...CHAPTER 6 Inventory Costing ASSIGNMENT CLASSIFICATION TABLE | | |Brief | |Problems |Problems | |Study Objectives |Questions |Exercises |Exercises |Set A |Set B | |1. Describe the steps in determining inventory|1, 2, 3, 4 |1, 2 | 1 | 1 | 1 | |quantities. | | | | | | |Prepare the entries for purchases and sales of |6, 8 | 3 | 2, 10 |2, 8, *9 |2, 8, *9 | |inventory under a periodic inventory system. | | | | | | |3. Determine the cost of goods sold under a | 5, 7, 8 |4, 5 | 3, 4 | 2 | 2 | |periodic inventory system. | | | | | | |4. Identify the unique features of the income |9 | 5, 6 | 5 | 2, 3 | 2, 3 | |statement for a...
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...inventory methods (LO 3) P6-1C Giles Manufacturing uses a periodic inventory system and has the following transactions for the month of June 2012: |Date |Transactions |Units |Cost per Unit |Total Cost | |June 1 |Beginning inventory |17 |$240 | |$ 4,080 | |June 7 |Sale |12 | | | | |June 12 |Purchase |13 |230 | |2,990 | |June 15 |Sale |11 | | | | |June 24 |Purchase |14 |220 | |3,080 | |June 27 |Sale |15 | | | | |June 29 |Purchase |8 |210 | |1,680 | | | | | | |$11,830 | Required: 1. Calculate ending inventory and cost of goods sold at June 30, 2012, using the specific identification method. The June 7 sale consists of beginning inventory, the June 15 sale consists of three units from beginning inventory...
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...Unit 4 Comparing Computers Abstract The computers that were chosen are the Dell Inspiron One Desktop, Lenovo’s M29p Small Desktop and HP Pavilion p6-2120. They were chosen because there all basic family computers that you would see in a typical family household. During this time certain items shall be focused on such as price and processor speed. Unit 4 Comparing Computers The three computers that I chose to compare are from Dell and there New Inspiron One 23 All-in-One Desktop, Lenovo’s M92p Small Desktop and HP Pavilion p6-2120. I’m going to compare most of the important components of the computers ranging from processor speed to size of the hard drives and also will be making comparisons of the different prices and how they might fair against each other. Inspiron One 23 All in One Desktop Starting with the price on this Dell New Inspiron One it is priced at $649 which overall isn’t a horrible price for the components which are included in this desktop. The operating system on this machine that comes with it is the Windows 8 64 bit overall what I know about Windows 8 is that it belongs on a smartphone and not a desktop computer. Although this desktop has the option for a touch screen monitor it all depends as what your planning on doing with it as to whether or not you want to spend the extra $150 on the package. The processor is an i7-3770s (3.90 GHz) will help and allow you to multitask more items and at a faster rate without any sort of slowdowns...
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...Case Studies 1. SOLUTION TO STARTING RIGHT CASE, CH. 3, PAGE 110 This is a decision-making-under-uncertainty case. There are two events: a favorable market (event 1) and an unfavorable market (event 2). There are four alternatives, which include do nothing (alternative 1), invest in corporate bonds (alternative 2), invest in preferred stock (alternative 3), and invest in common stock (alternative 4). The decision table is presented. Note that for alternative 2, the return in a good market is $30,000 (1 + 0.13)5 = $55,273. The return in a good market is $120,000, (4 x $30,000) for alternative 3, and $240,000, (8 x $30,000) for alternative 4. Payoff table Laplace Event 1 Alternativ e1 Alternativ e2 Alternativ e3 Alternativ e4 0 55,273 Event 2 0 – 10,00 0 – 15,00 0 – 30,00 0 Average Value 0.0 22,636.5 Minimu m 0 – 10,000 – 15,000 – 30,000 Maximu m 0 55,273 Hurwicz Value 0.00 – 2,819.9 7 –150.00 120,00 0 240,00 0 52,500.0 120,000 105,000. 0 240,000 –300.00 Regret table Maximum Alternative Alternative 1 Alternative 2 Alternative 3 Alternative 4 Event 1 240,000 184,727 120,000 0 Event 2 0 10,000 15,000 30,000 Regret 240,000 184,727 120,000 30,000 a. Sue Pansky is a risk avoider and should use the maximin decision approach. She should do nothing and not make an investment in Starting Right. b. Ray Cahn should use a coefficient of realism of 0.11. The best decision is to do nothing. c. Lila Battle should eliminate alternative 1 of doing nothing and apply the maximin...
