Inventories

Accounting, 21st Edition

Warren Reeve Fess

What is Inventory ?
Barang yang dibeli untuk dijual kembali Dengan atau tanpa melalui pengolahan terlebih dahulu

Barang yang siap dijual (Barang Jadi) Barang dalam Proses untuk tujuan dijual (barang dalam Proses Barang yang akan dipakai dalam kegiatan produksi perusahaan (Bahan Baku)

SUPERMARKET (Perusahaan Dagang)

Inventory Aktiva tetap

Whose Inventory is it ?

Barang Dalam Gudang

Barang Dalam Perjalanan ?

Barang Konsinyasi?

FOB SHIPPING POINT

FOB DESTINATION

FOB Shipping point

Penjual Milik pembeli Kepemilikan pindah

Pembeli

FOB destination

Penjual Milik penjual

Pembeli Milik pembeli

Kepemilikan pindah

PENILAIAN INVENTORY
FIFO COST LIFO

Inventory

Average Special Identification LCM RETAIL METHOD ESTIMASI Gross Profit Method

Individual Kelompok

Total

Metode Penentuan Harga Pokok Barang Terjual dan Pesediaan Akhir

FIFO

LIFO

Rata-rata

Identifikasi khusus

Asumsi

Asumsi

Asumsi

Yang Pertama Dibeli Pertama dijual

Yang Terakhir Dibeli Pertama dijual

Barang Yang Dijual Ngacak

Setiap Barang Dikenali Costnya

First In First Out

Purchased goods

Sold goods

Inventory Cost Flow Assumptions

Sold Purchased goods goods

Inventory Cost Flow Assumptions

Purchased goods

Sold goods

Fifo Periodic

Sistem Periodik

Pada saat menjual barang tidak ditentukan harga pokok barang yang dijual Pada akhir periode ditentukan unit persediaan yang ada dan yang dijual Pada akhir periode ditentukan harga pokok barang yang dijual dan persediaan yang ada

Tgl Jan 1 12 26 30

Keterangan Persediaan Pembelian Pembelian Pembelian Jumlah

Unit 200 400 300 100 1.000

Cost/unit $ 10 $ 12 $ 11 $13

Jumlah $2,000 $4,800 $3,300 $1,300 $11,400

Terjual = 700 Unit

Persediaan 300 unit

Fifo

200 x $ 10 = $2,000 400 x $ 12 = $4,800 100 x $ 11 = $1,100 $7,900

100 x $ 13 = $1,300 200 x $ 11 = $2,200 $3,500 $11,400

Summary of Fifo Periodic

Purchases
Jan. 1 200 units at $10 Jan. 12 400 units at $12 Jan. 26 300 units at $11 Jan. 30 100 units at $13

Merchandise Available for Sale

$2,000 $4,800

Cost of Merchandise Sold

$2,000 $4,800 $1,100 $7,900 200 units at $10 400 units at $12 100 units at $11

$3,300 $1,300 $11,400

700 units

Merchandise Inventory
$2,200 $1,300 $3,500 200 units at $11 100 units at $13

1,000 units

300 units

Lifo Periodic

Tgl Jan 1 12 26 30

Keterangan Persediaan Pembelian Pembelian Pembelian Jumlah

Unit 200 400 300 100 1.000

Cost/unit Jumlah $ 10 2,000 $ 12 4,800 $ 11 3,300 $13 1,300 11,400

Persediaan 300 unit 200 x $ 10 = $2,000 100 x $ 12 = $1,200 $3,200

Terjual = 700 Unit 100 x $ 13 = $1,300 300 x $ 11 = $3,300 300 x $ 12 = $3,600 $8,200

Lifo

$11,400

Summary of Lifo Periodic

Purchases
Jan. 1 200 units at $10 Jan. 12 400 units at $12 Jan. 26 300 units at $11 Jan. 30 100 units at $13

