西方财务会计课后习题答案.docx
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西方财务会计课后习题答案.docx
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西方财务会计课后习题答案
西方财务会计课后习题答案
MerchandiseInventoryandCostof
GoodsSold
CheckPoints
(10min.)CP6-1
NissanNorthAmerica
BalanceSheet
December31,20X6
Currentassets:
Inventory(300@$80)…………………..
$24,000
NissanNorthAmerica
IncomeStatement
YearEndedDecember31,20X6
Salesrevenue[700⨯($80+$40)]……….
$84,000
Costofgoodssold(700@$80)…………
56,000
Grossprofit………………………………….
$28,000
(10-15min.)CP6-2
1.(Journalentries)
Inventory…………………………………..
100,000
AccountsPayable…………………….
100,000
Cash($140,000⨯.20)……………………
28,000
AmountsReceivable($140,000⨯.80)..
112,000
SalesRevenue………………………...
140,000
CostofGoodsSold……………………..
60,000
Inventory($100,000⨯.60)…………..
60,000
2.(Financialstatements)
BALANCESHEET
Currentassets:
Inventory($100,000–$60,000)……………….
$40,000
INCOMESTATEMENT
Salesrevenue………………………………………
$140,000
Costofgoodssold………………………………..
60,000
Grossprofit…………………………………………
$80,000
(10min.)CP6-3
Billions
Inventory…………………………
6.4
Cash…………………………...
6.4
AccountsReceivable………….
28.5
SalesRevenue……………….
28.5
CostofGoodsSold……………
6.2
Inventory……………………...
6.2
Cash………………………………
26.3
AccountsReceivable……….
26.3
(10min.)CP6-4
1.Inventorycostsareincreasingfrom$10to$14to$18perunit.
2.FIFOresultsinthehighestcostofendinginventory($360)becauseunderFIFOtheendinginventoryiscostedatthelastcostsincurredduringtheperiod.Whencostsareincreasing,thelastcostsarethehighestcosts.
FIFOresultsinthelowestcostofgoodssold.Thisoccursbecausetheoldestcostsareassignedtocostofgoodssold.Whencostsareincreasing,theoldestcostsarethelowest.
FIFOresultsinthehighestgrossprofitbecausecostofgoodssold,theexpense,isthelowest.(Salesrevenueisunaffectedbytheinventorycostingmethod.)
3.LIFOresultsinthelowestcostofendinginventory($240)becauseunderLIFO,theendinginventoryiscostedattheoldestcosts.Whencostsareincreasing,theoldestcostsarethelowestcosts.
LIFOresultsinthehighestcostofgoodssold.Thisoccursbecausethelastcostsoftheperiodareassignedtocostofgoodssold.Whencostsareincreasing,thelastcostsarethehighest.
LIFOresultsinthelowestgrossprofitbecausecostofgoodssold,theexpense,isthehighest.(Salesrevenueisunaffectedbytheinventorycostingmethod.)
(10min.)CP6-5
a
b
c
Average
Cost
FIFO
LIFO
Costofgoodssold:
Average(50@$15*)
$750
FIFO(10@$10)+(25@$14)+(15@$18)
$720
LIFO(25@$18)+(25@$14)
$800
Endinginventory:
Average(10@$15*)
$150
FIFO(10@$18)
$180
LIFO(10@$10)
$100
_____
*Averagecost
=
($100+$350+$450)
=
$15
perunit
(10+25+25)
(10-15min.)CP6-6
Kinko’s
IncomeStatement
YearEndedDecember31,20XX
Average
FIFO
LIFO
Salesrevenue(600⨯$20)
$12,000
$12,000
$12,000
Costofgoodssold(600⨯$9.90*)
5,940
(100⨯$9)+(500⨯$10)
5,900
(600⨯$10)
6,000
Grossprofit
6,060
6,100
6,000
Operatingexpenses
4,000
4,000
4,000
Netincome
$2,060
$2,100
$2,000
_____
*
Beginninginventory(100@$9.20)…………..
$920
Purchases(700@$10)…………………………
7,000
Goodsavailable…………………….……………
$7,920
Averagecostperunit$7,920/800units…
$9.90
(10min.)CP6-7
Kinko’s
IncomeStatement
YearEndedDecember31,20XX
Average
FIFO
LIFO
Salesrevenue(600⨯$20)
$12,000
$12,000
$12,000
Costofgoodssold(600⨯$9.90*)
5,940
(100⨯$9)+(500⨯$10)
5,900
(600⨯$10)
______
______
6,000
Grossprofit
6,060
6,100
6,000
Operatingexpenses
4,000
4,000
4,000
Incomebeforeincometax
$2,060
$2,100
$2,000
Incometaxexpense(40%)
$824
$840
$800
*FromCP6-6
(5min.)CP6-8
Lands’Endmanagerscandelaypurchasesofinventoryuntilthenextyear.UnderLIFO,highinventorycoststhatwouldhavebeenpaidforinventorydonotbecomeexpenseascostofgoodssoldinthecurrentyear.Asaresult,thecurrentyear’sincomestatementreportsahighernetincomethanLands’Endwouldhavereportedifthecompanyhadreplacedinventorybeforeyearend.
(5-10min.)CP6-9
Millions
BALANCESHEET
Currentassets:
Inventories,atmarket(whichislowerthancost)..
