財務(wù)會計概念與應(yīng)用英文版lectu(1)-在線瀏覽
2025-02-23 21:28本頁面
【正文】 rs – Beginning inventory – Purchases – Ending inventory ? Affects – Cost of goods sold – Gross margin – Net ine 18 Inventory Errors Understate Ending Inventory Sales OK Beginning inventory OK Net purchases OK Goods available OK Ending inventory LOW Cost of goods sold HIGH Gross margin LOW Expenses OK Net ine LOW Understate Purchases Understate Beginning Inventory Understate Sales OK OK LOW LOW OK LOW HIGH OK HIGH OK LOW OK LOW OK LOW HIGH OK HIGH LOW OK OK OK OK OK LOW OK LOW 19 Perpetual LIFO and Average Cost ? Complications arise because the “l(fā)ast in” and average cost change with every new purchase. – The cost of goods sold for each sale needs to be reputed after a new purchase is made. – This means a lot more work. ? These plications do not occur with FIFO because the “first in” will always be the same. 20 Net Realizable Value ? Net Realizable Value – Selling price less selling costs. – Used to value inventory when it is damaged, used, or obsolete. When inventory needs to be written down: Loss on Writedown of Inventory . . . . . . 200 Inventory . . . . . . . . . . . . . . . . . . . . . . . 200 To write down of inventory to its realizable value. 21 Lower of Cost or Market ? Lower of cost or market – A basis for valuing inventory at the lower of original cost or current market value. ? Determining market value – Ceiling ? Maximum amount ( realizable value). – Replacement Cost ? What inventory could currently be purchased for. – Floor ? Minimum amount ( realizable value minus a normal profit). ? Market value is the middle of these three values. 22 Example: LCM Market Inventory Replacement NRV Item Cost Floor
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