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Chapter_06.pdf

Chapter_06.pdf

上传者: bluebreeze 2011-09-11 评分 0 0 0 0 0 0 暂无简介 简介 举报

简介:本文档为《Chapter_06pdf》,可适用于财会税务领域,主题内容包含ChapterInventoriesandCostofSalesQUICKSTUDIESQuickStudy(minutes)aFIFODateGo符等。

ChapterInventoriesandCostofSalesQUICKSTUDIESQuickStudy(minutes)aFIFODateGoodsPurchasedCostofGoodsSoldInventoryBalance$=$,$$$=$,$$$=$,$$=$,$$=$=$,$,bLIFODateGoodsPurchasedCostofGoodsSoldInventoryBalance$=$,$$$=$,$$$=$,$$=$$=$$=$=$,cWeightedAverageDateGoodsPurchasedCostofGoodsSoldInventoryBalance$=$,$$$=$,(avgcostis$*)$$McGrawHillCompanies,SolutionsManual,Chapter$=$,$(avgcostis$*)$=$,*$=$**roundedAlternatesolutionformat(a)FIFO:$=$$=$,Endinginventorycost(b)LIFO:$=$Endinginventorycost(c)Weightedaverage:$=$,$=$=$,Costofgoodsavailableforsale$,=$(rounded)weightedaveragecostperunitunits$=$Endinginventorycost(rounded)McGrawHillCompanies,FundamentalAccountingPrinciples,thEditionQuickStudy(minutes)Beginninginventoryunits$$Plusstweekpurchaseunits$ndweekpurchaseunits$rdweekpurchaseunits$thweekpurchaseunits$UnitsAvailableforsaleunitsCostofGoodsAvailableforSale$,QuickStudy(minutes)aFIFODateGoodsPurchasedCostofGoodsSoldInventoryBalance$=$$=$$=$$$=$$$=$$=$$=$$$=$$bLIFODateGoodsPurchasedCostofGoodsSoldInventoryBalance$=$$=$$=$$$=$$=$$$=$$=$$$=$$$McGrawHillCompanies,SolutionsManual,ChapterQuickStudy(concluded)cWeightedAverageDateGoodsPurchasedCostofGoodsSoldInventoryBalance$=$$=$$=$$$=$(avgcostis$)$=$$=$$=$$$=$$(avgcostis$)dSpecificidentification(unitsx$)(unitsx$)(unitsx$)=$QuickStudy(minutes)FIFOSpecificidentificationLIFOLIFOLIFOQuickStudy(minutes)TheconsignorisJabarCompanyTheconsigneeisChiCompanyTheconsignor,JabarCompany,shouldincludeanyunsoldandconsignedgoodsinitsinventoryTitlewillpassat“destination”whichisKwonCompany’sreceivingdockLiushouldshowthe$initsinventoryatyearendasLiuretainstitleuntilthegoodsreachKwonCompanyMcGrawHillCompanies,FundamentalAccountingPrinciples,thEditionQuickStudy(minutes)Cost$,PlusTransportationinImportduties,InsuranceInventorycost$,The$advertisingcostandthe$,costforsalesstaffsalariesareincludedinoperatingexpensesnotpartofinventorycostsThosetwocostsareunnecessarytogetthevehicleinaplaceandconditionforsaleQuickStudy(minutes)PerUnitTotalTotalLCMappliedtoInventoryItemsUnitsCostMarketCostMarketItemsWholeMountainbikes$$$,$,$,Skateboards,,,Gliders,,,$,$,$,$,aLCMforinventoryasawhole$,bLCMappliedtoeachproduct$,QuickStudy(minutes)aOverstatescostofgoodssoldbUnderstatesgrossprofitcUnderstatesnetincomedOverstatesnetincomeeTheunderstatednetincomeandtheoverstatednetincomecombinetoyieldacorrecttotalincomeforthetwoyearperiodfTheerrorwillnotaffectyearsafterMcGrawHillCompanies,SolutionsManual,ChapterQuickStudyA(minutes)EndingCostofInventoryGoodsSoldaFIFO(x$)(x$)$,(x$)(x$)$,bLIFO(x$)$(x$)(x$)(x$)$,cWeightedAverage($,=$*costperunit)(x$)$*(x$)$,**roundedMcGrawHillCompanies,FundamentalAccountingPrinciples,thEditionEXERCISESExercise(minutes)aSpecificidentificationEndinginventoryunitsfromJanuary,unitsfromJanuary,andunitsfrombeginninginventoryEndingCostofComputationsInventoryGoodsSold(x$)(x$)(x$)$,$,$,$,bWeightedaverageperpetualDateGoodsPurchasedCostofGoodsSoldInventoryBalance$=$$=$$=$$$$=$,(avgcostis$)$=$*$=$*$$$,$=$,(avgcostis$)*roundedcFIFOPerpetualDateGoodsPurchasedCostofGoodsSoldInventoryBalance$=$$=$$=$$$$=$,$$=$$=$$$$,$=$,McGrawHillCompanies,SolutionsManual,ChapterExercise(Continued)dLIFOPerpetualDateGoodsPurchasedCostofGoodsSoldInventoryBalance$=$$=$$=$$$$=$,$=$$$=$$$$,$=$,$AlternateSolutionFormatforFIFOandLIFOPerpetualEndingCostofComputationsInventoryGoodsSoldcFIFO(x$)(x$)$,(x$)(x$)(x$)$,dLIFO(x$)(x$)(x$)$,(x$)(x$)$Exercise(minutes)LIBERTYCOMPANYIncomeStatementsForMonthEndedJanuarySpecificIdentificationWeightedAverageFIFOLIFOSales$,$,$,