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Types of inventories held for re-sale
Retail Inventory
Raw Materials Inventory
Work in Process Inventory
Finished Goods Inventory
Goods and materials to be included in inventory
Goods in Transit.F.O.B Shipping Point/F.O.B Destination
Sales with a right of return. “Can you reasonably estimate the return？”。If no，do not recognize revenue.If yes，recognize revenue and estimated allowance.
Consigned goods/Public warehouses/Sales with a mandatory buyback/Installment sales
Valuation of Inventory
GR：Inventories should be stated at its cost
In inventory accounting，cost is the sum of the expenditures and charges，direct and indirect，in bringing goods to their required condition or location.
SR1：Precious metal and farm Products
Net Realizable Value（NRV）is an item‘s net selling price less the costs to complete and dispose of the inventory
农产品使用NRV的前提：可按公开市场价格迅速出售、产品可替换、无法确定成本
（SR2）Lower of Cost or Market（LCM）
Market means current replacement cost，provided the current replacement cost does not exceed market ceiling（net realizable value）or fall below market floor（net realizable value reduced by normal profit margin）
Market Ceiling=NRV=Selling price–Costs to complete and dispose
Market Floor=NRV–normal profit
LCM 解题思路
一根数轴画出来，四个数据要点上。
上限售价减费用，再减利润为下限。
先将上下两限点，限定重置区间值。
重置若落区间内，重置上面插大旗。
重置若落区间左，下限上面插大旗。
重置若落区间右，上限上面插大旗
成本点上标小旗，理应跟在大旗后。
若是小旗在前面，差额要把减值提。
F4-24 Example-LCM
| 准则 | Lower of Cost or | Reversal of Inventory Write-downs | 在I/S中的位置 |
| US GAAP | Market（Replacement） | Prohibited | GR:included in COGS SR:identified separately in I/S when material |
| IFRS | Net Realizable Value | Allow with limit | Not specified in I/S |
Periodic Inventory System Vs.Perpetual Inventory System
Periodic inventory system 实地盘存制。Do NOT record the issue of inventory（“A” of BASE）。Only record beginning inventory and purchasing of inventory. The ending inventory is determined only by physical count.E.g.电厂存煤
Perpetual inventory system 永续盘存制。Record “BASE” of inventory.The ending inventory balance on ledger will compared with physical counting.E.g.大多数存货
Hybrid inventory systems
Units of inventory on hand- Quantities only
Perpetual with periodic at year-end.
重要恒等式-向侧勾，BEC & FAR常用（F4-25）
Beginning+Purchase=Available for sale/use
Ending+sale out/used=Available for sale/use
Beg.+Purchase=End+Sale out
其他几个重要恒等式，向前勾
CAR+BIG=IN
US GAAP=Codification
Beg.+Add=Subtract+End（BASE）
Primary Inventory Cost Flow Assumptions
Specific Identification Method（个别计价法），如飞机、轮船
First In，First Out（FIFO），先进先出法
Weighted Average Method，加权平均法
Moving Average Method，移动加权平均法
Last In，First Out （LIFO），后进先出法
考点：
FIFO results highest net income during rising prices period.
LIFO results lowest net income during rising price period
Ending inventory of FIFO，“Periodic method”=“Perpetual method”
Ending inventory of LIFO，“Periodic method”“Perpetual Method”
LIFO not permitted under IFRS（中国也已禁止）
If LIFO is used for tax purposes，it must also be used in the US GAAP F/S
实务扩展：LIFO存在的理由。LIFO=Lowest net income=Lowest tax payable.LIFO税务上可以延迟交税。
LIFO Layer（几年陈酿）。
An additional LIFO layer is created in any year where the ending inventory is greater than the beginning inventory.
Period of rising prices，Inventory method‘s effect on B/S，I/S
| Inventory Method | B/S ending inventory I/S Net Income | COGS |
| FIFO | Biggest | Lowest |
| Moving average | Bigger | Lower |
| Weighted average | Smaller | Higher |
| LIFO | Smallest | Highest |
Dollar-value LIFO
DVL的产生。税务利益的引诱。LIFO有税务上的好处，但同时要求GAAP必须用LIFO.日常管理上却使用FIFO， 这样更便利于管理。使用DVL，将管理 上的FIFO转化为GAAP上的LIFO
Dollar-value LIFO的解题对策–四步法
例：已知期初会计报表（LIFO）下存货价值为2000，期末管理报表（FIFO）的存货价值为3200，当年物价指数为1.1，求期末会计报表（LIFO）下的存货价值？
1ST：期末FIFO除指数：3200/1.1=2909
2nd：再与期初LIFO减：2909-2000=909
3rd：然后指数再乘回：909X1.1=1000
4th：加上期初得结果：1000+2000=3000
Firm Purchase Commitments （企业会计准则第13号－或有事项，第八条亏损合同）
Legally enforceable agreement of purchase a specified amount of goods at some time in the future.宝钢与淡水河谷铁矿石合同。
Expect Contracted price>Market price，the losses will occur，recognized the loss in I/S-Estimated loss on purchase commitment.
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