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Inventories: Measurement 8 Copyright © 2011 by the McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin
Types of Inventory Merchandise Goods acquired for resale Manufacturing  (see page 397) <ul><li>Raw Materials </li></ul><ul...
Inventory Systems Two  accounting recording systems  Perpetual Inventory System The inventory account is  continuously  up...
Inventory Journal Entries (pages 397-400) <ul><li>We will use: </li></ul><ul><li>Exercise 8-1 (page 427) – perpetual syste...
Exercise 8-1 (page 427) <ul><li>1 of 3 To record the purchase of inventory on account and the payment of freight charges. ...
Exercise 8-1 (page 427) <ul><li>2 of 3  To record purchase returns. </li></ul><ul><li>  </li></ul><ul><li>Accounts payable...
Exercise 8-1 (page 427) <ul><li>3 of 3  To record cash sales and cost of goods sold. </li></ul><ul><li>  </li></ul><ul><li...
Exercise 8-2 (page 428) <ul><li>1 of 3:  To record the purchase of inventory on account and the payment of freight  charge...
Exercise 8-2 (page 428) <ul><li>2 of 3:  To record purchase returns. </li></ul><ul><li>  </li></ul><ul><li>Accounts payabl...
Exercise 8-2 (page 428) <ul><li>3 of 3:  To record cash sales. </li></ul><ul><li>  </li></ul><ul><li>Cash 5,200 </li></ul>...
If the Periodic Inventory  System Is Used …. Cost of goods sold must be calculated after the physical inventory count at t...
Comparison of Inventory Systems (students to use as study aid)
What is Included in Inventory? <ul><li>General Rule </li></ul><ul><li>All goods  owned  by the company on the inventory da...
Expenditures Included in Inventory Invoice Price Freight-in on Purchases + Purchase Returns and Allowances Purchase Discou...
Purchase Discount Journal Entries (Ilustr # 8-3 and 8-4, pp. 402-403) <ul><li>We will use  </li></ul><ul><li>Exercise 8-9 ...
Gross Method:  Exercise 8-9  p.429 Purchase price =1,000 units x $50 = 50,000 <ul><li>Requirement : 1 of 3 </li></ul><ul><...
Gross Method: Exercise 8-9 (page 429) <ul><li>Requirement : 2 of 3   </li></ul><ul><li>If payment is on 8/15 (too late to ...
Gross Method: Exercise 8-9 (page 429) <ul><li>Requirement:  3 of 3 </li></ul><ul><li>The July 15 entry would include a  de...
Net Method: Exercise 8-10 (p.429) <ul><li>Requirement : 1 of 3   </li></ul><ul><li>July 15, 2011 </li></ul><ul><li>Purchas...
Net Method: Exercise 8-10 (p.429) <ul><li>Requirement:  2 of 3 </li></ul><ul><li>  if payment is on 8/15 – it is too late ...
Net Method: Exercise 8-10 (p.429) <ul><li>Requirement : 3 of 3 </li></ul><ul><li>The July 15 entry would include a  debit ...
Cost Flow Methods: Let’s look @ Illustr: # 8-5 (page 404) <ul><li>Demonstrates what the “problem” is that causes accountan...
First-In, First-Out (FIFO) <ul><li>The cost of the  oldest  inventory items are  charged to COGS  when goods are sold.  </...
Last-In, First-Out (LIFO) <ul><li>The cost of the  newest  inventory items are  charged to COGS  when goods are sold.  </l...
FIFO, LIFO, Weighted-Average <ul><li>Exercise 8-13 – periodic system (page 430) </li></ul><ul><li>Exercise 8-14 – perpetua...
Exercise 8-13: periodic system, using  FIFO <ul><li>Cost of goods  sold: </li></ul><ul><li>Beginning inventory (2,000 x $6...
Exercise 8-13 periodic system, using  LIFO <ul><li>Cost of goods  sold: </li></ul><ul><li>Beginning inventory (2,000 x $6....
Exercise 8-13 periodic system, using  weighted-average <ul><li>Cost of goods  sold: </li></ul><ul><li>Beginning inventory ...
Exercise 8-14 (page 430) Perpetual, using FIFO, LIFO, Average <ul><li>Beg. Inv.   2,000  @  $6.10 </li></ul><ul><li>Aug 8 ...
