Post on 22-Dec-2015
transcript
6-1
Prepared byCoby Harmon
University of California, Santa BarbaraWestmont CollegeCopyright ©2015 Pearson Education Inc. All rights reserved.
6-2
1. Show how to account for inventory
Learning Objective
Learning Objective
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6-3 LO 1
SHOW HOW TO ACCOUNT FOR INVENTORY
Exhibit 6-1 | Contrasting a Service Company with a Merchandising Company
Merchandisers have two accounts that service entities don’t need:• Cost of goods sold on the income statement
• Inventory on the balance sheet
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6-4 LO 1
SHOW HOW TO ACCOUNT FOR INVENTORY
Exhibit 6-1 | Contrasting a Service Company with a Merchandising Company
Merchandisers have two accounts that service entities don’t need:• Cost of goods sold on the income statement
• Inventory on the balance sheet
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6-5
Exhibit 6-2 |Inventory and Cost of Goods Sold When Inventory Cost Is Constant
SHOW HOW TO ACCOUNT FOR INVENTORY
Assume Family Dollar
Stores, Inc., has in stock
300 towels that cost $3
each.
Family Dollar Stores
marks each towel up by $2
and sells 200 of the towels
for $5 each.
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6-6
The cost of inventory sold shifts from asset to expense when
the seller delivers goods to the buyer
SHOW HOW TO ACCOUNT FOR INVENTORY
LO 1Copyright ©2015 Pearson Education Inc. All rights reserved.
6-7 LO 1
Sale Price vs. Cost of Inventory
Note the difference
Sales revenue based on sales price of inventory sold
Cost of goods sold based on cost of inventory sold
Inventory based on cost of inventory on hand
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6-8 LO 1
Sale Price vs. Cost of Inventory
Number of Units of Inventory
Determined from accounting records
Evidenced by physical count at year-end
Consigned goods:
► Does not include those held for another company
► Does include those out on consignment
In transit goods
► Depends on shipping terms
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6-9 LO 1
FOB (free on board) shipping point
FOB (free on board)
destination
Shipping Terms
At the point when the goods leave
the seller’s shipping dock
At the point of delivery to the
customer
Ownership Changes Hands
Number of Units of Inventory
Company with legal title to the goods while in
transit pays the transportation costs
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6-10 LO 1
Perpetual Inventory System
Periodic Inventory System
Used for all types of goods
Keeps a running record of
all goods bought, sold, and
on hand
Inventory counted at least
once a year
Used for inexpensive goods
Does not keep a running
record of all goods bought,
sold, and on hand
Inventory counted at least
once a year
Accounting for Inventory in the Perpetual System
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6-11 LO 1
Accounting for Inventory in the Perpetual System
How the Perpetual System Works
Optical scanner reads bar code, system
► Records sale
► Updates inventory records
Two entries needed for each sale
► Record revenue and asset received
► Record cost of goods sold and reduction of inventory
Exhibit 6-4 | Bar Code for Electronic Scanner
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6-12 LO 1
Recording Transactions (Perpetual System)
Exhibit 6-5 | Recording and Reporting Inventory—Perpetual System
PANEL A—Recording Transactions (amounts assumed)Copyright ©2015 Pearson Education Inc. All rights reserved.
6-13 LO 1
Recording Transactions (Perpetual System)
Exhibit 6-5 | Recording and Reporting Inventory—Perpetual System
PANEL A—T-accounts (amounts assumed)Copyright ©2015 Pearson Education Inc. All rights reserved.
6-14
Recording Transactions (Perpetual System)
PANEL B—Reporting (amounts assumed)
Exhibit 6-5 | Recording and Reporting Inventory—Perpetual System
LO 1Copyright ©2015 Pearson Education Inc. All rights reserved.
