存货计价方法的论文国外文献

Understanding inventory valuation - Store Manager TrainingTed Gladson Articles in Drug Store News' Store Management Training Program are written by Ted Gladson of Ted Gladson & Associates, Lisle, Ill. Managers who wish to participate can do so by reading the course material and completing the questions that follow. To receive a certificate denoting successful completion of the course, 10 lessons must be completed within 18 months.An important management decision in most retail businesses is the choice of inventory valuation method. A few methods are available, and each can give different results.The purpose of this article is to demonstrate common approaches to inventory valuation so that store managers will understand how inventory data is used.Store managers should be aware of these methods to appreciate the importance of maintaining good inventory records and the periodic physical inventory.Physical inventoryA periodic physical inventory is required in most retail businesses. This is true even if the business uses a perpetual (or nearly perpetual) inventory control system. It is always possible that errors will creep into perpetual systems that can be caught by a physical inventory. Physical inventories also show the extent of inventory loss due to theft or other non-sales related causes.After the physical inventory is taken, or the inventory data is obtained from some other source, the problem arises of what dollar value to place on the inventory listing in the balance sheet.The typical balance sheet presentation of inventory-related figures is:Beginning inventory+ Purchases for the period= Total goods available forsale for the period- Ending inventory= Cost of goods sold for theperiod.This shows the logical flow from a beginning position to an ending position. The conceptual objective is first to determine the value of all goods available for sale during the year and then remove the value of those that were sold, leaving the ending inventory as an asset of the business at the end of the period.The cost of purchase is captured in the regular accounting process, but the cost of any particular product cannot be determined from an invoice because products from different invoices are mixed on the shelf.It is necessary to place a value on inventory so that profit can be determined. If inventory is overvalued or undervalued, it will affect the profitability reported and hence the tax liability of the business.There are four methods of inventory valuation. Each can be used, depending on the business conditions.FIFO (first-in first-out)This approach is used by many retail businesses where there is a large volume of products sold, making it difficult to determine the actual cost of any particular item. A common practice in this situation is to assume that the first items purchased were the first items sold (first-in first-out). This is consistent with the retailing strategy of placing newer stock on the shelf behind existing items.Actual cost data are used for all items purchased during the accounting period. It is then assumed that all items found in the ending inventory were the last ones purchased. Thus, the most recent invoices would be used to assign prices to ending inventory. The result is that ending inventory is valued at existing market value (to the extent that purchases were recent).In periods of rising prices this would state ending inventory at a higher amount than other methods, and therefore profits would be correspondingly higher.LIFO (last-in first-out)This is used when product sales conditions are similar to those described for FIFO, but the assumption about how products move is different. Under LIFO the assumption is that the last item purchased is the first one sold. Therefore the oldest purchase prices are used to value ending inventory, which means that the most recent prices are found in cost of goods sold. The rational for LIFO is that market prices are reflected in the cost of goods sold, and this also represents the current market conditions. Products sold must be replaced under these conditions.In periods of rising prices LIFO will tend to place a higher value on cost of goods sold and therefore reduce the reported profitability and taxes.Average costThis also is a method used when it is not possible to associate an exact purchase price with a product. Using average cost valuation requires calculation of a weighted average price for each item, and then valuing ending inventory using that price. In periods of rising prices, the average cost method will yield lower value for ending inventory on the balance sheet and therefore lower reported profits. The situation is less clear when compared to LIFO, but LIFO will generally give more favorable results. If, for example, prices had risen in general during the period but not systematically upward, the results may be different.The rationale for average cost is that it is less biased than either FIFO or LIFO. By taking an average you are more fairly approximating events during the accounting period.Other methodsThere are other approaches to inventory valuation, but these rely upon the ability to associate the actual cost with each item, which rarely occurs. It is sufficient to note here that even in these cases, there is some latitude in the choice of method which permits the business to value inventory more favorably.SummaryInventory must be valued for several reasons. Store managers may determine and report the physical inventory, and should appreciate the importance of the task and what happens to the information they obtain.COPYRIGHT 1994 Reproduced with permission of the copyright holder. Further reproduction or distribution is prohibited without permission.COPYRIGHT 2004 Gale Group这篇可以吗？？？