...Summary of the Facts Three Little Pigs, Inc. (PIGS) is trying to determine if they should impair their inventory due to a decline in futures prices. Although prices are declining, it is believed that the futures prices will begin to recover within the year. PIGS inventories consists of the following: live hogs to be internally processed, developing animals to be internally processed, internally processed pork products, live hogs to be sold to a third party, and developing animals to be sold to a third party. The question of impairment applies only to the live hogs and developing animals to be sold to a third party because it is believed that internally processed pork products will be able to cover the costs of live hogs and developing animals to be processed internally. Question: How should the Company determine whether an inventory impairment exists at September 30, 2002? More specifically, how should management evaluate impairment? Response: ASC 330-10-35-2 states that, “in accounting for inventories, a loss shall be recognized whenever the utility of goods is impaired by damage, deterioration, obsolescence, changes in price level, or other causes.” In PIGS case they should recognize a loss because the utility of their live hogs to be sold to a third party and their developing animals to be sold to a third party have suffered from a decrease in price level. When determining whether inventory should be evaluated for impairment under the lower of cost...
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...The Story of The Three Little Pigs Once upon a time, there was a mother pig who had three little baby pigs. The three little pigs grew so big that their mother said to them, "You are too big to live here any longer. You must go and build houses for yourselves. But take care that the wolf does not catch you." The three little pigs set off. "We will take care that the wolf does not catch us," they said. Soon they met a man who was carrying some straw. "Please will you give me some straw?" asked the first little pig. "I want to build a house for myself." "Sure," said the man, and he gave the first little pig some straw. The first little pig built himself a house out of it. He was very pleased with his house. He said, "Now the wolf won't catch me and eat me!" The second little pig and the third little pig went on along the road. Soon they met a man who was carrying some sticks. "Please will you give me some sticks?" asked the second little pig. "I want to build a house for myself." "Sure," said the man, and he gave the second little pig some sticks. Then the second little pig built himself a house of sticks. It was stronger than the house of straw. The second little pig was very pleased with his house. He said, "Now the wolf won't catch me and eat me!" The third little pig walked along the road by himself. Soon he met a man carrying some bricks. "Please will you give me some bricks?" asked the third little pig. "I want to build a house for myself." "Sure," said the man...
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...You are here: Home / Transmedia Storytelling / Case Study Example: The Three Little Pigs Case Study Example: The Three Little Pigs If the Three Little Pigs were told as a transmedia story it might be designed like this: The basic story would be told in an anchoring medium, such as a novel, TV show, or film. The wolf has a companion website would give us opportunities to learn more him, the path that led the wolf to his current antisocial tendencies, and give us a glimpse of his inner genius, such as showing his mathematical schematics of the impact of wind velocity on the materials of straw, sticks and bricks. We would also be able to find maps of the turnip field, apple tree, local market and County Fair and strategic attack positions. We would follow the wolf as he plots and adjusts his plans at each volley by the pigs. On a Ning network, Wolf supporters form Team Wolf and contribute strategy, information, additional maps, and alternate endings and plot developments. On a blog, the first little pig details the family history, his paranoid suspicions of a dark figure lurking about his house that led to the pigs decision to live apart rather than together. An Anime comic takes fans on the first little pig’s visions of a pig super hero saving the world and avenging evil as personified by wolves. The second little pig Tweets his chronicle, seeking advice on sustainable building materials and the relative merits of straw and sticks from other Twitterers, and relaying breaking...
