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Merchandise Inventory

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Kenangan lomba Akuntansi pertama kali selama hidup :D

Kenangan lomba Akuntansi pertama kali selama hidup :D

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  • 1. MERCHANDISE INVENTORY Written by : LUFi yUWAnA MUrSitA intAn nOKA DeWi
  • 2. Merchandise Inventory Merchandise inventory is products purchased ormanufactured forsale to customers
  • 3. Merchandise Inventory NO TO NL Y SALESPURCHASES INCOME SUMMARY SALES COST OF O ALS SALE BUT
  • 4. Merchandise Inventory INVENTORY INVENTORY ACCOUNTING ACCOUNTING METHOD METHOD PERIODICAL/PERPETUAL PHYSICAL METHOD METHOD
  • 5. Merchandise Inventory Perpetual MethodEXAMPLEInventory in the beginning of year 400.000January 1st X company buy merchandiseinventory with amount 1000.000 by cash.The amount of Cost of Good Sold is 70%from the total sales Purchases transactio Th n e jo . . is. ur na l Merchandise inventory 700.000 Cash in bank 700.000
  • 6. Merchandise Inventory Perpetual MethodEXAMPLEAt January 5th company sells some of the Salesinventory 500.000 in credit transaction Th is. . ej ou rna . l Account receivable 500.000 Sales 500.000 Cost of good sold 350.000 Merchandise inventory 350.000
  • 7. Merchandise Inventory Physical/Periodical MethodUsing the transactionabove*** Purchases transactionPurchases 1000.000 Cash in bank 1000.000
  • 8. Merchandise Inventory Physical/Periodical Method Account receivable 500.000 Sales 500.000 Salestransaction
  • 9. Merchandise Inventory Physical/Periodical Method IS IT NEEDED TO MAKE ADJUSTMENT IN PERIODICAL METHOD? YES!!!!! BECAUSE IT’S NEEDED TO UPDATE THE INVENTORY ACCOUNT AND CALCULATE COST OF GOOD SOLD
  • 10. Merchandise Inventory Physical/Periodical MethodNOTE :First inventory 400.000Last inventory THE LAST400.000+700.000- TRANSACTION IS350.000=750.000 ADJUSTED HERE***Merchandise inventory 750.000 Income summary 750.000Income summary 400.000 Merch. inventory 400.000
  • 11. Merchandise Inventory FIRST IN FIRST OUT PERPETUAL (FIFO) SYSTEM METHODINVENTORY CAN CALCULATE BASED ON: LAST IN FIRST OUT (LIFO) METHOD MOVING AVERAGE METHOD
  • 12. Merchandise Inventory EXAMPLE OF TRANSACTION Along January 2009 X company sell 700 unitsinventory with selling price Rp.4.500,00 by these following transaction
  • 13. Merchandise InventoryJanuary 1 inventory at stthe beginning 600 unitsJanuary 10 buy 200 thunits @ Rp.4.700,00January 15th sold 400unitsJanuary 28th 300 units
  • 14. Merchandise Inventory FIFO method Inventory Card DATE PURCHASE SELLING BALANCE Unit Price/ Total Unit Price/ Total Unit Price/ Total unit unit unitJanuary 1st 600 4500 2700000January 10th 200 4700 940000 600 4500 2700000 200 4700 940000January 15th 400 4500 1800000 200 4500 900000 200 4700 940000January 28th 200 4500 900000 - - - 100 4700 940000 100 4700 470000
  • 15. Merchandise Inventory LIFO method Inventory Card DATE PURCHASE SELLING BALANCE Unit Price/ Total Unit Price/ Total Unit Price/ Total unit unit unitJanuary 1st 600 4500 2700000January 10th 200 4700 940000 200 4700 940000 600 4500 2700000January 15th 200 4700 940000 400 4500 180000 200 4500 2700000 100 4500 450000January 28th 300 4500 1350000 - - -
  • 16. Merchandise Inventory Average Moving Method Inventory Card DATE PURCHASE SELLING BALANCE Unit Price/ Total Unit Price/ Total Unit Price/ Total unit unit unitJanuary 1st 600 4500 2700000January 10th 200 4700 940000 800 4550 3640000January 15th 400 4550 1820000 400 4550 1820000January 28th 300 4550 1365000 - - -
  • 17. Merchandise Inventory Average Moving method WHERE THE LAST PRICE IN THE BALANCE COLUMN GET FROM? TOTAL FIRST PRICE 2700000 TOTAL LAST PURCHASE 940000 TOTAL 3640000 TOTAL UNITS = 600+200 800 UNITS THE PRICE USED IS 3640000 = Rp.4.550,00 800
  • 18. Merchandise Inventory PHYSICAL METHOD DIVIDE THE VALUATION BY THESE METHOD 1.FIRST IN FIRST OUT (FIFO) METHOD 2.LAST IN FIRST OUT (LIFO) METHOD
  • 19. Merchandise Inventory EXAMPLE OF TRANSACTION January 1st 2009 total inventory of an item is 200 @ Rp.2.500,00 January 10th buy the addition for inventory 400 units @ Rp.3.000,00 January 25th buy again 300 units @ Rp.3.500,00
  • 20. Merchandise Inventory HOW IF WE WANT TO MAKE VALUATION WITH FIFO METHOD?
  • 21. Merchandise InventoryJanuary 1st Balance 200 @ 2500 = 500000January 10th Purchases 400 @ 3000 = 1200000January 25th Purchases 300 @ 3500 = 1050000 800 units VALUATION
  • 22. Merchandise Inventory FOR EXAMPLE : INVENTORY It means the items had sold are 400INFORMATION GOT items FROM CALCULATION AT THE ENDING OFPERIOD SAID THAT THERE ARE 500 UNITS AS THE REMAINS
  • 23. Merchandise InventoryJanuary 10th Purchases 100 @ 3000 = 300000January 25th Purchases 300 @ 3500 = 1050000 Total inventory at 400 Units 1350000 the end of period THE CALCULATION OF MERCHANDISE INVENTORY AT THE END OF Remember!!! PERIOD The oldest inventory is sold first...
  • 24. Merchandise Inventory HOW IF USING THE SECOND METHOD (LIFO)????
  • 25. Merchandise InventoryJanuary 25th Purchases 300 @ 3500 = 1050000January 10th Purchases 100 @ 3000 = 300000 Total inventory at 400 Units 1350000 the end of period
  • 26. YOU FOR YOURATTENTIO N!SEE YOU NEXT TIME

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