...THE BOOTS AND CO LTD PART 2 CLOSING STOCK VALUATION Product 1: THETA 5 Month Receipts Cost Issue FIFO LIFO Jan 300 4.5 1,350 1,350 Feb 200 4.5 150 1,575 1,575 Mar 400 4.5 3,375 3,375 Apr 4.5 250 2,250 2,250 May 400 4.5 100 3,600 3,600 Jun 300 5 5,100 5,100 Jul 150 4,425 4,350 Aug 400 5 6,425 6,350 Sep 300 5 7,925 7,850 Oct 400 6,125 5,850 Nov 400 6 8,525 8,250 Dec 6 250 7,400 6,750 Total 2,700 1,300 Closing stock (FIFO) = £7,400 Closing stock (LIFO) = £6,750 The closing stock value according to AVCO is done below for THETA 5. Average cost of receipt (£) 4.91 Stock Left 1,400 Closing stock valuation (£) 6,870 Product 2: AXIS 34 Month Receipts Cost Issue FIFO LIFO Jan 200 6 1,200 1,200 Feb 400 6 200 2,400 2,400 Mar 300 6 4,200 4,200 Apr 300 6 150 5,100 5,100 May 500 6 8,100 8,100 Jun 500 6 350 9,000 9,000 Jul 6 150 8,100 8,100 Aug 400 7 10,900 10,900 Sep 300 7 300 11,200 10,900 Oct 300 7 200 12,100 11,600 Nov 200 7 300 11,700 10,900 Dec 350 7 14,150 13,350 Total 3,750 1,650 Closing stock value (FIFO) = £14,150 Closing stock value (LIFO) = £13,350 The closing inventory stock according to AVCO is done below for AXIS 34. Average cost of receipt (£) 6.41 Inventory Left 2,100 Closing stock valuation (£) 13,468 As the price of the purchase...
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...CHAPTER 14 Managerial Accounting ASSIGNMENT CLASSIFICATION TABLE Brief Exercises 1 A Problems B Problems Study Objectives *1. Explain the distinguishing features of managerial accounting. Identify the three broad functions of management. Define the three classes of manufacturing costs. Distinguish between product and period costs. Explain the difference between a merchandising and a manufacturing income statement. Indicate how cost of goods manufactured is determined. Explain the difference between a merchandising and a manufacturing balance sheet. Identify trends in managerial accounting. Prepare a worksheet and closing entries for a manufacturing company. Questions 1, 2, 3 Do It! 1 Exercises 1 *2. 4, 5, 6, 7, 8 11, 12 2, 3 1 *3. 4, 5, 7 2 2, 3, 4, 5, 6 3, 4, 5, 7, 13 8, 12, 13, 14, 15, 17 1A, 2A 1B, 2B *4. 13 6 2 1A, 2A 1B, 2B *5. 9, 14 3A, 4A, 5A 3B, 4B, 5B *6. 15, 16, 17, 18 8, 10, 11 3 8, 9, 10, 11, 12, 13, 14, 15, 16, 17 14, 15, 16, 17 3A, 4A, 5A 3B, 4B, 5B *7. 10, 19, 20, 21 9 3A, 4A 3B, 4B *8. 22, 23, 24 25, 26 27, 28, 29 12 4 18 *9. 19 6A *Note: All asterisked Questions, Exercises, and Problems relate to material contained in the appendix to the chapter. Copyright © 2011 John Wiley & Sons, Inc. Kimmel, Accounting, 4/e, Solutions Manual (For Instructor Use Only) 14-1 ASSIGNMENT CHARACTERISTICS TABLE Problem Number 1A Difficulty Level Simple Time Allotted (min.) 20–30 Description Classify manufacturing costs into different...
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...- David and Price state that “students today adopted an increasingly consumerist goal for their education” (61)” in a sense that they “perceive themselves primarily as costumers, purchasing a product: a degree” (61) - This raises the question of why students have a consumerist view on education and whether students value the learning process of obtaining a college degree - The study indicates that most students“seek the path of least resistance to obtaining a academic degree.” - This suggest that students may not value the learning process or the end product of knowledge to be of any importance and instead, they are only interested in obtaining a degree though the easiest method by selecting professors based on their easiness rating. - Personally, i find this surprising - what is the purpose of higher education if it presented no challenges? - more importantly, what is the significance of an academic degree if student's take the easier route? - An academic degree is of special value that indicates a student's innate ability - If all students obtain a degree by choosing the easiest path, this will devaluate the significance of an academic degree - And thus, an academic degree will have no meaning - Perhaps student's may need reassess their value on education and realize the importance of the learning process Although obtaining a degree is the primary goal of many students, the learning process is also of equal importance Brinkworth first year experience ...
