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
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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
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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
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Union Accountants Memorandum 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
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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
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the third person. The action of this novel starts when the oldest pig on the farm, Old Major, calls all animals to a secret meeting. He tells them about his dream of a revolution against the cruel Mr Jones. Three days later Major dies, but the speech gives the more intelligent animals a new outlook on life. The pigs, who are considered the most intelligent animals, instruct the other ones. During the period of preparation two pigs distinguish themselves, Napoleon and Snowball. Napoleon is big, and
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The old Major (Boar) The three dogs – Bluebell, Jessie and Pincher. Two Cart-horses – Boxer and Clover Clover is a motherly mare, got four foals. Boxer is a big and strong cart horse, but he is not very smart. 18 years old. Caring – gentle giant. The Goat – Muriel The donkey – Benjamin. The oldest animal on the farm. Miserable, cynical, devoted to Boxer. Mare – Mollie Foolish, white and pretty. The Raven – Moses. Is tame. Chapter 2 Old Major dies three days later. The animals set
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Abstract Factory farming is the mass production of pigs, chickens, turkeys, and cows to be slaughtered and made into food. Many activists and organizations have attempted to reduce the problem of factory farming, but it is still a long way from being fixed. Factory farms are used to produce everyday products like bacon, pork, steak, chicken nuggets, milk, cheese, etc. The cost of buying a burger at a local McDonalds is around one to three dollars. If companies were forced by legislation and government
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principles that they support, it soon becomes a meaningless sound bleated by the sheep (“two legs baa-d”), serving no purpose other than to drown out dissenting opinion. By the end of the novel, as the propaganda needs of the leadership change, the pigs alter the chant to the similar-sounding but completely antithetical “Four legs good, two legs better.” 2. Beasts of England, beasts of Ireland, Beasts of every land and clime, Hearken to my joyful tiding Of the golden future time. These lines
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animals. In any case, those whose diet has been traditionally meat-based, the vegan lifestyle is a responsible, choice for very legitimate reasons. Think about where the animal products you consume come from? You are probably picturing grassy farmlands with cows leisurely walking around, pigs happily rolling around in the mud, and coops filled with chickens cozily laying eggs, right? Wrong. These farms rarely exist today. Instead, cows are kept pregnant to continuously produce milk, pigs are kept in
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