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...Case Studies 1. SOLUTION TO STARTING RIGHT CASE, CH. 3, PAGE 110 This is a decision-making-under-uncertainty case. There are two events: a favorable market (event 1) and an unfavorable market (event 2). There are four alternatives, which include do nothing (alternative 1), invest in corporate bonds (alternative 2), invest in preferred stock (alternative 3), and invest in common stock (alternative 4). The decision table is presented. Note that for alternative 2, the return in a good market is $30,000 (1 + 0.13)5 = $55,273. The return in a good market is $120,000, (4 x $30,000) for alternative 3, and $240,000, (8 x $30,000) for alternative 4. Payoff table Laplace Hurwicz Event 1 Event 2 Average Value Minimu m Maximu m Value Alternativ e1 0 0 0.0 0 0 0.00 Alternativ e2 55,273 – 10,00 0 22,636.5 – 10,000 55,273 – 2,819.9 7 Alternativ e3 120,00 0 – 15,00 0 52,500.0 – 15,000 120,000 –150.00 Alternativ e4 240,00 0 – 30,00 0 105,000. 0 – 30,000 240,000 –300.00 Regret table Maximum Alternative Event 1 Event 2 Regret Alternative 1 240,000 0 240,000 Alternative 2 184,727 10,000 184,727 Alternative 3 120,000 15,000 120,000 Alternative 4 0 30,000 30,000 a. Sue Pansky is a risk avoider and should use the maximin decision approach. She should do nothing and not make an investment in Starting...
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...BTEC Business Unit 3: Financial Forecasting for Business Learner Name: | Centre Number: 23168 | BTEC Business | | Learner No: | | UNIT NUMBER AND TITLE: | Unit 3: Financial Forecasting for Business | ISSUE DATE: | | HAND IN DATE: | | RESUBMISSION DATE: | | ASSESSOR: | | Aims The aim of this unit is to enable you to understand the financial aspects of running a business. You will do this through looking at the key concepts used by businesses to manage their money, and forecast their finances for the future. Money is at the heart of business. It is likely to be the main reason why a business was created and for it continuing to trade. This unit looks at the financial aspects of running a business. Work covered You will: * Know about costs, revenue and profit in a business organisation * Be able to prepare a break even analysis * Be able to create a cash flow forecast Know about costs, revenue and profit in a business organisation Business costs: costs incurred at start up; operating costs (fixed, indirect, variable, direct costs, total costs) Revenue: sources of revenue e.g. sales, leasing interest; calculating total revenue (unit sales price x number of units sold) Calculating gross and net profit: revenue (income) minus costs (expenditure), cost of sales, expenses (operating costs); maximising profits (increasing revenue Be able to prepare a break-even analysis Break even: balancing costs or expenditure...
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...` Regent CollegeCollette DivisionL3 BTEC National Business2013/14 | | Student Name | Abdullah Kadiri | UNIT: 2 | Business Resources | Unit Credit value | 10 | ABOUT THIS UNIT | The aim of this unit is to develop learner knowledge of the range of human, physical, technological andfinancial resources required in an organisation, and how the management of these resources can impact on business performance. | ASSESSOR(S) | FBE/MHU | ASSIGNMENT REF: | | START DATE: | 2/12/13 | END DATE: | 15/03/14 | Task 1:P1, P2 and M2 | ScenarioYou are a manager at a local business (your selected organisation) and you have been invited to give a series of two careers talks to Year 11 students about recruitment and selection within your organisation.Your presentation should include the following:P1 * A brief introduction to the business; * A summary of the types of employment within the business; * An explanation of the recruitment process with emphasis on the purpose and contents of job descriptions. This should be supported with annotated examples of job descriptions from the selected organisation; * An explanation of the purpose and content of employment contracts. This should be supported with an annotated example of an employment contract from the selected organisation. * For evidence produce written examples P2 * A description of one specific job within the organisation. This could relate to one of the...
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...BTEC Level 3 Subsidiary / Diploma, Business Studies Unit 2 – Business Resources Assignment 1 (P1, P2, M2) – Recruiting the Right Staff Scenario You are coming to the end of your BTEC course and you have been considering getting a job in the summer break before you start university. As well as earning some extra money, you are looking forward to the opportunity to develop your skills and put into practice the knowledge you have learnt on your BTEC course. Task one (P1 part) Research some jobs that you can apply for on job websites. You could look at www.monster.com or www.totaljobs.com. You need to find a job that you think you could apply for either now or at the end of year 13. You need to collect a job description, person specification and application form as evidence. (P1 part) Task two (P1, P2 M2) To show that you understand the relevance of these documents used in recruitment you need to complete an information sheet which analyses their contents (see attached for template). Your information sheet should 1. Describe the recruitment documentation used for the job you have chosen. What is a job description, what is a person specification and what is an application form? How are they used in business? (P1) 2. Identify the skills required on the job description. Describe how you have these skills or if you don’t have them, describe how you could develop them this year. (P2) 3. For each of the skills that you have already identified...