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...RUNNING HEAD: US Constitution and Slavery Cardinal Stritch University Instructor: Judge David Bastianelli American Government and Politics – ASB 118 DLU 08 0893 May 22, 2012 US Constitution and Slavery The U.S. Constitution established America's national government and fundamental laws, and guaranteed certain basic rights for its citizens. It was signed on September 17, 1787, by delegates to the Constitutional Convention in Philadelphia, by George Washington. Under America's first governing document, the Articles of Confederation, the national government was weak and states operated like independent countries. At the 1787 convention, delegates devised a plan for a stronger federal government with three branches--executive, legislative and judicial along with a system of checks and balances to ensure no single branch would have too much power. The Bill of Rights is 10 amendments guaranteeing basic individual protections such as freedom of speech and religion which became part of the Constitution in 1791. America's first constitution, the Articles of Confederation, was approved in 1781, a time when the nation was a confederation of states that each operated like independent countries. The debate of the constitution focused on contentious issues like the question of state representation in the national legislature and slavery. Slavery The American Civil War approximately 4 million enslaved African Americans lived in the southern region of the United States...
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...Functional Areas of Business Management 521 04/04/2014 Functional Areas of Buisness If you have no particular destination in mind, then any road will do. However, if you have someplace in particular you want to go, you’ve got to plan the best way to get there. Because organizations exist to achieve some particular purpose, someone must define that purpose and the means for its achievement. Managers are that someone. As managers engage in planning, they set goals, establish strategies for achieving those goals, and develop plans to integrate and coordinate activities.(Robbins, Coulter, Stephen P., Mary. Management. 11th Edition. Page 9) Planning, Organizing, Leading and controlling are the main functions of what a manager should follow according Henri Fayol. I will be elaborating on these functions throughout the context and elaborating on the importance of having that particular purpose and the means for achievement while in a managers role. According to the functions approach, managers perform certain activities or functions as they efficiently and effectively coordinate the work of other. Henri Fayol, a French business man, first purposed in the 20th century that all managers perform 5 functions. (REFERENCE) 1. Planning 2.Organizing 3.Commanding 4. Coordinating 5. Controlling Today’s functions have been reduced There are many reasons as to why I have decided to take on business management, and on main reason is to get the chance to work with a wide range...
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...Ethical Issues in Management Discipline is very important when it comes to the workplace. In order for a company to run properly, they must establish guidelines that all employees are required to follow. The company should also incorporate reprimands for when employee fails to act out a certain guideline. If a manager allow certain employees to break rules this causes tension in the workplace because this makes other employees feel inferior. It also allows the employees who are breaking the rules feel like they can do whatever they want. This paper will address the moral and ethical issues faced by managers, how the relationship between social issues and ethically responsible management practices relate to discipline, a workplace example of an ethical dilemma related to discipline, what legal aspects did management faced during this dilemma, and what legalities governed or should have governed the decision. Managers utilize moral expressions in their lingo for a lot of different reasons. In some situations the manager uses moral for opposing reasons. Managers use moral to talk to make issues clear and easy to understand. They also use it to incorporate norms that are relevant to society. Managers are faced by moral and ethical issues every day. In order for managers to enforce these two issues properly they must come up with ways to fairly handle or address the situation. There are several ways that morals and ethics are related to discipline. A manager...
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...Strategic Management and Planning A strategic business plan will help the organization define its mission and vision, giving the organization a sense of purpose and direction. In addition a strategic plan will help the organization asses its strengths and weaknesses, and develop short-term strategies that are compatible with long-term objectives. A strategic plan will balance the use of resources, people, structures, and technologies in order to achieve company goals with the least amount of risk. Four Functions of ManagementPlanning is the first function of the [pic]management process, as without effective planning[pic] one [pic]cannot effectively organize, control or lead[pic] the organization. Planning is used as a tool to help identify potential opportunities and threats as well as to reduce long-term risks. Planning is also used to more effectively establish goals and objectives for long-term success and ensure that the organization use all its resources toward achieving its goals. The small business that I would like to start would be a daycare center. This would be not only a daycare center, but also a learning daycare center. The daycare center would include certified teachers who will dedicated to teaching students what they need to know to achieve greatness. Before I can start my business a strategic plan must be set in place. This paper is intended to address the four functions of management that I will need as well as the strategic plan that I will...
