Loupu Nyenlekewoi HAS 525 Fanancial Health Management Dr. April 27, 2014 Strayer University 8.1 Assignment Exercise: a.1) FIFO Time | Purchase or Sale | Units | Cost | Total = Cost x Units | 1 | I | 25 | 000 | $0.00 | 2 | P | 6 | 500 | $3,000.00 | 3 | S | 90 | 000 | $0.00 | 4 | P | 32 | 000 | $0.00 | 5 | p | 20 | 000 | $0.00 | Calculate Unit Items: Units available for sale = 6 + 32 = 38 Units sold = 25 + 90 + 20 = 135 Units in Ending Inventory = 38 - 135 = -97 Calculate
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400. There has also been an increase in the net income of the organization. The net income in the year 2011 was at the level of $398167. This increased to the level of $443446 in the year 2012. This shows that, the Solution 8-1 a.1. Assumptions FIFO Inventory Effect Sales (Revenue) 1000 Units @ 90 $90,000 Cost of Sales:
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SAMUEL’S ELECTRONICS STORE[1] (A) ——————————————————————————————————————— Samuel’s Electronics is a retail electronics store located in a mid-sized city in the Midwest United States that specializes in upscale models of televisions, DVD players, home theaters, and home audio components. This year, Samuel’s Electronics reported a $556 thousand net income on $15.75 million net sales. While Samuel’s Electronics is a privately held company, loan covenants associated with its debt requires it to provide
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PART 1 – Summary of Proposal System Title:Sales Inventory Management SystemProponents of the System:Name: Patrick Russel E. VergaraAddress: Area 1, Peacock St. Sitio Veterans, Brgy. Bagong Silangan, Quezon CityContact Details: 09107048473/4313335 and vergarapatrickrussel@yahoo.comDescription of the System: 1. Basic purpose of the system - Used in logistical systems such as warehousing, transportation, distributorships and supply management chains, an inventory management system is an automated
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|[pic] |Course Syllabus | | |School of Business | | |QRB/501 Version 2 | |
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machinery, and equipment would have a prolonged effect on the assets useful life. 5.) The effect of LIFO inventory liquidation on its reported profits in 1984 are an increase in net income by $2.4 million or $0.20 per common share and a reduction in the net loss by $15.6 million. If a company performs LIFO liquidation, the old costs will be matched with the current higher sales prices. A company uses LIFO liquidation assuming that when it needs to replace inventory its repurchasing cost will increase
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from FIFO system, potential capacity and staffing problems, uneven workload among three underwriting teams, outdated SCT for computing TAT, and inaccurate computation process for TAT. In order to lower the number of late renewals and reduce turnaround time, our recommendations include, but not limited to, the following: 1) Making it mandatory for all departments to comply with the FIFO system and implementing monitoring plans for overseeing the entire underwriting process to ensure FIFO is strictly
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Directions Read the “Harnischfeger Corp” case study and answer the following questions. Submit your completed assignment no later than the last day of Week 2. 1. Describe clearly the accounting changes Harnischfeger made in 1984 as stated in Note 2 of its financial statements. After reviewing the accounting policies of other corporations in similar industries, Harnischfeger decided to adjust their depreciation method. Instead of continuing to use the accelerated method for depreciating their US
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1. Describe clearly the accounting changes Harnischfeger made in 1984 as stated in Note 2 of its financial statements. The following summarize the accounting changes made and noted by Harnischfeger: a. Included equipment purchased and resold from Kobe LTD in net sales (full sales amount) as opposed to disclosing only margin. Since the purchase of equipment from Kobe Steel, Ltd. was for the purpose of resale (vs. use or lease), this change more accurately reflects net sales. b. Financial
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The controversy about the initiative to wipe out the LIFO inventory technique seems that is not a piece of cake. Actually is so controversial that is putting companies, which are using LIFO in real problems. Some of the reason that companies had been using LIFO is because the benefits of paying less tax and also for book purposes. What I think about the three options of eliminate LIFO either for financial accounting or tax purposes, or not allowing it for financial accounting purposes but allowing
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