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Click to edit Master title style 1 1 7 Inventories.

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1 Click to edit Master title style 1 1 7 Inventories

2 2 2 10 7-2 Inventory Costing Methods

3 Click to edit Master title style 3 3 11 7-2 (Continued)

4 Click to edit Master title style 4 4 12 7-2 (Continued)

5 Click to edit Master title style 5 5 13 7-2 (Concluded)

6 Click to edit Master title style 6 6 14 400 300 200 100 0 371 299 130 FIFOLIFO Average cost Inventory Costing Methods 7-2 Number of firms (> $1B Sales)

7 Click to edit Master title style 7 7 7-2 - Example Exercise 7-1 The three identical units of Item QBM are purchased during February, as shown below. Feb. 8Purchase1$ 45 15Purchase148 26Purchase 1 51 15 Item QBMUnits Cost Assume that one unit is sold on February 27 for $70. Determine the gross profit for February and ending inventory on February 28 using (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) average cost methods. Total3$144 Average cost per unit$48 ($144 ÷ 3 units)

8 Click to edit Master title style 8 8 18 On January 1, the firm had 100 units of Item 127B that cost $20 per unit. 7-3 FIFO Perpetual Item 127B UnitsCost Jan. 1Inventory100$20 Item 127B UnitsCost Jan. 1Inventory100$20

9 Click to edit Master title style 9 9 19 7-3 FIFO Perpetual On January 4, the firm sold 70 units of 127B at $30 each. Item 127B UnitsCost Jan. 1Inventory100$20 4Sale70 Item 127B UnitsCost Jan. 1Inventory100$20 4Sale70

10 Click to edit Master title style 10 7-3 FIFO Perpetual On January 22, the firm sold twenty units at $30. 4Accounts Receivable2 100 00 Sales2 100 00 4Cost of Merchandise Sold1 400 00 Merchandise Inventory1 400 00 On January 4, the firm sold 70 units of 127B at $30 each. 20

11 Click to edit Master title style 11 21 Item 127B PurchasesCost of Mdse. SoldInventory Balance UnitTotalUnitTotalUnitTotal Date Qty.Cost Cost Qty.Cost Cost Qty.CostCost 47020 1,4003020600 7-3 FIFO Perpetual Jan. 1100202,000

12 Click to edit Master title style 12 22 On January 10, the firm purchased 80 units at $21 each. 7-3 FIFO Perpetual Item 127B UnitsCost Jan. 1Inventory100$20 4Sale70 10Purchase8021 Item 127B UnitsCost Jan. 1Inventory100$20 4Sale70 10Purchase8021

13 Click to edit Master title style 13 23 10Merchandise Inventory1 680 00 Accounts Payable1 680 00 On January 10, the firm purchased 80 units at $21 each. 7-3 FIFO Perpetual

14 Click to edit Master title style 14 24 Item 127B PurchasesCost of Mdse. SoldInventory Balance UnitTotalUnitTotalUnitTotal Date Qty.Cost Cost Qty.Cost Cost Qty.CostCost Jan. 1100202,000 47020 1,4003020600 1080211,6803020600 80211,680 7-3 FIFO Perpetual

15 Click to edit Master title style 15 25 On January 22, the firm sold 40 units for $30 each. 7-3 FIFO Perpetual Item 127B UnitsCost Jan. 1Inventory100$20 4Sale70 10Purchase8021 22Sale40 Item 127B UnitsCost Jan. 1Inventory100$20 4Sale70 10Purchase8021 22Sale40

16 Click to edit Master title style 16 7-3 FIFO Perpetual On January 22, the firm sold twenty units at $30. 22Accounts Receivable1 200 00 Sales1 200 00 22Cost of Merchandise Sold810 00 Merchandise Inventory810 00 On January 22, the firm sold 40 units for $30 each. 26

17 Click to edit Master title style 17 27 Item 127B PurchasesCost of Mdse. SoldInventory Balance UnitTotalUnitTotalUnitTotal Date Qty.Cost Cost Qty.Cost Cost Qty.CostCost Jan. 1100202,000 47020 1,4003020600 1080211,6803020600 80211,680 223020600 102121070211,470 7-3 FIFO Perpetual Of the forty sold, thirty are considered to be from those acquired at $20 each. The other ten are considered to be from the January 10 purchase.

