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Cost Accounting Chapter 8
Cost Accounting Chapter 8
Cost Accounting Chapter 8
Cost Accounting Chapter 8
Cost Accounting Chapter 8
Cost Accounting Chapter 8
Cost Accounting Chapter 8
Cost Accounting Chapter 8
Cost Accounting Chapter 8
Cost Accounting Chapter 8
Cost Accounting Chapter 8
Cost Accounting Chapter 8
Cost Accounting Chapter 8
Cost Accounting Chapter 8
Cost Accounting Chapter 8
Cost Accounting Chapter 8
Cost Accounting Chapter 8
Cost Accounting Chapter 8
Cost Accounting Chapter 8
Cost Accounting Chapter 8
Cost Accounting Chapter 8
Cost Accounting Chapter 8
Cost Accounting Chapter 8
Cost Accounting Chapter 8
Cost Accounting Chapter 8
Cost Accounting Chapter 8
Cost Accounting Chapter 8
Cost Accounting Chapter 8
Cost Accounting Chapter 8
Cost Accounting Chapter 8
Cost Accounting Chapter 8
Cost Accounting Chapter 8
Cost Accounting Chapter 8
Cost Accounting Chapter 8
Cost Accounting Chapter 8
Cost Accounting Chapter 8
Cost Accounting Chapter 8
Cost Accounting Chapter 8
Cost Accounting Chapter 8
Cost Accounting Chapter 8
Cost Accounting Chapter 8
Cost Accounting Chapter 8
Cost Accounting Chapter 8
Cost Accounting Chapter 8
Cost Accounting Chapter 8
Cost Accounting Chapter 8
Cost Accounting Chapter 8
Cost Accounting Chapter 8
Cost Accounting Chapter 8
Cost Accounting Chapter 8
Cost Accounting Chapter 8
Cost Accounting Chapter 8
Cost Accounting Chapter 8
Cost Accounting Chapter 8
Cost Accounting Chapter 8
Cost Accounting Chapter 8
Cost Accounting Chapter 8
Cost Accounting Chapter 8
Cost Accounting Chapter 8
Cost Accounting Chapter 8
Cost Accounting Chapter 8
Cost Accounting Chapter 8
Cost Accounting Chapter 8
Cost Accounting Chapter 8
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Cost Accounting Chapter 8

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    • 1. Slide8-1 Chapter INVENTORIES AND THE 8 COST OF GOODS SOLD McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2002
    • 2. Slide8-2 Inventory Defined Inventory Goods owned Current and held for sale asset to customers McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2002
    • 3. Slide8-3 The Flow of Inventory Costs BALANCE SHEET As purchase costs Current assets: (or manufacturing Inventory costs) are incurred $ $ as goods INCOME STATEMENT are sold Revenue $ Cost of goods sold Gross profit Expenses Net income McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2002
    • 4. Slide8-4 The Flow of Inventory Costs In a perpetual inventory system, inventory entries parallel the flow of costs. GENERAL JOURNAL P Date Account Titles and Explanation R Debit Credit Entry on Purchase Date Inventory $$$$ Accounts Payable $$$$ Entry on Sale Date Cost of Goods Sold $$$$ Inventory $$$$ McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2002
    • 5. Slide8-5 Which Unit Did We Sell? When identical units of inventory have different unit costs, a question naturally arises as to which of these costs should be used in recording a sale of inventory. McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2002
    • 6. Slide8-6 Inventory Subsidiary Ledger A separate subsidiary account is maintained for each item in inventory. Item LL002 Primary supplier Electronic City Description Laser Light Secondary supplier Electric Company Location Storeroom 2 Inventory level: Min: 25 Max: 200 Purchased Sold Balance Cost of Unit Unit Goods Unit Date Units Cost Total Units Cost Sold Units Cost Total Sept. 5 100 $ 30 $ 3,000 100 $ 30 $ 3,000 Sept. 9 75 50 3,750 100 30 3,000 75 50 3,750 Sept. 10 10 ? ? ? ? ? ? ? ? How can we determine the unit cost for the Sept. 10 sale? McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2002
    • 7. Slide8-7 Inventory Cost Flows We use one of these inventory valuation methods to determine cost of inventory sold. Specific Average identification cost FIFO LIFO McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2002
    • 8. Slide8-8 Information for the Following Inventory Examples The Bike Company (TBC) McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2002
