In China, the calculation of the recorded value of raw materials mainly follows the accounting standards for enterprises and relevant financial regulations. The recorded value of raw materials typically includes the purchase price, related taxes, transportation, handling, insurance, and other expenses attributable to the cost of inventory purchases.
In the following, I will analyze and interpret in detail the calculation method, calculation formula and calculation process of the recorded value of raw materials, and explain them in detail with examples.
The method of calculating the recorded value of raw materials mainly includes the following four steps:
1.Determine the purchase price: The purchase price refers to the payment paid by the enterprise when purchasing raw materials, which is usually determined according to the amount on the purchase contract or invoice.
2.Plus applicable taxesThe relevant taxes and fees mainly include VAT and other taxes paid for the purchase of raw materials, which are determined according to the provisions of the tax law and the tax amount on the invoice.
3.Plus transportation, handling, and insuranceThese costs refer to the costs incurred in transporting raw materials from the merchant's office to the company's warehouse, which are determined according to the amount on the contract of carriage, loading and unloading documents and insurance documents.
4.Plus other expenses attributable to the cost of inventory purchasesThese expenses may include travel expenses of procurement staff, office expenses of the procurement department, etc., which are determined according to the actual situation and accounting policies.
The formula for calculating the recorded value of raw materials can be expressed as:
Recorded value of raw materials = purchase price + relevant taxes + transportation costs + handling costs + insurance premiums + other expenses attributable to the cost of inventory purchase.
Take the purchase of raw materials by an enterprise as an example, and explain the calculation process of the recorded value of raw materials
Suppose an enterprise purchases a batch of raw materials from a merchant, and the payment indicated on the invoice is 100,000 yuan, and the value-added tax amount is 13,000 yuan. At the same time, the company paid 2,000 yuan for transportation, 500 yuan for loading and unloading, 300 yuan for insurance, and 1,000 yuan for the travel expenses of procurement personnel.
According to the calculation formula, the process of calculating the recorded value of raw materials is as follows:
Recorded value of raw materials = RMB 100,000 (purchase price) + RMB 13,000 (VAT) + RMB 2,000 (transportation costs) + RMB 500 (handling costs) + RMB 300 (insurance premiums) + RMB 1,000 (travel expenses).
$116,800.
As a result, the recorded value of the raw materials was $116,800.
Taking the above-mentioned enterprise as an example, assuming that the batch of raw materials has arrived at the enterprise warehouse and passed the acceptance, the accounting personnel of the enterprise need to prepare accounting entries according to the relevant documents and include the cost of the batch of raw materials in the inventory account. The accounting entries are as follows:
Borrow: raw materials 116,800 yuan.
Credit: Bank deposit of $116,800.
In this way, the recorded value of the batch of raw materials is reflected in the inventory account of the enterprise through accounting entries.
It should be noted that the above calculation methods and formulas are only applicable to the calculation of the recorded value of raw materials under normal circumstances. In practice, it is also necessary to adjust and deal with it according to the actual situation and accounting policies of the enterprise.
For example, for enterprises that use the planned costing method for inventory accounting, the recorded value of raw materials needs to be adjusted according to the planned cost; For enterprises that use the actual cost method for inventory accounting, it is necessary to calculate according to the actual costs incurred.