unit-8-Inventory-measurement.ppt
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1、Saturday,May 25,2024inventory measurement1Unit 8 Inventory MeasurementSaturday,May 25,2024inventory measurement2Learning Objectives1.Definition of inventory;2.Importance of measuring inventory by using proper method;3.Generally acceptable methods of measuring inventory.Saturday,May 25,2024inventory
2、measurement3New Words,Phrases And Special Terms1.overstated2.Acquisition3.Manipulation4.Perishable5.Style-affected6.Understated7.Periodic/perpetual inventory system8.8.Raw MaterialsRaw Materials1.夸大,高估2.2.取得,获得,收购取得,获得,收购3.3.操纵,控制,操纵,控制,伪造4.4.易腐坏的,不经久的易腐坏的,不经久的5.5.受式样影响的受式样影响的6.6.低调,低估低调,低估7.7.定期定期/
3、永续盘存制永续盘存制8.8.原材料原材料Saturday,May 25,2024inventory measurement4New Words,Phrases And Special Terms9.Specific identification10.Weighted average11.First-in,first-out(FIFO)12.Last-in,first-out(LIFO)13.13.Factory overheadFactory overhead14.Physical inventory counts15.Fuels 16.Containers9.个别记价法10.加权平均法11.
4、先进先出法12.后进先出法13.13.制造费用制造费用14.实物盘点15.燃料16.包装物Saturday,May 25,2024inventory measurement517.Work in Process or Goods in Process18.Semi-finished goods 19.Semi-manufactured Goods20.Finished Goods 21.Low-value Consumption Goods 22.Supplies New Words,Phrases And Special Terms17.在产品18.半成品19.自制在产品20.产成品21.低
5、值易耗品22.物料Saturday,May 25,2024inventory measurement6What is Inventory Inventory is defined as assets that are:-intended for sale;-in process of being produced for sale;-to be used in producing goods.Flow of Inventory CostsMerchandiseMerchandisePurchasesPurchasesCost ofCost ofGoods SoldGoods SoldMerch
6、andiseMerchandiseInventoryInventoryMerchandiserRawRawMaterialsMaterialsRaw MaterialsRaw MaterialsInventoryInventoryWork in ProcessWork in ProcessInventoryInventoryFinished GoodsFinished GoodsInventoryInventoryCost ofCost ofGoods SoldGoods SoldManufacturerDirectDirectLaborLaborFactoryFactoryOverheadO
7、verheadNature of Inventory and Cost of Goods SoldBeginningBeginningInventoryInventoryPurchasesPurchasesfor the Periodfor the PeriodEnding InventoryEnding Inventory(Balance Sheet)(Balance Sheet)Goods availableGoods availablefor Salefor SaleCost of Goods SoldCost of Goods Sold(Income Statement)(Income
8、 Statement)Beginning inventory+Purchases Ending inventory=Cost of goods soldBeginning inventory+Purchases Ending inventory=Cost of goods soldSaturday,May 25,2024inventory measurement91.Periodic systems do not keep a continuous record of inventory on hand.2.Perpetual systems maintain a running record
9、 to show the inventory on hand at all times.Inventory Accounting SystemsInventory Subsidiary LedgerHow can we determine the unit cost for the Sept.sales and the balance?Saturday,May 25,2024inventory measurement11Inventory costing methods:1.Specific unit cost2.Weighted-average cost3.First-in,first-ou
10、t(FIFO)4.Last-in,first-out(LIFO)Saturday,May 25,2024inventory measurement12Beginning inventory(6 units$10)$60No.1(10 units$11 per unit)$110No.2(10 units$13 per unit)130No.3(4 units$15 per unit)60Total purchases 300Cost of goods available for sale$360Ending inventory:8 unitsCost of goods sold:22 unit
11、sIllustrative DataSpecific Unit CostEnding inventory=$360$256=$1049 Units$119 Units$134 Units$10Since specific identification is so easy,cant we use it all the time?Not really.Specific identification is hard to use when we sell a lot of inventory that has lots of different costs.Specific identificat
12、ion cost1.It is best suited to high-valuehigh-value,low-quantitylow-quantity and easily distinguishableeasily distinguishable items.Examples:Automobiles,Examples:Automobiles,antique,art,furniture.antique,art,furniture.Saturday,May 25,2024inventory measurement16Weighted-AverageSaturday,May 25,2024inv
13、entory measurement17Average-Cost MethodAdvantage:This method is simple to apply,objective,and not as subject to income manipulation as other methods.Disadvantage:It is impossible to measure a specific physical flow of inventory.First-In,First-Out4 Units$102 Units$107 Units$113 Units$116 Units$13Firs
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