    • 9. Slide8-9 Specific Identification When a unit is sold, the specific cost of the unit sold is added to cost of goods sold. McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2002
    • 10. Slide8-10 Specific Identification – Example On August 14, TBC sold 20 bikes for $130 each. Nine bikes originally cost $91 and 11 bikes originally cost $106. Continue McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2002
    • 11. Slide8-11 Specific Identification – Example The Cost of Goods Sold for the August 14 sale is $1,985, leaving $515 and 5 units in inventory. Let’s look at the entries for Continue the Aug. 14 sale. McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2002
    • 12. Slide8-12 Specific Identification – Example Retail Cost A similar entry is made after each sale. Continue McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2002
    • 13. Slide8-13 Specific Identification – Example Cost of Goods Sold for August 31 = $2,610 Additional purchases were made on August 17 and 28. Costs associated with sales on August 31 were as follows: 1 @ $91, 3 @ $106, 15 @ $115, & 4 @ $119. McGraw-Hill/Irwin Continue © The McGraw-Hill Companies, Inc., 2002
    • 14. Slide8-14 Specific Identification – Example Income Statement COGS = $4,595 Balance Sheet Inventory = $1,395 1 @ $ 106 = $ 106 5 @ $ 115 = 575 6 @ $ 119 = 714 End. Inv. © The$ 1,395 Companies, Inc., 2002 McGraw-Hill McGraw-Hill/Irwin
    • 15. Slide8-15 Not really. Specific Since specific identification is hard to use identification is so when we sell a lot of easy, can’t we use it inventory that has lots of all the time? different costs. McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2002
    • 16. Slide8-16 Average-Cost Method When a unit is sold, the average cost of each unit in inventory is assigned to cost of goods sold. Cost of Goods Units on hand Available for ÷ on the date of Sale sale McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2002
    • 17. Slide8-17 Average-Cost Method – Example The average cost per unit must be computed prior to each sale. $100 = $2,500 ÷ 25 On August 14, TBC sold 20 bikes for $130 each. Continue McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2002
    • 18. Slide8-18 Average-Cost Method – Example The average cost per unit is $100. $100 = $2,500 ÷ 25 Let’s look at the entries Continue for the Aug. 14 sale. Inc., 2002 McGraw-Hill/Irwin © The McGraw-Hill Companies,
    • 19. Slide8-19 Average-Cost Method – Example Retail Cost A similar entry is made after each sale. Continue McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2002
    • 20. Slide8-20 Average-Cost Method – Example Additional purchases were made on August 17 and August 28. On August 31, an additional 23 units were sold. Continue McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2002
    • 21. Slide8-21 Average-Cost Method – Example $114 = $3,990 ÷ 35 McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2002
    • 22. Slide8-22 Average-Cost Method – Example The average cost per $114 = $3,990 ÷ 35 unit is $114. McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2002
    • 23. Slide8-23 Average-Cost Method – Example Income Statement COGS = $4,622 Balance Sheet Inventory = $1,368 $114 × 12 = $1,368 McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2002
    • 24. Slide8-24 First-In, First-Out Method (FIFO) Oldest Costs of Costs Goods Sold Recent Ending Costs Inventory McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2002
    • 25. Slide8-25 FIFO – Example The Cost of Goods Sold for the August 14 sale is $1,970, leaving $530 and 5 units in inventory. On August 14, TBC sold 20 bikes for $130 each. Continue McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2002
    • 26. Slide8-26 FIFO – Example Retail Cost A similar entry is made after each sale. Continue McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2002
    • 27. Slide8-27 FIFO – Example Additional purchases were made on Aug. 17 and Aug. 28. CostOn August 31, an additional 23 units were = $2,600 of Goods Sold for August 31 sold. McGraw-Hill/Irwin Continue © The McGraw-Hill Companies, Inc., 2002