6-15 LO 1
Recording Transactions (Perpetual System)
The cost of inventory is the net amount of purchases,
determined as follows (using assumed amounts):
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6-16 LO 1
Recording Transactions (Perpetual System)
The journal entry to record a purchase return of merchandise
that cost $500 is as follows:
Account Debit Credit
Accounts payable
Inventory
500
500
To record purchase return
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6-17 LO 1
Recording Transactions (Perpetual System)
The journal entry to record a purchase of $1,000 in
merchandise is as follows:
Account Debit Credit
Inventory
Accounts Payable
1,000
1,000
To record purchase of merchandise
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6-18 LO 1
Recording Transactions (Perpetual System)
The journal entry to record the payment for merchandise
within 10 days when the discount terms are 2/10, n/30, is as
follows:
Account Debit Credit
Accounts Payable
Inventory
1,000
20
To record payment within discount period
Cash 980
Discount = $1,000 x 2% = $20
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6-19
2. Apply and compare various inventory cost
methods
Learning Objective
Learning Objective
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6-20
APPLY AND COMPARE VARIOUS INVENTORY COST METHODS
LO 2
Accounting method selected affects the
Profits to be reported
Amount of income tax to be paid
Values of inventory turnover and gross margin percentage
ratios derived from the financial statements
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6-21
What Goes into Inventory Cost?
LO 2
The cost of any asset, such as inventory, is the sum of all
the costs incurred to bring the asset to its intended use,
less any discounts.
Cost includes:
Purchase price
Freight in
Insurance while in transit
Fees or taxes paid to get
the inventory ready to sell
Less returns, allowances,
and discounts
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6-22
Apply Various Inventory Costing Methods
LO 2
Accounting uses four generally accepted inventory
methods:
1. Specific unit cost
2. Average cost
3. First-in, first-out (FIFO) cost
4. Last-in, first-out (LIFO) cost
Company can use any of
these methods
Methods can have very
different effects on
reported
profits,
income taxes, and
cash flow
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6-23
Average Last-in, first-out
LO 2
Used for businesses with unique inventory items
Automobiles, antique furniture, jewels, and real estate
Businesses cost their inventories at the specific cost of the
particular unit
Too expensive for inventories with common characteristics
Also called the specific identification method
Specific unit
Apply Various Inventory Costing Methods
First-in, first-out
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6-24
Last-in, first-out
LO 2
Sometimes called the weighted-average method
Based on the average cost of inventory during the period
Specific unit
Apply Various Inventory Costing Methods
First-in, first-outAverage
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6-25 LO 2
Illustration
Exhibit 6-6 | Inventory Data Used to Illustrate the Various Inventory Costing Methods
In Exhibit 6-6, Family Dollar began the period with 10 lamps that
cost $10 each; the beginning inventory was therefore $100. During
the period, Family Dollar bought 50 more lamps, sold 40 lamps,
and ended the period with 20 lamps.
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6-26 LO 2
IllustrationExhibit 6-6
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6-27 LO 2
IllustrationExhibit 6-6
Accounting questions are:
1. What is the cost of goods sold for the income statement?
2. What is the cost of the ending inventory for the balance
sheet?Answer depends on
cost method used
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6-28 LO 2
Exhibit 6-6
Average Cost
Average cost per unit =Cost of goods available
Number of units available
$900
60= = $15
Number of units sold X Average cost per unit = Cost of good sold
40 units X $15 = $600
Number of units on hand X Average cost per unit = Ending inventory
20 units X $15 = $300
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6-29 LO 2
Exhibit 6-6
Average Cost
The following T-account shows the effects of average costing:
Cost of goods sold (40 units@ average cost of $15 per unit) 600
End bal (20 units @ averagecost of $15 per unit) 300
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6-30
Average Last-in, first-out
LO 2
First costs into inventory are first costs assigned to cost of
goods sold (oldest items assumed to be sold first)
Ending inventory is based on latest costs incurred
Specific unit
Apply Various Inventory Costing Methods
First-in, first-out
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6-31 LO 2
FIFO CostInventory (at FIFO cost)
Beg bal (10 units @ $10) 100
Purchases:
No. 1 (25 units @ $14)350No. 2 (25 units @ $18)450
(10 units @$10)100
(25 units @$14)350 (5 units @$18)90
End bal (20 units @ $18) 360
Cost of Good Sold
(10 units @$10)100(25 units @$14)350 (5 units @$18)90
End bal (40 units) 540
40 units sold20 units on hand
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6-32
Average
LO 2
Costing is the opposite of FIFO
Last costs into inventory go to cost of goods sold (most
recent items purchased are assumed to be sold first)
Oldest costs in ending inventory
Specific unit
Apply Various Inventory Costing Methods
First-in, first-out
Last-in, first-out
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6-33 LO 2
LIFO CostInventory (at LIFO cost)
Beg bal (10 units @ $10) 100
Purchases:
No. 1 (25 units @ $14)350No. 2 (25 units @ $18)450
(15 units @$14)210(25 units @$18)450
End bal (10 units @ $10)(10 units @ $14) 240
Cost of Good Sold
(25 units @$18)450(15 units @$14)210
End bal (40 units) 660
40 units sold20 units on hand
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6-34
Illustration
LO 2
Hazelwood Surplus began March with 75 tents that cost $16 each.