Exercise 8-14 (page 430) Perpetual, using FIFO, LIFO, Average <ul><li>Refer to solution hand-out </li></ul>
When Prices Are  Rising  . . .  <ul><li>LIFO </li></ul><ul><li>Matches high (newer) costs with current (higher) sales. </l...
U. S. GAAP vs. IFRS <ul><li>LIFO is permitted and used by U.S. Companies. </li></ul><ul><li>If used for income tax reporti...
Simplifying LIFO <ul><li>Why simplify? </li></ul><ul><li>“ unit LIFO” (what we just worked through in Exercises 8-13 and 8...
LIFO Liquidation <ul><ul><li>LIFO inventory costs in the balance  </li></ul></ul><ul><ul><li>sheet are “out of date” becau...
Dollar-Value LIFO (DVL) pages 421-422 Example The replacement inventory differs from the old inventory on hand.  We just c...
Examples of DVL <ul><li>We will use Exercise 8-23 (page 432) </li></ul><ul><li>You should also review  Concept  Review Exe...
 
Supplemental LIFO Disclosures Many companies use LIFO for external reporting and income tax purposes but maintain internal...
Example of  Supplemental LIFO Disclosure <ul><li>Read pages 412-413, and </li></ul><ul><li>.. review Graphics 8-6 and 8-7 ...
End of Chapter 8
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  • Chapter 8: Inventories: Measurement In this chapter we continue our study of assets by investigating the measurement and reporting inventories and the related expense – cost of goods sold. Inventory refers to the assets a company (1) intends to sell in the normal course of business, (2) has in production for future sale, or (3) uses currently in the production of goods to be sold.
  • We will look at inventory for two classes of businesses. Wholesale and retail companies purchase goods that are primarily in finished form. These companies are intermediaries in the process of moving goods from the manufacturer to the end-user. The cost of merchandise inventory includes the purchase price plus any other costs necessary to get the goods in condition and location for sale. In manufacturing, companies actually produce the goods they sell to the wholesaler, retailer or other manufacturers. These companies normally have three inventories. The first is raw materials, which makes up the items that will be used in the production process. The second inventory is work-in-process that consists of items being worked on, but not yet complete. Work-in-process inventory includes the cost of raw materials used, the cost of labor that can be directly traced to the goods in process, and the allocated portion of other manufacturing costs, called manufacturing overhead. Overhead costs include electricity and other utility costs, depreciation of manufacturing equipment, and many other manufacturing costs that cannot be directly linked to the production of specific goods. Finished goods inventory consists of items that are available for sale.
  • We have two inventory systems available to record inventory transactions. The most common system is the perpetual inventory system, which is used by the majority of companies. In the perpetual inventory system, inventory is continuously updated every time we have a purchase of an item for resale and every time we have a sale to a customer. An important feature of a perpetual system is that it is designed to track inventory quantities from their acquisition to their sale. In the periodic inventory system, we don’t determine cost of goods sold until the end of the accounting cycle which is usually at the end of the month or the end of the year. In the perpetual inventory system, cost of goods sold are recorded each time a sale is made to a customer.
  • The periodic inventory system is not designed to track either the quantity or cost of merchandise inventory. Cost of goods sold is calculated after the physical inventory count at the end of the accounting period. Merchandise purchases, purchase returns, purchase discounts, and freight-in (purchases plus freight-in less returns and discounts equals net purchases) are recorded in temporary accounts. The period’s cost of goods sold is determined at the end of the period by combining the temporary accounts with the inventory account. In the periodic inventory system, we use an equation to determine cost of goods sold. We take a beginning inventory, and add net purchases, to arrive at cost of goods available for sale. We subtract ending inventory from cost of goods available for sale to determine cost of goods sold. The cost of goods sold equation assumes that all inventory quantities not on hand at the end of the period were sold. This may or may not be the case if some inventory items were either damaged or stolen.
  • This chart summarizes all the differences between periodic and perpetual inventory systems, and will certainly help you understand the differences between the two methods.