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...Considered before moving into the larger facility? Initially, the business operated at a loss, but with time the business was able to attract new and loyal customers. This growth in itself was a challenge because Elizabeth over-estimated the growth capacity of her business. This in turn cost her heavily since she ended paying for unused space in the new facility. Elizabeth could have avoided this additional operating cost by analyzing the growth trends and potential of her business before relocating to a new facility. It is through such business growth potentials analysis that one is able to make strategic management decisions (Stokes & Wilson, 2010). She could have also considered inviting business experts who could have advised her correctly after doing the study on the Biddy’s Bakery for sometimes. What is wrong with the proposal made by the team of Buisness students? Why? The Biddy’s Bakery mission was to produce different kinds of baked goods (pies, cakes) using the traditional method and selling them to general public and local restaurants, but the team of business students proposed that the business should deal with the production of McDoogle pies and selling them twice to a local grocery store chain. This proposal is different from the mission of Elizabeth’s business hence changing the business completely. Therefore the proposal of the students is wrong since it implied changing the original mission of the business. What type of...
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...message sent. Part 2: A: Store Managers: Business Letter 10 October 19, 2010 All Store Managers Retail Clothing Stores Limited 124, Holloway Drive Dallas, Texas, Dear All, ADJUSTMENT IN WORKING HOURS AND STORE OPENING HOURS The rising cost of gas in recent times has no doubt had a multiplier effect on the economy as a whole and our organization is no doubt feeling its effect by way of rising operational costs. All employees at all levels are also feeling the effects as commuting to and fro from work has taken on additional cost for them. While many other organizations have resulted to laying down their staff, our Company prides itself in the quality of its workforce who have bonded together like a family and Management recognizes that Family members should not go through extreme hardship in meeting up with their responsibilities at work and also does not consider it the best option to let “Family Members” go. To ensure that all can cope seamlessly with the current increases in the prices of gas without having to incur additional costs or cut down the number of staff, our working hours would be adjusted such that all outlets would not be open on Sundays and form Mondays to Fridays, employees would resume an hour later and also close an hour earlier so that less time can be spent in traffic. Managers and full time employees would hence...
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... 3 Purpose 3 Management Structure 3 Management Style 4 Communication 4 Presentations 5 Meetings 5 Business Attire 6 Entertaining 6 Twenty Tips for Germany 7, 8 References 9 Introduction Germany is one of the world’s largest economies and has a leading position in manufacturing and production. In Germany, greater attention is paid to academic, technical education and its value to business world. Knowing how to conduct business properly in Germany is an important key to closing a business deal. Purpose The purpose of this brief is provide the company’s businessmen with some basic information on conducting business in Germany. This brief will cover following information: Company Management Structures, Management Style, Communication, Presentations, Meetings, Business Attire, Entertaining and Twenty Tips for Germany. Company Management Structure German companies are very structured and that the majority of the power is in the hands of a few senior managers. In the larger companies they do have boards they have a Supervisory Board called the (Aufsichtsrat) which appoints the Management Board which is called (Vorstand). When it comes to these two boards the management board is the final decision maker on policy dealing with management (World Business Culture, 2013). The Supervisory Board has shared responsibility for the overall management of the company. In return...
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...Newsletter 02 March 2016 Volume 1, LANX WANT TO EXPAND ITS BUISNESS TO THE SHORES OF INDIA; IS THIS BUSINESS MOVE FINANICIAL WORTHWHILE? EXPANDING BEYOUND THE PARENT COMPANY IN UK. DOES THE MANAGEMENT NEED TO SET UP VIRTUAL AND WHY? The Lanx Company, a textile manufacturing firm currently based in the UK after months of deliberation, research and market survey decided to launch another branch in Delhi, India. The parent company based in the UK has recorded significant financial successes with a strong capital base and as part of ensuring continuous growth, has decided to expand its operation beyond the markets in UK. The key objective of the business unit of the firm with respect to the launching of another plant s to increase its goods and services as this will grow its market value and also create wealth for stakeholders (shareholders, employees etc). This is consistent with the business goals in any organization: to generate wealth and increase their financial value to investors. (Atrill and McLaney, 2011). A key strategy to continuous business growth is the ability to develop options to produce goods and services at lower cost in order to enhance profitability. In the case of the Lanx company, the opportunity provided by the expansion of the company’s operation to India includes being granted tax holiday by the India government to enable the company to firmly settle down. The cost of sourcing for raw materials for the plant that will be sited in India is also...
