...Executive Summary: Our report focuses on the “Application of Accounting in a Merchandising Business - Prime International Limited”. Accounting is important in business because it offers great support to management for planning, controlling as well as decision making process. It is with the aid of accounting information that the performance of a unit can be evaluated, at the same time as, its logical records make possible to get rid of the frauds and the thefts. The main interested parties for the company are stockholders who always want to know about the performance of his or her company. To prepare a financial statement, an organization must start its work from identifying recording, summarizing, and adjusting the transactions and at last preparation of financial statements. Accounting is important for businesses for several reasons. Effective record keeping helps a business survive efficiently all the while keeping track of the operations of the company. Background of the Study: The garments industry of Bangladesh has been the key export division and a main source of foreign exchange for the last 35 years. At present, the country generates about $6 billion worth of products each year by exporting garment. The industry provides employment to about 3 million workers of whom 90% are women. Two non-market elements have performed a vital function in confirming the garment industry's continual success; these elements are (a) quotas under Multi-Fibred Arrangement1...
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...Job Evaluation Exercise 1. Evaluate the jobs and prepare a job structure based on its evaluation. Assign titles to each job, and show your structure and title and job letter. (This organization places a major emphasis on the important role of teams.) 2. Describe the process you went through to arrive at the job structure. You should also be prepared to discuss the job evaluation techniques and compensable factors used and the reasons for selecting them. 3. Evaluate the job descriptions. What parts of them were most useful? How could they be improved? 4. Questions: does the job evaluation method used appear to affect the results? Do the compensable factors chosen affect the results? Does the process affect the results? How? Job A Kind of Work Provide excellent customer service. Follow and comply with all applicable health and sanitation procedures. Prepare food items: sandwiches, slice deli meats and cheeses. Prepare items on station assignment list and as predetermined. Stock and rotate products, stock supplies and paper goods in a timely basis; keep all utensils stocked. Check dates on all products in stock to ensure freshness and rotate when necessary. Use waste sheets properly, as directed. Operate and sanitize all equipment in a safe and proper manner. Comply with and follow organizational safety procedures. Follow established Weights and Measures procedures. Answer the phone and pages to department quickly and with appropriate phone etiquette...
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...The skills you have, show what kind of a person you will be when working. The skills are split up into three categories which are employability skills, personal skills and communication skills. At Tesco’s merchandisers are really important people. They are responsible for ensuring that products appear in the right storm or on a website, at the appropriate time and in the correct amounts. This includes working closely with the buying teams to accurately forecast trends, plan stock levels and monitor performance. While the buyer selects the lines, the merchandiser decides how much money should be spent, how many lines should be bought, and in what quantities. In smaller companies, the same person may be responsible for both buying and merchandising. Merchandisers at Tesco play an important role, as profitability can be affected by how successfully...
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...promotion and advertising techniques. Merchandisers make sure that the product you like price is within your budget, colour of your choice and the store has a stock of the particular product. At Tesco’s merchandisers are really important people. They are responsible for ensuring that products appear in the right store, or on a website, at the appropriate time and in the correct amounts. This includes working closely with the buying teams to accurately forecast trends, plan stock levels and monitor performance. While the buyer selects the lines, the merchandiser decides how much money should be spent, how many lines should be bought, and in what quantities. In smaller companies, the same person may be responsible for both buying and merchandising. Merchandisers at Tesco play an important role, as profitability can be...
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...commission. They first teamed in a joint venture with Cifra, Mexico’s largest retailer, to open a series of supercenters that sell both groceries and general merchandise in Mexico. Although they faced some challenges, such as understanding their culture and buying preferences, they quickly managed to change their marketing and merchandising strategies to meet the local conditions. As they built up their distribution systems in Mexico, the Mexicans started to change their shopping habits, and now Walmart is Mexico’s largest retailer and Mexico is considered to be the company’s most successful foreign venture. Walmart continued its international expansion by establishing operations in Europe and South Korea, however the company had less success. Consumers in Europe and South Korea, seemed to have a preference for higher-quality merchandise and were not as attracted to Walmart discount strategy as consumers were in United States and Mexico. Regardless of how, Walmart had greater success in China where they have learned to adapt the Chinese culture and changed their merchandise and operations strategies. 1. Do you think Walmart could translate its merchandising strategy wholesale to another country and succeed? If not, why not? No, I do not believe that Walmart could translate its merchandise strategy wholesale to another country and succeed. Their merchandise strategy was form to base in United States for U.S consumers, which carries the methods and culture of retailing in...
