西方财务会计课后习题答案Word下载.docx
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2.（Financialstatements）
BALANCESHEET
Currentassets:
Inventory（$100,000–$60,000）……………….
$40,000
INCOMESTATEMENT
Salesrevenue………………………………………
$140,000
Costofgoodssold………………………………..
60,000
Grossprofit…………………………………………
$80,000
（10min.）CP6-3
Billions
Inventory…………………………
6.4
Cash…………………………...
AccountsReceivable………….
28.5
SalesRevenue……………….
CostofGoodsSold……………
6.2
Inventory……………………...
Cash………………………………
26.3
AccountsReceivable……….
（10min.）CP6-4
1.Inventorycostsareincreasingfrom$10to$14to$18perunit.
2.FIFOresultsinthehighestcostofendinginventory（$360）becauseunderFIFOtheendinginventoryiscostedatthelastcostsincurredduringtheperiod.Whencostsareincreasing,thelastcostsarethehighestcosts.
FIFOresultsinthelowestcostofgoodssold.Thisoccursbecausetheoldestcostsareassignedtocostofgoodssold.Whencostsareincreasing,theoldestcostsarethelowest.
FIFOresultsinthehighestgrossprofitbecausecostofgoodssold,theexpense,isthelowest.（Salesrevenueisunaffectedbytheinventorycostingmethod.）
3.LIFOresultsinthelowestcostofendinginventory（$240）becauseunderLIFO,theendinginventoryiscostedattheoldestcosts.Whencostsareincreasing,theoldestcostsarethelowestcosts.
LIFOresultsinthehighestcostofgoodssold.Thisoccursbecausethelastcostsoftheperiodareassignedtocostofgoodssold.Whencostsareincreasing,thelastcostsarethehighest.
LIFOresultsinthelowestgrossprofitbecausecostofgoodssold,theexpense,isthehighest.（Salesrevenueisunaffectedbytheinventorycostingmethod.）
（10min.）CP6-5
a
b
c
Average
Cost
FIFO
LIFO
Costofgoodssold:
Average（50@$15*）
$750
FIFO（10@$10）+（25@$14）+（15@$18）
$720
LIFO（25@$18）+（25@$14）
$800
Endinginventory:
Average（10@$15*）
$150
FIFO（10@$18）
$180
LIFO（10@$10）
$100
_____
*Averagecost
=
（$100+$350+$450）
$15
perunit
（10+25+25）
（10-15min.）CP6-6
Kinko’s
YearEndedDecember31,20XX
Average
FIFO
LIFO
Salesrevenue（600⨯$20）
$12,000
Costofgoodssold（600⨯$9.90*）
5,940
（100⨯$9）+（500⨯$10）
5,900
（600⨯$10）
6,000
Grossprofit
6,060
6,100
6,000
Operatingexpenses
4,000
Netincome
$2,060
$2,100
$2,000
*
Beginninginventory（100@$9.20）…………..
$920
Purchases（700@$10）…………………………
7,000
Goodsavailable…………………….……………
$7,920
Averagecostperunit$7,920/800units…
$9.90
（10min.）CP6-7
FIFO
LIFO
______
Incomebeforeincometax
Incometaxexpense（40%）
$824
$840
$800
*FromCP6-6
（5min.）CP6-8
Lands’Endmanagerscandelaypurchasesofinventoryuntilthenextyear.UnderLIFO,highinventorycoststhatwouldhavebeenpaidforinventorydonotbecomeexpenseascostofgoodssoldinthecurrentyear.Asaresult,thecurrentyear’sincomestatementreportsahighernetincomethanLands’Endwouldhavereportedifthecompanyhadreplacedinventorybeforeyearend.
（5-10min.）CP6-9
Millions
Inventories,atmarket（whichislowerthancost）..
$330
Costofgoodssold[$1,001+（$333–$330）]…………
$1,004
（10min.）CP6-10
1.FIFO
2.LIFO
Grossprofitpercentage:
$460*
46%
$340**
34%
Netsalesrevenue
$1,000
*$1,000–$540=$460
**$1,000–$660=$340
Inventoryturnover:
Costofgoodssold
$540
$660
Averageinventory
（$100+$360）/2
（$100+$240）/2
2.3times
3.9times
3.
Grossprofitpercentage—FIFOlooksbetter.
4.
Inventoryturnover—LIFOlooksbetter.
（10-15min.）CP6-11
1.
Beginninginventory……………………………...
