会计学原理FinancialAccountingbyRobertLibby第八版第七章答案Word文件下载.docx

会计学原理FinancialAccountingbyRobertLibby第八版第七章答案Word文件下载.docx

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4.Goodsavailableforsaleisthesumofthebeginninginventoryandtheamountofgoodspurchasedduringtheperiod.Costofgoodssoldistheamountofgoodsavailableforsalelesstheendinginventory.

5.Beginninginventoryisthestockofgoodsonhand（ininventory）atthestartoftheaccountingperiod.Endinginventoryisthestockofgoodsonhand（ininventory）attheendoftheaccountingperiod.Theendinginventoryofoneperiodautomaticallybecomesthebeginninginventoryofthenextperiod.

6.（a）Averagecost–Thisinventorycostingmethodinaperiodicinventorysystemisbasedonaweighted-averagecostfortheentireperiod.Attheendoftheaccountingperiodtheaveragecostiscomputedbydividingthegoodsavailableforsaleinunitsintothecostofgoodsavailableforsaleindollars.Thecomputedunitcostthenisusedtodeterminethecostofgoodssoldfortheperiodbymultiplyingtheunitssoldbythisaverageunitcost.Similarly,theendinginventoryfortheperiodisdeterminedbymultiplyingthisaverageunitcostbythenumberofunitsonhand.

（b）FIFO–Thisinventorycostingmethodviewsthefirstunitspurchasedasthefirstunitssold.Underthismethodcostofgoodssoldiscostedattheoldestunitcosts,andtheendinginventoryiscostedatthenewestunitcosts.

（c）LIFO–Thisinventorycostingmethodassumesthatthelastunitspurchasedarethefirstunitssold.Underthismethodcostofgoodssoldiscostedatthenewestunitcostsandtheendinginventoryiscostedattheoldestunitcosts.

（d）Specificidentification–Thisinventorycostingmethodrequiresthateachiteminthebeginninginventoryandeachitempurchasedduringtheperiodbeidentifiedspecificallysothatitsunitcostcanbedeterminedbyidentifyingthespecificitemsold.Thismethodusuallyrequiresthateachitembemarked,oftenwithacodethatindicatesitscost.Whenitissold,thatunitcostisthecostofgoodssoldamount.Itoftenischaracterizedasapick-and-choosemethod.Whentheendinginventoryistaken,thespecificitemsonhand,valuedatthecostindicatedoneachofthem,istheendinginventoryamount.

7.Thespecificidentificationmethodofinventorycostingissubjecttomanipulation.Manipulationispossiblebecauseonecan,atthetimeofeachsale,select（pickandchoose）fromtheshelftheitemthathasthehighestorthelowest（orsomeother）unitcostwithnoparticularrationaleforthechoice.Therationalemaybethatitisdesiredtoinfluence,byarbitrarychoice,boththeamountofincomeandtheamountofendinginventorytobereportedonthefinancialstatements.Toillustrate,assumeitemAisstockedandthreeareontheshelf.Onecost$100;

thesecondonecost$115;

andthethirdcost$125.Nowassumethatoneunitissoldfor$200.Ifitisassumedarbitrarilythatthefirstunitissold,thegrossprofitwillbe$100;

ifthesecondunitisselected,thegrossprofitwillbe$85;

oralternatively,ifthethirdunitisselected,thegrossprofitwillbe$75.Thus,theamountofgrossprofit（andincome）willvarysignificantlydependinguponwhichoneofthethreeisselectedarbitrarilyfromtheshelfforthisparticularsale.Thisassumesthatallthreeitemsareidenticalineveryrespectexceptfortheirunitcosts.Ofcourse,theselectionofadifferentunitcost,inthiscase,alsowillinfluencetheendinginventoryforthetworemainingitems.

8.LIFOandFIFOhaveoppositeeffectsontheinventoryamountreportedunderassetsonthebalancesheet.Theendinginventoryisbaseduponeithertheoldestunitcostorthenewestunitcost,dependinguponwhichmethodisused.UnderFIFO,theendinginventoryiscostedatthenewestunitcosts,andunderLIFO,theendinginventoryiscostedattheoldestunitcosts.Therefore,whenpricesarerising,theendinginventoryreportedonthebalancesheetwillbehigherunderFIFOthanunderLIFO.Conversely,whenpricesarefallingtheendinginventoryonthebalancesheetwillbehigherunderLIFOthanunderFIFO.

