1-One can determine the cost of goods sold when using a periodic inventory system does not calculate the cost of goods sold until the end of the period. At the end of the period a count is done to determine the ending balance of the inventory. After this is completed the cost of goods sold 2- The perpetual system of inventory keeps a running tally of inventory that is live and this is done by automatically making changes to the inventory as each item is sold, freight cost, returned, or 3-
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#1 a) 20,000 Additional Barrels needed in 1961 at a cost of $31.50 per barrel. Expenses (Costs of Barrels Used) would be reduced by $630,000. Pretax loss was ($407,000) so by reducing expenses by $630,000, a pretax profit of $223,000 would be generated. b) 1) There were 172,000 barrels in inventory at 6/30/60. If costs of the barrels were added to inventory, it would increase inventory by $5,418,000 (172,000 x $31.50). Inventory would be valued at $9,924,000. That would be the only change
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What specific action should the company take in the area of inventory control? Support your proposal with an analysis of its strengths and weaknesses (15 points). The company should implement a plan. As stated in the case, there was no real plan or policy in action that supported this role within the company. This has to be done if the company wants to continue to grow. They are a growing company and have a number of different products. This is strength because they offer their customers a variety
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into purchasing the land)= $170,000 (which is what the land was originally purchased for). (10 points) 2.Problem #2 (5 points) 3.1. D (going concern principle) 4.2. A (Business entity principle) 5.3. B (Objectivity principle) 6.4. C (Cost Principle) 7.5. E (Monetary unit principle) 3. 3. Problem #3(5 points) 4. 1. C (financing activity) 5. 2. A (operating activity) 6. 3. C (financing activity) 7. 4. B (investing activity) 8. 5. B (investing activity)
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I. INTRODUCTION An important function of a public housing agency is to track and manage its inventory to include materials, supplies, tools, equipment, vehicles, appliance, etc., while maintaining a strict system of accountability and internal control. It is essential. To any effective public housing operation to have a system in place that ensures that the necessary supplies, parts, tools, and equipment are on hand to perform needed maintenance repairs to the units, buildings, grounds, and other
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EXECUTIVE SUMMARY As every business concern irrespective of its size, nature, and age needs an adequate concentration on its supply chain to carry out regular business operations and survive in the international competition. A supply chain is a system of organizations, people, technology, activities, information and resources involved in moving a product or service from supplier to customer. Supply chain activities transform natural resources, raw materials and components into a finished product
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were not available elsewhere at a lower price. * Spending a significant amount of time meeting vendors and understanding their cost structure. Also, by preferring local and regional vendors and suppliers. * Having over 40 distributions centers located at different geographical locations in the US. So, Wal-Mart’s own warehouses directly supplied 85 % of the inventory, as compared to 50-65% for competitors. About 85% of the goods which were available at the stores passed through the distributions
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produce different operating results and explore how to manage those results. The game is performed in a real-time setting that allows for helping to create a supply chain that meet customer demands for products with the lowest operating costs and lowest inventory levels. The simulation gives students an opportunity to design and manage the supply chain of stores that sell Crunch Candy and Just Born Candy. During the simulation experience, students create products, facilities, vehicles and routes
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to the company’s current situation. In the early 1980s, management closed down the last manufacturing operations in Nashua. Labor costs in Japan, and later in China, had historically been well below those in the United States, so it made sense to outsource manufacturing to Japanese and, later, Chinese manufacturers. Even with shipping costs, the mowers’ variable cost was substantially less
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S99 SEC Materials General • 6. Inventories. o (a) State separately in the balance sheet or in a note thereto, if practicable, the amounts of major classes of inventory such as: (1) Finished goods; (2) inventoried costs relating to long-term contracts or programs (see (d) below and § 210.4–05); (3) work in process (see § 210.4–05); (4) raw materials; and (5) supplies. o If the method of calculating a LIFO inventory does not allow for the practical determination
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