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1、Chapter07-ReportingandInterpretingInventoriesandCostofGoodsSoldChapter7ReportingandInterpretingInventoriesandCostofGoodsSoldANSWERSTOQUESTIONS1.Threegoalsofinventorymanagementaretomakeorbuyproducts(1)insufficientquantitiestoavoidstock-outs(whichcouldresultinlostsalesr
2、evenueanddecreasesincustomersatisfaction),(2)thatprovideexpectedlevelsofquality,(3)atthelowestpossiblecostbyminimizingthecostsofobtainingandcarryinginventory(purchasing,production,storage,spoilage,theft,obsolescence,andfinancing).2.Merchandisersholdmerchandiseinventor
3、y,whichusuallyisacquiredinafinishedconditionandisreadyforsalewithoutfurtherprocessing.Manufacturersoftenholdthreetypesofinventory,witheachrepresentingadifferentstageinthemanufacturingprocess:(1)Rawmaterialsinventoryincludesmaterialsthateventuallyareprocessedfurthertop
4、roducefinishedgoods.Itemsareincludedinrawmaterialsinventoryuntiltheyentertheproductionprocess,atwhichtimetheybecomepartofworkinprocessinventory.(2)Workinprocessinventoryincludesgoodsthatareintheprocessofbeingmanufactured,butarenotyetcomplete.Whencompleted,workinproces
5、sinventorybecomesfinishedgoodsinventory.(3)Finishedgoodsinventoryincludesmanufacturedgoodsthatarecompleteandreadyforsale.Atthisstage,finishedgoodsaretreatedjustlikemerchandiseinventory.3.WhengoodsaresoldFOBdestination,theircostisremovedfromtheinventoryaccountandreport
6、edasanexpenseonlywhenthegoodsreachtheirdestination.BecausethegoodswereshippedonSeptember30,theywillnotreachtheirdestinationuntilOctober.Consequently,thecompanyshouldcontinuetoincludethecostofthegoodsininventoryonSeptember30.4.Goodsavailableforsaleisthesumofthebeginnin
7、ginventoryandtheamountofgoodspurchasedormadeduringtheperiod.Costofgoodssoldisthecostofgoodsactuallysold,whichcanbedeterminedbysubtractingthecostofendinginventoryfromthecostofgoodsavailableforsale.7-65Chapter07-ReportingandInterpretingInventoriesandCostofGoodsSold5.Beg
8、inninginventoryisthestockofgoodsonhand(ininventory)atthestartoftheaccountingperiod.Endinginventoryisthestockofgoodsonhand(in