18 Click to edit Master title style 18 On January 28, the firm sold 20 units at $30 each. 7-3 FIFO Perpetual Item 127B UnitsCost Jan. 1Inventory100$20 4Sale70 10Purchase8021 22Sale40 28Sale20 Item 127B UnitsCost Jan. 1Inventory100$20 4Sale70 10Purchase8021 22Sale40 28Sale20 28

19 Click to edit Master title style 19 29 7-3 FIFO Perpetual 28Accounts Receivable600 00 Sales600 00 28Cost of Merchandise Sold420 00 Merchandise Inventory420 00 On January 28, the firm sold 20 units at $30 each.

20 Click to edit Master title style 20 30 Item 127B PurchasesCost of Mdse. SoldInventory Balance UnitTotalUnitTotalUnitTotal Date Qty.Cost Cost Qty.Cost Cost Qty.CostCost Jan. 1100202,000 47020 1,4003020600 1080211,6803020600 80211,680 223020600 102121070211,470 28202142050211,050 7-3 FIFO Perpetual

21 Click to edit Master title style 21 31 Item 127B UnitsCost Jan. 1Inventory100$20 4Sale70 10Purchase8021 22Sale40 28Sale20 30Purchase10022 Item 127B UnitsCost Jan. 1Inventory100$20 4Sale70 10Purchase8021 22Sale40 28Sale20 30Purchase10022 7-3 FIFO Perpetual On January 30, purchased ten additional units of Item 127B at $22 each.

22 Click to edit Master title style 22 32 On January 30, purchased ten additional units of Item 127B at $22 each. 7-3 FIFO Perpetual 30Merchandise Inventory2 200 00 Accounts Payable2 200 00

23 Click to edit Master title style 23 33 Item 127B PurchasesCost of Mdse. SoldInventory Balance UnitTotalUnitTotalUnitTotal Date Qty.Cost Cost Qty.Cost Cost Qty.CostCost Jan. 1100202,000 47020 1,4003020600 1080211,6803020600 80211,680 223020600 102121070211,470 28202142050211,050 30100222,20050211,050 100222,200 7-3 FIFO Perpetual

24 Click to edit Master title style 24 34 Item 127B PurchasesCost of Mdse. SoldInventory Balance UnitTotalUnitTotalUnitTotal Date Qty.Cost Cost Qty.Cost Cost Qty.CostCost Jan. 1100202,000 47020 1,4003020600 1080211,6803020600 80211,680 223020600 102121070211,470 28202142050211,050 30100222,20050211,050 100222,200 7-3 FIFO Perpetual Cost of merchandise sold for January is $2,630.

25 Click to edit Master title style 25 Item 127B PurchasesCost of Mdse. SoldInventory Balance UnitTotalUnitTotalUnitTotal Date Qty.Cost Cost Qty.Cost Cost Qty.CostCost Jan. 1100202,000 47020 1,4003020600 1080211,6803020600 80211,680 223020600 102121070211,470 28202142050211,050 30100222,20050211,050 100222,200 7-3 FIFO Perpetual January 31, inventory is $3,250 ($1,050 + $2,200) 35

26 Click to edit Master title style 26 7-3 - Example Exercise 7-2 Beginning inventory, purchases, and sales for Item ER27 are as follows: Nov.1Inventory40 units at $5 5Sale32 units 11Purchase60 units at $7 21Sale45 units 36 Assuming a perpetual inventory system and the first-in, first-out (FIFO) method, determine (a) the cost of the merchandise sold for the November 21 sale and (b) the inventory on November 30.

27 Click to edit Master title style 27 38 On January 1, the firm had 100 units of Item 127B that cost $20 per unit. 7-3 LIFO Perpetual Item 127B UnitsCost Jan. 1Inventory100$20 Item 127B UnitsCost Jan. 1Inventory100$20

28 Click to edit Master title style 28 39 7-3 LIFO Perpetual On January 4, the firm sold 70 units of 127B at $30 each. Item 127B UnitsCost Jan. 1Inventory100$20 4Sale70 Item 127B UnitsCost Jan. 1Inventory100$20 4Sale70

29 Click to edit Master title style 29 7-3 LIFO Perpetual On January 22, the firm sold twenty units at $30. 4Accounts Receivable2 100 00 Sales2 100 00 4Cost of Merchandise Sold1 400 00 Merchandise Inventory1 400 00 On January 4, the firm sold 70 units of 127B at $30 each. 40