  • As a general rule, inventory should include all costs necessary to purchase the inventory item and get it to its intended location. All goods owned by the company should be included in inventory. There is a problem with goods in transit (goods that are en route from the supplier to our company). Technically, ownership of the goods depends upon whether they are shipped FOB shipping point or FOB destination. When goods are shipped FOB shipping point, title to the goods transfers when the goods are given to the common carrier and are owned by the buyer. When goods are shipped FOB destination, the goods are owned by the seller until received by the buyer. Our company may have inventory out on consignment with another company. The consigned inventory still is owned by us and should be included in inventory.
  • An item of inventory should include its invoice price plus any freight for transportation to our business. We reduce the cost of the inventory items by any purchase returns and allowances or purchase discounts.
  • In the first-in, first-out inventory method we assume that the first units in our inventory are the first units sold. Beginning inventory is sold first, followed by purchases during the period in the chronological order of their acquisition. When we use this method the cost of the oldest inventory items are assigned to cost of goods sold, and the cost of the newest inventory items remain in ending inventory.
  • Under the last-in, first-out inventory method, we assume that the last goods placed in our inventory will be the first goods sold out of our inventory. The newest inventory costs are associated with cost of goods sold, and the oldest inventory cost remained in inventory.
  • Under the FIFO system, inventory is valued at approximate replacement cost. Under LIFO, inventory is valued at oldest costs. In a period of rising prices FIFO results in higher taxable income, and LIFO results in lower taxable income.
  • LIFO is an important issue for U.S. multinational companies. Unless the U.S. Congress repeals the LIFO conformity rule, in inability to use LIFO under IFRS will impose a serious impediment to convergence. From the perspective of the FASB, LIFO is permitted and used by U.S. Companies. If used for income tax reporting, the company must use LIFO for financial reporting. Conformity with IAS No. 2 would cause many U.S. companies to lose a valuable tax shelter. However, IAS No. 2, Inventories, does not permit the use of LIFO. Because of this restriction, many U.S. companies use LIFO only for domestic inventories.
  • LIFO inventory liquidation usually happens in periods of rising prices when the inventory is on the balance sheet at lower prices. So, when inventory is reduced (liquidated) the cost of goods sold would be at older lower prices creating increase profits. We know that LIFO inventories contain old costs and these old costs really do not reflect replacement cost of the item in inventory. If inventories physically decline, these older, or out of date, costs may be charged against current earnings resulting in what we refer to as “LIFO liquidation profit.” A material effect on net income of LIFO layer liquidation must be disclosed in a note to the financial statements.
  • DVL extends the concept of inventory pools by allowing a company to combine a large variety of goods into one pool. Physical units are not used in calculating ending inventory. The technique helps companies simplify LIFO record-keeping, it also minimizes the probability of layer liquidation. At the end of the period, we determine if a new inventory layer was added by comparing ending inventory to beginning inventory. When using DVL we think in terms of inventory layers rather than inventory pools.
  • Many companies that use LIFO for external and income tax purposes maintain FIFO or average cost inventory amounts on their internal records. In 1981, the LIFO conformity rule was liberalized to permit LIFO users to present designated supplemental disclosures, allowing a company to report in a note the effect of using another method on inventory valuation rather than LIFO.
  • End of Chapter 8.
  • Transcript of "Chap008 jpm-f2011"

    1. 1. Inventories: Measurement 8 Copyright © 2011 by the McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin
    2. 2. Types of Inventory Merchandise Goods acquired for resale Manufacturing (see page 397) <ul><li>Raw Materials </li></ul><ul><li>Work-in-Process </li></ul><ul><li>Finished Goods </li></ul>
    3. 3. Inventory Systems Two accounting recording systems Perpetual Inventory System The inventory account is continuously updated as purchases and sales are made. Periodic Inventory System The inventory account is adjusted at the end of a reporting cycle.
