CH 06 Inventories

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Chapter 6
Inventories
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Chapter Outline Classifying and Determining Inventory

Learning Objectives Classifying Inventory
LO 1 Discuss how to classify and determine inventory.
Merchandising Manufacturing
LO 2 Apply inventory cost flow methods and discuss Company Company
their financial effects.
One Classification: Three Classifications:
LO 3 Indicate the effects of inventory errors on the • Inventory • Raw Materials
financial statements. • Work in Process
LO 4 Explain the statement presentation and analysis of • Finished Goods
inventory.
Copyright ©2019 John Wiley & Son, Inc. 3 LO 1 Copyright ©2019 John Wiley & Son, Inc. 4
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Determining Inventory Quantities Determining Inventory Quantities

Physical Inventory taken for two reasons: Taking a Physical Inventory
Perpetual System Involves counting, weighing, or measuring each kind of
1. Check accuracy of inventory records. inventory on hand.
2. Determine amount of inventory lost due to wasted Companies often “take inventory”
raw materials, shoplifting, or employee theft. • when business is closed or business is slow
Periodic System • at the of accounting period
1. Determine the inventory on hand.
2. Determine the cost of goods sold for the period.
LO 1 Copyright ©2019 John Wiley & Son, Inc. 5 LO 1 Copyright ©2019 John Wiley & Son, Inc. 6
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Determining Inventory Quantities Goods in Transit

Determining Ownership of Goods
Ownership of goods
Goods in Transit passes to buyer when
public carrier accepts
• Purchased goods not yet received goods from seller.
• Sold goods not yet delivered
• Included in inventory of company that has to Ownership of goods
goods remains with seller until
the goods reach buyer.
ILLUSTRATION 6.2
Terms of sale
Freight costs incurred by the seller are an operating expense.
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Determining Ownership of Goods DO IT! 1 Rules of Ownership

Consigned Goods Deng Imports completed its inventory count. It arrived at a total
inventory value of ¥200,000 (amounts in thousands). As a new
To hold the goods of other parties and try to sell the member of Deng’s accounting department, you have been given the
goods for them for a fee, but without taking ownership of information listed below. Discuss how this information affects the
reported cost of inventory.
the goods.
1. Deng included in the inventory goods held on consignment for
Many car, boat, and antique dealers sell goods on Falls Co., costing ¥15,000.
2. The company did not include in the count purchased goods of
consignment, why? ¥10,000 which were in transit (terms: FOB shipping point).
3. The company did not include in the count sold inventory with a
cost of ¥12,000 which was in transit (terms: FOB shipping point).
Inventory = ¥200,000 - ¥15,000 + ¥10,000 = ¥195,000
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Inventory Methods and Financial Effects Inventory Methods and Financial Effects
Inventory is accounted for at cost Illustration: Crivitz Home Entertainment purchases three
• Includes all expenditures necessary to acquire goods and identical 50-inch TVs on different dates at costs of £720, £750,
place them in a condition ready for sale and £800. During the year Crivitz sold two sets at £1,200 each.
These facts are summarized below.
• Unit costs are applied to quantities to compute total cost
of inventory and cost of goods sold using the following Purchases
costing methods: February 3 1 TV at £720
 Specific identification March 5 1 TV at £750
 First-in, first-out (FIFO) May 22 1 TV at £800
Cost Flow
 Average-cost Assumptions Sales
June 1 2 TVs for £2,400 (£1,200 × 2)
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Specific Identification Specific Identification

If Crivitz sold the TVs it purchased on February 3 and May 22, Costing method in which items still in inventory are
then its cost of goods sold is £1,520 (£720 + £800), and its specifically costed to arrive at the total cost of the ending
ending inventory is £750. inventory.
Cost of Goods Sold
Ending Inventory • Practice is relatively rare
£720 • Most companies make assumptions (cost flow
£750 assumptions) about which units were sold
£1,520
£800
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Cost Flow Assumptions Cost Flow Assumptions

