Sie sind auf Seite 1von 14

Question

1. In what ways are the inventory accounts of a merchandising company different from those
of a manufacturing company?
In a retailing concern, inventory normally consists of only one category, that is the
productawaitingresale. In a manufacturing enterprise, inventories consist of raw materials, work
in process, andfinished goods. Sometimes a manufacturing or factory supplies inventory account
is also included.
2. Why should inventories be included in (a) a statement of financial position and (b) the
computation of net income?
a. Inventories are unexpired costs and represent future benefits to the owner. A statement
offinancial position includes a listing of all unexpired costs (assets) at a specific point in
time.Because inventories are assets owned at the specific point in time for which a
statement offinancial position is prepared, they must be included in order that the owners’
financial positionwill be presented fairly.
b. Beginning and ending inventories are included in the computation of net income only for
thepurpose of arriving at the cost of goods sold during the period of time covered by the
statement.Goods included in the beginning inventory which are no longer on hand are
expired costs to bematched against revenues earned during the period. Goods included in
the ending inventoryare unexpired costs to be carried forward to a future period, rather
than expensed.
3. What is the difference between a perpetual inventory and a physical inventory? If a
company maintains a perpetual inventory, should its physical inventory at any date be
equal to the amount indicated by the perpetual inventory records? Why?
In a perpetual inventory system, data are available at any time on the quantity and dollar
amountofeach item of material or type of merchandise on hand. A physical inventory means that
inventory isperiodically counted (at least once a year) but that up-to-date records are not
necessarilymaintained. Discrepancies often occur between the physical count and the
perpetualrecordsbecause of clerical errors, theft, waste, misplacement of goods, etc.
4. Mishima, Ltd. indicated in a recent annual report that approximately ¥19 million of
merchandise was received on consignment. Should Mishima, Inc. report this amount on its
statement of financial position? Explain.
No. Mishima, Ltd. should not report this amount on its balance sheet. As consignee, it does
not own this merchandise and therefore it is inappropriate for it to recognize this merchandise as
part of its inventory.
5. What is a product financing arrangement? How should product financing arrangements be
reported in the financial statements?
Product financing arrangements are essentially off-balance-sheet financing devices. These
arrangementsmake it appear that a company has sold its inventory or never taken title to it so
they cankeep loans off their balance sheet. A product financing arrangement should not be
recorded as asale. Rather, the inventory and related liability should be reported on the balance
sheet.
6. Where, if at all, should the following items be classified on a statement of financial
position?
a. Goods out on approval to customers. – Inventory
b. Goods in transit that were recently purchased f.o.b. destination.– Not shown, possibly in a
note to the financial statements if material.
c. Land held by a realty firm for sale.– Inventory
d. Raw materials.– Inventory, separately disclosed as raw materials.
e. Goods received on consignment.– Not shown, possibly a note to the financial statements.
f. Manufacturing supplies.– Inventory or manufacturing supplies.
7. Produk Khusus Yang memiliki kebijakan pengembalian yang besar. Yang memberi pelanggan
masa uji coba 30 hari, setelah itu mereka dapat mengembalikan produk untuk pengembalian
uang penuh jika tidak puas. Dalam kondisi apa Yang dapat mempertimbangkan persediaan yang
dijual ketika kebijakan pengembalian yang murah hati ditawarkan?
8. Holland Home Electronics mentransfer (menjual) inventaris ke Oslo ASA dengan hak
pengembalian dalam 3 bulan ke depan. Anjurkan manajemen Belanda pada kondisi di mana ia
dapat mempertimbangkan barang yang dijual berdasarkan rencana ini.
9. Define “cost” as applied to the valuation of inventories.
Cost, which has been defined generally as the price paid or consideration given to acquire
anasset, is the primary basis for accounting for inventories. As applied to inventories, cost means
thesum of the applicable expenditures and charges directly or indirectly incurred in bringing an
articleto its existing condition and location. These applicable expenditures and charges include
allacquisition and production costs but exclude all selling expenses and that portion of general
andadministrative expenses not clearly related to production. Freight charges applicable to the
productare considered a cost of the goods.
10. Distinguish between product costs and period costs as they relate to inventory.
By their nature, product costs “attach” to the inventory and are recorded in the inventory
account.These costs are directly connected with the bringing of goods to the place of business of
the buyerand converting such goods to a salable condition. Such charges would include freight
charges ongoods purchased, other direct costs of acquisition, and labor and other production
costs incurred inprocessing the goods up to the time of sale.

