Lecture Intermediate accounting: IFRS edition - Chapter 8: Inventories:...

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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.

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Loại file: PPT , dung lượng : , số trang : 57

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Chapter 8 INVENTORIES: MEASUREMENT © 2013 The McGraw-Hill Companies, Inc. Recording and Measuring Inventory Types of Inventory Merchandise Inventory Goods acquired for resale Manufacturing Inventory •Raw Materials •work-in-progress •Finished Goods 8 - 2 Manufacturing Inventories Raw Materials Work in Progress Finished Goods $XX $XX Direct Labor Manufacturing Overhead 8 - 3 Cost of Goods Sold $XX Raw materials purchased Direct labor incurred Manufacturing overhead incurred Raw materials used Direct labor applied Manufacturing overhead applied Work in progress transferred to finished goods Finished goods sold Inventory Systems Two accounting systems are used to record transactions involving inventory: 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.. 8 - 4 Perpetual Inventory System Lothridge Wholesale Beverage Company (LWBC) begins 2013 with $120,000 in inventory. During the period it purchases on account $600,000 of merchandise for resale to customers. 2013 Inventory 600,000 Accounts payable 600,000 Purchase of merchandise inventory on account Returns of inventory are credited to the inventory account. Discounts on inventory purchases can be recorded using the gross or net method. 8 - 5 ... - tailieumienphi.vn


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