Illustration: Data for Lin Electronics’ Astro condensers.
Cost flow assumptions DO NOT need
to be consistent with the physical Date Explanation Units Unit Cost Total Cost
movement of the goods Jan. 1 Beginning inventory 10 HK$100 HK$1,000
Apr. 15 Purchase 20 110 2,200
Aug. 24 Purchase 30 120 3,600
Nov. 27 Purchase 40 130 5,200
Total units available for sale 100 HK$12,000
Units in ending inventory (45)
ILLUSTRATION 6.5
Units sold 55
(Beginning Inventory + Purchases) - Ending Inventory = Cost of Goods Sold
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Cost Flow Assumptions First-In, First-Out (FIFO) ILLUSTRATION 6.6

Allocation of costs—FIFO method
COST OF GOODS AVAILABLE FOR SALE

First-In, First-Out (FIFO) Date Explanation Units Unit Cost Total Cost
• Costs of earliest goods purchased are first to be Jan. 1 Beginning inventory 10 HK$100 HK$1,000
Apr. 15 Purchase 20 110 2,200
recognized in determining cost of goods sold
Aug. 24 Purchase 30 120 3,600
• Often parallels actual physical flow of merchandise Nov. 27 Purchase 40 130 5,200
Total 100 HK$12,000
• Companies determine cost of ending inventory by
taking unit cost of most recent purchase and working STEP 1: ENDING INVENTORY STEP 2: COST OF GOODS SOLD
Unit Total
backward until all units of inventory have been costed Date Units Cost Cost
Nov. 27 40 HK$130 HK$5,200 Cost of goods available for sale HK$12,000
Aug. 24 5 120 600 Less : Ending inventory 5,800
Total 45 HK$5,800 Cost of goods sold HK$ 6,200
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Average-Cost ILLUSTRATION 6.9

Allocation of costs—average-cost
Cost Flow Assumptions COST OF GOODS AVAILABLE FOR SALE

method
Date Explanation Units Unit Cost Total Cost

Average-Cost Jan. 1 Beginning inventory 10 HK$100 HK$1,000
• Allocates cost of goods available for sale on basis of Apr. 15 Purchase 20 110 2,200
weighted-average unit cost incurred Aug. 24 Purchase 30 120 3,600
Nov. 27 Purchase 40 130 5,200
• Applies weighted-average unit cost to units on hand Total 100 HK$12,000
to determine cost of ending inventory
STEP 1: ENDING INVENTORY STEP 2: COST OF GOODS SOLD
Unit Total
Units Cost Cost
HK$12,000 ÷ 100 = HK$120 Cost of goods available for sale HK$12,000
Cost of goods sold 5,400
45 HK$120 HK$5,400 Less : Ending inventory HK$ 6,600
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Financial Statement and Tax Effects Income Statement Effects ILLUSTRATION 6.10
Comparative effects of cost
flow methods
of Cost Flow Methods Lin Electronics

Condensed Income Statements
Either of the two cost flow assumptions is acceptable for use. FIFO Average-Cost
• Lenovo (CHN) uses the average-cost method Sales revenue HK$11,500 HK$11,500
Beginning inventory 1,000 1,000
Purchases 11,000 11,000
• Yingli Solar (CHN) uses average-costing for key raw materials and Cost of goods available for sale 12,000 12,000
FIFO for the remainder of its inventories Ending inventory 5,800 5,400
Cost of goods sold 6,200 6,600
Gross profit 5,300 4,900
Operating expenses 2,000 2,000
Income before income taxes 3,300 2,900
Income tax expense (30%) 990 870
Net income HK$ 2,310 HK$ 2,030
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Statement of Financial Position Effects Tax Effects

• A major advantage of the FIFO method is that in a • Both inventory and net income are higher when
period of inflation, costs allocated to ending companies use FIFO in a period of inflation
inventory will approximate their current cost • Average-cost results in lower income taxes (because
• A shortcoming of the average-cost method is that in a of lower net income) during times of rising prices
period of inflation, costs allocated to ending
inventory may be understated in terms of current
cost
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Using Inventory Cost Flow Methods DO IT! 2 Cost Flow Methods

