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【正文】 COPYRIGHT 169。 2022 Thomson SouthWestern, a part of The Thomson Corporation. Thomson, the Star logo, and SouthWestern are trademarks used herein under license. 1 Chapter 7 Inventory Albrecht, Stice, Stice, Swain 2 Types of Inventory ? Raw materials – Materials purchased for use in manufacturing process. ? Work in process – Partially pleted units in production. ? Finished goods – Manufactured products ready for sale. ? Cost of goods sold – Costs incurred to purchase or manufacture the merchandise sold during the period. 3 Costs Included in Inventory ? What costs are included in inventory? – Raw materials – Labor costs – Manufacturing overhead ? The indirect manufacturing costs associated with producing inventory. – Freight in costs 4 Who Owns the Inventory? ? When goods are in transit? Q: Who owns inventory on a truck or railroad car? A: The party who is paying the shipping costs. ? When goods are on consignment? Q: Who owns inventory stocked in a warehouse? A: The supplier until the inventory is sold. The warehouse owner stocks and sells the inventory and receives a mission on sales as payment for services rendered. 5 Perpetual vs. Periodic Systems ? Perpetual inventory system – Detailed records of the number of units and the cost of each purchase and sale are prepared THROUGHOUT the period. ? Periodic inventory system – System of accounting where cost of goods sold is determined and inventory is adjusted at the END of the accounting period, not when merchandise is purchased or sold. 6 Perpetual vs. Periodic Method Inventory is purchased: Inventory 500 Accounts Payable 500 Transportation costs: Inventory 10 Cash 10 Purchase returns: Accounts Payable 50 Inventory 50 Purchase discounts: Account Payable 450 Inventory 9 Cash
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