During the month, Hazelwood Surplus made the following purchases
at cost:
March 3 95 tents @ $18 = $1,710
17 165 tents @ $20 = 3,300
23 35 tents @ $21 = 735
Hazelwood Surplus sold 318 tents, and at March 31 the ending
inventory consists of 52 tents. The sale price of each tent was $45.
Requirements
Determine the cost of goods sold and ending inventory amounts for
March under the average cost, FIFO cost, and LIFO cost. Round
average cost per unit to two decimal places.
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6-35
Illustration
LO 2
Goods Available
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6-36 LO 2
Average CostInventory (at FIFO cost)
Beg bal (75 units @ $16) 1,200
Mar 3 (95 units @ $18) 1,710
Mar 17 (165 units @ $20) 3,300
Mar 23 (35 units @ $21) 735
End bal (370 units) 6,945
318 tents sold52 tents on hand
Average cost per unit
$6,945 ÷ 370 = $18.77
Cost of Good Sold
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6-37 LO 2
Average CostInventory (at FIFO cost)
Beg bal (75 units @ $16) 1,200
Mar 3 (95 units @ $18) 1,710
Mar 17 (165 units @ $20) 3,300
Mar 23 (35 units @ $21) 735
End bal (52 units @ $18.77) 976
318 tents sold52 tents on hand
Average cost per unit
$6,945 ÷ 370 = $18.77
Cost of Good Sold
(318 units @$18.77)5,969
(318 units @$18.77)5,969
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6-38 LO 2
FIFO CostInventory (at FIFO cost)
Beg bal (75 units @ $16) 1,200
Mar 3 (95 units @ $18) 1,710
Mar 17 (165 units @ $20) 3,300
Mar 23 (35 units @ $21) 735
(75 units @$16)1,200
(148 units @$20)2,960
End bal (52 units) 1,075
Cost of Good Sold
(75 units @$16)1,200(95 units @$18)1,710(148 units @$20)2,960
End bal (318 units) 5,870
318 tents sold52 tents on hand
(95 units @$18)1,710
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6-39 LO 2
LIFO CostInventory (at FIFO cost)
Beg bal (75 units @ $16) 1,200
Mar 3 (95 units @ $18) 1,710
Mar 17 (165 units @ $20) 3,300
Mar 23 (35 units @ $21) 735
(23 units @$16)368
(165 units @$20)3,300
End bal (52 units) 832
Cost of Good Sold
(35 units @$21)735(165 units @$20)3,300(95 units @$18)1,710
End bal (318 units) 6,113
318 tents sold52 tents on hand
(95 units @$18)1,710
(35 units @$21)735
(23 units @$16)368
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6-40
Illustration
LO 2
FIFO Average LIFO
Inventory $1,075 $ 976
$ 832
Cost of goods sold 5,870 5,969
6,113
Goods available $6,945 $6,945
$6,945
Inventory Cost Summary by Method
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6-41 LO 2
Effects of FIFO, LIFO, and Average Cost
Panel A—When Inventory Costs Are Increasing
Cost of Goods Sold (COGS) Ending Inventory (EI)
FIFO FIFO COGS is lowest because it’s based on the oldest costs, which are low. Gross profit is, therefore, the highest.
FIFO EI is highest because it’s based on the most recent costs, which are high.
LIFO LIFO COGS is highest because it’s based on the most recent costs, which are high. Gross profit is, therefore, the lowest.
LIFO EI is lowest because it’sbased on the oldest costs,which are low.
Exhibit 6-8
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6-42 LO 2
Effects of FIFO, LIFO, and Average Cost
Panel B—When Inventory Costs Are Decreasing
Cost of Goods Sold (COGS) Ending Inventory (EI)
FIFO FIFO COGS is highest because it’s based on the oldest costs, which are high. Gross profit is, therefore, the lowest.
