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Lecture Accounting principles (11E): Chapter 6 - Coby Harmon

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After completing this chapter you should be able to: Determine how to classify inventory and inventory quantities, explain the accounting for inventories and apply the inventory cost flow methods, explain the financial effects of the inventory cost flow assumptions, explain the lower-of-cost-or-market basis of accounting for inventories,...and other contents.

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Nội dung Text: Lecture Accounting principles (11E): Chapter 6 - Coby Harmon

Prepared by<br /> Coby Harmon<br /> University of California, Santa Barbara<br /> Westmont College<br /> <br /> 6-1<br /> <br /> 6<br /> <br /> Inventories<br /> <br /> Learning Objectives<br /> After studying this chapter, you should be able to:<br /> [1] Determine how to classify inventory and inventory quantities.<br /> [2] Explain the accounting for inventories and apply the inventory cost flow<br /> methods.<br /> [3] Explain the financial effects of the inventory cost flow assumptions.<br /> [4] Explain the lower-of-cost-or-market basis of accounting for inventories.<br /> [5] Indicate the effects of inventory errors on the financial statements.<br /> [6] Compute and interpret the inventory turnover.<br /> 6-2<br /> <br /> Preview of Chapter 6<br /> <br /> Accounting Principles<br /> Eleventh Edition<br /> Weygandt Kimmel Kieso<br /> 6-3<br /> <br /> Classifying Inventory<br /> Merchandising<br /> Company<br /> One Classification:<br /> <br /> Manufacturing<br /> Company<br /> Three Classifications:<br /> <br /> Inventory<br /> <br /> Helpful Hint Regardless of the<br /> classification, companies report<br /> all inventories under Current<br /> Assets on the balance sheet.<br /> <br /> 6-4<br /> <br /> <br /> <br /> Raw Materials<br /> <br /> <br /> <br /> <br /> <br /> Work in Process<br /> <br /> <br /> <br /> Finished Goods<br /> <br /> (See page 324)<br /> <br /> 6-5<br /> <br />
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