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...Three Little Pigs: Four Interpretations - An Exercise in Paraphrasing By The Walden University Writing Center Staff This exercise is designed to help you improve your paraphrasing skills. You'll also get practice at writing a compare-and-contrast interpretive paper, which will help you with the process used in KAMs and other course papers. Three interpretations of the classic tale of the Three Little Pigs appear here, along with a mini-research study about wolves and pigs. To help you improve your writing skills, you can approach these pages in two ways: First, read the assigned questions below. Then read through the four short interpretive texts. Next, take some time to write a brief paper in which you answer the questions posed at the beginning. Were you able to easily summarize using your own words? Were you able to write without having the original source open in front of you? Did you include proper in-text citations? Assigned Questions 1. In no more than four paragraphs, summarize the story of the three pigs. (Refer to either the Higley or Ashliman version for direct quotes.) 2. Compare and contrast these four interpretations of the story, using direct quotes and paraphrases as appropriate. Try not to be judgmental; use the author's evidence for support. 3. Offer a brief critical analysis of the interpretations. What were the strengths and weaknesses, if any, of each? Three Little Pigs: Four Interpretations Gomez (1999) Literature...
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...The Three Little Pigs Rewrite Once upon a time there was a wolf who loved doing good things for people. The only thing he loved more was his mother. One day she sat him down and told him that it’s time for him to move out and find a house and family for himself. So he packed up his stuff and moved out, but first he made sure to say goodbye to his mother, his father, and his grandma and grandpa. Somewhere else in the world the same thing was happening to 3 little piggies who are brothers. Their mom sent them out to go build a home and find a family. Later that day Great Good Wolf was walking on a tiny road through the forest when suddenly he heard someone scream “HELP” so he dropped his bags and ran towards the screams. When he got there...
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...Second Language Learning Material Design Project a) Subject Area: English Language Arts Grade level: Third grade Title for content learning objective: Descriptive Character Analysis Title for language learning objective: Comparing and contrasting the two stories using a Venn diagram b) Content learning objective lesson plan Title: Comparing and contrasting the two stories using a Venn diagram Subject(s): Language Arts/Literature Grade level: Third grade Standard: 3.RL.9 Compare and contrast the themes, settings, and plots of stories written by the same author about the same or similar characters (e.g., in books form a series). Goals: Using a Venn diagram to compare and contrast two versions of a story. Objectives: The students will have prior knowledge of the story “The Three Little Pigs” and some of the students may know the sequel “The True Story of The 3 Little Pigs by A. Wolf”. Attitude(s): The students may be curious as to what the sequel to “The Three Little...
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...Three Little Pigs: Four Interpretations - An Exercise in Paraphrasing By The Walden University Writing Center Staff This exercise is designed to help you improve your paraphrasing skills. You will also get practice at writing a compare-and-contrast interpretive paper, which will help you with the process used in your doctoral study and other course papers. Three interpretations of the classic tale of the Three Little Pigs appear here, along with a mini-research study about wolves and pigs. To help you improve your writing skills, you can approach these pages in two ways: First, read the assigned questions below. Then read the four short interpretive texts. Next, take some time to write a brief paper in which you answer the questions posed at the beginning. Were you able to summarize easily using your own words? Were you able to write without having the original source open in front of you? Did you include proper in-text citations? Assigned Questions 1. In no more than four paragraphs, summarize the story of the three pigs. (Refer to any of the four interpretations for direct quotes.) 2. Compare and contrast these four interpretations of the story, using direct quotes and paraphrases as appropriate. Try not to be judgmental; use the author's evidence for support. 3. Offer a brief critical analysis of the interpretations. What were the strengths and weaknesses, if any, of each? Three Little Pigs: Four Interpretations Gomez (1999) ...
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...Accounting Issue: Three Little Pigs Inc. inventory consists of livestock held for sale, developed, and processed (both internal and external). On September 30, 2002, the company states that even though market prices fell below the cost, Three Little Pigs Inc. is unwilling to accept impairment on their inventory due to increase revenue believed to be made up in the fourth quarter which will cover all losses from the decline. Secondly, we must determine an appropriate solution for recording their inventory. Possible Solutions: * Inventory be evaluated for impairment under the lower of cost or market method by inventory category, such as processed pork products, live hogs for sale, and developing animals. * Inventory be evaluated for impairment under the lower of cost or market method based on end product category, such as separating inventory into two groups: • nternal live hogs & developing animals to be processed are combined with processed pork products • Developing animals and live hogs sold to third parties in another group * Inventory evaluated for impairment on some other basis not described above Codification: 330-10-35 A departure from the cost basis of pricing the inventory is required when the utility of the goods is no longer as great as their cost. Where there is evidence that the utility of goods, in their disposal in the ordinary course of business, will be less than cost, whether due to physical deterioration, obsolescence, changes in prices levels...