$,(unitsx$price)Costofgoodssold,,,,Grossprofit,,,,Expenses,,,,IncomebeforetaxesIncometaxexpense()***Netincome$$$$*RoundedtonearestdollarMcGrawHillCompanies,FundamentalAccountingPrinciples,thEditionExercise(Concluded)LIFOmethodresultsinthehighestnetincomeof$Weightedaveragenetincomeof$fallsbetweentheFIFOnetincomeof$andtheLIFOnetincomeof$Ifcostswererisinginsteadoffalling,thentheFIFOmethodwouldyieldthehighestnetincomeExercise(minutes)aFIFOPerpetualDateGoodsPurchasedCostofGoodsSoldInventoryBalance$=$,$=$$=$$=$,$$=$,$$=$,$=$,$=$,$$=$,$$=$,$=$$=$,$$=$,$,McGrawHillCompanies,SolutionsManual,ChapterExercise(Concluded)aLIFOPerpetualDateGoodsPurchasedCostofGoodsSoldInventoryBalance$=$,$=$$=$$=$,$$=$,$$=$,$=$,$=$,$$=$,$$=$,$$=,$=$$,$=$,$$=$,$$,AlternateSolutionFormatEndingCostofInventoryGoodsSoldaFIFO(x$)(x$)$,(x$)(x$)(x$)(x$)(x$)$,bLIFO(x$)(x$)(x$)$,(x$)(x$)(x$)(x$)$,FIFOGrossMarginSalesrevenue(unitssoldx$sellingprice)$,Less:FIFOcostofgoodssold,Grossprofit$,LIFOGrossMarginSalesrevenue(unitssoldx$sellingprice)$,Less:LIFOcostofgoodssold,Grossprofit$,McGrawHillCompanies,FundamentalAccountingPrinciples,thEditionExercise(minutes)aSpecificidentificationmethodCostofgoodssoldCostofgoodsavailableforsale$,Endinginventoryunderspecificidentificationpurchase($)$purchase($)purchase($),Totalendinginventoryunderspecificidentification,Costofgoodssoldunderspecificidentification$,bSpecificidentificationmethodGrossmarginSalesrevenue(unitssoldx$sellingprice)$,Less:Specificidentificationcostofgoodssold,Grossprofit$,Exercise(minutes)PerUnitTotalTotalLCMappliedtoInventoryItemsUnitsCostMarketCostMarketProductsWholeHelmets$$$$$BatsShoes,,,Uniforms,,,$,$,$,$,aLowerofcostormarketofinventoryasawhole=$,bLowerofcostormarketofinventorybyproduct=$,McGrawHillCompanies,SolutionsManual,ChapterExercise(minutes)Correctgrossprofit=$,,$,=$,(foreachyear)ReportedincomefiguresYearYearYearSales$,,$,,$,,CostofgoodssoldBeginninginventory$,$,$,Costofpurchases,,,Goodavailableforsale,,,Endinginventory,,,Costofgoodssold,,,Grossprofit$,$,$,ExerciseA(minutes)EndingCostofInventoryGoodsSoldaSpecificIdentification(x$)(x$)(x$)$,$,$,$,bWeightedAverage($,units=$*averagecostperunit)x$$,*x$$,*cFIFO(x$)(x$)$,(x$)(x$)$,McGrawHillCompanies,FundamentalAccountingPrinciples,thEditiondLIFO(x$)(x$)$,(x$)(x$)$,*roundedExerciseA(minutes)EndingInventoryCostofGoodsSoldaSpecificidentification(x$)(x$)(x$)$,$,$,$,bWeightedaverage($,,=$*)x$*$,$,*cFIFO(x$)(x$),(x$)(x$)(,x$)(,x$),dLIFO(x$)(x$)*(x$)(,x$)(,x$)(x$),**RoundedIncomeeffect:FIFOprovidesthelowestcostofgoodssold,thehighestgrossprofit,andthehighestnetincomeMcGrawHillCompanies,SolutionsManual,ChapterPROBLEMSETAProblemA(minutes)Instructornote:Inthefirstprinting,Requirementinthebookforspecificidentificationreads“unitssoldconsistof…,”whichshouldread“endinginventoryconsistsof…”ComputecostofgoodsavailableforsaleandunitsavailableforsaleBeginninginventoryunits$$,Febunits$,Marunits$,Augunits$,Septunits$,Unitsavailable,unitsCostofgoodsavailableforsale$,UnitsinendinginventoryUnitsavailable(frompart),,Less:Unitssold()EndingInventory(units)McGrawHillCompanies,FundamentalAccountingPrinciples,thEditionProblemA(Continued)aFIFOperpetualDateGoodsPurchasedCostofGoodsSoldInventoryBalance$=$,$=$,$$=$,$=$,$$=$,$$=$,$$=$,$=$,$$=$,$$=$,$$=$,$$$$=$,$$$=$,$,FIFOAlternateSolutionFormatCostofgoodsavailableforsale$,Less:Costofsales$$,$,$,,TotalcostofgoodssoldEndingInventory$,ProofofEndingInventory$$$,$,EndingInventoryunits$,McGrawHillCompanies,SolutionsManual,ChapterProblemA(Continued)bLIFOperpetualDateGoodsPurchasedCostofGoodsSoldInventoryBalance$=$,$=$,$$=$,$=$,$$=$,$$$=$,$$=$,$=$,$$=$,$=$,$$=$,$$$=$,$$=$,$,LIFOalternatesolutionformatCostofgoodsavailableforsale$,Less:Costofsales$$,,,,

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