$330
INCOMESTATEMENT
Costofgoodssold[$1,001+($333–$330)]…………
$1,004
(10min.)CP6-10
1.FIFO
2.LIFO
Grossprofitpercentage:
Grossprofit
=
$460*
=
46%
$340**
=
34%
Netsalesrevenue
$1,000
$1,000
_____
*$1,000–$540=$460
**$1,000–$660=$340
Inventoryturnover:
Costofgoodssold
=
$540
$660
Averageinventory
($100+$360)/2
($100+$240)/2
=
2.3times
=
3.9times
3.
Grossprofitpercentage—FIFOlooksbetter.
4.
Inventoryturnover—LIFOlooksbetter.
(10-15min.)CP6-11
1.
Beginninginventory……………………………...
$300,000
+
Purchases……………………………………….…
1,600,000
=
Goodsavailable…………………………………...
1,900,000
–
Costofgoodssold……………………………….
(1,800,000)
=
Endinginventory……………………………….…
$100,000
2.
Beginninginventory……………………………..
$300,000
+
Purchases……………………………………….…
s
ame
1,600,000
=
Goodsavailable…………………………………...
1,900,000
–
Costofgoodssold:
Salesrevenue……………………….
$3,000,000
Lessestimatedgrossprofit(40%)
(1,200,000)
Estimatedcostofgoodssold……………….
(1,800,000)
=
Estimatedcostofendinginventory…………...
$100,000
(5-10min.)CP6-12
Correct
Amount(Millions)
a.
Inventory($333+$3)…………………………………
$336
b.
Netsales(unchanged)……………………………….
$1,755
c.
Costofgoodssold($1,001–$3)…………………...
$998
d.
Grossprofit($754+$3)……………………….……..
$757
(10min.)CP6-13
1.Lastyear’sreportedgrossprofitwasunderstated.
Correctgrossprofitlastyearwas$5.6million($4.0+$1.6).
2.Thisyear’sgrossprofitisoverstated.
Correctgrossprofitforthisyearis$3.2million($4.8–$1.6).
3.Lang’sperspectiveisbetterbecausecorrectingtheerrorchangesthetrendofcorrectgrossprofitfromup(good)todown(bad),asfollows:
Millions
LastYear
ThisYear
Trend
Reportedgrossprofit……..
$4.0
$4.8
Up(Good)
Correctgrossprofit……….
$5.6
$3.2
Down(Bad)
(5-10min.)CP6-14
1.Ethical.Thereisnothingwrongwithbuyinginventorywheneveracompanywishes.
2.Ethical.Sameideaas1.
3.Unethical.Thecompanyfalsifieditsreportedamountsofinventoryandnetincome.
4.Unethical.Thecompanyfalsifieditsreportedinventorypurchases,costofgoodssold,andnetincomeinordertocheatthegovernment(andthepeople)outofincometax.
5.Unethical.Thecompanyfalsifieditsreportedamountofinventoryinordertocheatthegovernment(andthepeople)outoftaxes.
Exercises
(15-20min.)E6-1
Req.1(journalentried)
PerpetualSystem
1.
Purchases:
Thousands
Inventory…………………….……….…
2,200
AccountsPayable………………….
2,200
2.
Sales:
Cash($3,500⨯.20)…….……………..
700
AccountsReceivable($3,500⨯.80).
2,800
SalesRevenue…………….……….
3,500
CostofGoodsSold…………………..
2,100
Inventory………………….………....
2,100
Req.2(financialstatementamounts)
BALANCESHEET
Thousands
Currentassets:
Inventory($370+$2,200–$2,100)...
$470
INCOMESTATEMENT
Salesrevenue…………………………….
$3,500
Costofgoodssold………………………
2,100
Grossprofit……………………………….
$1,400
(15-25min.)E6-2
Journal
DATE
ACCOUNTTITLESANDEXPLANATION
DEBIT
CREDIT
1
Inventory($640+$1,870+$900)……….
3,410
AccountsPayable………………………
3,410
2
AccountsReceivable(17@$500)……...
8,500
SalesRevenue…………………………..
8,500
CostofGoodsSold……………………….
2,800*
Inventory…………………………………
2,800
3
Salesrevenue………………………………
$8,500
Costofgoodssold………………………..
2,800
Grossprofit…………………………………
$5,700
Endinginventory($800+$3,410–$2,800)……...
$1,410
_____
*(9@$160)+(8@$170)=$2,800
(10-15min.)E6-3
1.
Inventory
Begin.Bal.
(5units@$160)800
Purchases
Oct.8
(4units@$160)640
15
(11units@$170)1,870
Costofgoodssold
26
(5units@$180)900
(17units@$?
)
?
Endingbal.
(8units@$?
)?
CostofGoodsSold
EndingInventory
(a)Specific
unitcost
(6@$160)+(11@$170)
=
$2,830
(3@$160)+(5@$180)
=
$1,380
(b)Average
cost
17⨯$168.40*
=
$2,863
8⨯$168.40*
=
$1,347
_____
*Averagecostperunit
=
($800+$640+$1,870+$900)
=
$168.40
(5+4+11+5)
(c)FIFO
(9@$160)+(8@$170)
=
$2,800
(5@$180)+(3@$170)
=
$1,410
(d)LIFO
(5@$180)+(11@$170)+(1@$160)
=
$2,930
(8@$160)
=
$1,280
2.LIFOproducesthehighestcostofgoodssold.
FIFOproducesthelowestcostofgoodssold.
Theincreaseininventorycostfrom$160to$170to$180perunit
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