30 Click to edit Master title style 30 41 Item 127B PurchasesCost of Mdse. SoldInventory Balance UnitTotalUnitTotalUnitTotal Date Qty.Cost Cost Qty.Cost Cost Qty.CostCost 47020 1,4003020600 7-3 LIFO Perpetual Jan. 1100202,000

31 Click to edit Master title style 31 42 On January 10, the firm purchased 80 units at $21 each. 7-3 LIFO Perpetual Item 127B UnitsCost Jan. 1Inventory100$20 4Sale70 10Purchase8021 Item 127B UnitsCost Jan. 1Inventory100$20 4Sale70 10Purchase8021

32 Click to edit Master title style 32 43 10Merchandise Inventory1 680 00 Accounts Payable1 680 00 On January 10, the firm purchased 80 units at $21 each. 7-3 LIFO Perpetual

33 Click to edit Master title style 33 44 Item 127B PurchasesCost of Mdse. SoldInventory Balance UnitTotalUnitTotalUnitTotal Date Qty.Cost Cost Qty.Cost Cost Qty.CostCost Jan. 1100202,000 47020 1,4003020600 1080211,6803020600 80211,680 7-3 LIFO Perpetual

34 Click to edit Master title style 34 45 On January 22, the firm sold 40 units for $30 each. 7-3 LIFO Perpetual Item 127B UnitsCost Jan. 1Inventory100$20 4Sale70 10Purchase8021 22Sale40 Item 127B UnitsCost Jan. 1Inventory100$20 4Sale70 10Purchase8021 22Sale40

35 Click to edit Master title style 35 7-3 LIFO Perpetual On January 22, the firm sold twenty units at $30. 22Accounts Receivable1 200 00 Sales1 200 00 22Cost of Merchandise Sold840 00 Merchandise Inventory840 00 On January 22, the firm sold 40 units for $30 each. 46

36 Click to edit Master title style 36 47 Item 127B PurchasesCost of Mdse. SoldInventory Balance UnitTotalUnitTotalUnitTotal Date Qty.Cost Cost Qty.Cost Cost Qty.CostCost Jan. 1100202,000 47020 1,4003020600 1080211,6803020600 80211,680 2240218403020600 4021840 7-3 LIFO Perpetual All of the 40 sold are considered to be from the January 10 purchase.

37 Click to edit Master title style 37 On January 28, the firm sold 20 units at $30 each. 7-3 LIFO Perpetual 48 Item 127B UnitsCost Jan. 1Inventory100$20 4Sale70 10Purchase8021 22Sale40 28Sale20 Item 127B UnitsCost Jan. 1Inventory100$20 4Sale70 10Purchase8021 22Sale40 28Sale20

38 Click to edit Master title style 38 49 7-3 LIFO Perpetual 28Accounts Receivable600 00 Sales600 00 28Cost of Merchandise Sold420 00 Merchandise Inventory420 00 On January 28, the firm sold 20 units at $30 each.

39 Click to edit Master title style 39 50 Item 127B PurchasesCost of Mdse. SoldInventory Balance UnitTotalUnitTotalUnitTotal Date Qty.Cost Cost Qty.Cost Cost Qty.CostCost Jan. 1100202,000 47020 1,4003020600 2820214203020600 2021420 7-3 LIFO Perpetual 2240218403020600 4021840 1080211,6803020600 80211,680 All of the 20 sold are considered to be from the January 22 purchase.

40 Click to edit Master title style 40 51 Item 127B UnitsCost Jan. 1Inventory100$20 4Sale70 10Purchase8021 22Sale40 28Sale20 30Purchase10022 Item 127B UnitsCost Jan. 1Inventory100$20 4Sale70 10Purchase8021 22Sale40 28Sale20 30Purchase10022 7-3 LIFO Perpetual On January 30, the firm purchased one hundred additional units of Item 127B at $22 each.

