...inventory methods (LO 3) P6-1C Giles Manufacturing uses a periodic inventory system and has the following transactions for the month of June 2012: |Date |Transactions |Units |Cost per Unit |Total Cost | |June 1 |Beginning inventory |17 |$240 | |$ 4,080 | |June 7 |Sale |12 | | | | |June 12 |Purchase |13 |230 | |2,990 | |June 15 |Sale |11 | | | | |June 24 |Purchase |14 |220 | |3,080 | |June 27 |Sale |15 | | | | |June 29 |Purchase |8 |210 | |1,680 | | | | | | |$11,830 | Required: 1. Calculate ending inventory and cost of goods sold at June 30, 2012, using the specific identification method. The June 7 sale consists of beginning inventory, the June 15 sale consists of three units from beginning inventory...
Words: 1991 - Pages: 8
...underlying preferences directly!! Application: Miller Beer Miller beer is interested in setting the price for their products to maximize revenues. For simplicity, let’s assume that they only have three products: six packs, twelve packs, and cases. At first pass, we could say that all Miller needs to do is estimate a demand curve: That is, Q = D ( P, I , Z ) Quantity of Beer Function of Price, Income, and other Demographic Variables Problem: What are your units??? Suppose that we treat six packs, twelve packs and cases as three different products. We could estimate three demand curves: Q6 = D(P6 , I , Z ) Q12 = D(P12 , I , Z ) Q24 = D(P24 , I , Z ) That is, the demand for each good as a function of each good’s price, income and demographics. Problem: Shouldn’t the price of a six pack affect demand for a twelve pack??? We would need to add all the cross-prices (prices of other goods) to the estimated demand curves. Q6 = D(P6 , P12 , P24 , I , Z ) Q12 = D(P6 , P12 , P24 , I , Z ) Q24 = D(P6 , P12 , P24 , I , Z ) Problem:...
Words: 847 - Pages: 4
...CHAPTER 6 Inventory Costing ASSIGNMENT CLASSIFICATION TABLE | | |Brief | |Problems |Problems | |Study Objectives |Questions |Exercises |Exercises |Set A |Set B | |1. Describe the steps in determining inventory|1, 2, 3, 4 |1, 2 | 1 | 1 | 1 | |quantities. | | | | | | |Prepare the entries for purchases and sales of |6, 8 | 3 | 2, 10 |2, 8, *9 |2, 8, *9 | |inventory under a periodic inventory system. | | | | | | |3. Determine the cost of goods sold under a | 5, 7, 8 |4, 5 | 3, 4 | 2 | 2 | |periodic inventory system. | | | | | | |4. Identify the unique features of the income |9 | 5, 6 | 5 | 2, 3 | 2, 3 | |statement for a...
Words: 3751 - Pages: 16
...BTEC Level 3 Subsidiary / Diploma, Business Studies Unit 2 – Business Resources Assignment 1 (P1, P2, M2) – Recruiting the Right Staff Scenario You are coming to the end of your BTEC course and you have been considering getting a job in the summer break before you start university. As well as earning some extra money, you are looking forward to the opportunity to develop your skills and put into practice the knowledge you have learnt on your BTEC course. Task one (P1 part) Research some jobs that you can apply for on job websites. You could look at www.monster.com or www.totaljobs.com. You need to find a job that you think you could apply for either now or at the end of year 13. You need to collect a job description, person specification and application form as evidence. (P1 part) Task two (P1, P2 M2) To show that you understand the relevance of these documents used in recruitment you need to complete an information sheet which analyses their contents (see attached for template). Your information sheet should 1. Describe the recruitment documentation used for the job you have chosen. What is a job description, what is a person specification and what is an application form? How are they used in business? (P1) 2. Identify the skills required on the job description. Describe how you have these skills or if you don’t have them, describe how you could develop them this year. (P2) 3. For each of the skills that you have already identified...
