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Inventory（存货）Inventorymeansastockofgoodsthatafirmownsandholdsforsale(finishedgoodsinventory成品存货)orforfurtherprocessing(rawmaterialinventory原始材料存货,andwork-in-processinventory在加工存货).Manufacturingorretailingfirmsgenerateprofitsfromsellingouttheirinventories.2
Whatisimportantaboutaccountingforinventory?AgraphAllInventoryInventorySoldInventoryLeftinTheWarehouseI/SRevenue..COGS..…..B/SAssetsCash…A/R…Inventory………???3
Inventorycostingandearnings–Wal-Mart4
Howafirmacquireinventory?Manufacture: GeneralMotorpurchasessteels(rawmaterialinventory);workersprocesssteelsandmanufacturecars(finishedgoodsinventory).Beforeacarisfinished,itisinwork-in-processinventory.Purchase: AcardealerpurchasesnewcarsfromGM,putthecarsinitsinventorybeforesellingthem.5
Howamanufacturingfirmaccumulatescostsforitsfinishedgoodsinventory?6
Ourfocushereisonpurchasedinventory.Theaccountingformanufacturedinventoryfollowsthesamerules.Inanygivenperiod,thefirmstartstheperiodwithsomeinventory(beginninginventory,BI),itthenpurchasesmoreinventoryduringtheperiod(newpurchases),andsellssomeinventory(sales).Thefirmendstheyearwithsomeinventory(endinginventory,EI).Thecosts(thetotalamountofmoneyusedtopurchase)ofsoldinventoryiscalledcostofgoodssold(COGS)7
InventoryequationIntermsofnumberofunitsBeginninginventory+newpurchases–sales=EndinginventoryIntermsofdollaramountsBeginninginventory+newpurchases–COGS=EndinginventoryFrompriorperiodBalancesheetTocurrentPeriodIncomestatementTocurrentPeriodBalancesheet8
TimingofComputationofCOGSPeriodicInventorySystemApurchaseDr.InventoryCr.CashAsaleDr.A/RCr.RevenueAsaleDr.A/RCr.RevenueAtendofperiod:Dr.COGSCr.InventoryHowtodecideCOGSandEIatendofperiod:1)countinventoryintheWarehousetogetEI;2)BI+Purchase(known)–EI(co
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