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...Unit 2: Business Resources Unit code: D/502/5409 Credit Value 10 Assignment Brief 2014/15 Edexcel BTEC Extended Diploma in Business and Management Level 3 Learner Name: Assessor Name: J. Atkins & C.Asmah Internally Verified by: Date: ------------------------------------------------- Date assignment issued: w/c 26 January 2015 ------------------------------------------------- Task submission closed: w/c 17 April 2015 IMPORTANT! All work must: * Be Word Processed (font size 12 only) * Be Page Numbered * Include an Acknowledgement * Include a Contents Page (with title page and page numbers) * Include your name on the footer * Include a Bibliography * Be submitted on or before the stated deadline dates * Be uploaded to Turnitin Key Words ------------------------------------------------- Identify: Give a list of the main features ------------------------------------------------- Describe: Provide a detailed picture or image of something. Show all characteristics and all relevant features to give the reader a visual impression or account. ------------------------------------------------- Explain: Set out in detail the meaning of something with reasons. This is more than just describing so can often help by giving an example to show what you mean. ------------------------------------------------- Evaluate: Review all of the information and then bring it all together to form a conclusion...
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...DEA Tutorial Abstract Data envelopment analysis (DEA) is a linear programming based technique for measuring the relative performance of organisational units where the presence of multiple inputs and outputs makes comparisons difficult. This tutorial paper introduces the technique and uses an example to show how relative efficiencies can be determined and targets for inefficient units set. The paper also considers a number of practical issues of concern in applying the technique. Introduction There is an increasing concern with measuring and comparing the efficiency of organisational units such as local authority departments, schools, hospitals, shops, bank branches and similar instances where there is a relatively homogeneous set of units. The usual measure of efficiency, i.e.: [pic] is often inadequate due to the existence of multiple inputs and outputs related to different resources, activities and environmental factors. This problem can be illustrated for depots of a large retailing organisation which distributes goods to supermarkets. In this case the inputs for an efficiency measure are taken to be the value of the stock and the recurrent costs mainly in the form of wages, as those are resources supporting the operation of the depots. Stock is reasonably an input to an efficiency measure as an efficient depot will attempt to give a good service at lower stock levels, saving on capital and space. The outputs correspond to activities of the depots and are measured by...
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...P6-6B Revised Solution Note: This problem has a couple of remaining issues…First, on November 3, Yoshi only paid freight for 70 of the 80 units that were delivered on November 2. A possible explanation is that Yoshi called the supplier on November 2 and said that ten of the units received were damaged and the supplier agreed to pay the freight for the ten units and pick them up on the 9th. Second, we don't know if Yoshi took the discount on the units purchased on the 21st, but evidently not. Requirement 1 November 2 | | Debit | Credit | Inventory | 8,000 | | Accounts Payable | | 8,000 | (Purchase inventory on account) | | November 3 | | | | Inventory | 210 | | Cash | | 210 | (Pay freight-in) | | November 9 | | | | Accounts Payable | 800 | | Inventory | | 800 | (Return inventory on account) | | November 11 | | | | Accounts Payable | 7,200 | | Inventory | | 144 | Cash | | 7,056 | (Pay on account less 2% discount)($110 = $5,500 × 2%) | | November 16 | | | | Accounts Receivable | 13,000 | | Sales Revenue | | 13,000 | (Sell inventory on account) | | Cost of Goods Sold | 9,800 | | Inventory | | 9,800 | (Cost of inventory sold) | | ($9,800 = ($95 × 50 units) + ($101 × 50 units)) | | November 20 | | | | Cash | 13,000 | | Accounts Receivable | | 13,000 | (Receive cash on account) | | Problem 6-6B (continued) Requirement 1 (continued) November 21 | | Debit | Credit | Inventory...