Consistently The accounting records of Shumway Implements show the
• Method should be used consistently, enhances following data.
comparability Beginning inventory 4,000 units at € 3
Purchases 6,000 units at € 4
• Although consistency is preferred, a company may Sales 7,000 units at €12
change its inventory costing method
Determine the cost of goods sold during the period under a
periodic inventory system using (a) the FIFO method, and (b)
the average-cost method.
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DO IT! 2 FIFO Method DO IT! 2 Average-Cost Method

Determine cost of goods sold under a periodic inventory. Determine cost of goods sold under a periodic inventory.
COST OF GOODS AVAILABLE FOR SALE COST OF GOODS AVAILABLE FOR SALE
Date Explanation Units Unit Cost Total Cost Date Explanation Units Unit Cost Total Cost
Beginning inventory 4,000 €3 €12,000 Beginning inventory 4,000 €3.00 €12,000
Purchase 6,000 4 24,000 Purchase 6,000 4.00 24,000
Total 10,000 €36,000 Total 10,000 €3.60 €36,000
Average Cost Per Unit
STEP 1: ENDING INVENTORY STEP 2: COST OF GOODS SOLD STEP 1: ENDING INVENTORY STEP 2: COST OF GOODS SOLD
Unit Total Cost of goods available for sale €36,000 Cost of goods available for sale €36,000
Unit Total
Units Cost Cost Less : Ending inventory 12,000 Units Cost Cost Less : Ending inventory 10,800
3,000 €4 €12,000 Cost of goods sold € 24,000 3,000 €3.60 €10,800 Cost of goods sold € 25,200
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Effects of Inventory Errors Effects of Inventory Errors

Common Cause: Inventory errors affect the computation of cost of goods sold
and net income in two periods. ILLUSTRATION 6.11
• Failure to count or price inventory correctly Formula for cost of goods sold
Cost of Cost of
• Not properly recognizing the transfer of legal title to Beginning Ending
+ Goods - = Goods
goods in transit Inventory Inventory
Purchased Sold
• Errors affect both the income statement and the Cost of
statement of financial position When Inventory Error: Goods Sold Is: Net Income Is:
Understates beginning inventory Understated Overstated
Overstates beginning inventory Overstated Understated
Understates ending inventory Overstated Understated
Overstates ending inventory Understated Overstated
ILLUSTRATION 6.12
Effects of inventory errors on current year’s income statement
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Income Statement Effects Income Statement Effects ILLUSTRATION 6.13

Effects of inventory errors on
two years’ income statements
Inventory errors affect the computation of cost of goods 2019 2020

Incorrect Correct Incorrect Correct
sold and net income in two periods. Sales € 80,000 € 80,000 € 90,000 € 90,000
Beginning inventory 20,000 20,000 12,000 15,000
• An error in ending inventory of current period will Cost of goods purchased 40,000 40,000 68,000 68,000
have a reverse effect on net income of next Cost of goods available 60,000 60,000 80,000 83,000
accounting period Ending inventory 12,000 15,000 23,000 23,000
Cost of good sold 48,000 45,000 57,000 60,000
• Over two years, total net income is correct because Gross profit 32,000 35,000 33,000 30,000
errors offset each other Operating expenses 10,000 10,000 20,000 20,000
Net income € 22,000 € 25,000 € 13,000 € 10,000
• Ending inventory depends entirely on accuracy of
Combined income
taking and costing inventory for 2-year period is (€3,000) €3,000
correct. Understated Overstated
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Statement of Financial Position Effects DO IT! 3 Inventory Errors

Effect of inventory errors on the statement of financial Visual Designs overstated its 2019 ending inventory by
position is determined by using the basic accounting NT$22,000. Determine the impact this error has on ending
equation: Assets = Liabilities + Owner's Equity. inventory, cost of goods sold, and owner’s equity in 2019 and
2020.
Errors in the ending inventory have the following effects.
Solution 2019 2020
Ending Owner's Ending inventory NT$22,000 overstated No effect
Inventory Error Assets Liabilities Equity
Cost of goods sold NT$22,000 understated NT$22,000 overstated
Overstated Overstated No effect Overstated Owner’s equity NT$22,000 overstated No effect
Understated Understated No effect Understated
ILLUSTRATION 6.14
Effects of ending inventory errors on statement of financial position
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Statement Presentation and Analysis Lower-of-Cost-or-Net Realizable Value

