tailieunhanh - Accounting for Merchandise Inventory

Hệ thống vĩnh viễn duy trì một kỷ lục chạy để hiển thị hàng tồn kho trên tay mọi lúc, hệ thống định kỳ không giữ một kỷ lục liên tục của hàng tồn kho trên tay. | Accounting for Merchandise Inventory Chapter 6 Perpetual systems maintain a running record to show the inventory on hand at all times. Periodic systems do not keep a continuous record of inventory on hand. Inventory Accounting Systems Compute and record journal entries for perpetual inventory amounts under FIFO, LIFO, and average cost. Objectives 1 and 2 Debit Cash or Accounts Receivable Credit Sales Revenue Debit Cost of Goods Sold Credit Inventory Perpetual System Debit Inventory Credit Cash or Accounts Payable Cost of inventory on hand = Quantity × unit cost Computing the Cost of Inventory Physical count is made at least once a year, even with a perpetual system. Consigned goods are excluded. Perpetual System Examples Assume the following: Nov. 1 Beg. Inventory 1 @ $40 15 Purchase 6 @ $45 15 Sale 4 26 Purchase 7 @ $50 30 Sale 8 Perpetual System FIFO Example Many companies keep their perpetual inventory records in quantities only. Other companies keep perpetual records in both . | Accounting for Merchandise Inventory Chapter 6 Perpetual systems maintain a running record to show the inventory on hand at all times. Periodic systems do not keep a continuous record of inventory on hand. Inventory Accounting Systems Compute and record journal entries for perpetual inventory amounts under FIFO, LIFO, and average cost. Objectives 1 and 2 Debit Cash or Accounts Receivable Credit Sales Revenue Debit Cost of Goods Sold Credit Inventory Perpetual System Debit Inventory Credit Cash or Accounts Payable Cost of inventory on hand = Quantity × unit cost Computing the Cost of Inventory Physical count is made at least once a year, even with a perpetual system. Consigned goods are excluded. Perpetual System Examples Assume the following: Nov. 1 Beg. Inventory 1 @ $40 15 Purchase 6 @ $45 15 Sale 4 26 Purchase 7 @ $50 30 Sale 8 Perpetual System FIFO Example Many companies keep their perpetual inventory records in quantities only. Other companies keep perpetual records in both quantities and dollar cost. Perpetual FIFO Consistent with the physical flow of inventory Oldest inventory sold first Most recent purchases make-up ending inventory Perpetual System FIFO Example Item: Ski Parka Received Sold Balance on Hand Unit Unit Unit Date Qty. Cost Total Qty. Cost Total Qty. Cost Total Nov. 1 1 $40 $40 5 6 $45 $270 1 40 40 6 45 270 15 1 40 40 3 45 135 3 45 135 Columbia Sportswear Perpetual System FIFO Example Item: Ski Parka Received Sold Balance on Hand Unit Unit Unit Date Qty. Cost Total Qty. Cost Total Qty. Cost Total Nov. 26 7 $50 $ 350 3 $45 $135 7 50 350 30 3 $45 135 5 50 250 2 50 100 Totals 13 $ 620 12 $560 2 $100 Columbia Sportswear Perpetual System FIFO Example Nov. 5 Inventory . 270 Accounts Payable 270 15 Accounts receivable 320 Sales Revenue .350 15 Cost of Goods Sold 175 Inventory .175 Perpetual System FIFO Example Nov. 26 Inventory . 350 Accounts Payable 350 30 Accounts receivable 640 Sales Revenue .640 30 Cost of Goods Sold 385 .