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...CHAPTER 6 INTERCOMPANY INVENTORY TRANSACTIONS ANSWERS TO QUESTIONS Q6-1 All inventory transfers between related companies must be eliminated to avoid an overstatement of revenue and cost of goods sold in the consolidated income statement. In addition, when unrealized profits exist at the end of the period, the eliminations are needed to avoid overstating inventory and consolidated net income. Q6-2 An inventory transfer at cost results in an overstatement of sales and cost of goods sold. While net income is not affected, gross profit ratios and other financial statement analysis may be substantially in error if appropriate eliminations are not made. Q6-3 An upstream sale occurs when the parent purchases items from one or more subsidiaries. A downstream sale occurs when the sale is made by the parent to one or more subsidiaries. Knowledge of the direction of sale is important when there are unrealized profits so that the person preparing the consolidation worksheet will know whether to reduce consolidated net income assigned to the controlling interest by the full amount of the unrealized profit (downstream) or reduce consolidated income assigned to the controlling and noncontrolling interests on a proportionate basis (upstream). Q6-4 As in all cases, the total amount of the unrealized profit must be eliminated in preparing the consolidated statements. When the profits are on the parent company's books, consolidated net income and income assigned to the...
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...Care | Units covered | 6 Personal and Professional Development. | Learning aims covered | 4 Know service provision in the health or social care sectors. | | Scenario | As a member of the student council at college you have been asked to promote awareness of local provision and career opportunities in the area as part of the “Health Services and Occupations” open day. You have been assigned two specific displays. | | Task 5 | Placement Research/ Display boards: The first display board will relate to promoting awareness of a specific health or social care provision (placement). Posters and information sheets must be used and include detailed descriptions of the service provider, funding, services offered, its place in national provision and sector eg: Statutory. You may use illustration, pictures and diagrams to enhance your display.The second board will provide three examples of health or social care workers with detailed descriptions of their role, responsibilities and career pathways. Photographs will be taken to be used in promotional leaflets. (this activity will also provide evidence for unit 20/ cross reference fund raiser) | Evidence you must produce for this task | * Posters, information sheets. Photograph. | Criteria covered by this task: | To achieve the criteria you must show that you are able to: | Unit | Criterion reference | Describe one local health orsocial care service provideridentifying its place in nationalprovision | 6 | P6 | Describe...
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...Year 12 BTEC Level 3 Subsidiary Diploma in Business BTEC Level 3 Diploma in Business Year 12 BTEC Level 3 Subsidiary Diploma in Business BTEC Level 3 Diploma in Business Unit 1- The Business Environment Unit 1- The Business Environment | Student name | ------------------------------------------------- Assessor name | | | Date issued | Completion date | Submitted on | 5th September 2013 | 29th November 2013 | 2nd December 2013 | Qualification | Unit number and title (Credit Value) | BTEC Level 3 Subsidiary Diploma in BusinessBTEC Level 3 Diploma in Business | Unit 1- The Business Environment Credit Value- 10 | | | Assignment title | | The aim of this unit is to give learners the fundamental knowledge of a range of business organisations, and the many factors that shape the nature of organisations operating in an increasingly complex business world. | | Assignment title | | The purpose of this assignment is to: 1. Know the range of different businesses and their ownership 2. Understand how businesses are organised to achieve their purposes 3. Know the impact of the economic environment on businesses 4. Know how political, legal and social factors impact on business. | ScenarioYou work for the Chamber of Commerce as a Business Adviser and have been asked to visit businesses in the local area to outline to them the variety of businesses which exist and to explain to them the factors which...
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...OCR Cambridge TECHNICALS Unit 1 Communication and Employment Skills Copyright Notice All material is Copyright ICT Interactive unless otherw ise stated. Each w orksheet can be photocopied w ithin the purchasing institute as long as they remain at the institute w hich made the initial purchase. No f orm of this resource can be transmitted electronically, digitally, mechanically, paper based, or otherw ise outside the purchasing institute w ithout prior permission of the publisher or author. Microsof t Window s, Window s NT, Vista, XP, Seven/Eight, Off ice 2003, Off ice 2007/2010 and/or other Microsof t's products ref erenced are either trademarks or registered trademarks of Microsof t. Macromedia/Adobe and/or other such Adobe products ref erenced are either trademarks or registered trademarks of Adobe. Dis claimer This resource has been created f or educational purposes only. The publisher or author has tried their very best to ensure that the resource pack is accurate and up -to-date. How ever, the publisher or author takes no responsibility if any of the inf or mation content is inaccurate or incorrect that may contradict or mislead in anyw ay at the time w hen the resource w as published. The publisher and author specif ically disclaim any responsibility f or any liability, loss, or risk, personal or otherw ise, w hich is incurred as a consequence, directly or indirectly, of the use and application of any of the contents of this resource. For purposes...
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