Presentation When the value of inventory is lower than its cost
Statement of Financial Position - Inventory classified as • Companies must “write down” inventory to its net
current asset. realizable value
Income Statement - Cost of goods sold subtracted from • Net realizable value: Amount that company expects
sales. to realize (receive from the sale of inventory)
There also should be disclosure of • Example of conservatism
1. major inventory classifications
2. basis of accounting (cost or LCM)
3. costing method (FIFO, or average-cost)
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Lower-of-Cost-or-Net Realizable Value Statement Presentation and Analysis

Illustration: Assume that Gao TVs has the following lines of Analysis
merchandise with costs and net realizable values as indicated.
Inventory management is a double-edged sword
Net
Cost Realizable Lower-of-Cost-or-Net 1. High Inventory Levels - may incur high carrying
Units per Unit Value per Unit Realizable Value
costs (e.g., investment, storage, insurance,
Flat-screen TVs 100 NT$600 NT$550 NT$ 55,000 (NT$550 x 100)
Satellite radios 500 90 104 45,000 (NT$90 x 500)
obsolescence, and damage).
DVD recorders 850 50 48 40,800 (NT$48 x 850)
2. Low Inventory Levels – may lead to stock-outs and
DVDs 3,000 5 6 15,000 (NT$5 x 3,000)
Total inventory NT$155,800 lost sales.
ILLUSTRATION 6.15
Computation of lower-of-cost-or-net realizable value
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Analysis Analysis
Inventory turnover measures the number of times on Illustration: Esprit Holdings (HKG) reported in a recent annual
average the inventory is sold during the period. report a beginning inventory of HK$3,209 million, an ending
inventory of HK$3,254 million, and cost of goods sold for the year
Cost of Goods Sold ended of HK$12,071 million. Illustration 6.16 shows the inventory
Inventory
= turnover formula and computation for Esprit Holdings.
Turnover Average Inventory
Cost of
÷ Average Inventory = Inventory Turnover
Days in inventory measures the average number of Goods Sold
days inventory is held. HK$3,209 + HK$3,254
HK$12,071 ÷ = 3.7 Times
Days in Year (365) 2
Days in
= ILLUSTRATION 6.16
Inventory Inventory Turnover Inventory turnover formula and computation for Esprit Holdings (in 365 ÷ 3.7 = 98.6 Days
millions)
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DO IT! 4 LCNRV and Inventory Turnover DO IT! 4 Inventory Turnover

Poon Heaters sells three different types of home heating stoves Early in 2020, Westmoreland Company switched to a just-in-time
(gas, wood, and pellet). The cost and net realizable value of its inventory system. Its sales revenue, cost of goods sold, and
inventory of stoves are as follows. inventory amounts for 2019 and 2020 are shown below.
Cost Net Realizable Value 2019 2020
Gas NT$ 84,000 NT$ 79,000 Sales revenue NT$2,000,000 NT$1,800,000
Wood 250,000 280,000 Cost of goods sold 1,000,000 910,000
Pellet 112,000 101,000 Beginning inventory 290,000 210,000
Determine the value of the company’s inventory under the lower- Ending inventory 210,000 50,000
of-cost-or-net realizable value approach. Determine the inventory turnover and days in inventory for 2019
Solution: The lowest value for each inventory type is gas and 2020.
NT$79,000, wood NT$250,000, and pellet NT$101,000. The total
inventory value is the sum of these amounts, NT$430,000.
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DO IT! 4 Inventory Turnover Appendix 6A Inventory Cost Flow Methods in

2019 2020
Perpetual Inventory Systems ILLUSTRATION 6A.1
Inventoriable units and costs
Sales revenue NT$2,000,000 NT$1,800,000 LIN ELECTRONICS
Cost of goods sold 1,000,000 910,000 Balance
Beginning inventory 290,000 210,000 Date Explanation Units Unit Cost Total Cost in Units
Ending inventory 210,000 50,000 1/1 Beginning inventory 10 $100 HK$ 1,000 10
4/15 Purchase 20 110 2,200 30
8/24 Purchase 30 120 3,600 60
2019 2020 9/10 Sale 55 5
Inventory 11/27 Purchase 40 130 5,200 45
turnover NT$1,000,000 NT$910,000 =7
=4 HK$12,000
(NT$290,000 + NT$210,000)/2 (NT$210,000 + NT$50,000)/2
Days in 365 ÷ 4 = 91.3 Days 365 ÷ 7 = 52.1 Days
inventory Illustration: Compute Cost of Goods Sold and Ending Inventory under
FIFO and average-cost.
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First-In, First-Out (FIFO) ILLUSTRATION 6A.2

