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Chapter6MerchandiseInventoryandCostofGoodsSoldCheckPoints(10min.)CP6-1NissanNorthAmericaBalanceSheetDecember31,20X6Currentassets:Inventory(300@$80)…………………..$24,000NissanNorthAmericaIncomeStatementYearEndedDecember31,20X6Salesrevenue[700($80+$40)]……….$84,000Costofgoodssold(700@$80)…………56,000Grossprofit………………………………….$28,000Chapter6MerchandiseInventoryandCostofGoodsSold0(10-15min.)CP6-21.(Journalentries)Inventory…………………………………..100,000AccountsPayable…………………….100,000Cash($140,000.20)……………………28,000AmountsReceivable($140,000.80)..112,000SalesRevenue………………………...140,000CostofGoodsSold……………………..60,000Inventory($100,000.60)…………..60,0002.(Financialstatements)BALANCESHEETCurrentassets:Inventory($100,000–$60,000)……………….$40,000INCOMESTATEMENTSalesrevenue………………………………………$140,000Costofgoodssold………………………………..60,000Grossprofit…………………………………………$80,000Chapter6MerchandiseInventoryandCostofGoodsSold1(10min.)CP6-3BillionsInventory…………………………6.4Cash…………………………...6.4AccountsReceivable………….28.5SalesRevenue……………….28.5CostofGoodsSold……………6.2Inventory……………………...6.2Cash………………………………26.3AccountsReceivable……….26.3Chapter6MerchandiseInventoryandCostofGoodsSold2(10min.)CP6-41.Inventorycostsareincreasingfrom$10to$14to$18perunit.2.FIFOresultsinthehighestcostofendinginventory($360)becauseunderFIFOtheendinginventoryiscostedatthelastcostsincurredduringtheperiod.Whencostsareincreasing,thelastcostsarethehighestcosts.FIFOresultsinthelowestcostofgoodssold.Thisoccursbecausetheoldestcostsareassignedtocostofgoodssold.Whencostsareincreasing,theoldestcostsarethelowest.FIFOresultsinthehighestgrossprofitbecausecostofgoodssold,theexpense,isthelowest.(Salesrevenueisunaffectedbytheinventorycostingmethod.)3.LIFOresultsinthelowestcostofendinginventory($240)becauseunderLIFO,theendinginventoryiscostedattheoldestcosts.Whencostsareincreasing,theoldestcostsarethelowestcosts.LIFOresultsinthehighestcostofgoodssold.Thisoccursbecausethelastcostsoftheperiodareassignedtocostofgoodssold.Whencostsareincreasing,thelastcostsarethehighest.LIFOresultsinthelowestgrossprofitbecausecostofgoodssold,theexpense,isthehighest.(Salesrevenueisunaffectedbytheinventorycostingmethod.)Chapter6MerchandiseInventoryandCostofGoodsSold3(10min.)CP6-5abcAverageCostFIFOLIFOCostofgoodssold:Average(50@$15*)$750FIFO(10@$10)+(25@$14)+(15@$18)$720LIFO(25@$18)+(25@$14)$800Endinginventory:Average(10@$15*)$150FIFO(10@$18)$180LIFO(10@$10)$100_____*Averagecost=($100+$350+$450)=$15perunit(10+25+25)Chapter6MerchandiseInventoryandCostofGoodsSold4(10-15min.)CP6-6Kinko’sIncomeStatementYearEndedDecember31,20XXAverageFIFOLIFOSalesrevenue(600$20)$12,000$12,000$12,000Costofgoodssold(600$9.90*)5,940(100$9)+(500$10)5,900(600$10)6,000Grossprofit6,0606,1006,000Operatingexpenses4,0004,0004,000Netincome$2,060$2,100$2,000_____*Beginninginventory(100@$9.20)…………..$920Purchases(700@$10)…………………………7,000Goodsavailable…………………….……………$7,920Averagecostperunit$7,920/800units…$9.90Chapter6MerchandiseInventoryandCostofGoodsSold5(10min.)CP6-7Kinko’sIncomeStatementYearEndedDecember31,20XXAverageFIFOLIFOSalesrevenue(600$20)$12,000$12,000$12,000Costofgoodssold(600$9.90*)5,940(1...