英式会计教程演示稿件.ppt

英式会计教程演示稿件.ppt Inventory Costing , p146
Inventory costing method 1: Specific Identification
When units are sold, the specific cost of the unit sold is added to cost of goods sold.
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Specific Identification
The above purchases were made in August. On August 14, pany sold eight bikes originally costing $91 and 12 bikes originally costing $106.
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The Cost of Goods Sold for the August 14 sale is $2,000.
8 bikes @ 91 = $ 728 12 bikes @ 106 = $1,272
After this sale, there are five units in inventory at $500:  2 bikes @ $91 = $ 182 3 bikes @ $106 = $ 318
Specific Identification
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Additional purchases were made on August 17 and 28.
The cost of the 23 items sold on August 31 were as follows: 2 @ $91 3 @ $10615 @ $115 3 @ $119
Specific Identification
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Specific Identification
Cost of Goods Sold for August 31 = $2,582
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Specific Identification
After the August 31 sale, there are 12 units in inventory at $1,408: 5 @ $1157 @ $119
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Specific Identification
Balance Sheet Inventory = $1,408
e Statement COGS = $4,582
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Specific Identification
Here are the entries to record the purchases and sales. The numbers in red are determined by the cost flow assumption used.
All purchases and sales are made on credit.The selling price of inventory was as follows:
8/14 $130 8/31 150
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Inventory Cost Flow Assumptions
First-In, First-Out(FIFO)
Assumes costs flow in the order incurred.
Last-In, First-Out(LIFO)
Assumes costs flow in the reverse order incurred.
Weighted Average
Assumes costs flow at an average of the costs available.
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