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标题: Reading 36: Inventories-LOS d 习题精选 [打印本页]

作者: 1215 时间: 2011-3-21 15:08 标题: [2011]Session 9-Reading 36: Inventories-LOS d 习题精选

Session 9: Financial Reporting and Analysis: Inventories, Long-lived Assets, Income Taxes, and Non-current Liabilities
Reading 36: Inventories

LOS d: Calculate, compare, and contrast cost of sales, gross profit, and ending inventory using perpetual and periodic inventory systems.

A company that uses the LIFO inventory cost method records the following purchases and sales for an accounting period:

Beginning inventory, July 1: $5,000, 10 units
July 8: Purchase of $2,600 (5 units)
July 12: Sale of $2,200 (4 units)
July 15: Purchase of $2,800 (5 units)
July 21: Sale of $1,680 (3 units)

The company’s cost of goods sold using a perpetual inventory system is:

A)
$3,780.

B)
$3,500.

C)
$3,760.

With a perpetual inventory system, units purchased and sold are recorded in inventory in the order that the purchases and sales occur. Cost of goods sold for the July 12 sale uses 4 of the units purchased on July 8: 4 × ($2,600 / 5) = $2,080. Cost of goods sold for the July 21 sale uses 3 of the units purchased on July 15: 3 × ($2,800 / 5) = $1,680. COGS = $2,080 + $1,680 = $3,760.

作者: 1215 时间: 2011-3-21 15:09

Inventory, cost of sales, and gross profit can be different under periodic and perpetual inventory systems if a firm uses which inventory cost method?

A)
FIFO or weighted average cost, but not LIFO.

B)
LIFO or FIFO, but not weighted average cost.

C)
LIFO or weighted average cost, but not FIFO.

The LIFO and weighted average cost methods can provide different values for inventory, cost of sales, and gross profit depending on whether the firm uses a periodic or perpetual inventory system. FIFO produces the same values from either a periodic or perpetual inventory system.

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