Period costs are not considered to be directly related to the acquisition or production of
goodsandtherefore are not considered to be a part of inventories.

Conceptually, these expenses are as much a cost of the product as the initial purchase price
andrelated freight charges attached to the product. While selling expenses are generally
consideredasmore directly related to the cost of goods sold than to the unsold inventory, in most
cases, though,the costs, especially administrative expenses, are so unrelated or indirectly related
to the immediateproduction process that any allocation is purely arbitrary.

Interest costs are considered a cost of financing and are generally expensed as incurred,
whenrelated to getting inventories ready for sale.
11. Honda (JPN) is considering alternate methods of accounting for the cash discounts it takes
when paying suppliers promptly. One method suggested was to report these discounts as
financial income when payments are made. Comment on the propriety of this approach.
Cash discounts (purchase discounts) should not be accounted for as financial income when
paymentsare made. Income should be recognized when the earning process is complete (when
thecompany sells the inventory). Furthermore, a company does not earn revenue from
purchasinggoods. Cash discounts should be considered as a reduction in the cost of the items
purchased.

Exercise

E8.14 Inventory Errors—Periodic

Thomason Company makes the following errors during the current year. (In all cases, assume ending
inventory in the following year is correctly stated.)

1. Both ending inventory and purchases and related accounts payable are understated. (Assume this
purchase was recorded and paid for in the following year.)
2. Ending inventory is overstated, but purchases and related accounts payable are recorded
correctly.
3. Ending inventory is correct, but a purchase on account was not recorded. (Assume this purchase
was recorded and paid for in the following year.)

Instructions

Indicate the effect of each of these errors on working capital, current ratio(assume that the current ratio
is greater than 1), retained earnings, and netincome for the current year and the subsequent year.

Answer:

Current Year Subsequent Year


1. Working capital No effect No effect
Current ratio Overstated* No effect
Retained earnings No effect No effect
Net income No effect No effect
*Assume that the correct current ratio is greater than one.

2. Working capital Overstated No effect


Current ratio Overstated No effect
Retained earnings Overstated No effect
Net income Overstated Understated

3. Working capital Overstated No effect


Current ratio Overstated No effect
Retained earnings Overstated No effect
Net income Overstated Understated
12. Perusahaan Wysocki telah mengeluarkan biaya pinjaman sebagai bagian dari proses pembuatan
persediaannya. Haruskah biaya ini dimasukkan ke dalam biaya persediaan? Menjelaskan.

Jawab : biaya tersebut masuk pembiayaan karena termasuk dalam biaya produk. Biaya produk (product
cost) adalah biaya yang” melekat” pada persediaan dan di catat dalam akun persediaan. Biaya-biaya ini
berhubungan langsung dengan transfer barang kelokasi bisnis pembeli dan pengubahan barang tersebut
ke kondisi yang siap di jual. Beban seperti itu mencakup ongkos pengangkutan barang yang di beli,
biaya pembelian langsun lainnya, dan biaya tenaga kerja serta produksi lain nya yang dikeluarkan dalam
memproses barang ketika dijual. Namun karna adanya kesulitan prak tis dalam mengalokasikan biaya
dan beban, maka tidak dimasukkan dalam penilaian persediaan.