41 Click to edit Master title style 41 52 On January 30, the firm purchased one hundred additional units of Item 127B at $22 each. 7-3 LIFO Perpetual 30Merchandise Inventory2 200 00 Accounts Payable2 200 00

42 Click to edit Master title style 42 33 7-3 LIFO Perpetual 53 Item 127B PurchasesCost of Mdse. SoldInventory Balance UnitTotalUnitTotalUnitTotal Date Qty.Cost Cost Qty.Cost Cost Qty.CostCost Jan. 1100202,000 47020 1,4003020600 2820214203020600 2021420 7-3 LIFO Perpetual 2240218403020600 4021840 1080211,6803020600 80211,680 30100222,2003020600 2021420 100222,200

43 Click to edit Master title style 43 33 7-3 LIFO Perpetual 54 Item 127B PurchasesCost of Mdse. SoldInventory Balance UnitTotalUnitTotalUnitTotal Date Qty.Cost Cost Qty.Cost Cost Qty.CostCost Jan. 1100202,000 47020 1,4003020600 2820214203020600 2021420 7-3 LIFO Perpetual 2240218403020600 4021840 1080211,6803020600 80211,680 30100222,2003020600 2021420 100222,200 Cost of merchandise sold $2,660

44 Click to edit Master title style 44 33 7-3 LIFO Perpetual 55 Item 127B PurchasesCost of Mdse. SoldInventory Balance UnitTotalUnitTotalUnitTotal Date Qty.Cost Cost Qty.Cost Cost Qty.CostCost Jan. 1100202,000 47020 1,4003020600 2820214203020600 2021420 7-3 LIFO Perpetual 2240218403020600 4021840 1080211,6803020600 80211,680 30100222,2003020600 2021420 100222,200 January 31, inventory….. $3,220 January 31, inventory….. $3,220

45 Click to edit Master title style 45 7-3 - Example Exercise 7-3 Beginning inventory, purchases, and sales for Item ER27 are as follows: Nov.1Inventory40 units at $5 5Sale32 units 11Purchase60 units at $7 21Sale45 units 56 Assuming a perpetual inventory system and the last-in, first-out (LIFO) method, determine (a) the cost of the merchandise sold for the November 21 sale and (b) the inventory on November 30.

46 Click to edit Master title style 46 Using FIFO, the earliest batch purchased is considered the first batch of merchandise sold. The physical flow does not have to match the accounting method chosen. 7-4 FIFO Periodic

47 Click to edit Master title style 47 60 =$2,000 = 1,680 =2,200 Cost of merchandise available for sale 7-4 FIFO Periodic 100 units @ $20 80 units @ $21 100 units @ $22 280 units available for sale during year Jan. 1 Jan. 10 Jan. 30 $5,880

48 Click to edit Master title style 48 61 7-4 FIFO Periodic The physical count on January 31 shows that 150 units are on hand (conclusion: 130 units were sold). What is the cost of the ending inventory? = $ 0 = 1,050 = 2,200 100 units @ $20 80 units @ $21 100 units @ $22 Jan. 1 Jan. 10 Jan. 30 Sold these Sold 30 of these 50 units @ $21 100 units @ $22 Ending inventory$3,250

49 Click to edit Master title style 49 7-4 FIFO Periodic Now we can calculate the cost of goods sold as follows: Beginning inventory, January 1 (Slide 60)$2,000 Purchases ($1,680 + $2,200) 3,880 Cost of merchandise available for sale$5,880 Ending inventory, January 31(Slide 61) 3,250 Cost of merchandise sold $2,630 62

50 Click to edit Master title style 50 Using LIFO, the most recent batch purchased is considered the first batch of merchandise sold. The actual flow of goods does not have to be LIFO. For example, a store selling fresh fish would want to sell the oldest fish first (which is FIFO) even though LIFO is used for accounting purposes. 7-4 LIFO Periodic

51 Click to edit Master title style 51 7-4 LIFO Periodic 64 =$2,000 = 1,680 =2,200 Cost of merchandise available for sale 100 units @ $20 80 units @ $21 100 units @ $22 280 units available for sale during year Jan. 1 Jan. 10 Jan. 30 $5,880

52 Click to edit Master title style 52 65 7-4 LIFO Periodic Assume again that the physical count on January 31 is 150 units (and that 130 units were sold). What is the cost of the ending inventory? = $2,000 = 1, 680 = 2,200 100 units @ $20 80 units @ $21 100 units @ $22 Jan. 1 Jan. 10 Jan. 30 Sold these Sold 30 of these 50 units @ $21 =0=0 = 1,050 Ending inventory$3,050

