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1、Chapter07-ReportingandInterpretingInventoriesandCostofGoodsSoldChapter7ReportingandInterpretingInventoriesandCostofGoodsSoldANSWERSTOQUESTIONS1.Threegoalsofinventorymanagementaretomakeorbuyproducts(1)insufficientquantitiestoavoidstock-outs(whichcouldres
2、ultinlostsalesrevenueanddecreasesincustomersatisfaction),(2)thatprovideexpectedlevelsofquality,(3)atthelowestpossiblecostbyminimizingthecostsofobtainingandcarryinginventory(purchasing,production,storage,spoilage,theft,obsolescence,andfinancing).2.Mercha
3、ndisersholdmerchandiseinventory,whichusuallyisacquiredinafinishedconditionandisreadyforsalewithoutfurtherprocessing.Manufacturersoftenholdthreetypesofinventory,witheachrepresentingadifferentstageinthemanufacturingprocess:(1)Rawmaterialsinventoryincludes
4、materialsthateventuallyareprocessedfurthertoproducefinishedgoods.Itemsareincludedinrawmaterialsinventoryuntiltheyentertheproductionprocess,atwhichtimetheybecomepartofworkinprocessinventory.(2)Workinprocessinventoryincludesgoodsthatareintheprocessofbeing
5、manufactured,butarenotyetcomplete.Whencompleted,workinprocessinventorybecomesfinishedgoodsinventory.(3)Finishedgoodsinventoryincludesmanufacturedgoodsthatarecompleteandreadyforsale.Atthisstage,finishedgoodsaretreatedjustlikemerchandiseinventory.3.Whengo
6、odsaresoldFOBdestination,theircostisremovedfromtheinventoryaccountandreportedasanexpenseonlywhenthegoodsreachtheirdestination.BecausethegoodswereshippedonSeptember30,theywillnotreachtheirdestinationuntilOctober.Consequently,thecompanyshouldcontinuetoinc
7、ludethecostofthegoodsininventoryonSeptember30.4.Goodsavailableforsaleisthesumofthebeginninginventoryandtheamountofgoodspurchasedormadeduringtheperiod.Costofgoodssoldisthecostofgoodsactuallysold,whichcanbedeterminedbysubtractingthecostofendinginventoryfr
8、omthecostofgoodsavailableforsale.7-65Chapter07-ReportingandInterpretingInventoriesandCostofGoodsSold5.Beginninginventoryisthestockofgoodsonhand(ininventory)atthestartoftheaccountingperiod.Endinginventoryisthestockofgoodsonhand(in