Perpetual system—FIFO
Average-Cost ILLUSTRATION 6A.3
Perpetual system—average-cost method
Cost of
Date Purchases Goods Sold Inventory Balance
Cost of January 1 (10 @ HK$100) HK$ 1,000
Date Purchases Goods Sold Inventory Balance April 15 (20 @ HK$110) HK$2,200 (30 @ HK$106.667) HK$ 3,200
January 1 (10 @ HK$100) HK$1,000 August 24 (30 @ HK$120) HK$3,600 (60 @ HK$113.333) HK$ 6,800
April 15 (20 @ $110) HK$2,200 (10 @ HK$100) September 10 (55 @ HK$113.333) (5 @ HK$113.333) HK$ 567
HK$3,200 HK$6,233
(20 @ HK$110)
August 24 (30 @ $120) HK$3,600 (10 @ HK$100) 11/27 (40 @ HK$130) HK$5,200 (45 @ HK$128.156) HK$5,767
(20 @ HK$110) HK$6,800
(30 @ HK$120)
September 10 (10 @ HK$100)
(20 @ HK$110)
(25 @ HK$120) (5 @ HK$120) HK$600
HK$6,200
November 27 (40 @ $13) HK$5,200 (5 @ HK$120)
HK$5,800
(40 @ HK$130)
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Appendix 6B Estimating Inventories Gross Profit Method

Gross Profit Method Illustration: Kishwaukee Company records show net sales of
A method of estimating the cost of ending inventory by $200,000, beginning inventory $40,000, and cost of goods
applying a gross profit rate to net sales. purchased $120,000. In the preceding year, the company
ILLUSTRATION 6B.1
Gross profit method formulas realized a 30% gross profit rate. It expects to earn the same
Estimated rate this year. Compute the estimated cost of the ending
Estimated
Step 1: Net Sales - Gross = Cost of inventory at January 31 under the gross profit method.
Profit Goods Sold
Cost of Goods Estimated Estimated

Step 2: - Cost of = Cost of
Available
for Sale Goods Sold Ending Inventory
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Gross Profit Method ILLUSTRATION 6B.2

Examples of gross profit method Retail Inventory Method
Illustration: Compute the estimated cost of the ending • Retail companies establish a relationship between cost
inventory at January 31 under the gross profit method. and sales price
• Applies cost-to-retail percentage to ending inventory at
Step 1:
Net sales $200,000 retail prices to determine inventory at cost
Less: Estimated gross profit (30% × $200,000) 60,000
Goods Available Ending Inventory
Estimated cost of goods sold $140,000 Step 1: - Net Sales =
for Sale at Retail at Retail
Step 2:
Step 2: Goods Available Goods Available Cost-to-
Beginning inventory $ 40,000 ÷ =
for Sale at Cost for Sale at Retail Retail Ratio
Cost of goods purchased 120,000
Cost of goods available for sale 160,000 Step 3: Ending Cost-to- Estimated Cost of
x =
Less: Estimated cost of goods sold 140,000 Inventory at Retail Retail Ratio Ending Inventory
Estimated cost of ending inventory $ 20,000 ILLUSTRATION 6B.3
Retail inventory method formulas
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Retail Inventory Method A Look at U.S. GAAP