53 Click to edit Master title style 53 66 7-4 LIFO Periodic Now we can calculate the cost of goods sold as follows: Beginning inventory, January 1 (Slide 64)$2,000 Purchases ($1,680 + $2,200) 3,880 Cost of merchandise available for sale$5,880 Ending inventory, January 31(Slide 65) 3,050 Cost of merchandise sold $2,830

54 Click to edit Master title style 54 The weighted average unit cost method is based on the average cost of identical units. The total cost of merchandise available for sale is divided by the related number of units of that item. 7-4 Average Cost

55 Click to edit Master title style 55 7-4 Average Cost $5,880 =$2,000 = 1,680 =2,200 100 units @ $20 80 units @ $21 100 units @ $22 280 Jan. 1 Jan. 10 Jan. 30 Average unit cost: $5,880 ÷ 280 = $21 Cost of merchandise sold: 130 units at $21 = $2,730 Ending merchandise inventory: 150 units at $21= $3,150 68 100 units @ $22

56 Click to edit Master title style 56 69 7-4 Now we can calculate the cost of goods sold as follows: Beginning inventory, January 1 (Slide 68)$2,000 Purchases ($1,680 + $2,200) 3,880 Cost of merchandise available for sale$5,880 Ending inventory, January 31(Slide 68) 3,150 Cost of merchandise sold $2,730 Average Cost

57 Click to edit Master title style 57 7-4 - Example Exercise 7-4 The units of an item available for sale during the year were as follows: Jan.1Inventory6units @ $50$ 300 Mar. 20Purchase14units @ $55770 Oct.30Purchase20units @ $62 1,240 Available for sale40units$2,310 70 There are 16 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost by (a) the first-in, first-out (FIFO) method, (b) the last-in, first-out (LIFO) method, and (c) the average cost method.

58 Click to edit Master title style 58 73 7-5 Partial Income Statements Net sales$3,900 Cost of merchandise sold: Beginning inventory$2,000 Purchases 3,880 Merchandise available for sale$5,880 Less ending inventory 3,250 Cost of merchandise sold 2,630 Gross profit$1,270 First-In, First-Out

59 Click to edit Master title style 59 74 7-5 Partial Income Statements Net sales$3,900 Cost of merchandise sold: Beginning inventory$2,000 Purchases 3,880 Merchandise available for sale$5,880 Less ending inventory 3,150 Cost of merchandise sold 2,730 Gross profit$1,170 Average Cost

60 Click to edit Master title style 60 75 7-5 Partial Income Statements Net sales$3,900 Cost of merchandise sold: Beginning inventory$2,000 Purchases 3,880 Merchandise available for sale$5,880 Less ending inventory 3,050 Cost of merchandise sold 2,830 Gross profit$1,070 Last-In, First-Out

61 Click to edit Master title style 61 7-5 Recap Weighted FIFO LIFO Average Ending inventory$3,250$3,150$3,050 Cost of merchandise sold$2,630$2,730$2,830 Gross profit$1,270$1,170$1,070

62 Click to edit Master title style 62 7-6 Merchandise that is out of date, spoiled, or damaged should be written down to its net realizable value. This is the estimated selling price less any direct cost of disposal, such as sales commissions.

63 Click to edit Master title style 63 7-6 Merchandise Inventory on the Balance Sheet Merchandise inventory is usually presented in the Current Assets section of the balance sheet, following receivables.

64 Click to edit Master title style 64 7-6 The method of determining the cost of inventory (FIFO, LIFO, or weighted average) should be shown.

65 Click to edit Master title style 65 The retail inventory method of estimating inventory cost is based on the relationship of the cost of merchandise available for sale to the retail price of the same merchandise. 7-7 Retail Inventory Method

66 Click to edit Master title style 66 91 7-7 Determining Inventory by the Retail Method

67 Click to edit Master title style 67 The gross profit method uses the estimated gross profit for the period to estimate the inventory at the end of the period.61 7-7 Gross Profit Method

68 Click to edit Master title style 68 94 7-7 Estimating Inventory by Gross Profit Method

69 Click to edit Master title style 69 The gross profit method is useful for estimating inventories for monthly or quarterly financial statements in a periodic inventory system. 7-7

70 Click to edit Master title style 70 7-7 Example Exercise 7-8 Based on the following data, estimate the cost of ending merchandise inventory: Sales (net)$1,250,000 Estimated gross profit rate40% Beginning merchandise inventory$100,000 Purchases (net) 800,000 Merchandise available for sale$900,000 96

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