    • 28. Slide8-28 FIFO – Example Income Statement COGS = $4,570 Balance Sheet 2 @ $ 115 = $ 230 10 @ $ 119 = 1,190 Inventory = $1,420 End. Inv. $ 1,420 McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2002
    • 29. Slide8-29 Last-In, First-Out Method (LIFO) Recent Costs of Costs Goods Sold Oldest Ending Costs Inventory McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2002
    • 30. Slide8-30 LIFO – Example The Cost of Goods Sold for the August 14 sale is $2,045, leaving $455 and 5 units in inventory. On August 14, TBC sold 20 bikes for $130 each. Continue McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2002
    • 31. Slide8-31 LIFO – Example Retail Cost A similar entry is made after each sale. Continue McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2002
    • 32. Slide8-32 LIFO – Example Additional purchases were made on Aug. 17 and Aug. 28. Cost of Goodsan additional August 31sold. On Aug. 31, Sold for 23 units were = $2,685 Continue © The McGraw-Hill Companies, Inc., 2002 McGraw-Hill/Irwin
    • 33. Slide8-33 LIFO – Example Income Statement COGS = $4,730 Balance Sheet 5 @ $ 91 = $ 455 Inventory = $1,260 7 @ $ 115 = 805 End. Inv. $ 1,260 McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2002
    • 34. Slide Inventory Valuation Methods: A Summary8-34 Costs Allocated to: Valuation Cost of Goods Method Sold Inventory Comments Specific Actual cost of Actual cost of units Parallels physical flow identification the units sold remaining Logical method when units are unique May be misleading for identical units Average cost Number of units Number of units on Assigns all units the same sold times the hand times the average unit cost average unit cost average unit cost Current costs are averaged in with older costs First-in, First-out Cost of earliest Cost of most Cost of goods sold is based (FIFO) purchases on recently on older costs hand prior to the purchased units Inventory valued at current sale costs May overstate income during periods of rising prices; may increase income taxes due Last-in, First-out Cost of most Cost of earliest Cost of goods sold shown at (LIFO) recently purchases recent prices purchased units (assumed still in Inventory shown at old (and inventory) perhaps out of date) costs Most conservative method during periods of rising prices; often results in lower McGraw-Hill/Irwin income taxes Companies, Inc., 2002 © The McGraw-Hill
    • 35. Slide8-35 The Principle of Consistency Once a company has adopted a particular accounting method, it should follow that method consistently, rather than switch methods from one year to the next. McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2002
    • 36. Slide8-36 Just-In-Time (JIT) Inventory Systems This inventory arrived just in time for us to use in the manufacturing process. McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2002
    • 37. Slide8-37 Taking a Physical Inventory The primary reason for taking a physical inventory is to adjust the perpetual inventory records for unrecorded shrinkage losses, such as theft, spoilage, or breakage. McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2002
    • 38. Slide8-38 LCM and Other Write-Downs of Inventory Reduces the value Obsolescence of the inventory. Lower of Cost Adjust inventory or Market value to the lower (LCM) of historical cost or current replacement cost (market). McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2002
    • 39. Slide8-39 Goods In Transit A sale should be recorded when title to the merchandise passes to the buyer. F.O.B. F.O.B. shipping destination point  title point  title passes to passes to buyer at the Year buyer at the point of End point of shipment. destination. McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2002
    • 40. Slide8-40 Periodic Inventory Systems In a periodic inventory system, inventory entries are as follows. Note that an entry is not made to inventory. McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2002
    • 41. Slide8-41 Periodic Inventory Systems In a periodic inventory system, inventory entries are as follows. McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2002
