merchandise inventory, cost of goods sold, and gross profit：库存商品，商品销售成本，毛利

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1、MerchandiseInventory,CostofGoodsSold,andGrossProfitChapter61IncomeStatementsServicerevenue$XXXExpensesSalaryexpenseXDepreciationexpenseXIncometaxexpenseXNetincome$XServiceCompanyCentury21RealEstateIncomeStatementYearEndedDecember31,20xxSalesrevenue$185Costofgoo

2、dssold146Grossprofit39Operatingexpenses:SalaryexpenseXDepreciationexpenseXIncometaxexpense$XNetincome$4MerchandisingCompanyGeneralMotorsCorporationIncomeStatementYearEndedDecember31,20xx2BalanceSheetsCurrentassets:Cash$XShort-terminvestmentsXAccountsreceivable,

3、netXPrepaidexpensesXServiceCompanyCentury21RealEstateBalanceSheetYearEndedDecember31,20xxCurrentassets:Cash$XShort-terminvestmentsXAccountsreceivable,netXInventory11PrepaidexpensesXMerchandisingCompanyGeneralMotorsCorporationBalanceSheetYearEndedDecember31,20xx

4、3AccountingforInventoryCurrentassets:Cash$XXXShort-terminvestmentsXXXAccountsreceivableXXXInventory(1truck@$15,000)$15,000PrepaidexpensesXXXGeneralMotorsCorporationBalanceSheet(partial)Salesrevenue(2trucks@$20,000)$40,000Costofgoodssold(2trucks@$15,000)30,000Gr

5、ossprofit$10,000GeneralMotorsCorporationIncomeStatement(partial)4Salesrevenues–Costofgoodssold=Grossprofit(beforeoperatingexpenses)Grossprofit–Operatingexpenses=NetincomeGrossProfit(GrossMargin)5ComputingCostCostofinventoryonhand=Numberofunitsonhand×unitcostBal

6、anceSheetCostofgoodssold=Numberofunitssold×unitcostIncomeStatement6LearningObjective1Usethecost-of-goods-soldmodel.7CostofGoodsSoldModelBeginninginventory$20Purchases$100Costofgoodsavailableforsale$120Endinginventory$30Costofgoodssold$908HowMuchInventoryShould

7、BePurchased?Budgetedcostofgoodssold$6,000+Budgetedendinginventory1,500–Actualbeginninginventory1,200=Budgetedpurchases$6,300=Budgetedcostofgoodsavailableforsale$7,5009LearningObjective2Accountforinventorytransactions.10Perpetualsystemsmaintainarunningrecordtosh

8、owtheinventoryonhandatalltimes.Periodicsystemsdonotkeepacontinuousrecordofinventoryonhand.InventoryAccountingSystems11DebitCashorAccountsReceivableCreditSalesRevenueDebitCos