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...1. What problems did the Rank Group find with the Hard Rock’s three main internal information systems (restaurant operations, merchandising, and financial)? Why was this a problem? [Table] 2. What’s the solution? [List] - Putting a data warehouse system o To store restaurant point-of-sales customer data, merchandise sales, customer demographic, preference o To link data via the Web - Installing chain-wide merchandise system - Putting Radius inventory management system - Adopting Lawson software financial module, lotus notes o To update on a daily basis o To create a common ledger for all stores allowing the system to automatically reconcile numbers for every cafes o To reduce workload for finance staff The new systems and data warehouse are accessible through companywide intranet, allowing employee to look up customer detail and other information with just one click. 3. What’s the role of CRM? [List] How does the data in a CRM differ from that of a POS? (Table) - To build and strengthen relationship between company and its customer ex. Hard Rock building an online community. - To capture information about customers and give them customized details in order to drive customer revisit. - To gain personal information about customer and use it to offer personalized service. o Hard Rock gift certificate which can be redeemed on the website by using identification number in return of personal information and survey. - To track customers both on the Web and...
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...Business and Administrative Communication Business communication plays a very important role in my day to day work activities, especially at the department store. Verbal communication is essential when it is time to receive a merchandising truck. On average, the truck contains over 500 boxes with various items in them. The truck has merchandise for every department within the store. The receiving department needs to communication to each department how many boxes they received so they can plan to store it, process it or move it to the floor. Without this small but important communication, a department can get backed up for the next truck in just a couple of days. When a department get behind in their processing it can affect our department for the next truck since we have a limited space for the merchandise. Communication between the departments is key to help keep thing moving smoothly. If not, it can hurt customer service. The technology used at the department store is top of the line. We have a device that can be used for nearly activity we perform from inventory, on hand count, pricing and customer pick up. It is the most important tool we used on a day to day basis. We are currently learning about the new devices which are iPod related. This will be interesting when we receive the devices, because we are hearing bad things about them through our new social media site. The department store has a new social media for the associates. It has different sites for each department...
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...Big Lots Organizational Structure Management 521 July 15, 2014 Dr. w The Chief Merchandising Officer and Executive Vice President of Big Lots is Richard Chene (Home Textiles Today, 2013). He oversees all merchandising and global sourcing strategies and executions. He reports to CEO and President David Campisi. Big Lots decided to improve their organizational structure by implementing a new strategy to add three new General Merchandise Managers to improve customer focus. Lucy Cindric was assigned the role of Senior Vice President, General Merchandise Manager in the area of Seasonal, Toys and Electronics division (Eaton, 2014). Trey Johnson was assigned the role of Senior Vice President, General Merchandise Manager for Food and Consumables. And Martha Withers-Hall as Senior Vice President, General Merchandise Manager for Furniture and Home Décor (Easton, 2014). Lucy, Trey and Martha are holding positons at the same level of management. Their roles are primarily implementing different strategies to accomplish the same goal under the Merchandising category. They will all report to Richard Chene. ------------------------------------------------- The objective behind this strategic planning was to deliver a detailed plan that evaluated all aspects of Big Lots current operations including their leadership hierarchy make it organized by assigning a specific leadership role for each category. Big Lots has already implemented their plan for the next three years “and shared stories...
