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1、Chapter6MerchandiseInventoryandCostofGoodsSoldCheckPoints(10min.)CP6-1NissanNorthAmericaBalanceSheetDecember31,20X6Currentassets:Inventory(300@$80)…………………..$24,000NissanNorthAmericaIncomeStatementYearEndedDecember31,20X6Salesrevenue[700´($80+$40)]……….$84,000Costofgoodssold(700@$80)…………56,000Gro
2、ssprofit………………………………….$28,00074Chapter6MerchandiseInventoryandCostofGoodsSold(10-15min.)CP6-21.(Journalentries)Inventory…………………………………..100,000AccountsPayable…………………….100,000Cash($140,000´.20)……………………28,000AmountsReceivable($140,000´.80)..112,000SalesRevenue………………………...140,000CostofGoodsSold…………
3、…………..60,000Inventory($100,000´.60)…………..60,0002.(Financialstatements)BALANCESHEETCurrentassets:Inventory($100,000–$60,000)……………….$40,000INCOMESTATEMENTSalesrevenue………………………………………$140,000Costofgoodssold………………………………..60,000Grossprofit…………………………………………$80,00074Chapter6MerchandiseInventoryandCostof
4、GoodsSold(10min.)CP6-3BillionsInventory…………………………6.4Cash…………………………...6.4AccountsReceivable………….28.5SalesRevenue……………….28.5CostofGoodsSold……………6.2Inventory……………………...6.2Cash………………………………26.3AccountsReceivable……….26.374Chapter6MerchandiseInventoryandCostofGoodsSold(10min.)CP6-41.Inventorycostsarei
5、ncreasingfrom$10to$14to$18perunit.2.FIFOresultsinthehighestcostofendinginventory($360)becauseunderFIFOtheendinginventoryiscostedatthelastcostsincurredduringtheperiod.Whencostsareincreasing,thelastcostsarethehighestcosts.FIFOresultsinthelowestcostofgoodssold.Thisoccursbecausetheoldestcostsareass
6、ignedtocostofgoodssold.Whencostsareincreasing,theoldestcostsarethelowest.FIFOresultsinthehighestgrossprofitbecausecostofgoodssold,theexpense,isthelowest.(Salesrevenueisunaffectedbytheinventorycostingmethod.)3.LIFOresultsinthelowestcostofendinginventory($240)becauseunderLIFO,theendinginventoryis
7、costedattheoldestcosts.Whencostsareincreasing,theoldestcostsarethelowestcosts.LIFOresultsinthehighestcostofgoodssold.Thisoccursbecausethelastcostsoftheperiodareassignedtocostofgoodssold.Whencostsareincreasing,thelastcostsarethehig