13. Biestek Meat-Packing SA secara historis telah mengalami tingkat pembusukan 0,5% yang terkait
dengan produksi lini produk sosis Polandia. Namun, karena pemasangan peralatan penggiling
daging baru, pembusukan yang lebih tinggi dari biasanya € 45.000 dialami di garis sosis
Polandia dalam beberapa bulan terakhir. Bagaimana seharusnya Biestek memperhitungkan
pembusukan yang biasa dan tidak biasa dalam menentukan biaya persediaan sosisnya?

Jawab: Biestek harus memperhitungkan pembusukan yang biasa sebagai biaya persediaannya,
tetapi pembusukan yang tidak biasa harus dibebankan pada biaya pada periode yang terjadi.
14. Zonker NV membeli 500 unit item dengan biaya faktur € 30.000. Berapa biaya per unit? Jika
barang dikirim f.o.b. titik pengiriman dan tagihan pengiriman adalah € 1.500, berapakah biaya
per unit jika Zonker Inc. membayar biaya pengiriman? Jika barang-barang ini dibeli pada 2/10,
ketentuan n / 30 dan faktur dan tagihan pengiriman dibayar dalam periode 10 hari, berapa biaya
per unit?
Jawab : € 60,00, € 63,00, € 61,80. (Freight-In tidak termasuk untuk diskon karena mungkin
dibayarkan ke pihak yang berbeda.)

15. Identifikasi spesifik kadang-kadang dikatakan sebagai metode yang ideal untuk menetapkan biaya
persediaan dan biaya pokok penjualan. Tunjukkan secara singkat argumen untuk dan terhadap metode
penilaian inventaris ini.

Jawab : Metode Identifikasi Khusus Identifikasi khusus biaya artinya biaya-biaya tertentu yang
diatribusikam ke unit persediaan tertentu. Berdasarkan metode ini maka suatu entitas harus
mengidentifikasikan barang yang dijual dengan tiap jenis dalam persediaan secara spesifik. Metode ini
pada dasarnya 16 merupakan metode yang paling ideal karena terdapat kecocokan antara biaya dan
pendapatan (matching cost against revenue), tetapi karena dibutuhkan pengidentifikasian barang
persediaan secara satu persatu, maka biasanya metode ini hanya diterapkan pada suatu entitas yang
memiliki persediaan sedikit, nilainya tinggi, dan dapat dibedakan satu sama lain, seperti galeri lukisan.
E8.15 Inventory Errors

At December 31, 2019, Dwight AG reported current assets of €390,000 and current liabilities of
€200,000. The following items may have been recorded incorrectly. Dwight uses the periodic method.

1. Goods purchased costing €22,000 were shipped f.o.b. shipping point by a supplier on December
28. Dwight received and recorded the invoice on December 29, 2019, but the goods were not
included in Dwight's physical count of inventory because they were not received until January 4,
2020.
2. Goods purchased costing €20,000 were shipped f.o.b. destination by a supplier on December 26.
Dwight received and recorded the invoice onDecember 31, but the goods were not included in
Dwight's 2019 physicalcount of inventory because they were not received until January 2, 2020.
3. Goods held on consignment from Kishi Ltd. were included in Dwight'sDecember 31, 2019,
physical count of inventory at €13,000.
4. Freight-in of €3,000 was debited to advertising expense on December 28,2019.

Instructions

a. Compute the current ratio based on Dwight's statement of financialposition.


b. Recompute the current ratio after corrections are made.
c. By what amount will income (before taxes) be adjusted up or down as aresult of the corrections?

Answer:

$ 390,000
a. Current Ratio = = 1,95 to 1
$ 200,000
$ 390,000+ $ 22,000−$ 13,000+ $ 3,000
b. Current Ratio after corrections =
$ 200,000−$ 20,000
$ 402,000
=
$ 180,000
= 2.23 to 1
c.

Adjust Income
Event Effect of Error
Increase/(Decrease)
1
Understatement of ending inventory Decreases net income $ 22,000
.
2
Overstatement of purchases Decreases net income $20,000
.
3
Overstatement of ending inventory Increases net income ($13,000)
.
4 Overstatement of advertising expense;
$0
. understatement of cost of goods sold
$29,000
E8.17 FIFO and LIFO—Periodic and Perpetual Inventory

information for Part 311 of Seminole Corp. discloses the following information for the month of June.

