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ACCA考试《F3财务会计》辅导资料<10>

来源：高顿网校 2015-04-09

Session 6 Inventory System

　　Main Contents:

　　1.Adjustment for inventory in the financial statements

　　2.Recording inventory in the ledger accounts

　　3.Valuation of inventory

　　4.IAS 2 Inventories

　　6.1 Adjustment for inventory in the financial statements

　　● Continuous and Periodic inventory records

　　Two distinctly different inventory systems, perpetual and periodic, are used to determine the amounts reported for ending stock and cost of goods sold, in order to calculate gross profit and preparing for balance sheet.

　　Continuous inventory system:

　　Involves keeping a current and continuous record of all stock transactions on an inventory card or computer record for each type of inventory item held.

　　- Provide more timely information for inventory controlling and planning

　　- But involves much clerical work, and is normally used for businesses that sell stock of high value.

　　Periodic inventory records:

　　Is the formal title for a business to count its inventory at the balance sheet date.

　　- are cheaper in most situations than the costs of maintaining continuous inventory records

　　- areless time-consuming in maintaining inventory records

　　- Even if there is a continuous inventory record, there will still be a need to check the accuracy of the information recorded by having a physical check of some of the inventory lines.

　　Inperiodic inventory system, the beginning balance inthe stock accountis not changed until the end of the accounting period.The costs of additional stock purchases during the year are recorded in the Purchase Journal.When an item of stock is sold, only one entry is made and that is to record the sales at selling price.

　　● Cost of sales

　　- Opening inventory must be included in cost of sales as these goods are unsold goods in inventory at the beginning of period and are available for sale along with purchases during the year.

　　- Closing inventory must be deducted from cost of sales as these goods are held at the period end and have not been sold.

　　Cost of sales --- Formula

　　Opening inventory value　　　　　　　　　xx

　　Add cost of purchases or production　　　 xx

　　Less closing inventory value　　　　　 (xx)

　　Equals cost of goods sold　　　　　　　　 xx

　　● Cost of carriage inwards and carriage outward:

　　Carriage refers to the cost of transporting purchased goods from the supplier to the premises of the business.

　　Carriage inwards - when the purchaser pays, the cost to the purchaser is carriage inwards

　　- added to the cost of purchases in the income statement and enters into the calculation of gross profit.

　　Carriage outwards - when the supplier pays, the cost to the supplier is known as carriage outwards

　　- is aselling and distribution expense in the income statement.

　　6.2 Recording inventory in the ledger accounts

　　● In the inventory ledger account, the opening inventory will be the brought forward balance from the previous period.This must be transferred to the I.S.

　　Opening inventory:

　　Debit Opening inventory account ( Income Statement)

　　Credit Inventory account ( Balance Sheet)

　　● The closing inventory is entered into the ledger accounts with the following entry:

　　Closing inventory

　　Debit Inventory account ( Balance Sheet)

　　Credit Closing inventory( Income Statement)

　　● Once these entries have been completed, the income statement ledger account contains both opening and closing inventory and the inventory ledger account shows the closing inventory for the period to be shown in the Statement of Financial Position.

　　● Any balance carried forward at the end of an accounting period will become the opening balance at the beginning of the next accounting period.

　　Example 1:

　　Cilla has closing inventory of $5,600 at 30 June.How should this closing inventory be accounted for at 30 June?

　　A.Debit Inventory $5,600, Credit Income statement $5,600

　　B.Debit Inventory $5,600, Credit Balance sheet $5,600

　　C.Debit Income statement $5,600, Credit inventory $5,600

　　D.Debit Balance sheet $5,600, Credit Income statement $5,600

　　Example 2：

　　John had opening inventory of $7,000 at 1 July.How should this opening inventory be accounted for at 30 June?

　　A.Debit Inventory $7,000, Credit Income statement $7,000

　　B.Debit Inventory $7,000, Credit Balance sheet $7,000

　　C.Debit Income statement $7,000, Credit Inventory $7,000

　　D.Debit Balance sheet $7,000, Credit Income statement $7,000

　　● Drawing of inventory – a sole trader takes the inventory out of the business for his own use

　　A form of drawings:

　　Dr.Drawings cost of inventory taken

　　Cr.Cost of sales cost of inventory taken

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