chp9 酒店财务存货和商品成本核算.ppt

Chp 9: Inventories and Cost of Goods Calculation,Glossary,Average-cost method（平均成本法，） Cost of goods available for sale（可供出售的存货成本） Cost of goods purchased（采购成本）,First-in, first-out method (FIFO)（先进先出法） Inventoriable costs（存货成本） Inventory turnover（存货周转率）,Glossary,Glossary,Last-in, first-out method (LIFO)（后进先出法） Net purchases（采购净额） Specific identification method（个别辨认法） physical inventory（实际库存）,Glossary,Inventory on hand（现有库存） Current replacement cost（当前重置成本） Merchandise inventory（商品库存） Lower of cost or market (LCM)（成本与市价孰低法）,Study Objectives,The steps in determining inventory quantities The entries for purchases and sales of inventory under a periodic inventory system Cost of goods sold under a periodic inventory system,Study Objectives,The unique features of the income statement using a periodic inventory system. the inventory cost-flow methods The financial statement and tax effects of each of the inventory cost-flow methods,9-1 Inventory Basics,Inventories are an important barometer of business activity.,9-1 Inventory Basics,Inventory,Toolittle,Toomuch,9-1 Inventory Basics,Inventory,,,Balance sheet,Income statement,9-2 Classifying Inventory,Inventory,,,Merchandiser : Merchandise inventory,Manufacturer: Finished goods Work in process Raw materials,9-3 Determining inventory quantities,taking a physical inventory of goods on hand,,determining the ownership of goods,9-3-1 Taking a physical inventory,Inventory Internal Control Principles: 1.Separation of custody and records of the inventory 2.Taken periodically using preprinted inventory control forms 3.Underage or overage inventory reporting 4. High-priced items inventory taken daily 5.Storeroom should be secured,9-3-1 Taking a physical inventory,Internal Control Principles (p263),9-3-2 Determining Ownership of Goods,Goods in Transit,FOB shipping point,FOB Destination,,9-4 Periodic Inventory System,Periodic inventory system,,,Sales,Purchases,9-4-1 Purchases of Merchandise,Purchases （Dr.）,Purchase Returns & Allowances（Cr.）,Purchase Discounts（Cr.）,Freight-In（Dr.）,9-4-2 Sales of Merchandise,Sales Returns & Allowances,Sales Discounts,9-5 Cost of Goods Sold,Record purchases of merchandise,Determine the cost of goods purchased,Determine the cost of goods on hand at the beginning and end of the accounting period,9-5-1 cost of goods purchased,Purchase,,,-?,+?,P R&A P Discounts,Freight-in,9-5-2 cost of goods sold,Beg. Inventory,+ : Cost of Good Purchased,cost of goods available for sale,- : End. Inventory,Cost of good sold,Transfers in and out,,banquet,restaurant,lounge,Room service,9-5-3 Transfer in and out,Beg. Inventory,+ : Cost of Good Purchased,+ : Transfers in,- : Transfer out,- : End. Inventory,9-5-3 Transfer in and out,Cost of Good Consumed,- : Employee meals and Promotion,Cost of Good Sold,Net Sales,Cost of Goods Sold,Gross Profit,Operating Expenses,Net Income,,,,,,,,,,,9-6 Income Statement Presentation,9-6 Income Statement Presentation,Under the periodic inventory system, the cost of goods sold section generally will contain more detail.,9-7Inventory Costing,Inventory Costing,,,cost of the beginning inventory,cost of the goods purchased during the year,9-7Inventory Costing,Inventory Costing,,,Purchasing (采购成本),Receiving and warehousing （验收与仓储成本）,×,×,9-8 Specific Identification,This method is possible when a company sells a limited variety of high unit-cost items that can be clearly identified,The method tracks the actual physical flow of the goods,$65,$67,$70,$73,Salad oil,9-9 Cost-flow Methods,FIFO,LIFO,Average cost,,There is no accounting requirement that the cost-flow assumption be consistent with the physical movement of the goods.,9-10 Financial Statement Effects,1. Income Statement Effects,,FIFO,Average cost,LIFO,Net income,,rising prices,9-10 Financial Statement Effects,2. Balance sheet Effects,,FIFO,Average cost,LIFO,Inventory Value,,rising prices,9-10 Financial Statement Effects,3. Tax Effects,,FIFO,Average cost,LIFO,Income taxes,,rising prices,9-11 Effects of Inventory Errors,Beg. Inventory,Cost of Good Purchased,End. Inventory,CGS,,,,9-11 Effects of Inventory Errors,9-11 Effects of Inventory Errors,,,,,,,becomes,offsets,P282 Illustration 9-23,9-11 Effects of Inventory Errors,9-11 Inventory Errors,9-12 Statements Presentation and Analysis,Disclosure : (1) the major inventory classifications(2) the basis of accounting(3) the costing method,Computation of Lower of Cost or Market,The Walt Disney Company,Note 1. Description of the Business and Summary of Significant Accounting Policies Inventories Carrying amounts of merchandise, materials and supplies inventories are generally determined on a moving-average cost basis and are stated at the lower of cost or market.,9-13 Estimating Ending Inventory