Words: 1833 - Pages: 8
...Assignment brief – QCF BTEC (Level 3)Assignment front sheet | Qualification | Unit number and title | BTEC Level 3 90 Credit Diploma in Business | Unit 2 Business Resources | Learner name | Assessor name | | Rasheed Adedokun, Michael Boadu | Date issued | Hand in deadline | Submitted on | 8.12.14 | 18.12.14 | | | | Assignment title | Business Resources ;- Assignment 2 | In this assessment you will have opportunities to provide evidence against the following criteria. Indicate the page numbers where the evidence can be found. | Criteria reference | To achieve the criteria the evidence must show that the learner is able to: | | Task no. | | Evidence | P5 | Interpret the contents of a trading and profit and loss account and balance sheet for a selected organisation | | 1 | | | P6 | Illustrate the use of budgets as a means of exercising financial control of a selected company | | 1 | | | P7 | Illustrate the financial state of a given business | | 2 | | | M3 | Interpret the contents of a trading and profit and loss account and balance sheet for a selected company explaining how accounting ratios can be used to monitor the financial performance of an organisation | | 2 | | | M4 | Analyse the reasons why costs need to be controlled to budget | | 1 | | | D2 | Evaluate the adequacy of accounting ratios as a means of monitoring the state of the business in a selected organisation. | | 2 | | | D3 | Evaluate the problems...
Words: 3189 - Pages: 13
...BTEC Business Unit 3: Financial Forecasting for Business Learner Name: | Centre Number: 23168 | BTEC Business | | Learner No: | | UNIT NUMBER AND TITLE: | Unit 3: Financial Forecasting for Business | ISSUE DATE: | | HAND IN DATE: | | RESUBMISSION DATE: | | ASSESSOR: | | Aims The aim of this unit is to enable you to understand the financial aspects of running a business. You will do this through looking at the key concepts used by businesses to manage their money, and forecast their finances for the future. Money is at the heart of business. It is likely to be the main reason why a business was created and for it continuing to trade. This unit looks at the financial aspects of running a business. Work covered You will: * Know about costs, revenue and profit in a business organisation * Be able to prepare a break even analysis * Be able to create a cash flow forecast Know about costs, revenue and profit in a business organisation Business costs: costs incurred at start up; operating costs (fixed, indirect, variable, direct costs, total costs) Revenue: sources of revenue e.g. sales, leasing interest; calculating total revenue (unit sales price x number of units sold) Calculating gross and net profit: revenue (income) minus costs (expenditure), cost of sales, expenses (operating costs); maximising profits (increasing revenue Be able to prepare a break-even analysis Break even: balancing costs or expenditure...
Words: 2413 - Pages: 10
...P6-6B Revised Solution Note: This problem has a couple of remaining issues…First, on November 3, Yoshi only paid freight for 70 of the 80 units that were delivered on November 2. A possible explanation is that Yoshi called the supplier on November 2 and said that ten of the units received were damaged and the supplier agreed to pay the freight for the ten units and pick them up on the 9th. Second, we don't know if Yoshi took the discount on the units purchased on the 21st, but evidently not. Requirement 1 November 2 | | Debit | Credit | Inventory | 8,000 | | Accounts Payable | | 8,000 | (Purchase inventory on account) | | November 3 | | | | Inventory | 210 | | Cash | | 210 | (Pay freight-in) | | November 9 | | | | Accounts Payable | 800 | | Inventory | | 800 | (Return inventory on account) | | November 11 | | | | Accounts Payable | 7,200 | | Inventory | | 144 | Cash | | 7,056 | (Pay on account less 2% discount)($110 = $5,500 × 2%) | | November 16 | | | | Accounts Receivable | 13,000 | | Sales Revenue | | 13,000 | (Sell inventory on account) | | Cost of Goods Sold | 9,800 | | Inventory | | 9,800 | (Cost of inventory sold) | | ($9,800 = ($95 × 50 units) + ($101 × 50 units)) | | November 20 | | | | Cash | 13,000 | | Accounts Receivable | | 13,000 | (Receive cash on account) | | Problem 6-6B (continued) Requirement 1 (continued) November 21 | | Debit | Credit | Inventory...
