Matakuliah
Tahun
: V0232 – Akuntansi Keuangan Hotel
: 2009
Hospitality Financial Accounting
Week 8
Inventories and Cost of
Goods Calculations
9-1 Comparison of Journal Entries under
Perpetual and Periodic Inventory Systems
Transaction
July 5
July 6
July 8
July 14
July 16
July 18
Perpetual Inventory System
Purchase of merchandise
on credit.
Merchandise Inventory
Accounts Payable
Purchase returns and
allowances.
Accounts Payable
Merchandise Inventory
Freight costs on
purchases.
Merchandise Inventory
Accounts Payable
Payment on account with
a discount.
Accounts Payable
Cash
Merchandise Inventory
38,000
Sale of merchandise on
credit.
Accounts Receivable
Sales Revenue
24,000
Cost of Goods Sold
Merchandise Inventory
12,000
Return on merchandise.
Sales Returns and Allowances
Accounts Receivable
Merchandise Inventory
Cost of Goods Sold
July 25
Cash received on account
with a discount.
Cash
Sales Discounts
Accounts Receivable
Periodic Inventory System
40,000
40,000
2,000
2,000
200
200
Purchases
Accounts Payable
40,000
40,000
Accounts Payable
Purchase Returns and
Allowances
2,000
Freight-in
Accounts Payable
200
2,000
200
Accounts Payable
Cash
Purchase Discounts
38,000
37,240
760
Accounts Receivable
Sales Revenue
24,000
24,000
37,240
760
24,000
No entry
12,000
1,000
1,000
500
Sales Returns and Allowances
Accounts Receivable
1,000
1,000
No entry
500
22,770
230
23,000
Cash
Sales Discounts
Accounts Receivable
22,770
230
23,000
9-2 Cost of Goods Sold
CALCULATION OF COST OF GOODS PURCHASED
Purchases
$36,000
Less: Purchase returns and allowances
Purchase discounts
Net purchases
$7,000
3,000
10,000
350,000
Add: Freight-in
5,000
Cost of goods purchased
$355,000
CALCULATION OF COST OF GOODS SOLD
Inventory, January 1
$40,000
Cost of goods purchased
355,000
Cost of goods available for sale
395,000
Inventory, December 31
Cost of goods sold
50,000
$345,000
9-3 Components of the Income Statement using
the Periodic Inventory System
Sales
Net Sales
-
Sales returns and allowances
-
Sales discounts
=
Net Sales
Net Sales
Gross
Profit
-
Cost of goods sold
=
Gross profit
Purchases
Selling expenses (including freight-out)
-
Purchase returns and allowances
+
Administrative expenses
-
Purchase discounts
=
Total operating expenses
=
Net purchases
+
Freight-in
=
Cost of goods purchased
Operating
Expenses
Gross profit
Beginning Inventory
Cost of
Goods
Sold
+
Cost of goods purchase
=
Cost of goods available for sale
-
Ending inventory
=
Cost of goods sold
Net
Income
-
Total operating expenses
=
Net income
9-4 Costing Ending Inventory using FIFO, LIFO
and Average Cost Methods – Periodic System
Your company provided the following data for the year:
Units
Unit Cost
Total Cost
January 1 …
80
$15.00
$1,200
March 15 purchase …
60
16.00
960
June 20 purchase …
100
17.50
1750
October 25 purchase …
90
18.00
1,620
Units and goods available …
330
Ending inventory (December 31) consists of 110 units.
Complete the costing of ending inventory under FIFO, LIFO, and average cost.
$5,530
9-4 Costing Ending Inventory using FIFO, LIFO
and Average Cost Methods – Periodic System
(continued)
Cost of goods available for sale ….
LESS:
FIFO
LIFO
AVERAGE
$5,530
$5,530
$5,530
Ending Inventory (FIFO)
Dates: Units X Cost
October 25 (90 X $18,000) = $1,620
June 20 (20 X $17.50) = 350
LESS:
1,970
Ending Inventory (LIFO)
Dates: Units X Cost
Balance
Sheet
Effects
Jan 1 (80 X $15.00) = $1,200
Mar 15 (30 X $16.00) = 480
LESS:
1,680
Ending Inventory (Aver. Cost)
Wt. Aver. Cost + Units = Unit Cost
$5,530 + 330 = $16.76 (r)
$16.76/unit X 110 units
Cost of Goods Sold ….
1,844 (r)
$3,560
$3,850
$3,686
9-5 Effects of Inventory Errors
Inventory Error
Cost of Goods Sold
Net Income
Beginning inventory understated
Understated
Overstated
Beginning inventory overstated
Overstated
Understated
Ending inventory understated
Overstated
Understated
Ending inventory overstated
Understated
Overstated
SELF-CORRECTING ERRORS OVER TWO PERIODS
Current Period
Ending Inventory Error
An error’s effect on income this
Next Period
becomes
Beginning Inventory Error
Reverse effect on net income in this
offsetsOVER TWO PERIODS
CORRECT TOTAL INCOME