What is the tourism industry inventory? How is it calculated?

Inventory:: Accounting practice for tourism and catering service companies: costs and expenses 1. Characteristics and content of operating cost and expense accounting for tourism service companies 1. Accounting characteristics (1) Tourism service companies operate many projects , so accounting also has different contents and methods. The business projects include travel agencies, guest rooms, bus rental and other service businesses, as well as commodity distribution business, as well as catering production and service business. For production service businesses, the cost and expense accounting includes the accounting of aggregated costs and expenses. For commodity business projects, operating costs must be accounted. For travel agencies and guest room services, operating expenses and management expenses are mainly accounted for. (2) Compared with industrial enterprises, the main characteristic of tourism service enterprises is that the latter is a material product production enterprise, and the main object of accounting is the production and manufacturing process, while the former is a tourism service enterprise, and the main object of accounting is commodity distribution and accounting. Various service processes. Therefore, the operating costs and expense accounting of tourism service enterprises have their own characteristics. (3) The cost items and expenses of tourism service enterprises are mainly divided according to operating costs and operating expenses. Administrative expenses and financial expenses are calculated separately as current expenses and are directly deducted from the operating income of each period. 2. Contents of operating cost and expense accounting Cost and expense items of tourism service enterprises are generally divided according to cost elements, that is, into "operating costs", "operating expenses", "auxiliary operating expenses" and "administrative expenses", "financial expenses" "Expenses" five items. Among them, auxiliary operating expenses must be allocated to various operating expenses at the end of the period. Therefore, the two accounts of "operating costs" and "operating expenses" are mainly used to calculate the costs and expenses of each business department of the enterprise. Administrative expenses are accounting for company management and non-operating expenses. "Financial expenses" are the accounting expenses of enterprises such as interest expenses, exchange losses and financial institution procedures. The detailed items of operating costs and operating expenses are introduced as follows: (1) Detailed items of operating costs: ① Catering operating costs: including various food raw materials, beverages, seasonings, etc. consumed in the operation of restaurants, bars, cafes and other departments. Actual cost of ingredients etc. ② Cost of goods sold: refers to the purchase price of goods sold. ③Car operating costs: The accounting system of transportation companies should be compared, that is, the actual costs incurred in taxi operations, including driver wages, fuel costs, material costs, tire costs, depreciation costs, maintenance costs, road maintenance costs, and low-value consumables Amortization, uniform fees and other direct expenses, etc. ④The operating costs of travel agencies include various collection and payment fees, such as room fees, meals, transportation fees, entertainment fees, baggage check fees, ticket fees, ticket fees, professional activity fees, visa fees, and accompanying fees. , labor fees, publicity fees, insurance fees, airport fees, etc. ⑤The operating costs of photography, washing, dyeing, repair and other service companies mainly refer to the cost of raw materials consumed.

Calculation: Tourism and catering service enterprises should conduct a comprehensive inventory of inventory at the end of the period. If the inventory cost is higher than the realizable amount due to inventory damage, all or part of obsolescence, or the sales price is lower than the cost, etc. If the net realizable value is lower than the inventory cost, a provision for inventory depreciation shall be made.

The period-end valuation of inventories adopts the lower of cost and net realizable value. The lower of cost and net realizable value method refers to the method of valuing ending inventory at the lower of cost and net realizable value. That is, when the net realizable value is higher than the cost, the inventory is valued at the cost; when the net realizable value is lower than the cost, the inventory is valued at the net realizable value. The "cost" mentioned here refers to the historical cost of inventory; the net realizable value refers to the value of the tourism and catering service enterprises in the normal operation process, based on the estimated selling price minus the estimated completion costs and estimated expenses necessary for the sale. , rather than the current selling price of inventory. The calculation formula is:

Net realizable value = estimated selling price of inventory to estimated cost of completion, estimated sales expense related taxes

Theoretical basis of the lower of cost and market price method The main thing is to make the inventory meet the definition of assets. When the net realizable value of inventory falls below its cost, the resulting loss no longer meets the definition of an asset, and therefore this part of the loss should be included in the current profit and loss. Otherwise, if it is still valued at its historical cost, it will inflate the value of the asset.

What needs to be made clear is that inventories are valued at cost and net realizable value, which is for the valuation of ending inventory. The acquisition cost of inventory should still be recorded according to the actual cost incurred at the time of acquisition.

When the lower of cost and net realizable value is used to value closing inventory, there are three methods for comparing the cost and net realizable value, namely the single comparison method, the category comparison method and the total comparison method. The single comparison method refers to comparing the cost and net realizable value of each type of inventory item by item, and adding the lower number of each type of inventory comparison as the value of the ending inventory; the category comparison method refers to comparing each type of inventory. The cost of inventory is compared with its net realizable value, and the lower number of each type of inventory is used as the ending value of that type of inventory; the total comparison method refers to comparing the total cost of all inventories with the total net realizable value of all inventories. The lower number is taken as the value of all inventory at the end of the period. For an example of comparison between the lower of cost and net realizable value method, see Table 416.

