ountingChapter8中级会计学课后习题答案.doc

CHAPTER 8 INVENTORIES: MEASUREMENT
QUESTIONS FOR REVIEW OF KEY TOPICS
Question 8-1
Inventory for a pany consists of (1) raw materials, (2) work in process, and (3) finished goods. Raw materials represent the cost, primarily purchase price plus freight charges, of goods purchased from other manufacturers that will e part of the finished product. Work-in-process inventory represents the products that are not plete. The cost of work in process includes the cost of raw materials used in production, the cost of labor that can be directly traced to the goods in process, and an allocated portion of other manufacturing costs, called manufacturing overhead. When the manufacturing process pleted, these costs that have been accumulated in work in process are transferred to finished goods.
Question 8-2
Beginning inventory purchases for the period equals cost of goods available for sale. The main difference between a perpetual and a periodic system is that the periodic system allocates cost of goods available for sale to ending inventory and cost of goods sold only at the end of the period. The perpetual system plishes this allocation by decreasing inventory and increasing cost of goods sold each time goods are sold.
Question 8-3
Perpetual System Periodic System
(1) purchase of merchandise debit inventory debit purchases
(2) sale of merchandise debit cost of goods sold;
credit inventory no entry
(3) return of merchandise credit inventory credit purchase returns

(4) payment of freight debit inventory debit freight-in
Question 8-4
Inventory shipped . shipping point is included in the inventory of the purchaser when the merchandise reaches mon carrier. Laetner Corporation records the purchase in 2011 and includes the shipment in its ending inventory. pany records the sale in 2011. Inventory shipped . destination is included in the inventory of the seller until it reaches the purchaser’s location. Bockner would include the merchandise in its 2011 endi