Financial Mathematics One CreditAdopted
Inventory costing methods explanations Explanation Perpetual inventory system provides a running balance of cost of goods available for sale and cost of goods sold.
Under this system, no purchases account is maintained because inventory account is directly debited with each purchase of merchandise.
The expenses that are incurred to obtain merchandise inventory increase the cost of merchandise available for sale. These expenses are, therefore, also debited to inventory account.
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Examples of such expenses are freight-in and insurances etc. Each time the merchandise is sold, the related cost is transferred from inventory account to cost of goods sold account by debiting cost of goods sold and crediting inventory account.
The balance in inventory account at the end of an accounting period shows the cost of inventory in hand. The accuracy of this balance is periodically assured by a physical count — usually once a year. If a difference is found between the balance in inventory account and a physical count, it is corrected by making a suitable journal entry.
Both merchandising and manufacturing companies use perpetual inventory system.
Traditionally, the perpetual inventory system is used by companies that buy and sell easily identifiable inventories such as jewelry, clothing and appliances etc. When goods are purchased: When expenses such as freight-in, insurance etc.
When goods are returned to supplier: When a difference between the balance of inventory account and physical count of inventory is found: For further explanation of the concept of perpetual inventory system, consider the following example: The Metro company uses net price method to record the purchase of inventory.
The following journal entry would be made in the books of Metro company to record the purchase of merchandise: The following journal entry would be made to record the payment of freight-in and insurance expenses: On April 07, Metro company returns 5 washing machines to the supplier.
The return of washing machines to the supplier decreases the cost of inventory and accounts payable. The following entry would be made to record this decrease: On April 9, Metro sends the payment via online banking system and takes the advantage of the discount offered by the supplier.
As the payment is made within 10 days, the Metro company is entitled to receive discount. The following entry would be made to record the payment: The Metro company does not allow any discount to customers. The sale of 4 washing machines transfers the cost of inventory from inventory account to cost of goods sold account.
Two journal entries would be made; one for the sale of 4 washing machines and one for the transfer of cost from inventory account to cost of goods sold account:Please note that you are on the FEDERAL grants page.
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