrinkage equals the difference between what ending inventory should be what the count reveals it is. 9 Cost of Goods Sold Computations ? Periodic Method Beginning Inventory + Net Purchases = Cost of Goods Available for Sale – Ending Inventory = Cost of Good Sold ? Perpetual Method Ending Inventory (from inventory system) – Ending Inventory (from inventory count) = Inventory Shrinkage + Cost of Goods Sold (from inventory system) = Total Cost of Goods Sold 10 Inventory Cost Flow Assumptions ? FIFO (first in, first out) – Oldest units sold first. ? LIFO (last in, last out) – Newest units sold first. ? Average Cost – Average cost per unit is calculated by taking the average cost of goods available for sale. ?
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