Table 416 Comparison table using the lower of cost and net realizable value method Unit: Yuan

Class A inventory

Inventory A

Inventory B Cost

2200

2080

4280 Net realizable value

2000

2112

4112 Single Item Method

2O00

2080 Classification Method

4112 Total Method

Class B Inventory

Inventory C

Inventory D

3000

9000

12000

2880

9300

12180

2880

9000

12000

All stocks 1628016292159601611216280

From Table 416 shows that the value determined by the single comparison method is the lowest, the total comparison method is the highest, and the classification comparison method is somewhere in between. According to the provisions of the enterprise accounting system, the provision for inventory depreciation losses should be withdrawn based on the difference between the cost of a single inventory item and its net realizable value. For inventories with large quantities and low unit prices, inventory depreciation provisions can also be made by category.

If any of the following conditions exists in the inventory of a tourism or catering service enterprise, it shall make provision for inventory depreciation:

1. The market price continues to fall, and there is no hope of recovery in the foreseeable future;

2. The cost of the product produced using the raw materials is greater than the sales price of the product;

3. Due to product upgrading, the original inventory of raw materials no longer meets the needs of new products, and the market price of the raw materials is lower than its book cost;

4. Market demand changes due to obsolescence of the goods or services provided or changes in consumer preferences, resulting in a gradual decline in market prices;

5. Other circumstances that are sufficient to prove that the inventory has actually been impaired.

When tourism and catering service enterprises estimate losses from inventory depreciation, they should adopt the allowance method and set up an "inventory depreciation reserve" account to calculate the impairment amount of the inventory on the premise that the book amount of the inventory will not be changed. This account is the allowance adjustment account for the inventory account.

When a tourism or catering service enterprise withdraws inventory depreciation reserves for the first time, it should prepare the following accounting entries:

Debit: Administrative expenses - inventory depreciation reserves accrued

< p>Credit: Provision for inventory depreciation

After that, at the end of each accounting period, compare the cost and net realizable value to calculate the accrued provision, and then compare it with the balance of the "Inventory depreciation provision" account. If it should be If the withdrawal amount is greater than the withdrawal amount, additional withdrawals should be made; otherwise, part of the withdrawal amount should be written off. When making additional provision for inventory depreciation losses, the "administrative expenses" account is debited and the "inventory depreciation reserve" account is credited; when the inventory depreciation losses are reversed or written off, the opposite accounting entries are made. However, when the value of the inventories for which provision for decline in value has been made is restored later, the amount of the provision for decline in value shall be reduced to zero until the balance of the "Provision for decline in value of inventory" account is reduced to zero, that is, the upper limit of the deduction is the amount already calculated. Provide for inventory decline. In the Balance Sheet, the amount of inventory items is reflected as net value.

It should be noted that when tourism and catering service companies transfer out inventory due to sales, whether they make provision for decline in price on a single inventory basis or by category, they should carry forward their provision for decline in price and carry it forward. When selling inventory, the provision for decline in value should also be offset against the current administrative expenses.

Example 1 The ending inventory of a catering service company is measured at the lower of cost and net realizable value. The actual cost of inventory A on December 31, 2000 was 120,000 yuan, and the estimated net realizable value was 114,000 yuan; assuming that the quantity and type of inventory did not change on June 30, 2001, the net realizable value was 106,000 yuan; in December 2001 The net realizable value on June 31, 2002 was 117,000 yuan; the net realizable value on June 30, 2002 was 123,000 yuan. Then the accounting treatment of the inventory depreciation reserve at the end of each period is as follows:

December 31, 2000

The inventory depreciation reserve to be withdrawn=120000114000=6000.

Debit: Administrative expenses - Provision for inventory depreciation 6,000

Credit: Provision for inventory depreciation 6,000

June 30, 2001

The inventory depreciation reserve that should be withdrawn = the amount of the current net realizable value lower than the inventory cost. The balance of the "inventory depreciation reserve" account = 6000 = 8000

Debit: administrative expenses - inventory depreciation accrued Provision 8000

Credit: Provision for inventory depreciation 8000

December 31, 2001

Provision for inventory depreciation to be withdrawn=14000=11000

< p>Debit: Provision for inventory depreciation 11,000

Credit: Administrative expenses - Provision for inventory depreciation 11,000

June 30, 2002

The inventory If the net realizable value is higher than the cost, the withdrawn inventory depreciation reserve of RMB 3,000 should be offset within the scope of the "inventory depreciation reserve" account balance.

Debit: Inventory depreciation reserve 3,000

Credit: Administrative expenses - provision for inventory depreciation 3,000