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...Identify risks to agency operations Task 1 Find a newspaper/magazine/internet article that relates to one of the risks to agency operations (economic, financial, social, technology, human behaviour, occupational health and safety, legal, political, social, property and equipment, environmental and natural events). Using the table below, say how the subject of the article will possibly affect the business, it’s likelihood, consequences, level of risk and what steps could be taken to minimise or transfer the risk: |Newspaper/magazine/internet article: | | | |Business risk is the risk which is associated with core business activities, for example, Demand creation, supply, operations, production, raw | |material procurement etc. If an organization fails to properly manage these activities then the probability of impact of these failures on revenue| |becomes too high and the business can loose some part of its sales. Due to lower revenue the profits of business gets negatively impacted, | |particularly in case where Fixed Cost is very high the magnitude will be very high. | |while on the other side, financial risk is associated with the debt level...
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...Around the world, there are many highly skilled, independent thinking professionals who would rather operate a business of their own than work for someone else. These entrepreneurs start up thousands of businesses each year however, not all succeed. Statistics gathered by the National Federation of Independent Businesses reports that only 39% of new businesses in the United States finish the year making a profit. Numerous reasons exist why new businesses fail, but many new business owners find that although they are very competent in their profession, they struggle with operating a business (Klein, 1999). B-Team Consulting can help the new business owner make sure he or she winds up in the 39% group of profitable new businesses. Our firm provides several services to ensure the new business reaches its goals. The firm offers business plan preparation, often the first impression investors have of a business. Marketing analysis services will help a new business with a complete marketing strategy to make the most of its advertising resources. The B-Team Consulting firm can help in website design and promotion to ensure optimal Internet exposure. These are a sampling of many services B-Team Consulting can offer (Williams, 2011). Problems the Firm Can Remedy Many small businesses face declining sales and fewer repeat customers after expansion. The owner of the small business finds that once the business expands beyond the initial workforce, there is a drop in repeat customers. When...
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...1.The creation of a strategy through the recognition of threats and risks facing a company, with an eye to ensure that personnel and assets are protected and able to function in the event of a disaster. Business continuity planning (BCP) involves defining potential risks, determining how those risks will affect operations, implementing safeguards and procedures designed to mitigate those risks, testing those procedures to ensure that they work, and periodically reviewing the process to make sure that it is up to date. 2.When a business continuity plan is correctly used it can help reduce operational risks. Operational risk is the risk of loss experienced from internal processes as a result of external events. These internal processes could have failed completely or simply been inadequate. This does include calculating the legal risk as well but does not take into account business risk that is based in strategy or reputation. Some examples of operational risk are losses arising because of internal or external frauds, natural disaster, failed transaction processing or inability to meet the commitment of service, and the disruption of business or system failures. 3.There are many different approaches to BCP and DRP. Some companies address these processes separately, whereas others focus on a continuous process that interweaves the plans. The National Institute of Standards and Technology 4.The degree of spread of Ebola in the months ahead is uncertain. In the unlikely...
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...When he left Trilo Hygiene Products, a multinational corporation {MNC} where he was head of'human resource development (HRD), to join BGG, it was to spearhead a change to professionalism and empowerment. Then Muthiah had said to him: 'In five years, we have grown 100% and this year we are crossing the Rs 1,SOo.crore mark with so many diverse businesses and a vast management team, we want to develop our managers to grow out of a task orientation 10 one oflnng-term business onentanon.r want you to come in as the group's HRD director to institute the change process. We want you toworkcloselywith the family in evolving a new culture and replicate the MNCmodel ofeffective and proactive bustneeamenagememhere." And while it meant relocating to-an alien region with a totally alien culture, varied customs and habits, Singh felt it was worth' the effort and emotional upheaval. With his 20 years' of exposure and experience in a multinational. he believed that if even a few like him entered family- managed concerns (FMCs), Indian business houses could make a quantum leap in their contributions to the country's management development. As if to. reinforce his faith, one of the first things he was asked to work on was a performance bonus scheme for the business beads and CEOs, to grow their initiative and business drive. 'Two months later, when Singh discussed his scheme, Muthaiah said: "You need to discuss this with the rest of the...
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