Accounting financial accounting. Concept and evaluation of finished products and goods (most important)

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Accounting financial accounting. Concept and evaluation of finished products and goods (most important)

Lecture notes, cheat sheets

Directory / Lecture notes, cheat sheets

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54. CONCEPT AND EVALUATION OF FINISHED PRODUCTS AND GOODS

Finished products and goods, along with material resources, according to PBU 5/01, are classified as inventories.

Finished products - the result of the production cycle, assets completed by processing (picking), the technical and qualitative characteristics of which comply with the terms of the contract or the requirements of other documents.

Product - part of inventories that are purchased or received from other legal entities or individuals and are intended for sale. The products of labor, along with finished products, include works and services.

The current accounting of the availability and movement of finished products is carried out, as a rule, at accounting prices, which can be used as: planned (normative) cost, incomplete (reduced) production cost, characterizing mainly direct costs, contractual (market) price, other conditional ways of expressing product cost.

Finished product evaluation according to the planned (normative) cost is appropriate in industries with mass and serial production and with a large range of finished products due to the relative stability of this type of discount prices and the ability to use them not only in accounting, but also in management accounting and planning.

Negotiated prices can play the role of discount prices mainly when the former are stable. When switching from one type of accounting price to another in case of changes in the value of accounting prices no more than once a year as of December 31 of the reporting year, the organization, at its discretion, may recalculate the balance of finished products in such a way that all finished products of a certain type are accounted for according to a single (new) price.

To determine the actual production cost of manufactured products (GPf), the balances of work in progress at the beginning of the month (WIP) are summed up with the costs for the month (C) and the amounts of returnable waste (O), losses from marriage and for other reasons (B), the balance of work in progress are subtracted at the end of the month (WIP):

GPf \uXNUMXd NZPn + Z - O - B - NZPk.

When finished products are shipped, the amount of deviations of the actual production cost from the cost at prices accepted in analytical accounting related to it is determined based on the ratio (coefficient Y) of the amount of deviations to the balance of finished products at the beginning of the reporting period (sun) and for products received at the warehouse during the reporting month (SP), to the value of the balance and receipts of products at discount prices (Onu, Pu):

Y = (dOn + dP) / (Onu + Pu) x 100%.

The sum of the actual production cost of finished products and sales costs reflects the full actual cost of labor products.

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