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Case #4

In: Business and Management

Submitted By jserrano94
Words 830
Pages 4
Case #4 (Individual [20 points])
Due Date: Wednesday, April 2, 2014, 6 pm
SAMUEL’S ELECTRONICS STORE1 (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 the debt holders with audited financial statements prepared in accordance with generally accepted accounting standards. Samuel’s uses a periodic inventory system which it closes at the end of each fiscal year. At its recent fiscal year-end, Samuel’s Electronics reported the following inventory-related information:
31-Jan-10
Merchandise inventory $1,852,710 Cost of merchandise sold $11,993,423
31-Jan-09
$1,585,114 $10,690,072
A popular product line offered by Samuel’s Electronics is high definition LCD televisions. Driven by a combination of manufacturing efficiencies and competition from budget brand manufacturers, HDTV retail prices continue to fall each year, now bringing large LCD and plasma models within reach for mainstream shoppers. A popular brand that Samuel’s Electronics carries is the LG Electronics LG70 series. The LG70 series is a premium line of LCD televisions introduced by LG Electronics in 2008. LG marketing literature states that this series:
...uses Intelligent Sensor to evaluate the LCD panel's surroundings, adjusting brightness, contrast, color, sharpness, and white balance for optimal video performance in any environment. The series have LG's XD EngineTM combined with TruMotion120Hz, 24p Real Cinema, and a super-fast 4ms pixel-response time. Clear Voice...

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