Merchandise Available for Sale

$2,000

Merchandise Inventory
$2,000 $1,200 $3,200 200 units at $10 100 units at $12

300 units

$4,800

Cost of Merchandise Sold $3,600 $3,300 $1,300 $8,200 300 units at $12 300 units at $11 100 units at $13

$3,300 $1,300 $11,400

1,000 units

700 units

Tgl Jan 1 12 26 30

Keterangan Persediaan Pembelian Pembelian Pembelian Jumlah

Unit 200 400 300 100 1.000

Cost/unit Jumlah $ 10 2,000 $ 12 4,800 $ 11 3,300 $13 1,300 11,400

Persediaan 300 unit

Average

Cost Rata-rata per unit = $11,400 / 1.000 = $11.4 Persediaan Yang terjual = 700 Persediaan akhir = 300 x x $11.4 $11.4 = $7,980 = $3,420 $11,400

Sistem Perpetual

Pada saat menjual barang ditentukan harga pokok barang yang dijual Perlu bantuan daftar ( Kartu )

Data Persediaan
Tanggal Jan. 1 12 17 26 27 28 30 Keterangan Persediaan Pembelian Dijual Pembelian Dijual Dijual Pembelian Unit 200 400 300 300 200 200 100 Harga beli per unit $ 10 $ 12 $ 11

$ 13

Harga jual per unit $20

Tgl 2005 Jan 1 12 17 26 27 28 30

Dibeli
Unit Hg/unit Jumlah

FIFO Dijual/COGS

Persediaan

Unit Hg/unit Jumlah Unit Hg/unit Jumlah

400

12

4,800 200 100 10 12

200 200 400 2,000 300 1,200 300 300 2,400 100 300 1,200 200 1,100 200 100

10 10 12 12 12 11 12 11 11 11 13

2,000 2,000 4,800 3,600 3,600 3,300 1,200 3,300 2,200 2,200 1,300

300

11

3,300 200 100 100 12 12 11

100

13

1,300

LIFO Tgl 2005 Jan 1 12 17 26 27 28 30 100 13 1,300 300 11 3,300 200 100 100 11 11 12 Dibeli
Unit Hg/unit Jumlah

Dijual

Persediaan

Unit Hg/unit Jumlah Unit Hg/unit Jumlah

400

12

4,800 300 12

200 200 400 3,600 200 100 200 100 300 2,200 200 100 100 1,100 200 1,200 200 100

10 10 12 10 12 10 12 11 10 12 11 10 10 13

2,000 2,000 4,800 2,000 1,200 2,000 1,200 3,300 2,000 1,200 1,100 2,000 2,000 1,300

Tgl 2005 Jan 1 12 17 26 27 28 30

Dibeli
Unit Hg/unit Jumlah

AVERAGE Dijual

Persediaan 200 10 2,000 6,800 3,401 6,701 4,467 2,233 3,533

Unit Hg/unit Jumlah Unit Hg/unit Jumlah

400

12 11

4,800 300 11.33 3,300 200 11.17 200 11.17 2,234 2,234

600 11.33 3,399 300 11.34 600 11.17 400 11.17 200 11.17 300 11.78

300

100

13

1,300

LOWER OF COST OR MARKET (LCM/LOCOM) LCM bisa dihitung berdasar:

Jenis Inventory (Individual LCM) Kelompok Inventory Total Inventory

Jika Cost < Market Jika Cost > Market

Tidak Perlu Jurnal Perlu Jurnal

Jurnal Penyesuaian
Loss of Declining Inventory xxx Merchandise Inventory xxx

Valuation of Inventory at Lower-of-Cost-orLower-of-Cost-or-Market

Inventory Item Quantity Kelompok I A 400 $10.25 B 120 22.50 520 Kelompok II C 600 8.00 D 280 14.00 880 Total Unit Cost Price Unit Market Price $ 9.50 24.10 Total Cost Total Market Lower C or M $ 4,100 $ 3,800 $ 3,800 2,700 2,700 2,892 6,800 6,692 4,800 3,920 8,720 4,650 4,130 8,780 4,650 3,920 $15,070