Jun
June 1 Balance 300 units @ $10 10 Sold 200 units @ $24
e
1
Purchased 800 units @ $11 15 Sold 500 units @ $25
1
2
Purchased 500 units @ $13 27 Sold 250 units @ $27
0

Instructions

a. Assuming that the periodic inventory method is used, compute the cost of goods sold and ending
inventory under (1) LIFO and (2) FIFO.
b. Assuming that the perpetual inventory method is used and costs are computed at the time of each
withdrawal, what is the value of the ending inventory at LIFO?
c. Assuming that the perpetual inventory method is used and costs are computed at the time of each
withdrawal, what is the gross profit if the inventory is valued at FIFO?
d. Why is it stated that LIFO usually produces a lower gross profit than FIFO?
E8.18 FIFO, LIFO, and Average-Cost Determination

Keyser Company's record of transactions for the month of April is as follows.

Purchases Sales
April 1 (balance on hand) 600 @ $6.00 April 3 500 @ $10.00
4 1,500 @ 6.08 9 1,300 @ 10.00
8 800 @ 6.40 11 600 @ 11.00
13 1,200 @ 6.50 23 1,200 @ 11.00
21 700 @ 6.60 27 900 @ 12.00
29 500 @ 6.79 4,500
5,300
Instructions

a. Assuming that periodic inventory records are kept, compute the inventoryat April 30 using (1)
LIFO and (2) average-cost.
b. Assuming that perpetual inventory records are kept in both units anddollars, determine the
inventory at April 30 using (1) FIFO and (2) LIFO.
c. Compute cost of goods sold assuming periodic inventory procedures andinventory priced at
FIFO.
d. In an inflationary period, which inventory method—FIFO, LIFO, oraverage-cost—will show the
highest net income?
E8.20 FIFO and LIFO—Periodic and Perpetual

The following is a record of Cannondale Company's transactions for Boston Teapots for the month of
May 2019.

Ma
May 1 Balance 400 units @ $20 10 Sale 300 units @ $38
y
1
Purchased 600 units @ $25 20 Sale 590 units @ $38
2
2
Purchased 400 units @ $30
8
Instructions

a. Assuming that perpetual inventories are not maintained and that aphysical count at the end of the
month shows 510 units on hand, what isthe cost of the ending inventory using (1) FIFO and (2)
LIFO?
b. Assuming that perpetual records are maintained and they tie into thegeneral ledger, calculate the
ending inventory using (1) FIFO and (2) LIFO.

Answer:

a. Perpetual inventories are not maintained b. Perpetual inventories are maintained


400 @ $30 = $12,000
FIFO $14,750 [same as (a)]
110 @ $25 = 2,750
$14,750

LIFO 100 @ $20 = $ 2,000


400 @ $20 = $ 8,000
10 @ $25 = 250
110 @ $25 = 2,750
400 @ $30 = 12,000
$10,750
$14,250
Problem

P8.4 Compute Specific Identification, FIFO, and Average-Cost

Silva SA's record of transactions concerning part X for the month of April was as

follows.

Purchases Sales
April 1 (balance on hand) 100 @ R$5.00 April 5 300
4 400 @ 5.10 12 200
11 300 @ 5.30 27 800
18 200 @ 5.35 28 150
26 600 @ 5.60
30 200 @ 5.80

Instructions

a. Compute the inventory at April 30 on each of the following bases. Assumethat perpetual
inventory records are kept in units only. (Carry unit costs tothe nearest cent.)
1. Specific identification; ending inventory is comprised of 100 units frombeginning
inventory and 250 units from the April 26 purchase.
2. First-in, first-out (FIFO).
3. Average-cost.
b. If the perpetual inventory record is kept in dollars, and costs are computedat the time of each
withdrawal, what amount would be shown as endinginventory in 1, 2, and 3 above? (Carry
average unit costs to four decimalplaces.)