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...Darren Fedon - DLF0011 Case 04-4 Three Little Pigs, Inc. Background Three Little Pigs, Inc. (PIGS) is a provider of pork products to the food service industry and institutional markets in the U.S. PIGS develops and produces the majority of their hogs for internal processing (processed pork products) and while selling a portion for outside third parties (live hogs). During PIGS fiscal year 2003, an external factor has increased the supply of hogs on the market which in turn is pushing down futures prices. Management believes that this decline hog prices warrants reviewing their inventory because there may be a lower of cost or market issue. The basis for this assumption is the decline in futures prices in both the second and third quarters. However, the CEO believes that the price fluctuations are due to seasonality and thus temporary in nature, referencing the price recovery in the fourth quarter of the futures market and therefore impairment isn’t necessary. Issue PIGS management has concerns about how to evaluate their pig inventory for impairment. Two issues were raised related to inventory evaluation and reporting of the impairment (if applicable). The two issues are as follows: 1) The options for inventory evaluation presented to them are as follows a) total inventory basis, b) inventory category, c) end product category or d) individual basis. 2) Once a correct method has been selected; management will need to determine if impairment is needed,...
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...To: Farmer Joe, CEO, Three Little Pigs, Inc. (PIGS) From: Accounting Consultant Subject: Assessment of Impairment Date: January 1, 2003 I. Facts During this fiscal year, with the capture of the Big Bad Wolf, there is an increase of supply of pork and the market price of pork is on the decline. Although the market price for hogs is forecasted to stabilize within the year, Three Little Pigs, Inc. (PIGS) is dealt with the dilemma of whether they should impair their inventory of hogs, effective September 30, 2002. With three categories of hog inventory (live hogs for sale, developing animals, and processed pork products), PIGS is only considering to impair their inventories of live hogs and developing animals to be sold to third parties at market prices. Concerning processed pork prices, they are believed to be sufficient to cover production costs. II. Issues Management refuses to write off their inventory as they believe future stabilized prices will cover the losses from the previous quarters. However, specific scenarios must be evaluated to decide what the best solution is for PIGS to efficiently report their inventory. The issue is whether impairment should exist at September 30, 2002. If impairment shall exist, the question remains whether the impairment would be evaluated under the lower cost or market method on a total inventory basis, category basis, end product basis, or on an individual basis. If deemed necessary to impair, PIGS will need to determine whether...
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...Accounting 381 Project 2: Three Little Pigs Case Study (15 points) Due: Thursday, March 11 (at beginning of class). Also, please be prepared to discuss the case and your group’s solution in class on this date. Groups: Please work in groups of 3-5 students (submit 1 discussion per group). You may select your own groups. Please contact me if you are having difficulty finding a group. Required: First, prepare a discussion outlining the alternatives for determining whether inventory impairment exists in the Three Little Pigs case. Second, if the company determines that an impairment of inventory is necessary, prepare a discussion outlining the alternatives for determining whether the impairment should be recognized in an interim period. Relying on the applicable guidance, discuss the appropriate way for Three Little Pigs to evaluate and recognize inventory impairment. Your discussion should include cites to the applicable guidance and how it applies to Three Little Pigs’ transactions. Your discussion should be no more than 3 pages in length. Applicable Professional Pronouncements: • ASC 270, Interim Reporting (Accounting Principles Board Opinion 28, Interim Financial Reporting) • ASC 330, Inventory (Accounting Research Bulletin 43, Restatement and Revision of Accounting Research Bulletins (ARB 43) as amended by FASB Statement No. 151, Inventory Cost. and Emerging Issues Task Force 86-13, Recognition of Inventory Declines at Interim Reporting Dates...
