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intermediate accounting Inventory and Cost of Goods Sold参考
Inventory and Cost of Goods Sold What Is Inventory? Inventory designates goods held for sale in the normal course of business or, for a manufacturer, also includes goods in production. For a manufacturing firm, a broad array of production costs is included as part of the cost of inventory. The terms raw materials, work in process, and finished goods refer to the inventories of a manufacturing enterprise. Work in Process Work in Process Finished Goods Inventory Systems Two types of inventory systems that keep track of how much inventory has been sold and at what price are: Differences in Recording Differences in Recording Differences in Recording Differences in Recording Whose Inventory Is It? Report inventory on the balance sheet of the company that holds legal title. Legal title is not determined by who has physical custody of the inventory Issues that develop: Goods in transit Goods on consignment Goods in Transit Goods in Transit Goods on Consignment Shipper retains title and includes the goods in inventory until their sale or use by the dealer or customer. Consigned goods are reported by the shipper at the sum of: The cost of the goods The handling and shipping costs Conditional Sales, Installment Sales, and Repurchase Agreements Items Included in Inventory Cost Inventory costs are comprised of all expenditures, both direct and indirect, relating to acquisition, preparation, and placement for sale. Items Included in Inventory Cost Inventory costs are comprised of all expenditures, both direct and indirect, relating to acquisition, preparation, and placement for sale. Items Included in Inventory Cost Discounts as Reductions in Cost Purchases Reported Net Method Purchases Reported Net Method Purchases ReportedGross Method Purchases Reported Gross Method Purchase Returns and Allowances Adjustments are also made when goods are damaged or are lesser in quality than ordered. Sometimes the customer returns the goods. Inventory Valuation Methods Inventory Valu
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