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1、Chapter07ReptingInterpretingCostofGoodsSoldInventyFinancialAccounting8e71?2014byMcGrawHillGlobalEducationHoldingsLLC.Thisisproprietarymaterialsolelyfauthizedinstructuse.Notauthizedfsaledistributioninanymanner.Thisdocumen

2、tmaynotbecopiedscannedduplicatedfwardeddistributedpostedonawebsiteinwholepart.Chapter7ReptingInterpretingCostofGoodsSoldInventyANSWERSTOQUESTIONS1.Inventyoftenisoneofthelargestamountslistedunderassetsonthebalancesheetwhi

3、chmeansthatitrepresentsasignificantamountoftheresourcesavailabletothebusiness.Theinventymaybeexcessiveinamountwhichisaneedlesswasteofresourcesalternativelyitmaybetoolowwhichmayresultinlostsales.Therefefinternalusersinven

4、tycontrolisveryimptant.Ontheincomestatementinventyexertsadirectimpactontheamountofincome.Therefestatementusersareinterestedparticularlyintheamountofthiseffectthewayinwhichinventyismeasured.Becauseofitsimpactonboththebala

5、ncesheettheincomestatementitisofparticularinteresttoallstatementusers.2.Fundamentallyinventyshouldincludethoseitemsonlythoseitemslegallyownedbythebusiness.Thatisinventyshouldincludeallgoodsthatthecompanyownsregardlessoft

6、heirparticularlocationatthetime.3.Thecostprinciplegovernsthemeasurementoftheendinginventyamount.Theendinginventyisdeterminedinunitsthecostofeachunitisappliedtothatnumber.Underthecostprincipletheunitcostisthesumofallcosts

7、incurredinobtainingoneunitoftheinventyiteminitspresentstate.4.Goodsavailablefsaleisthesumofthebeginninginventytheamountofgoodspurchasedduringtheperiod.Costofgoodssoldistheamountofgoodsavailablefsalelesstheendinginventy.5

8、.Beginninginventyisthestockofgoodsonh(ininventy)atthestartoftheaccountingperiod.Endinginventyisthestockofgoodsonh(ininventy)attheendoftheaccountingperiod.Theendinginventyofoneperiodautomaticallybecomesthebeginninginventy

9、ofthenextperiod.6.(a)Averagecost–Thisinventycostingmethodinaperiodicinventysystemisbasedonaweightedaveragecostftheentireperiod.Attheendoftheaccountingperiodtheaveragecostiscomputedbydividingthegoodsavailablefsaleinunitsi

10、ntothecostofgoodsavailablefsaleindollars.ThecomputedunitcostthenisusedtodeterminethecostofgoodssoldftheperiodbymultiplyingtheunitssoldbythisaverageunitChapter07ReptingInterpretingCostofGoodsSoldInventyFinancialAccounting

11、8e73?2014byMcGrawHillGlobalEducationHoldingsLLC.Thisisproprietarymaterialsolelyfauthizedinstructuse.Notauthizedfsaledistributioninanymanner.Thisdocumentmaynotbecopiedscannedduplicatedfwardeddistributedpostedonawebsiteinw

12、holepart.endinginventyonthebalancesheetwillbehigherunderLIFOthanunderFIFO.9.LIFOversusFIFOwillaffecttheincomestatementintwoways:(1)theamountofcostofgoodssold(2)income.WhenthepricesarerisingFIFOwillgivealowercostofgoodsso

13、ldamounthenceahigherincomeamountthanwillLIFO.IncontrastwhenpricesarefallingFIFOwillgiveahighercostofgoodssoldamountasaresultalowerincomeamount.10.WhenpricesarerisingLIFOcausesalowertaxableincomethandoesFIFO.Therefewhenpr

14、icesarerisingincometaxislessunderLIFOthanFIFO.Alowertaxbillsavescash(reducescashoutflowfincometax).ThetotalamountofcashsavedisthedifferencebetweenLIFOFIFOinventyamountsmultipliedbytheincometaxrate.11.LCMisappliedwhenmark

15、et(definedascurrentreplacementcost)islowerthanthecostofunitsonh.Theendinginventyisvaluedatmarket(lower)which(a)reducesincome(b)reducestheinventyamountreptedonthebalancesheet.TheeffectofapplyingLCMistoincludetheholdinglos

16、sontheincomestatement(asapartofCGS)intheperiodinwhichthereplacementcostsbelowcostratherthanintheperiodofactualsale.12.Whenaperpetualinventysystemisusedtheunitcostmustbeknownfeachitemsoldatthedateofeachsalebecauseatthatti

17、metwothingshappen:(a)theunitssoldtheircostsareremovedfromtheperpetualinventyrecdthenewinventybalanceisdetermined(b)thecostofgoodssoldisdeterminedfromtheperpetualinventyrecdanentryintheaccountsismadeasadebittoCostofGoodsS

18、oldacredittoInventy.Incontrastwhenaperiodicinventysystemisusedtheunitcostneednotbeknownatthedateofeachsale.Infacttheperiodicsystemisdesignedsothatcostofgoodssoldfeachsaleisnotknownatthetimeofsale.Attheendoftheperiodunder

19、theperiodicinventysystemcostofgoodssoldisdeterminedbyaddingthebeginninginventytothetotalgoodspurchasedftheperiodsubtractingfromthattotaltheendinginventyamount.Theendinginventyamountisdeterminedbymeansofaphysicalinventyco

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