    • 42. Slide8-42 Periodic Inventory Systems The inventory on hand and the cost of goods sold for the year are not determined until year-end. McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2002
    • 43. Slide8-43 Periodic Inventory Systems We use one of these inventory valuation methods in a periodic inventory system. Specific Average identification cost FIFO LIFO McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2002
    • 44. Slide8-44 Information for the Following Inventory Examples Computers, Inc. Mouse Pad Inventory Date Units $/Unit Total Beginning Inventory 1,000 $ 5.25 $ 5,250.00 Purchases: Jan. 3 300 5.30 1,590.00 June 20 150 5.60 840.00 Sept. 15 200 5.80 1,160.00 Nov. 29 150 5.90 885.00 Goods Available for Sale 1,800 $ 9,725.00 Ending Inventory 1,200 ? Cost of Goods Sold 600 ? McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2002
    • 45. Slide8-45 Specific Identification – Example By reviewing actual purchase invoices, Computers, Inc. determines that the 1,200 mouse pads on hand at year-end have an actual total cost of $6,400. Determine the cost of goods sold for the year. McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2002
    • 46. Slide8-46 Specific Identification – Example Computers, Inc. Mouse Pad Inventory Date Units $/Unit Total Beginning Inventory 1,000 $ 5.25 $ 5,250.00 Purchases: Jan. 3 300 5.30 1,590.00 June 20 150 5.60 840.00 Sept. 15 Goods Sold Cost of 200 5.80 1,160.00 Nov. 29 150 5.90 885.00 - $9,725 $6,400 = $3,325 Goods Available for Sale 1,800 $ 9,725.00 Ending Inventory 1,200 $ 6,400.00 Cost of Goods Sold 600 $ 3,325.00 McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2002
    • 47. Slide8-47 Average-Cost Method The average cost is calculated at year- end as follows: Total Cost of Total Number Goods of Units Available for ÷ Available for Sale Sale McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2002
    • 48. Slide8-48 Average-Cost Method – Example Computers, Inc. Mouse Pad Inventory Avg. Cost $9,725 ÷ 1,800 Date Units $/Unit Total = $5.40278 Beginning Ending Inventory Inventory 1,000 $ 5.25 $ 5,250.00 Avg. Cost $5.40278 × 1,200 = Purchases: $6,483 Jan. 3 300 5.30 1,590.00 June 20 150 5.60 840.00 Cost of Goods Sold Sept. 15 200 5.80 1,160.00 Avg. Cost $5.40278 × 600 = Nov. 29 150 5.90 885.00 $3,242 Goods Available for Sale 1,800 $ 9,725.00 Ending Inventory 1,200 1,200 $ 6,483.00 ? Cost of Goods Sold 600 $ 3,242.00 ? McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2002
    • 49. Slide8-49 First-In, First-Out Method (FIFO) Oldest Costs of Costs Goods Sold Recent Ending Costs Inventory McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2002
    • 50. Slide8-50 FIFO – Example Computers, Inc. Remember: Start Mouse Pad Inventory with the 11/29 Date Units $/Unit Total purchase and then Beginning add other purchases Inventory 1,000 $ 5.25 $ 5,250.00 until you reach the Purchases: number of units in Jan. 3 300 5.30 1,590.00 ending inventory. June 20 150 5.60 840.00 Sept. 15 200 5.80 1,160.00 Nov. 29 150 5.90 885.00 Goods Available for Sale 1,800 $ 9,725.00 Ending Inventory 1,200 ? Cost of Goods Sold 600 ? McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2002
    • 51. Slide8-51 FIFO – Example Cost of Date Beg. Inv. Purchases End. Inv. Goods Sold 1,000@$5.25 600@$5.25 400@$5.25 Jan. 3 300@$5.30 300@$5.30 June 20 150@$5.60 150@$5.60 Sept. 15 200@$5.80 200@$5.80 Nov. 29 150@$5.90 150@$5.90 Units 1,200 150 600 Now, we have allocated Costs $6,575 $3,150 the cost to all 1,200 let’s complete the Now, units of Goods Available for table. Cost in ending inventory. Sale $9,725 McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2002
    • 52. Slide8-52 FIFO – Example Computers, Inc. Completing the table Mouse Pad Inventory summarizes the Date Units $/Unit Total computations just Beginning made. Inventory 1,000 $ 5.25 $ 5,250.00 Purchases: Jan. 3 300 5.30 1,590.00 June 20 150 5.60 840.00 Sept. 15 200 5.80 1,160.00 Nov. 29 150 5.90 885.00 Goods Available for Sale 1,800 $ 9,725.00 Ending Inventory 1,200 $ 6,575.00 Cost of Goods Sold 600 $ 3,150.00 McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2002
