What are the methods of inventory accounting?

1, there are several methods for inventory accounting:

(1) FIFO method: under FIFO method, if there is no unit price for the inventory in the inventory list, the unit price of the unsold inventory will be taken as the issued unit price after bookkeeping; If the unit price is filled in the inventory document, the issue cost of the issue document will remain unchanged after bookkeeping. The system will automatically fill in the receipt unit price and expiration unit price, and add the issue adjustment in the pricing auxiliary library.

(2) LIFO method: LIFO method is the same as LIFO method, except that the unit price of the last warehousing is selected. Note: This pricing method is no longer provided in the new standard.

(3) Moving average method: if the unit price is filled in the outbound order, it will be charged directly; If the unit price is not filled in, the outbound unit price will be calculated according to the existing balance quantity and balance cost; If the calculated unit price is zero or the red-ink issue document, the issue unit price must be filled in. Otherwise, you can't keep an account.

(4) Monthly average one-time unit price method: in this case, the bookkeeping of the outbound order is not limited by the system, and the outbound cost of the inventory is not reflected after bookkeeping, and the outbound cost of the inventory can only be obtained after the period-end processing.

(5) Individual valuation method: The individual valuation method takes the actual unit cost of a batch of inventory at the time of purchase as the actual cost of the batch. In the outbound order with separate pricing, the issuing batch is indicated, which should be divided into batches.

2. For a textile manufacturing enterprise, we can focus on the practical application of FIFO method, LIFO method and moving weighted average method.

Extended data:

Accounting method

I. Inventory scope

(I) The concept of inventory According to the accounting system for enterprises, inventory refers to materials or materials held by enterprises for sale in the daily production and operation process, or still in the production process, or to be consumed in the production or provision of labor services, including various materials, commodities, finished products, semi-finished products, finished products, packaging materials, low-value consumables, etc. Inventory, work in process and transportation.

In enterprises of different industries, the scope of inventory is different. In commodity circulation enterprises, inventory mainly includes various commodities; In industrial enterprises, it includes all kinds of raw materials, packaging materials, low-value consumables, in-process products, self-made semi-finished products and finished products.

(2) Confirmation of inventory

The confirmation of inventory should not only determine whether it belongs to inventory in nature, but also determine whether it belongs to the inventory of the enterprise. Ownership is usually the standard. All the ownership belongs to the enterprise, whether it has been received or held by the enterprise, it should be regarded as the inventory of the enterprise; On the other hand, if there is no ownership, even if it is stored in the enterprise, it will not be used as the inventory of the enterprise.

For example, the finished products of an industrial enterprise should include not only the products processed by the enterprise with its own materials, but also the substitute products processed and manufactured by the ordering party and the substitute products repaired for customers; It should include not only the finished products stored in the enterprise warehouse, but also the finished products stored in the enterprise sales department for sale.

On the other hand, finished products that have been sold but have not been picked up by customers and are still stored in the enterprise warehouse should not be included in the enterprise inventory because the ownership is not owned by the enterprise. For another example, the inventory that the enterprise has paid but has not yet arrived at the enterprise in transit (including the inventory that has not yet been accepted and put into storage after arriving at the enterprise) should be included in the enterprise inventory.

Second, the measurement of initial cost of inventory

According to the enterprise accounting system, inventories should be accounted for according to the actual cost at the time of acquisition. The actual cost of inventory is measured differently due to its different sources and is determined according to the following principles:

1. The actual cost of purchased inventory includes the following items:

(1) purchase price. Refers to the purchase amount indicated on the purchase invoice.

(2) transportation, loading and unloading, insurance, packaging, storage and other expenses.

(3) Reasonable losses in transit. Some materials will be in short supply and loss during transportation.

In addition to reasonable consumption in transit should be included in the cost of material procurement, if the responsibility of the wrong party can be determined, it should be claimed from the responsible unit or the wrong party, which is not included in the procurement cost.

For unexpected losses caused by natural disasters, the net loss after deducting insurance compensation and recoverable residual value should be treated as non-operating expenses and not included in the procurement cost. Other irrecoverable losses shall be included in the management expenses and shall not be included in the procurement cost.

References:

Baidu encyclopedia-inventory accounting