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...extremely large number of general merchandising stores open throughout the country, and many more opening daily because of the ease of entering into this market. After initial entry there are the struggles of high expenses, large amounts of needed capital, and low amounts of time that make it difficult to compete with well-known long standing competitors, but just because new entreats don’t become as successful as existing companies does not mean that the businesses do not get in enough to give the companies an extra challenge Bargaining Power of Suppliers There is Low Bargaining Power of Suppliers. General Merchandisers have a very large number of suppliers willing to stock their shelves, so if one supply does not meet their needs they have no trouble replacing them. Suppliers are forced to work with the companies in the General Merchandise market and cannot bargain to get what they want because they are too dispensable. Rivalry Among Current Firms High Rivalry Among Current Firms is found in the General Merchandising industry. Different competitors must pick things that they are good at to emphasize more and put less resources towards things that they are weak in, so that they can stand out in some area. The large amount of competitors makes it necessary to be the best in one area, so that shoppers come to you for that particular thing. Bargaining Power of Buyers There is Low Bargaining Power of consumers in the General Merchandising industry because there are way more...
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...Target Corporation Description of the company: Target Corporation operates general merchandise stores in the United States. As of January 28, 2012, the company had 1,763 stores in 49 states and the District of Columbia. The company’s segments include U.S. Retail, U.S. Credit Card, and Canadian. The U.S. Retail segment includes the company’s merchandising operations, including its integrated online business. The company offers both everyday essentials and fashionable, differentiated merchandise at discounted prices. Its online shopping site offers similar merchandise categories to those found in its stores, excluding food items and household essentials. The U.S. Credit Card segment offers credit to qualified guests through the company’s branded proprietary credit cards, the Target Visa, and the Target Card. Additionally, the company offers a branded proprietary Target Debit Card. The Canadian segment consists of leasehold interests in Canada that are purchased from Zellers, Inc. It owns leasehold interests in 189 Zellers sites. The company operates Target general merchandise stores, the majority of which offer an assortment of general merchandise and various limited food assortment than traditional supermarkets. The food assortment includes various perishables and various additional dry, dairy, and frozen items. In addition, it operates SuperTarget stores with general merchandise items and a line of food items comparable to that of traditional supermarkets. Target.com offers...
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...the lawn for a fee. He is selling a service. He may need to supply his own lawnmower, which is a cost of doing business. A maid sells the service of cleaning houses, but she may or may not need to bring her own cleaning supplies. After selling a service, there is no widget to pack up. MERCHANDISING COMPANY A merchandise business sells merchandise. Good examples of merchandising businesses include retail clothing, grocery stores and bookstores. Many people use the term "widget" to refer to any merchandise a business offers for sale when discussing business issues and dynamics. For example, a sale in which a customer receives two widgets for the price of one may refer to any type of merchandise. It could mean two pairs of shoes for the price of one or two boxes of pasta for the price of one. A merchandising company purchases inventory items to resell to customers. The company buys from several vendors and provides a central purchasing point where customers can purchase everything in one stop. The customer benefits by making one convenient stop for all her needs. Inventory represents the primary asset of a merchandising company. The typical financial transactions of a merchandising company include purchasing inventory, storing the inventory and selling the inventory to customers. These activities may occur in one or more accounting...
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...ip in partnersh with Scenario CIMA Global Business Challenge 2012 Scenario You are the consultant to VYP an independent TV production company. Prepare a report that prioritises analyses and evaluates the issues facing the board of VYP. You should make recommendations where appropriate. Read all the information provided before you begin Note: Today’s date is 31 March 2012. You should write your report as at this date. ©The Chartered Institute of Management Accountants Page 2 A variety of issues have arisen, on which the board would like your analysis and opinion: Re-commissioned drama series Following the successful launch of a drama series last year the BBC announced last week that it wishes to re-commission a second series. The programme last year revolved around a group of four rowers preparing for the rowing world championships held in 2011. It covered the ups and downs of life as a rower and dealt with the pressures on relationships the training created. The programme was unusually well received by the viewing public. The BBC have offered the new series at the 2011 prices less 10% arguing that the sets have been built and many of the normal teething problems had been resolved last time. VYP have always struggled to realise the savings considered likely when a series is repeated. The new drama series will be a long one giving £5m of revenue to VYP (after the 10% discount mentioned above). Janet Black, Finance Director has indicated that in her experience...