Answer:

a.

Purchases Sales
Total Units Total Units
April 1 (balance on hand) 100 April 5 300
4 400 12 200
11 300 27 800
18 200 28 150
26 600 Total Units 1,450
30 200
Total Unit 1,800
Total Unit Sold 1,450
Total Units (Ending Inventory) 350

Assuming costs are not computed for each withdrawal:


1. First – in, first – out
Date of Invoice No. Units Unit Cost Total Cost
April, 30 200 $5.80 $1,160
April, 26 150 5.60 840
$2,000
2. Last – in, first – out
Date of Invoice No. Units Unit Cost Total Cost
April, 1 100 $5.00 $ 500
April, 4 250 5.10 1,275
$1,775
3. Average cost.
Cost of Part X available:
Date of Invoice No. Units Unit Cost Total Cost
April, 1 100 $5.00 $ 500
April, 4 400 5.10 2,040
April, 11 300 5.30 1,590
April, 18 200 5.35 1,070
April, 26 600 5.60 3,360
April, 30 200 5.80 1,160
Total Available $1,800 $9,720
Average cost per unit = $9,720 ÷ 1,800 = $5.40.
Inventory, April 30 = 350 X $5.40 = $1,890.

b. Assuming costs are computed for each withdrawal:


1. First-in, first out.
The inventory would be the same in amount as in part (a), $2,000.
2. Last-in, first-out.
Purchase Sold Balance
No. of Unit No. of Unit No. of Unit
Date Amount
units cost units cost units cost*
April, 1 100 $5.00 100 $5.00 $ 500
April, 4 400 5.10 100 5.00
2,540
400 5.10
April, 5 300 $5.10 100 5.00
1,010
100 5.10
April, 11 300 5.30 100 5.00
100 5.10 2,600
300 5.30
April, 12 3.30 200 5.30 100 5.00
100 5.10 1,540
100 5.30
April, 18 200 5.35 100 5.00
100 5.10
2,610
100 5.30
200 5.35
April, 26 600 5.60 100 5.00
100 5.10
100 5.30 5,970
200 5.35
600 5.60
April,27 600 @ 5.60
800 200 @ 5.35
100 5.00 1,540
100 5.10
100 5.30
April, 28 5.80 100 @ 5.30 100 5.00
755
150 50 @ 5.10 50 5.10
April, 30 200 100 5.00
50 5.10 1,915
200 5.80
Inventory April 30 is $1,915.

3. Average cost.
Purchase Sold Balance
No. of Unit No. of Unit No. of Unit
Date Amount
units cost units cost units cost*
April, 1 100 $5.00 100 $5.0000 $ 500.00
April, 4 400 5.10 500 $5.0800 2,540.00
April, 5 300 $5.0800 200 $5.0800 1,016.00
April, 11 300 5.30 500 5.2120 2,606.00
April, 12 200 5.2120 300 5.2120 1,563.60
April, 18 200 5.35 500 5.2672 2,633.60
April, 26 600 5.60 1,100 5.4487 5,993.60
April,27 800 5.4487 300 5.4487 1,634.72
April, 28 150 5.4487 150 5.4487 817.33
April, 30 200 5.80 350 5.6495 1,977.33
Inventory April 30 is $1,977.33
*Four decimal places are used to minimize rounding errors.
P8.8 Compute FIFO, LIFO, and Average-Cost

Some of theinformation found on a detail inventory card for Slatkin Inc. for the first month ofoperations
is as follows

Received
Issued, Balance,
Date No. of units Unit cost No. of Units No. of Units
January 2 1,200 $ 3.00 1,200
7 700 500
10 600 3.20 1,100
13 500 600
18 1,000 3.30 300 1,300
20 1,100 200
23 1,300 3.40 1,500
26 800 700
28 1,600 3.50 2,300
31 1,300 1,000

Instructions

a. From these data compute the ending inventory on each of the followingbases. Assume that
perpetual inventory records are kept in units only.(Carry unit costs to four decimal places and
ending inventory to the nearestdollar.)
1. First-in, first-out (FIFO).
2. Last-in, first-out (LIFO).
3. Average-cost.
b. If the perpetual inventory record is kept in dollars, and costs are computedat the time of each
withdrawal, would the amounts shown as endinginventory in 1, 2, and 3 above be the same?
Explain and compute.