Illustration: It is not necessary to take a physical inventory to Key Points
determine the estimated cost of goods on hand. Similarities
At Cost At Retail • The definitions for inventory are essentially similar under GAAP and
Beginning inventory $14,000 $ 21,500 IFRS. Both define inventory as assets held-for-sale in the ordinary
course of business, in the process of production for sale (work in
Goods purchased 61,000 78,500
process), or to be consumed in the production of goods or services
Goods available for sale $75,000 100,000 (e.g., raw materials).
Less: Net sales 70,000
• Who owns the goods—goods in transit or consigned goods—as well
Step (1) Ending inventory at retail = $ 30,000 as the costs to include in inventory are essentially accounted for the
Step (2) Cost-to-retail ratio = $75,000 ÷ $100,000 = 75% same under IFRS and GAAP.
Step (3) Estimated cost of ending inventory = $30,000 x 75% = $22,500 • Except for LIFO under GAAP, both IFRS and GAAP use the lower-of-
ILLUSTRATION 6B.4
cost-or-net realizable value for inventory valuation.
Application of retail inventory method
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A Look at U.S. GAAP A Look at U.S. GAAP

Key Points Looking to the Future
Differences One convergence issue that will be difficult to resolve relates to the use
of the LIFO cost flow assumption. As indicated, IFRS specifically prohibits
• Both GAAP and IFRS permit specific identification where appropriate. its use. Conversely, the LIFO cost flow assumption is widely used in the
IFRS actually requires that the specific identification method be used United States because of its favorable tax advantages. In addition, many
where the inventory items are not interchangeable (i.e., can be argue that LIFO from a financial reporting point of view provides a better
specifically identified). If the inventory items are not specifically matching of current costs against revenue and, therefore, enables
identifiable, a cost flow assumption is used. GAAP does not specify companies to compute a more realistic income.
situations in which specific identification must be used.
• A major difference between IFRS and GAAP relates to the LIFO cost
flow assumption. GAAP permits the use of LIFO for inventory
valuation. IFRS prohibits its use. FIFO and average-cost are the only
two acceptable cost flow assumptions permitted under IFRS.
53 54
Copyright
Copyright © 2019 John Wiley & Sons, Inc.
All rights reserved. Reproduction or translation of this work beyond that permitted in
Section 117 of the 1976 United States Act without the express written permission of the
copyright owner is unlawful. Request for further information should be addressed to the
Permissions Department, John Wiley & Sons, Inc. The purchaser may make back-up
copies for his/her own use only and not for distribution or resale. The Publisher assumes
no responsibility for errors, omissions, or damages, caused by the use of these programs
or from the use of the information contained herein.
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5/3/2020

Chapter Outline Classifying and Determining Inventory

Determining Inventory Quantities Determining Inventory Quantities

Determining Inventory Quantities Goods in Transit

Determining Ownership of Goods DO IT! 1 Rules of Ownership

Specific Identification Specific Identification

Cost Flow Assumptions Cost Flow Assumptions

Cost Flow Assumptions First-In, First-Out (FIFO) ILLUSTRATION 6.6

COST OF GOODS AVAILABLE FOR SALE

Average-Cost ILLUSTRATION 6.9

Cost Flow Assumptions COST OF GOODS AVAILABLE FOR SALE

Date Explanation Units Unit Cost Total Cost

of Cost Flow Methods Lin Electronics

Statement of Financial Position Effects Tax Effects

Using Inventory Cost Flow Methods DO IT! 2 Cost Flow Methods

DO IT! 2 FIFO Method DO IT! 2 Average-Cost Method

Effects of Inventory Errors Effects of Inventory Errors

Income Statement Effects Income Statement Effects ILLUSTRATION 6.13

Inventory errors affect the computation of cost of goods 2019 2020

Statement of Financial Position Effects DO IT! 3 Inventory Errors

Statement Presentation and Analysis Lower-of-Cost-or-Net Realizable Value

Lower-of-Cost-or-Net Realizable Value Statement Presentation and Analysis

DO IT! 4 LCNRV and Inventory Turnover DO IT! 4 Inventory Turnover

DO IT! 4 Inventory Turnover Appendix 6A Inventory Cost Flow Methods in

First-In, First-Out (FIFO) ILLUSTRATION 6A.2

Appendix 6B Estimating Inventories Gross Profit Method

Cost of Goods Estimated Estimated

Gross Profit Method ILLUSTRATION 6B.2

Retail Inventory Method A Look at U.S. GAAP

A Look at U.S. GAAP A Look at U.S. GAAP

Copyright ©2019 John Wiley & Son, Inc. 55

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