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...Cost of Goods XACC/290 Cost of Goods The cost of goods sold is a category of expense for merchandising organizations. It is defined as the total amount of merchandise sold during an accounting period (Kimmel, Weygandt, & Kieso, 2011). To calculate the cost of goods sold, it would depend on which type of system the merchandising company is using. If they are using a perpetual system, which means that the organization uses daily detailed entries for the cost of their inventory’s purchase and sale, they would be journalizing each selling price of merchandise (Kimmel, Weygandt, & Kieso, 2011). For example, for inventory sold, an accountant would debit Accounts Receivable or Cash and Sales Revenue is credited for that merchandise’s selling total price (Kimmel, Weygandt, & Kieso, 2011). Subsequently, the accountant would also debit the Cost of Goods Sold and credit Inventory for the cost of that merchandise sold. The second system that can be used by a merchandising company would be the periodic system. In a periodic system, the organization does not keep a daily, detailed inventory record. They instead calculate the cost of goods sold at the end of their accounting period. To determine the cost of goods sold they use the equation – beginning inventory plus the cost of goods equals the cost of goods available for sale (Kimmel, Weygandt, & Kieso, 2011). They then take this total and minus it from their ending inventory. This will give the company...
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...com/product/acc-290-week-4-discussion-question-1/ Contact us at: nerdypupil@gmail.com ACC 290 WEEK 4 DISCUSSION QUESTION 1 How would you calculate cost of goods sold? What items make up cost of goods sold? How does beginning and ending inventory affect cost of goods sold? What are the journal entries a merchandising organization would use to record the purchase and subsequent sale of merchandise? How would these transactions differ with a periodic versus a perpetual inventory system? Why are perpetual inventory systems so much more popular today than back in the early 1960s and earlier? Why would a company employing a perpetual inventory system still take a physical inventory periodically? Home Work Hour aims to provide quality study notes and tutorials to the students of ACC 290 Week 4 Discussion Question 1 in order to ace their studies. ACC 290 WEEK 4 DISCUSSION QUESTION 1 To purchase this visit here: http://www.nerdypupil.com/product/acc-290-week-4-discussion-question-1/ Contact us at: nerdypupil@gmail.com ACC 290 WEEK 4 DISCUSSION QUESTION 1 How would you calculate cost of goods sold? What items make up cost of goods sold? How does beginning and ending inventory affect cost of goods sold? What are the journal entries a merchandising organization would use to record the purchase and subsequent sale of merchandise? How would these transactions differ with a periodic versus a perpetual inventory system? Why are perpetual inventory systems so much more popular today than back in the early 1960s and earlier...
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...Merchandising Mathematics for Retailing Chapter 7 - Inventory Valuation Spreadsheet: Retail Method of Inventory Valuation with Physical Inventory Summary Problem 2 AT COST: Opening Inventory Gross Purchases Returns to Vendors Net Purchases Transfers In Transfers Out Net Transfers Freight Total Merchandise Handled AT RETAIL: Opening Inventory Gross Purchases Returns to Vendors Net Purchases Transfers In Transfers Out Net Transfers Additional Markup Additional Markup Cancellation Net Price Revisions Total Merchandise Handled COST PERCENT CUMULATIVE MARKUP PERCENT Gross Sales Customer Returns Net Sales $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $89,760.00 $43,620.00 $860.00 $0.00 $0.00 $89,760.00 $42,760.00 $0.00 $760.00 $0.00 $760.00 $133,280.00 0.00% 100.00% $49,318.00 $2,945.00 $46,373.00 Markdowns Markdown Cancellations Net Markdowns Employee Discounts Total Deductions CLOSING BOOK INVENTORY AT RETAIL CLOSING BOOK INVENTORY AT COST PHYSICAL INVENTORY AT RETAIL PHYSICAL INVENTORY AT COST SHORTAGE OR OVERAGE SHORTAGE OR OVERAGE PERCENT Gross Cost of Merchandise Sold Maintained Markup Maintained Markup Percent Cash Discounts Alterations/Workroom Costs Total Cost of Merchandise Sold GROSS MARGIN GROSS MARGIN PERCENT $5,246.00 $318.00 $784.00 $4,928.00 $784.00 $52,085.00 $ 81,195.00 $ $ 53,672.00 $ $ 27,523.00 59.35% $0.00 $46,373.00 100.00% $320.00 $0.00 $320.00 $0.00 -$320.00 $46,693.00 100.69% $ 53,672.00 - 1 2 3 4 5...
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