Words: 395 - Pages: 2
...of SCHON lies in its dedicated and diligent work force, led by a progressive management. The major focus remains on quality & design which has earned us the repute and appreciation of our customer. SCHON SPRING SUMMER COLLECTION- The SCHON Spring/Summer 2011 fashion collection is rich in tales that are seemingly worlds apart, but in fact have a common link: a passion for elegance. SCHON finds romantic tales of flowers; sparkling, sunny afternoons dominated by white; lively evenings ablaze with colour. CLASSIFICATION & SUB-CLASSIFICATION About the STORE…. Location: 26A, 1st floor, Iscon Mall, S.G Highway, Ahmedabad, Gujarat. Area: Total area: 1223 sq. ft. Carpet area: 850 sq. ft. Average Footfalls: Weekdays: 35-50 Weekends: 70-110 Average Conversion: 54% No. of employees: Customer Experience Officers: 2 Store Supervisor: 1 Housekeeping: 2 Guard: 1 Lady Guard: 1 MERCHANDISE MIX WOMEN’S...
Words: 2481 - Pages: 10
...Qualification B-TEC Level 3 Extended Diploma in Vehicle Technology Year 2014-15 Unit Number And Unit Title Unit 19: Properties and Applications of Engineering Materials Learner Nagesh Kom Grading criteria Achieved? P6 Describe the principles of the modes of failure known as ductile/brittle fracture, fatigue and creep. P8 Describe a different process of degradation associated with each of metals, polymers and ceramics. Learners feedback P6:- I will learn to what are a ductile/brittle fracture, fatigue and creep and learn definitions of fractures. P8:- I will learn different processes degradation of metals, polymers and ceramic. And also learn what the degradation process is. Assessors feedback Action plan Assessors signature Rishi Mali Date Learners signature Nagesh Date Name: Nagesh Kom. Assignment No.: 4 Unit Name: Properties and...
Words: 1513 - Pages: 7
...BTEC Level 3 Extended Diploma in Science Student Name: | | | | | | | | Date Submitted: | | | | Unit: | 18 – | | | | | | | I certify that the attached work is original and my own:…………………………………………… Student Signature | | | Assessment Title: | Genetics & Genetic Engineering | | | | | | | | | Lecturer: | | | | | | | | | IV Name | M. Silverwood | | | | | | | | IV date: | 3/2/13 | Assessment Criteria: | Task (criteria) Completed:- P1 | P2 | P3 | P4 | P5 | P6 | P7 | M1 | M2 | | M3 | | M4 | | D1 | D2 | | | | D3 | | | Guidance for this Assignment : | Date set: Task 1 27/1/14 | Date set: Task 2 10/2/14 | Date set: Task 3 24/2/14 | Date set: Task 4 10/3/14 | Remember! | * Your attention is drawn to the comments made in the Course Handbook with regard to both the completion and submission of work * Assessment deadlines must be met * Any student found guilty of cheating or plagiarism may be withdrawn from the unit at the discretion of the Assessment Board. | Internal verification: | Date: | | Name | | | | Signature | | Aim and purpose:-To develop understanding of the principles of Mendelian genetics and to develop knowledge and practical techniques used in commercial, analytical and research laboratories | | GRADING CRITERIA To achieve a pass grade the evidence must show that the learner is able to: | To achieve...
Words: 1728 - Pages: 7
...CHAPTER 6 INTERCOMPANY INVENTORY TRANSACTIONS ANSWERS TO QUESTIONS Q6-1 All inventory transfers between related companies must be eliminated to avoid an overstatement of revenue and cost of goods sold in the consolidated income statement. In addition, when unrealized profits exist at the end of the period, the eliminations are needed to avoid overstating inventory and consolidated net income. Q6-2 An inventory transfer at cost results in an overstatement of sales and cost of goods sold. While net income is not affected, gross profit ratios and other financial statement analysis may be substantially in error if appropriate eliminations are not made. Q6-3 An upstream sale occurs when the parent purchases items from one or more subsidiaries. A downstream sale occurs when the sale is made by the parent to one or more subsidiaries. Knowledge of the direction of sale is important when there are unrealized profits so that the person preparing the consolidation worksheet will know whether to reduce consolidated net income assigned to the controlling interest by the full amount of the unrealized profit (downstream) or reduce consolidated income assigned to the controlling and noncontrolling interests on a proportionate basis (upstream). Q6-4 As in all cases, the total amount of the unrealized profit must be eliminated in preparing the consolidated statements. When the profits are on the parent company's books, consolidated net income and income assigned to the...
