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1、Accounting English,Unit Eight,Learning Objectives Unit Eight,to describe the procedures for determining the actual quantities in inventories; to know how to compute the cost of inventories; to compare the use of the three inventory costing methods; to know how to estimate the cost of inventory.,When
2、 shopping, you may have noticed how retail stores protect inventory from customer theft. Retail stores often use such devices as two-way mirrors, cameras and security guards. High-priced items are often displayed in locked cabinets. Retail clothing-stores often place plastic alarm tags on valuable i
3、tems such as leather coats. Sensors at the exit doors set off alarms if the tags have not been removed by the clerk. These controls are designed to prevent customers from shoplifting.,Warming-up Unit Eight,Vocabulary Unit Eight,purchase periodic perpetual fiscal year contrast disclose subsidiary led
4、ger accuracy at random incur allocate assumption,購買 周期(性)的，定期的，循環(huán)的 永久的 會計年度，財政年度 對比 揭發(fā)，揭開 明細分類賬 精確度 隨機 招致，承受 分配，配置，部署 假設,Vocabulary Unit Eight,reverse dispose expiration decade alternative tendency inflation ratio,廢除；撤消 處理，處置 滿期；截止 十年 兩者擇一，供替代的選擇 傾向，趨勢 通貨膨脹；膨脹 比率,Notes Unit Eight,physical inventory
5、實地盤點 通過對實物進行清點來確定存貨實際的結存量。在定期盤存制下，要想獲得期末存貨和本期銷售成本的數(shù)據(jù)，必須進行實物盤存。 perpetual inventory system 永續(xù)盤存制（法）。這種方法是連續(xù)地逐筆記錄每一次收貨和發(fā)貨，隨時顯示存貨的增減變化的一種核算制度。,Notes Unit Eight,fifo: first in, first out 先進先出法 是指根據(jù)先入庫先發(fā)出的原則，對于發(fā)出的存貨以先入庫存貨的單價計算發(fā)出存貨成本的方法。采用這種方法的具體做法是：先按存貨的期初余額的單價計算發(fā)出的存貨的成本，領發(fā)完畢后，再按第一批入庫的存貨的單價計算，依此從前向后類推，計算
6、發(fā)出存貨和結存貨的成本. lifo: last in, first out 后進先出法 成本流動假定之一。假定存貨成本按照其發(fā)生的相反次序流動，即首先發(fā)生的成本作為期末存貨成本先買進來的后賣出去。,Notes Unit Eight,Under a periodic inventory system, the average cost method is sometime called the weighted average method. 根據(jù)定期的庫存系統(tǒng)，平均成本法有時被稱為加權平均法。 periodic inventory system 定期盤存制（法） 這種方法是平時只記錄購貨，不記
7、錄發(fā)貨，本期銷貨成本按照“期初存貨+本期購貨-期末存貨”這個公式來求得。期末存貨數(shù)要依賴實物盤點來確定。這種方法不能隨時掌握存貨的增減結存情況。,Exercises Unit Eight,II. Decide whether the following statements are true or false. Write T for true and F for false. ( ) 1. The Specific Identification method of accounting for merchandise inventory is the most accurate and al
8、so the most costly method. ( ) 2. Weighted Average method assigns different unit cost to the same inventory item under both the perpetual inventory system and the periodic inventory method. ( ) 3. Inventory pricing methods can be changed from period to period at will to control net income.,T,T,F,Exe
9、rcises Unit Eight,( ) 4. Under the perpetual inventory system, the Cost of Goods Sold account is debited and the Merchandise Inventory account is credited for each sale of merchandise inventory. ( ) 5. When the fifo method of costing inventory is used, costs are assumed to be charged against revenue
10、 in the order in which they were incurred.,T,T,Exercises Unit Eight,III. Choose the best answer. 1. If the inventory shrinkage at the end of the year is overstated by $7,500, the error will cause an: A.Understatement of cost of merchandise sold for the year by $7,500. B.Overstatement of gross profit
11、 for the year by $7,500. C.Overstatement of merchandise inventory for the year by $7,500. D.Understatement of net income for the year by $7,500. 2. The inventory costing method that is based on the assumption that costs should be charged against revenue in the order in which they were incurred is: A
12、. fifo B. lifo C. average cost D. perpetual inventory,Exercises Unit Eight,3. The following units of a particular item were purchased and sold during the period: Beginning inventory 40 units at $20 First purchase 50 units at $21 Second purchase 50 units at $22 First sale 110 units Third purchase 50
13、units at $23 Second sale 45 units What is the unit cost of the 35 units on hand at the end of the period as determined the perpetual inventory system by the lifo costing method? A. $20 and $23 B. $20 and $21 C. $20 D. $23,Exercises Unit Eight,4. The following units of a particular item were availabl
14、e for sale during the period: Beginning inventory 40 units at $20 First purchase 50 units at $21 Second purchase 50 units at $22 Third purchase 50 units at $23 What is the unit cost of the 35 units on hand at the end of the period, as determined under the periodic inventory system by the fifo costin
15、g method? A. $20 B. $21 C. $22 D. $23 5. If merchandise inventory is being valued at cost and the price level is steadily rising, the method of costing that will yield the highest net income is: A. lifo B. fifo C. average D. periodic,Exercises Unit Eight,IV. Cases. 1.A company uses a perpetual inven
16、tory system and during a year had the following beginning inventory, purchases, and sales of Product Z: Jan.1 Inventory 200 units $0.50 $100 Mar. 15 Purchased 400 units 0.50 200 Apr. 1 Sold 300 units June 3 Purchased 300 units 0.60 180 July 1 Sold 200 units Oct. 8 Purchased 600 units 0.70 420 Nov. 1
17、 Sold 500 units Dec. 15 Purchased 500 units 0.80 400 Required: Compute the cost that should be assigned to the ending inventory and to the goods sold under the following assumptions: A first-in, first-out basis was used to price the ending inventory. A last-in, first-out basis was used to price the
18、ending inventory. Moving average method was used to the ending inventory.,Exercises Unit Eight,2.Corporation C is interested in estimating the inventory balance for its quarterly financial statements. The periodic inventory method is used. Records show that quarterly sales totaled $200,000, beginnin
19、g inventory was $40,000, and purchases totaled $140,000; the historical gross margin percentage has averaged approximately 50 percent. Required: What is the approximate amount of ending inventory? If a physical count shows only $75,000 in inventory, what could be the explanation for the difference?,
20、Exercises Unit Eight,3.The accounting records of Classic Stores provides the following information for 2006: Beginning inventory $120,000 Purchases 790,000 Transportation-in 45,000 Purchases discounts 15,000 Purchases returns and allowances 10,000 Ending inventory 130,000 Required: A. Calculate the inventory turnover ratio for 2006. B. If asked by management, how would you interpret the ratio that you calculated?,
《會計英語Unit 》PPT課件
