会计英语 IAS2 Inventory

AccountingEnglish会计英语Unit8IAS2Inventories存货KeytermsOpeninginventory期初存货Closinginventory期末存货Purchasecost采购成本Costofconvention加工成本Tradediscount商业折扣Rawmaterials原材料Workintheprocess半成品Finishedgoods完成产品Specificidentification具体辨认法FIFO(firstinfirstout)先进先出法KeytermsLIFO(lastinfirstout)后进先出法AVCO(averageweightedcost)加权平均法Periodicweightedaverage周期加权平均法Continuousweightedaverage连续加权平均法Netrealizablevalue(NRV)可变现净值Costofgoodssold销货成本InventorydefinitionbyIAS2①Inventoriesaretheassets②whichshownbelowintheordinarycourseofbusiness:Heldforsale(finishedgoods)Intheproductionprocessforsale(workinprocess)Materialsorsupplies③tobeconsumedintheproductionprocess(rawmaterials)Purchasecostandpricingmethod(采购成本及计价方法）IAS2regulatethereareseveralcostshouldbeincludedinthecostofinventory:Costsofpurchase(incl.taxes,transport,andhandlingcost)lesstradediscountsreceived.Costsofconvention(incl.fixedandvariablemanufacturingoverheads).Othercostsincurredinbringingtheinventoriestotheirpresentlocationandcondition.Methodsofpricinginventories:存货计价方法1.Specificidentificationmethod:assignedtoeachunit,whicheasilyidentifiedwithahighunitcost,eg.Jewelersorantiques.2.FIFO:usedorsoldintheorderinwhichtheyareacquired.Inventoryisstatedwithcurrentcostsinthestatementoffinancialposition.Limitation:previouscostagainstcurrentrevenue.Methodsofpricinginventories:存货计价方法3.LIFO:Disallowed.IAS2(revised)doesnotpermittheuseofLIFO.4.AVCO(averageweightedcost):averagepriceofthecomponentsischangedaspurchasingpriceschange.TwopossiblemethodsofcalculatingAVCOContinuousweightedaveragemethod:newunitcostofinventoryiscalculatedwheneveranewreceiptofmaterialsoccurs.AVCO=Remaininginventorycost=IssuescostPeriodicweightedaveragemethod:usesasimpleaverageofthepurchasepricespaidduringtheperiodanditcalculatestheaveragecostsofunitsreceiptduringanaccountingperiod.TransactionsduringMay20x1ofLIXINcompanyareasfollows:DateOpeningbalanceReceiptIssueUnitcostUnitsUnitsUnits$Openingbalance1stMay10065May100810May15015May2501025May250HowwouldissuesandclosinginventorybevaluedusingFIFOandAVCOmethodinturn?Solution:(a)FIFODateOpeningbalanceReceiptIssueUnitcostCostofissueUnitsUnitsUnits$$Openingbalance1May10065May100810May150100units×$6+50units×$8=$1,00015May2501025May25050units×$8+200units×$10=$2,400Closinginventory31May50units×$10=$500Solution(b)AVCOcontinuousweightedaverageDateOpeningbalanceReceiptIssueUnitcostCostofissueBalanceUnitsUnitsUnits$$UnitsValue$Openingbalance1May10061006005May10081008007(w1)2001,40010May1507150units×$7=$1,050(150)(1,050)75035015May250102502,5009.5(w2)3002,85025May2509.5250units×$9.5=$2,375(250)(2,375)Closinginventory31May9.550475Solution(b)AVCOperiodicweightedaverageDateOpeningbalanceReceiptIssueUnitcostTotalcostUnitsUnitsUnits$$5May100880015May250102,5003503,300Theaveragecostduringtheperiod($3,300/350units)$9.43Thevalueofclosinginventory($9.43×50units)$471.5Measurementofinventory存货的计量IAS2statesthatinventoriesshouldbemeasuredatthelowerofCOSTandnetrealizablevalue(NRV).NRV=SellingPrice-(CompletionCosts+SellingCosts)Example1:LIXINCompanyhas200differentitemswhichhadcost$40each.Theseitemswerefoundtobedefectiveatthebalancesheetdate.Thecostofrectificationafterthebalancesheetdateistobe$1,500,afterwhichtheycouldbesoldfor$50each,withsellingexpensestotaling$800.Solution:$$Cost(200×40)8,000Estimatedsellingprice(200×50)10,000Lessfurthercostsandexpenses(1,500+800)(2,300)7,700(NRV)Lossonwrite-downofinventory300Thejournalentryrequiredtorecognizethelossandreducetheinventoryamountis:DEBITLossonwrite-downofinventory(Expense)300CREDITInventory300Doubleentrybookkeeping复式记账法DebitsideCreditsideIncreasein:Asset(statementoffinancialposition)Expense(incomestatement)Increasein:Liability(statementoffinancialposition)Equity(statementoffinancialpostion)Income(incomestatement)Example2：supposeacompanyhasthreeitemsofinventory.theircostandNRVsareasfollows.Calculatetheamountoflossonwrite-downofinventoryandtheinventoryvalueappearsinthestatementoffinancialposition.Units$'000$'000$'000ItemineachitemCostNRVLowerofcostandNRVA55units×17=857979B55units×8=404540C88units×10=808580Total205209199DEBITLossonwrite-downofinventory(205,000-199,000)$6,000CREDITInventory$6,000Therefore,AnswerforQ1is$6,000,andforQ2is$199,000Costofsales销售成本Formulaforcalculatingcostofgoodssold:$OpeninginventoryvaluexAddcostofpurchasesxLessclosinginventory(x)CostofsalesxExample:LIXINcompanyhaspurchasedgoodscosting$78,000andhasmadesalestotaling$120,000bytheendof20x1.Goodscosting$5,000havenotbeensoldbytheendoftheyear.Assumetheopeninginventoryiszero.Calculatethegrossprofitintheincomestatementandpreparetheledgeraccountofincomestatementandinventoryfortheyear.INCOMESTATEMENTFORTHEYEARENDED31DEC20X1FORLIXINCOMPANY$'000$'000Salesrevenue120Purchases78Lessclosinginventory(5)Costofgoodssold73Grossprofit47Ledgeraccount:INCOMESTATEMENT$'000INVENTORYACCOUNT$'000Purchasesacc.78Sales120Incomestatement5Grossprofitc/d47Inventoryacc.5125125Grossprofitb/d47