Tóm tắt ôn tập NLKT hệ E - Nguyên Lý Kế Toán UEL

lOMoARcPSD| 69237702 CHAPTER 6 : INVENTORIES I) CLASSIFYING INVENTORY I) Merchandising Company : Inventory_many different items ( hàng tồn kho ) grocery store, canned goods, dairy product, meat,.. Merchandising Companies report all under CURRENT ASSET. II) Manufactoring Company: + Finished goods + Work in process + Raw material II) DETERMING INVENTORY 1. Physical inventory Perpetual ( liên tục) Periodic ( định kì) -Detailed cost of good purchased Not detail on hand and sold Take physical inventory-> Record continuously : on hand-> COGS COGS and on hand Record at the end of Record each time a sale accounting period occurs Companies take inventory of at the end of the accounting period ( coutning, weighing, measuring on hand) when business is closed and slow ( phá sản ) 2. Determing Ownership of Goods Good in transits ( hàng đang trên đường tới) - Purchased good not yet been received - Sold good not yet been delivered - Legal title to the goods FOB SHIPPING POINT: ownership of the goods passes to the buyer when the public carrier accepts the goods from the seller ( quyền sở hữu hàng hóa thuộc về người mua khi mà người bán xuất hóa đơn) lOMoARcPSD| 692377 TA : LÊ HÀ UYÊN VY _FINANCIAL ACCOUNTING 1 FOB DESTINATION: Ownership of goods remains with seller until the goods reach buyer ( hàng hóa thuộc quyền sở hữu của người bán CONSIGNED GOODS (hàng kí gửi ) : bên kí gửi nhờ bên nhận kí gửi bán hộ hàng hóa và có trả thù lao, nhưng quyền sở hữu vẫn là của bên kí gửi Vd : Mình kí gửi 1 cái áo cho shop kí gửi thì shop kí gửi chỉ là nơi trung gian để mình bán được áo cho khách hàng còn quyền sở hữu chiếc áo đó vẫn là của mình. III) COST FLOW ASSUMPTIONS UNDER PERIODIC INVENTORY SYSTEM 1. First-in, first-out ( FIFO) : - cost flows is in the order in which the cost were incurred - Unit sold : first purchase -> sold first - Unit on hand ( unit ending inventory ) : THE LAST PURCHASES BEGINNING INVENTORT +COST OF GOOD PURCHASED – ENDING INVENTORY = COST OF GOOD SOLD 1 lOMoARcPSD| 69237702 TA : LÊ HÀ UYÊN VY _FINANCIAL ACCOUNTING 2. LIFO ( Last in, first out ) - Cost flows is in the reverse order in which the cost were incurred - Unit sold : last purchase -> sold first - Unit on hand ( unit ending inventory) : the first purchase 2 2 lOMoARcPSD| 692377 TA : LÊ HÀ UYÊN VY _FINANCIAL ACCOUNTING 3. Average -cost COST OF GOOD AVAIBLE FOR SALE : TOTAL UNIT AVAIABLE FOR SALE= WEIGHTED AVERAGE UNIT ( TOTAL COST : TOTAL UNIT = WEIGHTED-AVERAGE COST UNIT) 3 3 lOMoARcPSD| 69237702 TA : LÊ HÀ UYÊN VY _FINANCIAL ACCOUNTING EX: The accounting records of Shumway Ag Implements show the following data. Beginning inventory 4,000 units at $ 3 Purchases 6,000 units at $ 4 Sales 7,000 units at $12 Determine the cost of goods sold during the period under a periodic inventory system using (a) the FIFO method, (b) the average-cost method. SOLUTION ♥ FIFO METHOD Ending inventory = ( beginning + purchases)- sales = ( 4000 + 6000) -7000 = 3000 Cost of good avaiable for sale : ( 4000x3) + ( 6000x4)=36 000 Ending : 3000 x 4 = 12 000 Cost of good sold : 36 000 – 12 000= 24 000 ♥ AVERGAE COST Weighted average cost = Cost of good avable for sale : total unit = 36 000 : ( 4000+6000) = 3.6 Ending inventory : 3000 x 3.6 = 10 800 4 4 lOMoARcPSD| 692377 5 TA : LÊ HÀ UYÊN VY _FINANCIAL ACCOUNTING Cost of good sold : 36 000 – 10 800 = 25 200 IV) INCOME STATEMENT EFFECTS In a period of inflation, FIFO produces a higher net income because lower unit cost of the first units purchased are matched against revenue. Beginning inventory + Cost of good Purchased – Ending inventory = Cost of good sold Revenue - Cost of good sold 5 – Expense = Net income lOMoARcPSD| 69237702 TA : LÊ HÀ UYÊN VY _FINANCIAL ACCOUNTING V) BALANCE SHEET EFFECTS ASSET = LIABILITIES + OWNER’S EQUITY VI) LOWER-OF COST – OR MARKET ♦ Analysis COST OF GOOD SOLD : AVERAGE INVENTORY = INVENTORY TURNOVER ( 𝑏𝑒𝑔𝑖𝑛𝑛𝑖𝑛𝑔+ 𝑒𝑛𝑑𝑖𝑛𝑔 ) 2 𝐷𝐴𝑌𝑆 𝐼𝑁 𝑌𝐸𝐴𝑅 ( 356) DAYS IN INVENTORY = 𝐼𝑁𝑉𝐸𝑁𝑇𝑂𝑅𝑌 𝑇𝑈𝑅𝑁𝑂𝑉𝐸𝑅 MULTIPLE CHOICE QUESTIONS Ex1: Which of the following should not be included in the physical inventory of a company? a. Goods held on consignment from another company. **** b. Goods shipped on consignment to another company. c. Goods in transit from another company shipped FOB shipping point 6 6