and Cost of Goods Sold,The Retail Method(零售法),The Gross Profit Method （毛利法）,The Retail Method,Assume the following: Beginning inventory at cost: 12,376 Beginning inventory at retail: 22,277 Purchase at cost: 76,840 Purchase at retail: 138,312 Net sales at retail: 132,068,The Retail Method,The Gross Profit Method,Assume the following: Beginning inventory08/01,2008: 16,586 Purchase in August : 48,522 Sales in August: 93,407 Gross Profit percentage 53%,The Retail Method,CHOICE,1.Under a periodic inventory system, acquisition of merchandise is debited to the a. Merchandise Inventory account. b. Cost of Goods Sold account. c. Purchases account. d. Accounts Payable account.,CHOICE,2.The factor which determines whether or not goods should be included in a physical count of inventory is a. legal title. b. physical possession. c. management s judgment. d. whether or not the purchase price has been paid.,CHOICE,3.The Freight-in account a. is a permanent account. b. is contra to the Purchases account. c. increases the cost of merchandise purchased. d. has a normal credit balance.,4.Which one of the following inventory methods is often impractical to use? a. Specific identification b. LIFO c. FIFO d. Average cost,5. Ken s Hotel Heating and Ventilation uses the specific identification method of costing inventory. During March, Ken purchased three air conditioning units for $5,000, $6,000, and $8,000, respectively. During March, two units are sold for $8,500 each. Ken determines that at March 31, the $8,000 unit is still on hand. What is Ken s gross profit for March? a. $4,000 b. $ 3,000 c. $ 6,000 d. $9,000,6. If companies have identical inventoriable costs but use different inventory flow assumptions when the price of goods have not been constant, then the a. cost of goods available for sale of the companies will be identical. b. cost of goods sold of the companies will be identical. c. ending inventory of the companies will be identical. d. net income of the companies will be identical.,7. In periods of inflation, phantom or paper profits may be reported as a result of using the a. LIFO costing assumption. b. perpetual inventory method. c. FIFO costing assumption. d. periodic inventory method.,CHOICE,CHOICE,8. Selection of an inventory costing method by management does not usually depend on A. the fiscal year end. B. balance sheet effects. C. income statement effects. D. tax effects.,9. The managers of Totally Thai Restaurant receive performance bonuses based on the net income of the restaurant. Which inventory costing method are they likely to favor in periods of declining prices? a. FIFO b. Average Cost c. LIFO d. Physical inventory method,10. When a company uses the periodic method of accounting for inventories the a. inventory balance does not change until the end of the accounting period. b. inventory balance is debited when inventory is purchased and Cost of Goods Sold is debited when inventory is sold. c. sale of inventory requires a credit to Cost of Goods Sold. d. acquisition of merchandise requires a debit to Merchandise Inventory.,True/False,1. We can use the LIFO inventory method only if we know that the newest units are always sold first. 2.Cost of goods purchased less the ending inventory equals cost of goods sold.,True/False,3.Goods in transit would be included in the ending inventory of the buyer and the seller. 4.When beginning inventory is understated, net income will be understated.,True/False,5.Management may choose any inventory costing method it desires as long as the cost flow assumption chosen is consistent with the physical movement of goods in the company.,MATCHING,A. Cost of goods available for sale B. Raw materials C. FOB shipping point D. FOB destination E. Net purchases F. First-in, first-out (FIFO) method G. Last-in, first-out (LIFO) method H. Average cost method I. Inventory turnover J. Current replacement cost,_____1. Measures the number of times the inventory sold during the period. ____ 2. Purchases less purchases returns and allowances and purchases discounts. ____ 3. Goods that will be used in the production process but which have not yet been placed into production.,____ 4. Cost of goods sold consists of the most recent inventory purchases. ____ 5. Sum of beginning merchandise inventory and cost of goods purchased.,_____6. Title to the goods transfers when the public carrier accepts the goods from the seller. ____ 7. Ending inventory valuation consists of the most recent inventory purchases. ____ 8. The same unit cost is used to value ending inventory and cost of goods sold.,____ 9. Title to goods transfers when the goods are delivered to the buyer. ____ 10. The amount that would be paid at the present time to acquire an identical item.,THE END!,