mba fa 《financial accounting》 习题答案7.pdf

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1、CHAPTER7MERCHANDISEINVENTORYBRIEFEXERCISESBE7–1TheinventorypurchasesmadebyHewlett-Packardduring2003canbecalculatedasfollows:Endinginventory$6.1billion+Costofgoodssold43.7Goodsavailableforsale$49.8–Beginninginventory5.8Purchasesin2003$44.0billionBE7–2a.FromthefootnoteitisapparentthatJohnson&Jo

2、hnsonisamanufacturer.Aretaileroraservicecompanywouldnothaveaccountscalledrawmaterialsandsuppliesoragoodsinprocesswithinthedetailoftheirinventory.Theseaccountsareonlyusedbymanufacturingcompanies.b.FromthisdisclosureitappearsthatJohnson&JohnsonusestheFIFOinventorycostflowassumption.Ifacompanyus

3、esLIFOitmustdisclosetheamountoftheLIFOreserveimbeddedinthevaluationoftheinventory.BE7–3IfGeneralElectricusedtheFIFOinventorycostflowassumptioninsteadofLIFO,itsinventorybalancefor2003wouldbe$9.832billion.ThisdisclosureisusefultofinancialstatementusersbecauseitcanmakeiteasiertocompareGE’sresult

4、swithacompanythatusesaFIFOassumption.ItalsotellsthereaderthefinancialstatementandtaxliabilityimpactonGEifitweretoswitchtoaFIFOassumption.EXERCISESE7–1(1)SincethegoodswereshippedFOBshippingpoint,legaltitletothegoodspassestothebuyerwhenthegoodsareshippedonDecember30,2005.SinceDallasisthebuyer,D

5、allashaslegaltitletotheinventoryasofDecember31,2005.Further,Dallasrightfullyincludedtheitemsinitsinventory.Therewillbenomisstatementonanyofthefinancialstatements.(2)ThegoodswereshippedFOBshippingpoint,solegaltitlepassestothebuyerwhenthegoodsareshippedonDecember31,2005.SinceDallasistheseller,n

6、otthebuyer,legaltitlepassedfromDallasonDecember31,2005.Dallas,wrongfullyincludedtheitemsinitsendinginventory.Thiswouldresultinanoverstatementofinventoryonthebalancesheet.Assuming1E7–1ConcludedthatDallashasproperlyrecordedthesalebutdidnotyetrecordtheCOGS,therewillbeanunderstatementofCOGSonthei

7、ncomestatementandanoverstatementofretainedearnings.(3)SincethegoodswereshippedFOBdestination,legaltitletothegoodspassestothebuyerwhenthegoodsreachtheirdestinationonJanuary2,2006.SinceDallasistheseller,notthebuyer,Dallashaslegaltitletotheinven