Chapter 7 — Inventory Accounting (存货核算)
1. Flow of Inventory Costs (存货成本的流转)
Merchandiser vs Manufacturer（商业企业与制造企业）
- Merchandiser: Merchandise Purchases → Merchandise Inventory → Cost of Goods Sold
(商品业：采购 → 商品存货 → 销货成本)
- Manufacturer: Raw Materials → Work in Process → Finished Goods → COGS
(制造业：原材料 → 在制品 → 产成品 → 销货成本)
- Each stage adds value, forming the backbone of cost accounting.
(各阶段成本积累构成成本会计核心。)
2. Nature of Cost of Goods Sold (销货成本的构成原理)
- Beginning Inventory + Purchases − Ending Inventory = COGS
(期初库存 + 采购 − 期末库存 = 销货成本)
Example（例子）
- Beginning Inventory = 5,000;Purchases=15,000; Ending = 3,000→COGS=17,000
Key Insight（要点）
- Connects the Balance Sheet and Income Statement through inventory valuation.
(连接资产负债表与损益表。)
3. Inventory Systems (存货系统)
Periodic Inventory System（定期盘存制）
- Inventory updated at period end after physical count.
(库存仅在期末盘点后调整。)
- Simple but less accurate; suitable for small businesses.
(简便但不精确。)
Perpetual Inventory System（永续盘存制）
- Continuous updates; COGS recognized per sale.
(实时更新，每次销售确认COGS。)
- Enables real-time tracking for ERP systems.
(适用于现代ERP系统。)
4. Periodic vs Perpetual Comparison (定期与永续制比较)
- Periodic: Adjust COGS at year-end
- Perpetual: COGS auto-updated per sale
- Large retailers prefer perpetual for accuracy.
(大型零售企业偏好永续盘存制。)
5. Inventory Measurement Errors (存货计量错误)
- Overstated Ending Inventory → Assets↑, Net Income↑
- Understated Ending Inventory → Assets↓, Net Income↓
- Error reverses next period (beginning inventory effect).
(误差次期反向影响。)
6. Goods in Transit (在途商品)
- FOB Shipping Point → Buyer owns goods in transit
- FOB Destination → Seller owns goods until delivery
- Impacts year-end inventory recognition.
(影响期末资产确认。)
7. Inventory Cost Flow Assumptions (成本流转假设)
FIFO (先进先出)
- Oldest costs → COGS; Recent costs → Ending Inventory
(旧成本进COGS，新成本留期末。)
- Higher profits in rising prices; reflects physical flow.
(通胀期利润高。)
LIFO (后进先出)
- Latest costs → COGS; Older costs → Inventory
(新成本进COGS，旧成本留库存。)
- Lowers taxable income in inflation.
(降低税负但低估资产。)
Weighted Average (加权平均法)
- Average cost = Total cost ÷ Total units
- Smooths price fluctuations.
(平滑价格波动。)
8. Effect on Net Income (对净利润的影响)
| Method | COGS | Net Income |
|---|
| FIFO | 3,000 | 3,500 |
| LIFO | 3,900 | 2,870 |
| Average | 3,416 | 3,209 |
- FIFO → Higher profit, higher tax
- LIFO → Lower profit, lower tax
- Managers choose based on strategy.
- If LIFO used for tax → must use LIFO for books (GAAP).
(税务用LIFO则报表也须用LIFO。)
- Prevents profit manipulation, ensures consistency.
10. LIFO Reserve (LIFO储备)
- Difference between FIFO and LIFO inventory values.
(FIFO与LIFO库存差额。)
- Change in reserve = ΔCOGS between FIFO & LIFO.
(储备变动反映两法间COGS差额。)
- Analysts adjust LIFO firms to FIFO for comparability.
11. Valuation at Lower of Cost or Market (成本与市价孰低法)
- Ending inventory = lower of cost or market.
(期末按成本与市价孰低计价。)
- Reflects conservatism: recognize losses early.
(体现稳健性原则。)
- Replacement Cost = current purchase price.
12. Journal Entry for LCM Write-down (跌价准备分录)
- When market < cost → record “holding loss”.
- Example Entry:
Dr. COGS 50,000 / Cr. Inventory 50,000
- Ensures timely recognition of inventory loss.
(及时确认跌价损失。)
13. Inventory Turnover (存货周转率)
- Formula: Inventory Turnover = COGS ÷ Average Inventory
- Average Inventory = (Beginning + Ending) ÷ 2
- High turnover → strong sales, low storage cost
- Low turnover → overstock risk
14. Internal Control of Inventory (存货内部控制)
- Separate accounting and physical handling.
- Limit access to authorized staff.
- Maintain perpetual records.
- Compare records with physical counts.
- Use RFID/barcode for monitoring.
15. Overall Chapter Summary (全章总结)
- Cost Flow → Profit Impact → Financial Analysis → Control Assurance
(成本流转 → 利润影响 → 财务分析 → 内部控制)
- Key Principles: Matching, Conservatism, Consistency, Disclosure
(配比、稳健、一致、披露原则)