毕晓方改编+《财务会计》的课后习题答案第九章习题答案

Ex.9–1SwitchingtoaperpetualinventorysystemwillstrengthenOnsiteHardware’sinternalcontrolsoverinventory,sincethestoremanagerswillbeabletokeeptrackofhowmuchofeachitemisonhand.Thisshouldminimizeshortagesofgood-sellingitemsandexcessinventoriesofpoor-sellingitems.Ontheotherhand,switchingtoaperpetualinventorysystemwillnoteliminatetheneedtotakeaphysicalinventorycount.Aphysicalinventorymustbetakentoverifytheaccuracyoftheinventoryrecordsinaperpetualinventorysystem.Inaddition,aphysicalinventorycountisneededtodetectshortagesofinventoryduetodamageortheft.Ex.9–2Includeininventory:c,e,g,iExcludefrominventory:a,b,d,f,hEx.9–3a.BalanceSheetMerchandiseinventory$1,950understatedCurrentassets$1,950understatedTotalassets$1,950understatedOwner’sequity$1,950understatedb.IncomeStatementCostofmerchandisesold$1,950overstatedGrossprofit$1,950understatedNetincome$1,950understatedEx.9–4Whenanerrorisdiscoveredaffectingthepriorperiod,itshouldbecorrected.Inthiscase,themerchandiseinventoryaccountshouldbedebitedandtheowner’scapitalaccountcreditedfor$12,800.Failuretocorrecttheerrorfor2005andpurposelymisstatingtheinventoryandthecostofmerchandisesoldin2006wouldcausethebalancesheetsandtheincomestatementsforthetwoyearstonotbecomparable.Ex.9–5PortableCDPlayersPurchasesCostofMerchandiseSoldInventoryDateQuantityUnitCostTotalCostQuantityUnitCostTotalCostQuantityUnitCostTotalCostApril135501,750526501,30095045011155379591550534507952193505345015912536362845321285342430754378875354424378Totalcostofmerchandisesold.....................................................2,121Inventory,April30:$802($424+$378)Ex.9–6CellPhonesPurchasesCostofMerchandiseSoldInventoryDateQuantityUnitCostTotalCostQuantityUnitCostTotalCostQuantityUnitCostTotalCostMar.125902,250520941,880252090942,2501,880918941,69225290942,2501881321894901881,6207906302115951,42571590956301,42531895760779095630665Totalcostofmerchandisesold.....................................................4,260Inventory,March31:$1,295($630+$665)Ex.9–7a.$700($50×14units)b.$663[($45×5units)+($47×4units)+($50×5units)]Ex.9–8a.$360(8unitsat$33plus3unitsat$32)b.$318(6unitsat$28plus5unitsat$30)c.$341(11unitsat$31;$1,240÷40units=$31)Costofmerchandiseavailableforsale:6unitsat$28...........................................................$16812unitsat$30...........................................................36014unitsat$32...........................................................4488unitsat$33...........................................................26440units(ataveragecostof$31).............................$1,240Ex.9–91.a.LIFOinventory(lessthan)FIFOinventoryb.LIFOcostofgoodssold(greaterthan)FIFOcostofgoodssoldc.LIFOnetincome(lessthan)FIFOnetincomed.LIFOincometax(lessthan)FIFOincometax2.Underthelifoconformityruleacompanyselectinglifofortaxpurposesmustalsouselifoforfinancialreportingpurposes.Thus,inperiodsofrisingpricesthereportednetincomewouldbelowerthanwouldbethecaseunderfifo.However,thelowerreportedincomewouldalsobeshownonthecorporation’staxreturn;thus,thereisataxadvantagefromusinglifo.Firmselectingtouselifobelievethetaxadvantagefromusinglifooutweighsanynegativeimpactfromreportingalowerearningsnumbertoshareholders.Lifoissupportedbecausethetaximpactisarealcashflowbenefit,whilealowerlifoearningsnumber(comparedtofifo)ismerelytheresultofareportingassumption.Ex.9–10UnitUnitTotalInventoryCostMarketLowerCommodityQuantityPricePriceCostMarketofCorMM76......................8$150$160$1,200$1,280$1,200T53.......................2075701,5001,4001,400A19......................102752602,7502,6002,600J81.......................155040750600600K10......................251011052,5252,6252,525Total...............$8,725$8,505$8,325Ex.9–11ThemerchandiseinventorywouldappearintheCurrentAssetssection,asfollows:Merchandiseinventory—atlowerofcost,fifo,ormarket............$8,325Alternatively,thedetailsofthemethodofdeterminingcostandthemethodofvaluationcouldbepresentedinanote.Ex.9–12CostRetailMerchandiseinventory,June1..................................$160,000$180,000PurchasesinJune(net)..............................................680,0001,020,000Merchandiseavailableforsale..................................$840,000$1,200,000Ratioofcosttoretailprice:70%$1,200,000840,000$SalesforJune(net).....................................................875,000Merchandiseinventory,June30,atretailprice........$325,000Merchandiseinventory,June30,atestimatedcost($325,000×70%)......................$227,500Ex.9–13a.Merchandiseinventory,Jan.1...................................$180,000Purchases(net),Jan.1–May17.................................750,000Merchandiseavailableforsale..................................$930,000Sales(net),Jan.1–May17..........................................$1,250,000Lessestimatedgrossprofit($1,250,000×35%).......437,500Estimatedcostofmerchandisesold.........................812,500Estimatedmerchandiseinventory,May17...............$117,500b.Thegrossprofitmethodisusefulforestimatinginventoriesformonthlyorquarterlyfinancialstatements.Itisalsousef