第1个回答 2022-07-07
Reading 25 inventories
Manufacturing firms report inventory using 3 accounts:
raw materials, work-in-process,finished goods.
COGS(cost of goods sold)=COS(cost of sales) under IFRS
COGS=beginning inventory+purchases-ending inventory
4者互算
25a. Distinguish between costs included in inventories and costs recognized as expenses
cost is the basis for most inventory valuation.
Main issue: determine the amounts included in cost.
product cost-on the BS
产品成本包括:
1.purchase cost less trade discounts and rebates
2.Conversion costs including labor and overhead
3.location and condition.
在资产负债表中可以资本化进入存货账户的成本，包括剔除折扣后的购买成本，加工成本（包括劳动力和杂项费用），必要的运输和储藏成本。这些存货成本都资本化作为一项资产，费用是延迟确认的，只有当存货销售出去且收入得以确认时再确认。
not all inventory costs are capitalized
还有Period costs(期间成本）:
1.Abnormal waste of materials,labor,or overhead.
2.Storage costs(unless required as part of production).
3.Administrative overhead.
4.Selling costs.
并不是所有的存货成本都可以资本化，一些成本在发生时就需要立即费用化，这部分成本就是期间成本，
包括:非正常的原材料、劳动力以及杂项费用的损耗，生产中非必要的贮藏成本，销售成本，管理中支出的杂项费用。
25b.Describe different inventory valuation methods(cost formulas)
cost flow method(又叫cost flow assumption under GAAP/cost flow formula under IFRS)allocate the inventory cost to the income statement(COGS)and balance sheet(ending inventory)
Under IFRS,
the permissible methods:
1.specific identification
2.FIFO
3.WAC
LIFO not allowed under IFRS.另外两种都可以用。
a firm can use不止一个inventory cost flow methods.
but the firm must employ the same cost flow method for inventories of similar nature and use.
存货的计价方法包括移动平均法、加权平均法、先进先出法、后进先出法和个别认定法。
1.Specific identification method:
each unit sold is matched with the unit's actual cost.
适用于inventory items ar not interchangeable/firm with a small number of costly/易分辨的物品eg.jewelry
-appropriate for special orders pr projects outside a firm's normal course of business
2.FIFO first-in first-out method:
best approximation of current cost
3.LIFO method:
in an inflationary environment, LIFO ending inventory is less than current cost.
3.WAC(weighted average cost) is a simple and objective method.
average cost per unit of inventory=total cost of goods available for sale/total quantity available for sales
During inflationary or deflationary periods,
WAC method will produce an inventory value by FIFO and LIFO.
inventory cost flow comparison三种方法比较
25c. Calculate and compare cost of sales, gross profit, and ending inventory using different inventory valuation methods and using perpetual and periodic inventory systems.
25.2 Inventory systems
1.periodic inventory system,实地盘存制
inventory values and COGS are determined at the ending of accounting period.
只登记财产物资的增加数，不登记减少数,月末或一定时期可根据期末盘点资料,弄清各种财物的实有数额,，然后再根据“期初结存+本期增加数=本期实存数+本期减少数”的公式,倒算出本期减少数额，即:“以存计耗”，“以存计销”，并记入有关明细账中的一种物资盘存管理制度。
采用这种方法工作比较简单,虽然看起来账是平衡的,但手续不够严密，对于管理中存在的问题不易发现
2.Perpetual inventory system永续盘存制
inventory values and COGS are updated continuously.
purchases account is not necessary.
Inventory purchased and sold is recorded directly in inventory when the transactions occur.
For FIFO and specific identification methods, ending inventory values and COGS are the same 两种方式都适用。
For LIFO and WAC methods,两种方式会得出不同的结果
25d. Calculate and explain how inflation and deflation of inventory costs affect FS and ratios of companies that use different inventory valuation methods.
Ending inventory,
FIFO最有用measure of ending inventory, when price rising or falling.
These purchase costs can be viewed as a better approximation of current cost, and thus a better approximation of eco value.
Cost of goods sold,
changing price 影响COGS under LIFO and FIFO.
price rising,LIFO高于FIFO
price falling 相反
LIFO COGS is based on the most recent purchases, LIFO produces a better approximation of current cost in the IS.
When prices are changing, WAC method produce values of COGS and ending inventory 在FIFO and LIFO.
Gross profit:
25e.Explain LIFO reserve and LIFO liquidation and effects on FS and ratios
25f.Convert a company's reported FS from LIFO to FIFO for purposes of comparison.
当prices 上涨期间，4个关系如下：