Words: 15380 - Pages: 62
...additions which have been made after the issue of the Parts Catalogue will be announced in the Parts News. It is advisable that you make the necessary corrections to the Parts Catalogue according to the Parts News. 2. Abbreviations The following abbreviations are used in this Parts Catalogue. “UR” Use specified parts number. “UN” Use as many as needed. “AP” Alternate Parts “LM” Locally Made (Parts need to be ordered locally) “F#” Frame No. (Applicable machine No.) “O/S” Over Size 3. The number of components for assembly • Parts, which are to be supplied in an assembly, are listed with a dot (.) in front of the part name as shown below. • The numeral appearing to the right of each component part indicates the quantity of parts for each assembly unit. PART NO. 2F5–83310–60 115–83311–60 DESCRIPTION FRONT FLASHER LIGHT ASSY .BULB (6V–18W) Q’TY REMARKS 2 1 6. The asterisk (*) before a reference number indicates modified items after the first edition. 4. Applicable colours of graphics are represented in the “REMARKS” as shown below. PART NO. 3J1–24240–10 DESCRIPTION .GRAPHIC, FUEL TANK Q’TY REMARKS 2 1 MXR FOR MXR 2N4–24110–00–X5 FUEL TANK COMP. 5. Note that the illustrations for reference in finding parts numbers are not to be used for assembling. When assembling, please use the applicable service manual. FOREWORD 7....
Words: 10101 - Pages: 41
...P6 – ADVANCED TAXATION 1)scope of charge 2)classes of income 3)resident status 4)income from employment 5)tax relief and rebates 6)individual tac computation 7)interest income 8)dividend income 9)rental income 10)witholding tax 11)partnership-tax treatment for investment income 12)estate under administration 13)estates under administration 14)settlements 15)trusts 16)badges of trade 17)business income 18)business expenses 19)interest expenses 20)trading stock 21)capital allowances 22)industrial building allowance 23)controlled sales 24)mining allowance & prospecting expenditure 25)approved donation & zakat 26)group relief for companies 27)restriction on use of loss on change in ownership 28)company taxtion 29)double dedustion 30)research & development 31)exemption for increased exports of goods & commodities 32)exemption for increased exports of manufactured products & agricultural produce 33) exemption for increased exports of qualifying services 34)income tax (deduction for cost of acquisition of proprietary rights) 35)income tax (deduction for cost on acquisition of a foreign owned company) 36)single tier dividend system & section 108(6) 37)professional communication tools-reports,letters.... 38)tax incentives-pioneer statuss,investment tax allowance,renvestment allowance 39)computation of chargeable income-company 40)self assessment for individual & companies 41)tax avoidance & wilful evasion 42)tax audit & tax investigation 43)advanced...
Words: 284 - Pages: 2
...Unit 1 Government Policies and the Public Services [pic] Assessment Book (Credits 10) | |Eddie Maylor | |Student Name | | |Start of Unit Date |24 September 2012 | |Completion of Unit Date | | | |Unit Tutor: James McQueen | |Group / Course |Diploma in public services | Learning Outcomes • Know the different levels of government I the UK • Understand the democratic election process for each level of government in the UK • Understand the impact of UK government policies on the public services • Be able to demonstrate how government policies are developed Unit Criteria Passed |Pass |1 |2 |3 | | | | ...
Words: 4856 - Pages: 20
...Break-even & Budgeting Report (P6) What is break-even? Reach a point in a business venture when the profits are equal to the costs. There is a business term called the Break-even point. The break-even point is the point where the total revenue exactly matches the total costs and the business does not make a profit or a loss. The break-even point for each of the prices (£30, £35, £40) that ABC Computing Ltd is selling there stands for as follows: * £30 – To break-even they will have to sell 355 units. * £35 – To break-even they will have to sell 194 units * £40 – To break-even they will have to sell 133 units The purpose of break-even is to regulate the minimum output that must be achieved in order to make a profit. It also gives you some sort of indication of the earning impact of a marketing activity. The break-even point is one of the simplest yet least used analytical tools in management. It helps to provide a dynamic view of the relationships between sales, costs, and profits. Budgetary Problems * One of the main budgetary problems within not just ABC Computing Ltd, but many other businesses as well are the variable expenses These are the bills that can change month to month; this can make it very difficult to have an actual price on the expenses. A way that ABC Computing Ltd can manage their variable expenses much more efficiently is to monitor the costs constantly. What I mean by this is to always keep track of their finances and always find ways...
Words: 1614 - Pages: 7