    4. 4. Inventory Journal Entries (pages 397-400) <ul><li>We will use: </li></ul><ul><li>Exercise 8-1 (page 427) – perpetual system </li></ul><ul><li>Exercise 8-2 (page 428) – periodic system </li></ul>
    5. 5. Exercise 8-1 (page 427) <ul><li>1 of 3 To record the purchase of inventory on account and the payment of freight charges. </li></ul><ul><li>  </li></ul><ul><li>Inventory 5,000 </li></ul><ul><li>Accounts payable 5,000 </li></ul><ul><li>  </li></ul><ul><li>Inventory 300 </li></ul><ul><li>Cash 300 </li></ul><ul><li>  </li></ul>
    6. 6. Exercise 8-1 (page 427) <ul><li>2 of 3 To record purchase returns. </li></ul><ul><li>  </li></ul><ul><li>Accounts payable 600 </li></ul><ul><li>Inventory 600 </li></ul>
    7. 7. Exercise 8-1 (page 427) <ul><li>3 of 3 To record cash sales and cost of goods sold. </li></ul><ul><li>  </li></ul><ul><li>Cash 5,200 </li></ul><ul><li>Sales revenue 5,200 </li></ul><ul><li>and  </li></ul><ul><li>Cost of goods sold 2,800 </li></ul><ul><li>Inventory 2,800 </li></ul>
    8. 8. Exercise 8-2 (page 428) <ul><li>1 of 3: To record the purchase of inventory on account and the payment of freight charges. </li></ul><ul><li>  </li></ul><ul><li>Purchases 5,000 </li></ul><ul><li>Accounts payable 5,000 </li></ul><ul><li>  </li></ul><ul><li>Freight-in 300 </li></ul><ul><li>Cash 300 </li></ul>
    9. 9. Exercise 8-2 (page 428) <ul><li>2 of 3: To record purchase returns. </li></ul><ul><li>  </li></ul><ul><li>Accounts payable 600 </li></ul><ul><li>Purchase returns 600 </li></ul>
    10. 10. Exercise 8-2 (page 428) <ul><li>3 of 3: To record cash sales. </li></ul><ul><li>  </li></ul><ul><li>Cash 5,200 </li></ul><ul><li>Sales revenue 5,200 </li></ul><ul><li>  </li></ul><ul><li>NOTE: </li></ul><ul><li>NO ENTRY IS MADE FOR THE COST OF GOODS SOLD AT THE POINT OF SALE </li></ul>
    11. 11. If the Periodic Inventory System Is Used …. Cost of goods sold must be calculated after the physical inventory count at the end of the period.
    12. 12. Comparison of Inventory Systems (students to use as study aid)
    13. 13. What is Included in Inventory? <ul><li>General Rule </li></ul><ul><li>All goods owned by the company on the inventory date, regardless of their location. </li></ul>Goods in Transit Goods on Consignment Depends on FOB shipping terms.
    14. 14. Expenditures Included in Inventory Invoice Price Freight-in on Purchases + Purchase Returns and Allowances Purchase Discounts
    15. 15. Purchase Discount Journal Entries (Ilustr # 8-3 and 8-4, pp. 402-403) <ul><li>We will use </li></ul><ul><li>Exercise 8-9 (page 428) – gross method </li></ul><ul><li>Exercise 8-10 (page 428) – net method </li></ul><ul><li>Notice: the similarity of these approaches to the sales discount entries in chapter 7 </li></ul>
    16. 16. Gross Method: Exercise 8-9 p.429 Purchase price =1,000 units x $50 = 50,000 <ul><li>Requirement : 1 of 3 </li></ul><ul><li>  July 15, 2011 </li></ul><ul><li>Purchases 50,000 </li></ul><ul><li>Accounts payable 50,000 </li></ul><ul><li>July 23, 2011 (in time for discount) </li></ul><ul><li>Accounts payable 50,000 </li></ul><ul><li>Cash (98% x $50,000) 49,000 </li></ul><ul><li>Purch. Disc. (2% x $50,000) 1,000 </li></ul>
    17. 17. Gross Method: Exercise 8-9 (page 429) <ul><li>Requirement : 2 of 3   </li></ul><ul><li>If payment is on 8/15 (too late to get the discount) </li></ul><ul><li>August 15, 2011 </li></ul><ul><li>Accounts payable 50,000 </li></ul><ul><li>Cash 50,000 </li></ul>