$300,000
+
Purchases……………………………………….…
1,600,000
Goodsavailable…………………………………...
1,900,000
–
Costofgoodssold……………………………….
（1,800,000）
Endinginventory……………………………….…
$100,000
2.
Beginninginventory……………………………..
s
ame
Salesrevenue……………………….
$3,000,000
Lessestimatedgrossprofit（40%）
（1,200,000）
Estimatedcostofgoodssold……………….
（1,800,000）
Estimatedcostofendinginventory…………...
$100,000
（5-10min.）CP6-12
Correct
Amount（Millions）
a.
Inventory（$333+$3）…………………………………
$336
b.
Netsales（unchanged）……………………………….
$1,755
c.
Costofgoodssold（$1,001–$3）…………………...
$998
d.
Grossprofit（$754+$3）……………………….……..
$757
（10min.）CP6-13
1.Lastyear’sreportedgrossprofitwasunderstated.
Correctgrossprofitlastyearwas$5.6million（$4.0+$1.6）.
2.Thisyear’sgrossprofitisoverstated.
Correctgrossprofitforthisyearis$3.2million（$4.8–$1.6）.
3.Lang’sperspectiveisbetterbecausecorrectingtheerrorchangesthetrendofcorrectgrossprofitfromup（good）todown（bad）,asfollows:
LastYear
ThisYear
Trend
Reportedgrossprofit……..
$4.0
$4.8
Up（Good）
Correctgrossprofit……….
$5.6
$3.2
Down（Bad）
（5-10min.）CP6-14
1.Ethical.Thereisnothingwrongwithbuyinginventorywheneveracompanywishes.
2.Ethical.Sameideaas1.
3.Unethical.Thecompanyfalsifieditsreportedamountsofinventoryandnetincome.
4.Unethical.Thecompanyfalsifieditsreportedinventorypurchases,costofgoodssold,andnetincomeinordertocheatthegovernment（andthepeople）outofincometax.
5.Unethical.Thecompanyfalsifieditsreportedamountofinventoryinordertocheatthegovernment（andthepeople）outoftaxes.
Exercises
（15-20min.）E6-1
Req.1（journalentried）
PerpetualSystem
Purchases:
Thousands
Inventory…………………….……….…
2,200
AccountsPayable………………….
2,200
Sales:
Cash（$3,500⨯.20）…….……………..
700
AccountsReceivable（$3,500⨯.80）.
2,800
SalesRevenue…………….……….
3,500
CostofGoodsSold…………………..
2,100
Inventory………………….………....
2,100
Req.2（financialstatementamounts）
Inventory（$370+$2,200–$2,100）...
$470
Salesrevenue…………………………….
$3,500
Costofgoodssold………………………
Grossprofit……………………………….
$1,400
（15-25min.）E6-2
Journal
DATE
ACCOUNTTITLESANDEXPLANATION
DEBIT
CREDIT
1
Inventory（$640+$1,870+$900）……….
3,410
AccountsPayable………………………
2
AccountsReceivable（17@$500）……...
8,500
SalesRevenue…………………………..
CostofGoodsSold……………………….
2,800*
Inventory…………………………………
2,800
3
Salesrevenue………………………………
$8,500
Costofgoodssold………………………..
Grossprofit…………………………………
$5,700
Endinginventory（$800+$3,410–$2,800）……...
$1,410
*（9@$160）+（8@$170）=$2,800
（10-15min.）E6-3
Inventory
Begin.Bal.
（5units@$160）800
Purchases
Oct.8
（4units@$160）640
15
（11units@$170）1,870
26
（5units@$180）900
（17units@$?
）
?
Endingbal.
（8units@$?
）?
CostofGoodsSold
EndingInventory
（a）Specific
unitcost
（6@$160）+（11@$170）
$2,830
（3@$160）+（5@$180）
$1,380
（b）Average
cost
17⨯$168.40*
$2,863
8⨯$168.40*
$1,347
*Averagecostperunit
（$800+$640+$1,870+$900）
$168.40
（5+4+11+5）
（c）FIFO
（9@$160）+（8@$170）
$2,800
（5@$180）+（3@$170）
（d）LIFO
（5@$180）+（11@$170）+（1@$160）
$2,930
（8@$160）
$1,280
2.LIFOproducesthehighestcostofgoodssold.
FIFOproducesthelowestcostofgoodssold.
Theincreaseininventorycostfrom$160to$170to$180perunit
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