Yuk bahas tuntas Persediaan (Inventory) di Akuntansi

Summary

This video explains the concept of inventory, highlighting its importance for businesses and the role of accountants in managing it. It covers two types of inventory systems: the periodic and perpetual systems, explaining their differences, including how the cost of goods sold (COGS) is calculated in each. The video also delves into inventory recognition, particularly in cases of international shipping, ownership transfer, and consignment. By the end, viewers will understand when and how to recognize inventory in accounting records, with a teaser for upcoming content on handling inventory with different values.

Takeaways

• 😀 Inventory refers to goods stored by a company with the purpose of selling them for profit, and it is crucial in both trading and manufacturing companies.
• 😀 For trading companies, inventory consists of merchandise, while manufacturing companies deal with raw materials, goods in process, and finished goods.
• 😀 There are two main inventory recording systems: the periodic system and the perpetual system. The periodic system calculates the cost of goods sold (COGS) periodically, whereas the perpetual system updates the inventory and COGS after each sale.
• 😀 The periodic system calculates COGS at the end of the accounting period through stock-taking (stock opname), while the perpetual system updates COGS every time an item is sold.
• 😀 In the periodic system, to calculate COGS, you use the formula: Initial inventory + Purchases – Final inventory = COGS.
• 😀 The perpetual system records inventory transactions immediately, updating both sales and inventory records after every sale, which makes real-time inventory management possible.
• 😀 For inventory in transit, ownership is recognized based on the shipping agreement. If the goods are shipped 'Free On Board' (FOB) at the shipping point, the buyer assumes ownership and risk once the goods are shipped.
• 😀 In cases of goods shipped with 'FOB Destination,' the seller retains ownership and risk until the goods reach the buyer's hands.
• 😀 When goods are in transit, the buyer may still recognize them as inventory if ownership has transferred, and this can be recorded under a specific account like 'Goods in Transit.'
• 😀 Consignment goods do not belong to the consignee, so they are not recorded as inventory on the consignee's books; they only recognize the sales profit once the goods are sold.
• 😀 Inventory recognition is tied to the transfer of ownership and risk, not just physical possession, and this principle applies to both regular purchases and consignment goods.

Q & A

What is inventory in the context of a business?

Inventory refers to goods stored by a company with the aim of being sold again for profit. For trading companies, this means merchandise, while for manufacturing companies, it includes raw materials, goods in process, and finished goods.

Why do companies need accountants to handle inventory?

Companies need accountants because inventory management can be complex. Accountants help ensure accurate tracking, valuation, and financial reporting of inventory, which is crucial for business operations.

What are the two main types of inventory recording systems?

The two main types of inventory recording systems are the periodic system and the perpetual system. The periodic system calculates the cost of goods sold (COGS) at the end of the accounting period, while the perpetual system tracks COGS and inventory in real time, updating with each sale.

How does the periodic inventory system calculate the cost of goods sold (COGS)?

In the periodic system, COGS is calculated at the end of the period by performing a stock opname (inventory count). The formula used is: Initial Inventory + Purchases - Ending Inventory = COGS.

How does the perpetual inventory system differ from the periodic system?

The perpetual system updates inventory and COGS continuously after every sale, whereas the periodic system only calculates COGS at the end of the period through stock opname.

What happens to the inventory records in a perpetual system after each sale?

In the perpetual system, after each sale, two journal entries are made: one for the sale itself and another to reduce the inventory and record the cost of goods sold (COGS).

How should companies recognize inventory for goods that are in transit?

Companies should recognize inventory when the risk and ownership of the goods are transferred to them. If goods are in transit, the recognition depends on the shipping terms (FOB shipping point or FOB destination).

What does FOB shipping point mean in terms of inventory recognition?

FOB shipping point means that the ownership and risk of the goods transfer to the buyer when the goods are loaded onto the shipping vessel. The buyer is responsible for shipping costs from that point onward.

What does FOB destination point mean in terms of inventory recognition?

FOB destination point means that the ownership and risk of the goods transfer to the buyer only when the goods arrive at the buyer's location. The seller bears the shipping costs until the goods reach the buyer.

How should shipping costs be recorded in the case of FOB shipping point?

In the case of FOB shipping point, the buyer should record the shipping cost as part of the cost of inventory by debiting the inventory account and crediting cash or accounts payable.