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...Case 04-4 Three Little Pigs, Inc. Research Response Three Little Pigs, Inc. (PIGS) is a provider of live hogs and pork products. They classify inventory into three distinct categories: live hogs ready for sale, developing animals, and processed pork products. They have always evaluated inventory at cost because the wholesale price has always exceeded the cost of bringing the products to the market. Now, due to several factors, PIGS believes that they may have a lower of cost or market issue related to valuing some of the hogs. 1) Does PIGS need to write-down inventory? 2) What approach should be used for the write-down (by category, total, end category, etc.)? Does PIGS need to write-down inventory? PIGS has evidence that predicted futures prices for the months of October 2002 – January 2003 will fall below the cost of production for a hog. Where there is evidence that the utility of goods will be less than cost the difference is recognized in the current period (ASC 330-10-35-1). A write-down is generally required unless the decline is due to seasonal price fluctuations (ASC 330-10-55-2). Though, Farmer Joe believes this is just a seasonal fluctuation, there is not enough evidence in the case to support that claim. There are no examples of this happening in prior years. The one reason that is given for the price decrease is the capture of the Big Bad Wolf, which led to an increase in the supply of pork. This appears to be an unusual event that would not happen...
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...KPMG Three Little Pigs Inc. Solution KPMG Three Little Pigs Inc. Solution Several factors including increased supply have caused declining prices for live hogs on the spot market. Also as shown bellow futures prices will remain below the carrying cost for live hogs until nearly the end of the fiscal year. However processed pork products such as bacon, loins, and ham remain above the current cost of production. Three Little Pigs Inc. is capable of processing hogs into these products internally at some locations. Unfortunately, not all hogs can be transported and processed at the main processing plants and must be sold as live hogs to third parties at spot market prices. There are four potential alternatives for dealing with the possible need to impair the value of Three Little Pigs Inc.'s inventories. Alternative 1: Continue to carry all inventories at cost basis. ARB28, Par.14c ?Such temporary market declines need not be recognized at the interim date since no loss is expected.? EITF, 86-13 Discussion ?? option 28 requires inventory be written to lower of cost or market unless (1) substantial evidence exists that market prices will recover before the inventory is sold? Write down is generally required unless the decline is due to seasonal pricing fluctuation.? ARB43, Ch.4, Par.9 ?Where evidence indicates that cost will be recovered with an approximately normal profit upon sale in the ordinary course of business, no loss should be recognized...? If it can be...
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...author gave us of “the fat boy” was that he is nerdy and an outcast. This is so because he didn’t do as much stuff as normal kids do like swimming because of his asthma. He didn’t fit in with others and got made fun of in school thats why hes called Piggy. 2.Piggy was the one who had the idea to blow the conch shell to call the others. This was important because they got to know who survived the plane crash. Plus after the meeting Ralph, Jack, and Simon explored the island to see if it was actually an island. 3.The reader's first impression of Sam and Eric was that they did everything together and they were funny. They did everything together because in the book it says “they breathed together,...
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...smiled with a pleased look on his face. He knew I was ready, but waited for me to ask him how he made this dish. As I watched his hands go to work, he had me help him with cleaning the meat. Now I do admit it was cool to work with my grandfather, but the labor was a little tense on my back, of course, I was sitting down on a chair, bending downward, and constantly moving my arms. He showed me, step by step, how he made this dish. I just hoped I would be able to recreate the taste when I make it for the first time for my family in the future. I asked him how he had learned this dish, and he answered, “I learned it myself.” When I heard those words, I smiled, because I knew I was going to be the first one to learn how to make menudo from my grandfather. After learning the ropes, I feel like I can teach somebody else how to make it. First off, this dish requires the use of those things people call hands, they must be washed and hopefully you won’t mind a little bit of grease. It takes a little bit of muscle as well, so if you’re a person who doesn’t have that much patience or stamina, I suggest you hit the road Jack, and let somebody else handle the hand work. If you’re able to buy fresh or frozen cow intestines and pig feet, you’re ready to start preparations. You’ll need some other...
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