7.75 14.75

$15,520 $15,472

Presentation of Merchandise Inventory on the Balance Sheet

Metro-Arts Balance Sheet December 31, 2007 Assets Current assets: Cash $ 19 400 00 Accounts receivable $80 000 00 Less allowance for doubtful accounts 3 000 00 77 000 00 Merchandise inventory at lower of cost (first-in, first-out method) or market 216 300 00

Estimating Inventory Cost

Menaksir cost Inventory

Metode Harga Eceran (Retail Price Method)

Metode laba Kotor (Gross Profit Method)

Retail Method of Estimating Inventory Cost

Metode Menentukan harga pokok persediaan berdasarkan estimasi harga eceran Tentukan Harga Eceran atas persediaan awal dan Pembelian selama periode Hitung Barang yang tersedia untuk dijual (menurut harga pokok dan harga eceran dihitung) Dihitung rasio cost terhadap retail price Tentukan Penjualan (menurut retail price) selama satu periode (dari pita yang ada pada cash register) Tentukan Persediaan akhir at retail yaitu barang tersedia untuk dijual dikurangi penjualan Hitung persediaan at cost dengan cara persediaan at retail dikali dengan ratio cost terhadap retail price

Retail Inventory Method

Merchandise inventory, Jan. 1 Purchases in January (net) Merchandise available for sale Cost $19,400 42,600 $62,000 Retail $ 36,000 64,000 $100,000

$62,000 Ratio of cost to retail price = = 62% $100,000

Step 1: Determine the ratio of cost to the retail price.

Retail Inventory Method

Retail Merchandise inventory, Jan. 1 $ 36,000 Purchases in January (net) 64,000 Merchandise available for sale $100,000 Sales for January (net) 70,000 Merchandise inventory, January 31, at retail $ 30,000 Cost $19,400 42,600 $62,000

Step 2: Determine the ending inventory at retail.

Retail Inventory Method

Retail Merchandise inventory, Jan. 1 $ 36,000 Purchases in January (net) 64,000 Merchandise available for sale $100,000 Sales for January (net) 70,000 Merchandise inventory, January 31, at retail $ 30,000 Merchandise inventory, January 31, at cost ($30,000 x 62%) $18,600 Cost $19,400 42,600 $62,000

Step 3: Calculate the estimated inventory at cost.

Gross Profit Method of Estimating Inventory Cost

1. Tarif % gross profit adl estimasi Laba kotor berdasar pengalaman periode-periode sebelumnya 2. Estimasi gross profit = % GP X Net Sales 3. Estimasi COGS = Net Sales Estimasi GP 4. Estimasi Inventory Akhir = Available For SalesEstimasi COGS

Gross Profit Method

Merchandise inventory, January 1 Purchases in January (net) Merchandise available for sale Sales in January (net) Less: Estimated gross profit ($250,000 x 30%) $ 57,000 180,000 $237,000 $250,000 75,000 175,000 $ 62,000

Estimated cost of merchandise sold Estimated merchandise inventory, January 31

The gross profit method is useful for estimating inventories for monthly or quarterly financial statements in a periodic inventory system.

Inventory Turnover
SUPERVALU
Cost of merchandise sold Inventories: Beginning of year End of year Total Average $15,620,127,000 $1,115,529,000 1,067,837,000 $2,183,366,000 $1,091,683,000

Zale
$ 737,188,000 $478,467,000 571,669,000 $1,050,136,000 $525,068,000

Inventory turnover

14.3 times

1.4 times

Use: Inventory turnover measures the relationship between the volume of goods sold and the amount of inventory carried during the period.

Number of Days Sales in Inventory

SUPERVALU
Average daily cost of merchandise sold: $15,620,127,000/365 $737,188,000/365 Ending inventory

Zale

$42,794,868 $1,067,837,000 $2,019,693 $571,669,000

Average selling period

25 days

283 days

Use: To assess the efficiency in the management of inventory

Chapter 9 The End