9.LIFOversusFIFOwillaffecttheincomestatementintwoways:

（1）theamountofcostofgoodssoldand

（2）income.Whenthepricesarerising,FIFOwillgivealowercostofgoodssoldamountandhenceahigherincomeamountthanwillLIFO.Incontrast,whenpricesarefalling,FIFOwillgiveahighercostofgoodssoldamountand,asaresult,alowerincomeamount.

10.Whenpricesarerising,LIFOcausesalowertaxableincomethandoesFIFO.Therefore,whenpricesarerising,incometaxislessunderLIFOthanFIFO.Alowertaxbillsavescash（reducescashoutflowforincometax）.ThetotalamountofcashsavedisthedifferencebetweenLIFOandFIFOinventoryamountsmultipliedbytheincometaxrate.

11.LCMisappliedwhenmarket（definedascurrentreplacementcost）islowerthanthecostofunitsonhand.Theendinginventoryisvaluedatmarket（lower）,which（a）reducesnetincomeand（b）reducestheinventoryamountreportedonthebalancesheet.TheeffectofapplyingLCMistoincludetheholdinglossontheincomestatement（asapartofCGS）intheperiodinwhichthereplacementcostdropsbelowcostratherthanintheperiodofactualsale.

12.Whenaperpetualinventorysystemisused,theunitcostmustbeknownforeachitemsoldatthedateofeachsalebecauseatthattimetwothingshappen:

（a）theunitssoldandtheircostsareremovedfromtheperpetualinventoryrecordandthenewinventorybalanceisdetermined;

（b）thecostofgoodssoldisdeterminedfromtheperpetualinventoryrecordandanentryintheaccountsismadeasadebittoCostofGoodsSoldandacredittoInventory.Incontrast,whenaperiodicinventorysystemisusedtheunitcostneednotbeknownatthedateofeachsale.Infact,theperiodicsystemisdesignedsothatcostofgoodssoldforeachsaleisnotknownatthetimeofsale.Attheendoftheperiod,undertheperiodicinventorysystem,costofgoodssoldisdeterminedbyaddingthebeginninginventorytothetotalgoodspurchasedfortheperiodandsubtractingfromthattotaltheendinginventoryamount.Theendinginventoryamountisdeterminedbymeansofaphysicalinventorycountofthegoodsremainingonhandandwiththeunitsvaluedonaunitcostbasisinaccordancewiththecostprinciple（byapplyinganappropriateinventorycostingmethod）.

ANSWERSTOMULTIPLECHOICE

1.c）

2.d）

3.a）

4.a）

5.c）

6.c）

7.a）

8.c）

9.c）

10.a）

Authors'

RecommendedSolutionTime

（Timeinminutes）

Mini-exercises

Exercises

Problems

AlternateProblems

CasesandProjects

No.

Time

1

20

2

5

30

40

3

35

4

15

45

6

50

7

8

*

9

10

11

12

ContinuingCase

13

14

16

17

18

19

21

25

22

*Duetothenatureofthesecasesandprojects,itisverydifficulttoestimatetheamountoftimestudentswillneedtocompletetheassignment.Aswithanyopen-endedproject,itispossibleforstudentstodevotealargeamountoftimetotheseassignments.Whilestudentsoftenbenefitfromtheextraeffort,wefindthatsomebecomefrustratedbytheperceiveddifficultyofthetask.Youcanreducestudentfrustrationandanxietybymakingyourexpectationsclear.Forexample,whenourgoalistosharpenresearchskills,wedevoteclasstimetodiscussingresearchstrategies.Whenwewantthestudentstofocusonarealaccountingissue,weoffersuggestionsaboutpossiblecompaniesorindustries.

MINI-EXERCISES

M7–1.

TypeofBusiness

TypeofInventoryMerchandisingManufacturing

WorkinprocessX

FinishedgoodsX

MerchandiseX

RawmaterialsX

M7–2.

Torecordthepurchaseof90newshirtsinaccordancewiththecostprinciple（perpetualinventorysystem）:

Inventory（+A）2,150

Cash（-A）2,150

Cost:

$1,800+$185+$165=$2,150.

The$108interestexpenseisnotapropercostofthemercha