FIFO EI is lowest because it’s based on the most recent costs, which are low.
LIFO LIFO COGS is lowest because it’s based on the most recent costs, which are low. Gross profit is, therefore, the highest.
LIFO EI is highest because it’s based on the oldest costs, which are high.
Exhibit 6-8
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6-43
Keeping Track of Perpetual Inventories
LO 2
► Impossible to apply LIFO unit costs to units purchased
and sold as transactions are happening
► Weighted-average cost can be quite challenging,
requiring sophisticated computer software
► Many companies track only inventory quantities during
the period, making adjusting journal entries at the end
of the period to apply either LIFO or weighted-average
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6-44 LO 2
When prices are rising
Results in lowest taxable income
Results in lowest income taxes
Increases cash available
The Tax Advantage of LIFO
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6-45 LO 2
Cost of Goods Sold Ending Inventory
LIFO provides more
realistic net income figure
Most recent costs are
assigned to Cost of Goods
Sold
FIFO provides a more up-to-
date inventory cost
More recent costs on the
Balance Sheet
Comparing FIFO and LIFO
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6-46 LO 2
Allows manipulation of net income
► When inventory prices are rising, large quantities
purchased at end of year to lower taxes
Liquidation can occur
► Quantities decrease from last year, companies must
“dip into” older inventory layers
Not allowed under International Financial Reporting
Standards (IFRS)
LIFO and Managing Reported Income
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6-47
3. Explain and apply underlying GAAP for inventory
Learning Objective
Learning Objective
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6-48 LO 3
Accounting Principles Relevant to Inventory
Financial statement should report enough information for
outsiders to make informed decisions
Disclosure
UNDERLYING GAAP FOR INVENTORY
Representational Faithfulness
Consistency
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6-49 LO 3
Accounting Principles Relevant to Inventory
Company should report relevant and representationally
faithful information about itself
Properly disclosing
► Inventory accounting methods
► Substance of all material transactions impacting
inventory
Disclosure Consistency
UNDERLYING GAAP FOR INVENTORY
Representational Faithfulness
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6-50
Representational Faithfulness
LO 3
Accounting Principles Relevant to Inventory
Requires the use of comparable methods for consistency
of presentation from period to period
Financial statements contain a footnote describing
► Inventory costing method used
► Inventory was valued at the lower of the costing
method or market
Disclosure Consistency
UNDERLYING GAAP FOR INVENTORY
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6-51 LO 3
Lower-of-Cost-or-Market Rule
Requires that inventory be reported in the financial
statements at whichever is lower
Inventory’s historical cost or
Market value
► Generally means current replacement cost
► If replacement cost is below historical cost, inventory is
written down to market value
► Ending inventory is reported at LCM value on the
balance sheet
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6-52 LO 3
Lower-of-Cost-or-Market Rule
Suppose Family Dollar, Inc., paid $3,000 for inventory on June 26.
By August 25, its fiscal year-end, the inventory can be replaced for
$2,000. Family Dollar’s year-end balance sheet must report this
inventory at the LCM value of $2,000. An LCM write-down
decreases Inventory and increases Cost of Goods Sold:
Account Debit Credit
Cost of Goods Sold
Inventory
1,000
1,000
Wrote inventory down to market value
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6-53 LO 3
Lower-of-Cost-or-Market RuleExhibit 6-9 | Lower-of-Cost-or-Market (LCM) Effects on Inventory and Cost of Goods Sold
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6-54 LO 3
Under IFRS, “market” is always defined as “net
realizable value,” which, for inventories, is current
market value.
Under U.S. GAAP, once the LCM rule is applied to write
inventories down to current replacement cost, the write-downs
may never be reversed. In contrast, under IFRS, some LCM
write-downs may be reversed, and inventory may be
subsequently written up again, not to exceed original cost.
