...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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...Summary of facts Three Little Pigs, Inc. (PIGS), is a vertically-integrated provider of pork products that produces approximately 4.1 million hogs per year. The company mainly deals with wholesale and retail food service and institutional markets in the United States, as well as outside third parties. PIGS classify their hog inventory into three major categories: live hogs ready for sale, developing animals, and processed pork products. Management believes that there is no lower cost of market issue related to the hogs that are processed within their own company. Unfortunately the hogs that are sold to the third party spot markets have experienced a decline in their market price and in some months it isn’t enough to cover the carrying cost. However management also thinks that in the long run revenue will exceed total cost and there may not need to be a temporary impairment to inventory. Even though the price is varying from month to month their expecting that the revenue will cover all the cost of the inventory and the hogs sold to third parties. * How should the company determine whether inventory impairment exists at September 30, 2002? More specifically, how should management evaluate impairment? Instead of evaluating for impairment under the lower of cost or market method on a total inventory basis, PIGS should focus on trying to give a complete and clear representation of the company. This may be best done by determining whether inventory impairment exist at September...
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...Research Case 2 Summary of Facts Three Little Pigs (PIGS) provides pork products to the wholesale and retail food service and institutional markets, as well as selling live hogs to outside third parties, though they have no firm commitments to do so. There are three major categories of inventory: live hogs ready for sale, developing animals, and processed pork products. The CEO of PIGS has stated that processed pork prices exceed the costs of producing such products, and believes that because of this there is no lower of cost or market issue related to hogs being developed for processing. The hogs that cannot be easily transported and processed will be sold to third parties (not processed) at market price, which has recently declined. The supposed lower of cost or market issue is dealing with developing animals that are held for sale to third parties. Farmer Joe believes that the market price decline is due to seasonal fluctuations, and that any impairment would be temporary. He also points out that futures prices for the fourth quarter reflect a recovery in prices, and should cover the cost of the company's inventory. The futures prices (at September 30, 2002) are higher than the carrying costs for the animals, except for the animals coming to maturity in the next month. These animals are currently costing $2 more than they will be sold for. Despite the fact that current market prices are below cost, management expects to recover all production costs at September...
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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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...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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...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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...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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...Little Pig, and The Second Little Pig. This criminal trial is expected to be followed by a civil trial to be brought by the surviving Third Little Pig. The case has been characterized as a media circus. His testimony is transcribed below: "Everybody knows the story of the Three Little Pigs. Or at least they think they do. But I'll let you in on a little secret. Nobody knows the real story, because nobody has ever heard my side of the story. I'm Alexander T. Wolf. You can call me Al. I don't know how this whole Big Bad Wolf thing got started, but it's all wrong. Maybe it's because of our diet. Hey, it's not my fault wolves eat cute little animals like bunnies and sheep and pigs. That's just the way we are. If cheeseburgers were cute, folks would probably think you were Big and Bad too. But like I was saying, the whole big bad wolf thing is all wrong. The real story is about a sneeze and a cup of sugar. THIS IS THE REAL STORY. Way back in Once Upon a Time time, I was making a birthday cake for my dear old granny. I had a terrible sneezing cold. I ran out of sugar. So I walked down the street to ask my neighbor for a cup of sugar. Now this neighbor was a pig. And he wasn't too bright either. He had built his whole house out of straw. Can you believe it? I mean who in his right mind would build a house of straw? So of course the minute I knocked on the door, it fell right in. I didn't want to just walk into someone else's house. So I called, "Little Pig, Little Pig, are...
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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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...a event or action taken. There are many examples of how viewing stories from one side can change our perspective on it such as in children’s books, car accidents, and in the kony 2012 project. Every child has grown up reading both nonfiction and fiction childhood stories. Some with animals singing and others with people becoming a hero to save the day. One famous fiction children story is the story of the three little pigs and the big bad wolf. In most cases the story is told from the pig’s point of view of how the wolf ate two of his brothers and blew down their houses made of straw and wood. The wolf was seen as the antagonist between the two. When reading the book you only got one side of the full story and your perception was the same of the pigs, that the wolf was evil. But only recently have authors published books which tell the story from the wolfs point of view. Which helps you develop your own thoughts on how the event really took place. Based on the wolfs perception of the time of day, how it occurred, and the end result of the story of the three little pigs. In the U.S. there are approximately 6,500,000 car accidents per year, all of which involve two or more people. Based on how the accident happened and if there were any witnesses to the event. Affects rejection of a license, Prison time, and how much money you get/have to pay. So people will often lie and change the original story to protect themselves. So the court must get a second opinion or second viewpoint...