    • 53. Slide8-53 Last-In, First-Out Method (LIFO) Recent Costs of Costs Goods Sold Oldest Ending Costs Inventory McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2002
    • 54. Slide8-54 LIFO – Example Remember: Start with Computers, Inc. Mouse Pad Inventory beginning inventory Date Units $/Unit Total and then add other Beginning purchases until you Inventory 1,000 $ 5.25 $ 5,250.00 reach the number of Purchases: units in ending Jan. 3 300 5.30 1,590.00 inventory. June 20 150 5.60 840.00 Sept. 15 200 5.80 1,160.00 Nov. 29 150 5.90 885.00 Goods Available for Sale 1,800 $ 9,725.00 Ending Inventory 1,200 ? Cost of Goods Sold 600 ? McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2002
    • 55. Slide8-55 LIFO – Example Cost of Date Beg. Inv. Purchases End. Inv. Goods Sold 1,000@$5.25 1,000@$5.25 Jan. 3 300@$5.30 200@$5.30 100@$5.30 June 20 150@$5.60 150@$5.60 Sept. 15 200@$5.80 200@$5.80 Nov. 29 150@$5.90 150@$5.90 Units 1,200 1,000 600 100 Now, we have allocated Costs $6,310 $3,415 Next, let’s the cost to all 1,200 units complete the Cost in endingAvailable for Sale of Goods inventory. $9,725 table. McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2002
    • 56. Slide8-56 LIFO – Example Computers, Inc. Completing the table Mouse Pad Inventory summarizes the Date Units $/Unit Total computations just Beginning made. Inventory 1,000 $ 5.25 $ 5,250.00 Purchases: Jan. 3 300 5.30 1,590.00 June 20 150 5.60 840.00 Sept. 15 200 5.80 1,160.00 Nov. 29 150 5.90 885.00 Goods Available for Sale 1,800 $ 9,725.00 Ending Inventory 1,200 $ 6,310.00 Cost of Goods Sold 600 $ 3,415.00 McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2002
    • 57. Slide8-57 Importance of an Accurate Valuation of Inventory Errors in Measuring Inventory Beginning Inventory Ending Inventory Effect on Income Statement Overstated Understated Overstated Understated Goods Available for Sale + - 0 0 Cost of Goods Sold + - - + Gross Profit - + + - Net Income - + + - Effect on Balance Sheet Ending Inventory 0 0 + - Retained Earnings - + + - An error in ending inventory in a year will result in the same error in the beginning inventory of the next year. McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2002
    • 58. Slide8-58 For interim f inancial statements, we may need to estimate e nding inventory an d cost of goods sold. McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2002
    • 59. Slide8-59 The Gross Profit Method Determine cost of goods available for sale. Estimate cost of goods sold by multiplying the net sales by the cost ratio. Deduct cost of goods sold from cost of goods available for sale to determine ending inventory. McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2002
    • 60. Slide8-60 Gross Profit Method – Example In March of 2003, Chemico’s inventory was destroyed by fire. Chemico’s normal gross profit ratio is 30% of net sales. At the time of the fire, Chemico showed the following balances: Sales $ 31,500 Sales returns 1,500 Beginning Inventory 12,000 Net cost of goods purchased 20,500 McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2002
    • 61. Slide8-61 Gross Profit Method – Example  × 70%   McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2002
    • 62. Slide8-62 Inventory Turnover Rate Measures how quickly a company sells its merchandise inventory. Average Inventory = (Beg. Inv. + End. Inv.) ÷ 2 A ratio that is low compared to competitors suggests inefficient use of assets. McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2002
    • 63. Slide8-63 Accounting Methods Can Affect Analytical Ratios Remember that identical companies that use different inventory methods (e.g., FIFO and LIFO) will have different inventory turnover ratios. McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2002
    • 64. Slide8-64 End of Chapter 8 Careful! If you drop the inventory we will have another write down. McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2002

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