    18. 18. Gross Method: Exercise 8-9 (page 429) <ul><li>Requirement: 3 of 3 </li></ul><ul><li>The July 15 entry would include a debit to the inventory account instead of to purchases </li></ul><ul><li>the July 23 entry would include a credit to the inventory account instead of to purchase discounts . </li></ul>
    19. 19. Net Method: Exercise 8-10 (p.429) <ul><li>Requirement : 1 of 3   </li></ul><ul><li>July 15, 2011 </li></ul><ul><li>Purchases (98% x $50,000) 49,000 </li></ul><ul><li>Accounts payable 49,000 </li></ul><ul><li>  </li></ul><ul><li>  July 23, 2011 </li></ul><ul><li>Accounts payable 49,000 </li></ul><ul><li>Cash 49,000 </li></ul>
    20. 20. Net Method: Exercise 8-10 (p.429) <ul><li>Requirement: 2 of 3 </li></ul><ul><li>  if payment is on 8/15 – it is too late to take the discount </li></ul><ul><li>August 15, 2011 </li></ul><ul><li>Accounts payable 49,000 </li></ul><ul><li>Interest expense 1,000 </li></ul><ul><li>Cash 50,000 </li></ul>
    21. 21. Net Method: Exercise 8-10 (p.429) <ul><li>Requirement : 3 of 3 </li></ul><ul><li>The July 15 entry would include a debit to the inventory account instead of to purchases . </li></ul>
    22. 22. Cost Flow Methods: Let’s look @ Illustr: # 8-5 (page 404) <ul><li>Demonstrates what the “problem” is that causes accountants to choose between: </li></ul><ul><ul><li>FIFO </li></ul></ul><ul><ul><li>LIFO </li></ul></ul><ul><ul><li>Weighted-Average </li></ul></ul><ul><ul><li>Specific Identification </li></ul></ul>
    23. 23. First-In, First-Out (FIFO) <ul><li>The cost of the oldest inventory items are charged to COGS when goods are sold. </li></ul><ul><li>The cost of the newest inventory items remain in ending inventory . </li></ul>The FIFO method assumes that items are sold in the chronological order of their acquisition.
    24. 24. Last-In, First-Out (LIFO) <ul><li>The cost of the newest inventory items are charged to COGS when goods are sold. </li></ul><ul><li>The cost of the oldest inventory items remain in inventory . </li></ul>The LIFO method assumes that the newest items are sold first , leaving the older units in inventory.
    25. 25. FIFO, LIFO, Weighted-Average <ul><li>Exercise 8-13 – periodic system (page 430) </li></ul><ul><li>Exercise 8-14 – perpetual system (page 430) </li></ul>
    26. 26. Exercise 8-13: periodic system, using FIFO <ul><li>Cost of goods sold: </li></ul><ul><li>Beginning inventory (2,000 x $6.10) $12,200 </li></ul><ul><li>Purchases: </li></ul><ul><li>Aug 8: 10,000 x $5.50 $55,000 </li></ul><ul><li>Aug 18: 6,000 x $5.00 30,000 85,000 </li></ul><ul><li>goods available (18,000 units) $97,200 </li></ul><ul><li>Less: End inventory (3,000 units) (15,000 ) Cost of goods sold $82,200 </li></ul><ul><li>E/I = 8/18 layer of 3,000 @ $5.00 = $15,000 </li></ul>
    27. 27. Exercise 8-13 periodic system, using LIFO <ul><li>Cost of goods sold: </li></ul><ul><li>Beginning inventory (2,000 x $6.10) $12,200 </li></ul><ul><li>P - Aug 8: 10,000 x $5.50 $55,000 </li></ul><ul><li>P - Aug 18:6,000 x $5.00 30,000 85,000 </li></ul><ul><li>goods available (18,000 units) $97,200 </li></ul><ul><li>Less: Ending inventory (17,700 ) Cost of goods sold $79,500 </li></ul><ul><li>E/I : B/I layer. 2,000 @ $6.10 $12,200 </li></ul><ul><li> 8/8 layer 1,000 @ 5.50 5,500 </li></ul>
    28. 28. Exercise 8-13 periodic system, using weighted-average <ul><li>Cost of goods sold: </li></ul><ul><li>Beginning inventory (2,000 x $6.10) $12,200 </li></ul><ul><li>P - Aug 8: 10,000 x $5.50 $55,000 </li></ul><ul><li>P - Aug 18:6,000 x $5.00 30,000 85,000 </li></ul><ul><li>goods available (18,000 units) $97,200 </li></ul><ul><li>Less: End invent. (3,000 units) (16,200 ) Cost of goods sold $81,000 </li></ul><ul><li>E/I = $97,200 / 18,000 units = $5.40 </li></ul><ul><li>3,000 units x $5.40 = $16,200 </li></ul>