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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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...Once upon a time in a quiet town, there lived three vertically challenged pigs. The three pigs were ready to move out of their parents’ home, not out of selfishness or teenage rebellion, but to begin a strong, independent life as college students. With their extensive knowledge of engineering, they set out to go make a difference in the world. There was one problem though: they were broke college students in need of a place to stay. The pigs decided to create eco-friendly houses to accommodate to their friendly forest creatures by using only the most natural materials found in the environment. One pig built a house out of straw, the other one built a house out of sticks, and the last one built a house out of dung and soil. Mind you, neither...
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...Abstract The pigs are always fat, lazy, and happy, whereas the wolves are always intimidating, shrewd, and even reckless. The tyrant in the story of the Three Little Pigs is the wolf, who is unable to be satisfied by his cravings and who must continue in his endless search for meaning. The story seems to portray the wolf as an imposing figure that is unconquerable by the pigs; however, in the end the wit of the third pig does indeed conquer the wolf. The wolf, in a typical role of preying on the weak, is able to blow down the houses of the first two pigs, but the third pig’s business nature and sturdy home hinders the wolf. The cycle is supposed to be a reverse full circle, with the pigs now being at the top of the food chain and in a sense, will retain the revolutionary spirit that had once been contained within the wolf, but was then passed on to the pig. All four of these stories provide their own perceptive insights into the classic tale, and shows how one story can provide four different viewpoints that are each unique and each worthy of expansion into their own universes. The Three Little Pigs This paper studies the different levels of perceived cunning between the wolf and the pig, using several examples to determine each animal’s resourcefulness. The stories of the Three Little Pigs have a single and commonly understood plot and the moral of the tale shows how productiveness and tenacity pay off in the end. The twist in these four stories is that each of the...
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...The Three Little Pigs Once upon a time, there were three little pigs Oinky, Doinky, and Boinky, who live with their mother at the forest. One day there mother told them “ You’re all enough to be still living with me. Go and build houses for yourselves, just remember there is a big bad wolf out there so be careful and make your houses strong.” “Yes mother” Said the three little pigs “We will be ready for it” Oinky the oldest pig, was so lazy to build a house so he thought of making a house of straw.” Doinky the Second little pig likes to play a lot so he thought of making a house of sticks. Boinky the third little pig was clever enough to know that the big bad wolf is strong so he thought of making a house of bricks. One day, Oinky was outside of his house of his house when the big bad wolf came, Oinky quickly run and locked the door. “Little pig, little pig let me come in.” cried the wolf “No, no by the hair of my chinny chin chin I will not let you in.” Replied the little pig “Then I’ll huff and I’ll puff an I’ll blow your houses away” Shouted the wolf. The big bad wolf blew away Oinky’s house of straw and Oinky run to Doinky’s house of sticks. The following day the big bad wolf passed by Doinky’s house of sticks and saw the two pigs inside. “Little pigs, little pigs let me come in.” cried the wolf “No, no by the hair of our chinny chin chin we will not let you in.” Replied the two little pigs “Then I’ll huff and I’ll puff an I’ll blow your houses away” Shouted...
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...The Three Little Pigs Once upon a time, there were three little pigs Oinky, Doinky, and Boinky, who live with their mother at the forest. One day there mother told them “ You’re all enough to be still living with me. Go and build houses for yourselves, just remember there is a big bad wolf out there so be careful and make your houses strong.” “Yes mother” Said the three little pigs “We will be ready for it” Oinky the oldest pig, was so lazy to build a house so he thought of making a house of straw.” Doinky the Second little pig likes to play a lot so he thought of making a house of sticks. Boinky the third little pig was clever enough to know that the big bad wolf is strong so he thought of making a house of bricks. One day, Oinky was outside of his house of his house when the big bad wolf came, Oinky quickly run and locked the door. “Little pig, little pig let me come in.” cried the wolf “No, no by the hair of my chinny chin chin I will not let you in.” Replied the little pig “Then I’ll huff and I’ll puff an I’ll blow your houses away” Shouted the wolf. The big bad wolf blew away Oinky’s house of straw and Oinky run to Doinky’s house of sticks. The following day the big bad wolf passed by Doinky’s house of sticks and saw the two pigs inside. “Little pigs, little pigs let me come in.” cried the wolf “No, no by the hair of our chinny chin chin we will not let you in.” Replied the two little pigs “Then I’ll huff and I’ll puff an I’ll blow your houses away” Shouted...
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