Answer:

a. Assuming costs are not computed for each withdrawal (units received, 5,700, minus units issued,
4,700, equals ending inventory at 1,000 units):
1. First-in, first-out.

Date of Invoice No. Units Unit Cost Total Cost


Jan. 28 1,000 $3.50 $3,500

2. Last-in, first-out.

Date of Invoice No. Units Unit Cost Total Cost


Jan. 2 1,000 $3.00 $3,000

3. Average cost.

Cost of goods available:


Date of Invoice No. Units Unit Cost Total Cost
Jan. 2 1,200 $3.00 $3,600
Jan. 10 600 3.20 1,920
Jan. 18 1,000 3.30 3,300
Jan. 23 1,300 3.40 4,420
Jan. 28 1,600 3.50 5,600
5,700 $18,840

Average cost per unit = $18,840 ÷ 5,700 = $ 3.31


Cost of inventory Jan. 31 = 1,000 X $3.31 = $3,310

b. Assuming costs are computed at the time of each withdrawal:


 Under FIFO—Yes. The amount shown as ending inventory would be the same as in (a)
above. In each case the units on hand would be assumed to be part of those purchased on
Jan. 28.
 Under LIFO—No. During the month the available balance dropped below the ending
inventory quantity so that the layers of oldest costs were partially liquidated during the
month.
Computation:

Received Issued Balance


No. of Unit No. of Unit No. of Unit
Date Amount
units cost units cost units cost*
Jan. 2 1,200 $3.00 1,200 $3.00 $3,600
Jan. 7 700 $3.00 500 3.00 1,500
Jan. 10 600 3.20 500 3.00
3,420
600 3.20
Jan. 13 500 3.20 500 3.00
1,820
100 3.20
Jan. 18 1,000 3.30 300 3.30 500 3.00
100 3.20 4,130
700 3.30
Jan. 20 700 3.30
100 3.20
300 3.00 200 3.00 600
Jan. 23 1,300 3.40 200 3.00
5,020
1,300 3.40
Jan. 26 800 3.40 200 3.00
2,300
500 3.40
Jan. 28 1,600 3.50 200 3.50
500 3.40 7,900
1,600 3.50
Jan. 31 1,300 3.50 200 3.00
500 3.40 3,350
300 3.50
Inventory, January 31 is $3,350.

 Under Average Cost—No. A new average cost would be computed each time a
withdrawal was made instead of only once for all items purchased during the year.
Computation:

Received Issued Balance


No. of Unit No. of Unit No. of Unit
Date Amount
units cost units cost units cost*
Jan. 2 1,200 $3.00 1,200 $3.0000 $3,600
Jan. 7 700 $3.0000 500 $3.0000 1,500
Jan. 10 600 3.20 1,100 3.1091 3,420
Jan. 13 500 3.1091 600 3.1091 1,865
Jan. 18 1,000 3.30 300 3.2281 1,300 3.2281 4,197
Jan. 20 1,100 3.2281 200 3.2281 646
Jan. 23 1,300 3.40 1,500 3.3773 5,066
Jan. 26 800 3.3773 700 3.3773 2,364
Jan. 28 1,600 3.50 2,300 3.4626 7,964
Jan. 31 1,300 3.4626 1,000 3.4626 3,463
Inventory, January 31 is $3,463.
*Four decimal places are used to minimize rounding errors.

Das könnte Ihnen auch gefallen