    29. 29. Exercise 8-14 (page 430) Perpetual, using FIFO, LIFO, Average <ul><li>Beg. Inv. 2,000 @ $6.10 </li></ul><ul><li>Aug 8 Purch 10,000 @ $5.50 </li></ul><ul><li>12,000 </li></ul><ul><li>Aug 14 Sale -8,000 </li></ul><ul><li>4,000 </li></ul><ul><li>Aug 18 Purch 6,000 @ $5.00 </li></ul><ul><li>10,000 </li></ul><ul><li>Aug 25 Sale -7,000 </li></ul><ul><li>End Inv. 3,000 </li></ul>
    30. 30. Exercise 8-14 (page 430) Perpetual, using FIFO, LIFO, Average <ul><li>Refer to solution hand-out </li></ul>
    31. 31. When Prices Are Rising . . . <ul><li>LIFO </li></ul><ul><li>Matches high (newer) costs with current (higher) sales. </li></ul><ul><li>Inventory is valued based on low (older) cost basis. </li></ul><ul><li>Results in lower taxable income . </li></ul><ul><li>FIFO </li></ul><ul><li>Matches low (older) costs with current (higher) sales. </li></ul><ul><li>Inventory is valued at approximate replacement cost. </li></ul><ul><li>Results in higher taxable income . </li></ul>
    32. 32. U. S. GAAP vs. IFRS <ul><li>LIFO is permitted and used by U.S. Companies. </li></ul><ul><li>If used for income tax reporting, the company must use LIFO for financial reporting. </li></ul><ul><li>Conformity with IAS No. 2 would cause many U.S. companies to lose a valuable tax shelter. </li></ul><ul><li>IAS No. 2, Inventories, does not permit the use of LIFO. </li></ul><ul><li>Because of this restriction, many U.S. companies use LIFO only for domestic inventories. </li></ul>LIFO is an important issue for U.S. multinational companies. Unless the U.S. Congress repeals the LIFO conformity rule, in inability to use LIFO under IFRS will impose a serious impediment to convergence.
    33. 33. Simplifying LIFO <ul><li>Why simplify? </li></ul><ul><li>“ unit LIFO” (what we just worked through in Exercises 8-13 and 8-14) can: </li></ul><ul><ul><li>Involve expensive record-keeping, and </li></ul></ul><ul><ul><li>May risk of liquidation of LIFO inventory layers </li></ul></ul>
    34. 34. LIFO Liquidation <ul><ul><li>LIFO inventory costs in the balance </li></ul></ul><ul><ul><li>sheet are “out of date” because they reflect old purchase transactions. </li></ul></ul>When prices rise . . . If inventory quantities decline, these “out of date” costs may be charged to current earnings. This LIFO liquidation results in “paper profits.”
    35. 35. Dollar-Value LIFO (DVL) pages 421-422 Example The replacement inventory differs from the old inventory on hand. We just create a new layer. DVL inventory pools are viewed as layers of value , rather than layers of similar units. DVL simplifies LIFO record-keeping. DVL minimizes the probability of layer liquidation. At the end of the period, we determine if a new inventory layer was added by comparing ending inventory to beginning inventory.
    36. 36. Examples of DVL <ul><li>We will use Exercise 8-23 (page 432) </li></ul><ul><li>You should also review Concept Review Exercise on pages 423-424 </li></ul>
    37. 38. Supplemental LIFO Disclosures Many companies use LIFO for external reporting and income tax purposes but maintain internal records using FIFO or average cost. The conversion from FIFO or average cost to LIFO takes place at the end of the period. The conversion may look like this:
    38. 39. Example of Supplemental LIFO Disclosure <ul><li>Read pages 412-413, and </li></ul><ul><li>.. review Graphics 8-6 and 8-7 (page 413) </li></ul>
    39. 40. End of Chapter 8
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