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6-55
4. Compute and evaluate gross profit (margin)
percentage and inventory turnover
Learning Objective
Learning Objective
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6-56
COMPUTE AND EVALUATE GROSS PROFIT (MARGIN) PERCENTAGE AND INVENTORY TURNOVER
LO 4
Gross profit—sales minus cost of goods sold—key
indicator of a company’s ability to sell inventory at a profit
Markup stated as a percentage of sales
Watched carefully by managers and investors
Gross Profit Percentage
Gross profit percentage =Gross profit
Net sales revenue
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6-57
Inventory Turnover
LO 4
Ratio of cost of goods sold to average inventory
Indicates how rapidly inventory is sold
Varies from industry to industry
Inventory turnover =
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6-58
Illustration
LO 4
Cola Company made sales of $35,376 million during 2014. Cost of
goods sold for the year totaled $15,437 million. At the end of 2013,
Cola’s inventory stood at $1,672 million, and Cola ended 2014 with
inventory of $1,908 million. Compute Cola’s gross profit percentage
and rate of inventory turnover for 2014.
Gross profit percentage =Gross profit
Net sales revenue
Gross profit percentage =$35,376 - $15,437
$35,376= 56.4%
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6-59
Illustration
LO 4
Cola Company made sales of $35,376 million during 2014. Cost of
goods sold for the year totaled $15,437 million. At the end of 2013,
Cola’s inventory stood at $1,672 million, and Cola ended 2014 with
inventory of $1,908 million. Compute Cola’s gross profit percentage
and rate of inventory turnover for 2014.
Inventory turnover =Cost of goods sold
Average inventory
= 8.6 timesInventory turnover =$15,437
($1,672 + $1,908) ÷ 2
Every 42.4 days (365 days ÷ 8.6 times)Copyright ©2015 Pearson Education Inc. All rights reserved.
6-60
5. Use the cost-of-goods-sold (COGS) model to
make management decisions
Learning Objective
Learning Objective
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6-61
USE THE COGS MODEL TO MAKE MANAGEMENT DECISIONS
LO 5
Exhibit 6-13 | The Cost-of-Goods-Sold-Model
Beginning inventory $2,100
+ Purchases 6,300
= Cost of goods available for sale 7,500
- Ending inventory -1,500
= Cost of goods sold $6,000
COGS model is used by all companies regardless of their
accounting systems
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6-62
Rearrange the COGS formula using amounts from Exhibit 6-13
Cost of goods sold (based on the plan for the next period) $6,000
+ Ending inventory (based on the plan for the next period) 1,500
= Cost of goods available as planned 7,500
- Beginning inventory (actual amount left over from prior period)
-1,200
= Purchases (how much inventory the manager needs to buy)$6,300Manager should buy $6,300 of merchandise to work his plan for
the upcoming period
Computing Budgeted Purchases
LO 5Copyright ©2015 Pearson Education Inc. All rights reserved.
6-63 LO 5
Gross profit method
Also known as gross margin method
Widely used to estimate ending inventory
Uses COGS model
Estimating Inventory by the Gross Profit Method
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6-64 LO 5
Exhibit 6-14 shows the calculations for the gross profit method,
with new amounts assumed for the illustration.
Gross Profit Method
Exhibit 6-14
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6-65 LO 5Advance slide in presentation mode to reveal answers.
Beginning inventory is $70,000, net purchases total
$365,000, and net sales are $500,000. With a normal gross
profit rate of 40% of sales (cost of goods sold = 60%), how
much is ending inventory?
Beginning inventory $ 70,000
Net purchases 365,000
Cost of goods available 435,000
Less estimated cost of goods sold (.60 x $500,000) - 300,000
Estimated cost of ending inventory $ 135,000
Answer
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6-66
6. Analyze effects of inventory errors
Learning Objective
Learning Objective
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6-67
ANALYZE EFFECTS OF INVENTORY ERRORS
LO 6
Error in ending inventory creates errors for two accounting
periods
Inventory errors counterbalance in two consecutive
periods
Beginning inventory and ending inventory have opposite
effects on cost of goods sold
► Beginning inventory is added; ending inventory is
subtracted
► After two periods an inventory error counterbalances
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6-68
EFFECTS OF INVENTORY ERRORS
LO 6Copyright ©2015 Pearson Education Inc. All rights reserved.
6-69
EFFECTS OF INVENTORY ERRORS
LO 6Copyright ©2015 Pearson Education Inc. All rights reserved.
6-70 LO 6
Accounting For Inventory
Advance slide in presentation mode to reveal answers.Copyright ©2015 Pearson Education Inc. All rights reserved.
6-71 LO 6
Accounting For Inventory
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6-72
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