1888 words - 8 pages
CHAPTER I
INTRODUCTION
Background of the Study
Inventory is basically the total amount of goods and materials held in stock by a factory, store and other business. An inventory system is a process whereby a business keeps track of the goods and material it has available. In its simplest sense it can be done manually by a count at the end of each day. In this way it is possible to keep a record of the goods coming in to the business and goods being sold. (Chapter 1 Inventory System, 2011)
Since manual inventory consumes a lot of time and is prone to errors, it would be helpful to build a system that will computerize the transactions from acquisition of the product description to
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356 words - 2 pages
University of Phoenix Material – Phineas Johnson
System Inventory
Select and complete one of the following assignments:
Option 1: Virtual Organization System Inventory - Phineas Johnson has chosen Option 1.
Option 2: General IT System Inventory
Option 1: Virtual Organization System Inventory
Select one of the following Virtual Organizations:
• Smith Systems Consulting
• Huffman Trucking
• Kudler Fine Foods – Phineas Johnson has chosen Kudler Fine Foods.
Complete the following chart, filling in information for each system used at that Virtual Organization. Add rows to the chart as necessary.
|System Name |Brief Description |Department
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415 words - 2 pages
MI Inventory Paper
PSYCH 538
MI Inventory Paper
Kathiann Kowalski (2001) contends, “When it comes to describing people's learning styles, one thing is clear: Because everybody's brain is different, learning styles vary widely” (para.4). Learning styles are an important aspect to individual learning. The ability to recognize personal learning styles and identify strengths and weaknesses enables individuals to reach optimal success. Optimizing personal learning style leaves room for improvement. Learning styles vary and not everyone learns the same way. It is beneficial to evaluate learning styles in order to be productive in any learning or work environment.
In 1983
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REPORT
Improved waste management of textiles
Project 9 Environmentally improved recycling
David Palm
B1976 April 2011
This report approved 2011-04-20
Anna Jarnehammar Department Manager
Organization
Report Summary Project title
IVL Swedish Environmental Research Institute Ltd.
Address
P.O. Box 5302 SE-400 14 Göteborg
Telephone
Towards Sustainable Waste Management – Environmentally improved recycling
Project sponsor Swedish Environmental Protection Agency
+46 (0)31-725 62 00
Author
David Palm
Title and subtitle of the report
Improved waste management of textiles
Summary
In Sweden, we consume 15kg of textiles per capita and year. Of this roughly
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1331 words - 6 pages
Abstract
This paper describes the Inventory Management System sufficiently to determine the feasibility and usability of a finished system. The core concept is to track the sale of items from the cash registers with additional features for interpreting the data. It uses a client-server model with a connected database to allow multiple stores and warehouses to be connected. This allows for later expansion while still supporting the targeted small businesses. The core features and final framework should be completed within 2 weeks, leaving 5 weeks to implement additional features and testing.
1. Operational Concepts
The Inventory Management System is a real-time inventory
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515 words - 3 pages
Results of my Ethical Lens Inventory and Career Plan Building Activity: Aptitude
My results in the Ethical Lens Inventory and Career Plan Building Activity: Reasoning Aptitude, came as no surprise. I feel that they both reflect my personality along with how I academically do things. I believe these both will help me in the near future.
I think my results in the Ethical Lens Inventory had a great perspective of who I am. My ethical behavior is doing the right thing, which I agree, because I hold strong standards for myself. My values, core and classical, state that I see how the community as one should work together in order to achieve the best outcome. I also value the individual
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Guided By: - Romuald Stone
Date: - 09/10/2015
Guided By: - Romuald Stone
Date: - 09/10/2015
Life Styles Inventory
Prepared By: - Amar ShahPatel
Mgmt-591 leadership and organizational behaviour
Life Styles Inventory
Prepared By: - Amar ShahPatel
Mgmt-591 leadership and organizational behaviour
Life Style Inventory
The “Life Styles Inventory” (LSI) is based around the Human Synergistics Circumplex, describing Constructive, Passive/Defensive and Aggressive/Defensive behaviours. It provides for self-description.
Part I- Personal Thinking Styles
What are your "primary" (highest percentile score) and "backup" (second highest percentile) personal thinking styles as shown in your
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950 words - 4 pages
An Inventory Control System
Course Project 1
Sam Mirza
KB Home
smirza@kbhome.com
Keller Graduate School of Management
GM598
John Sanders
September 15, 2011
Tables of Contents
1. INSTRUCTIONS TO BIDDERS 3
1.1. General Description of Work 3
1.2. What Must Be Included with Bid 4
1.3. Schedule of Bid Period Activities 4
1.4. Location of Work 5
1.5. Pre-Bid Meeting 5
1.6. Owner Contact for Questions 5
1.7. Pre-Award Surveys 5
1.8. Sealed Bid Requirements 5
1.9. Basis for Bid Evaluation 6
1.10. Ethical Standards 6
1.11. Responsibility for Surety Bonds 6
1.12. Proposal Format 6
1.13. List of Bidders 6
1.14. Letter of
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1724 words - 7 pages
Personal Worldview Inventory
Susan Anne Doy
Grand Canyon University: HLT 310V
October 4th 2015
Personal Worldview Inventory
Each individual has a personal view of the world that has been influenced by things such as: upbringing, education, religion, life experiences and relationships. In the modern worldview, there is little thought given to the mind or soul as this is something invisible and so is not measureable. The postmodern view sees people as energy that can be manipulated to restore balance. The Christian worldview believes that we have been created by God in his image (Shelly & Miller, 2006). Spirituality, religion and personal beliefs surrounding worldview questions, can
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Letter of Transmittal:
Venice Art and Ceramic Titles Company Ltd.
692500 Sovetskaya Avenue,
Ussuriysk, Russia 75226
8 924335 95 55
April 29, 2010
Mr. Alexey Morgunov, the Managing Director
Venice Art and Ceramic Titles Company Ltd.
17 Pushkina St,
Ussuriysk, Russia 6925191
Dear Mr. Alexey Morgunov:
Enclosed is a copy of an Inventory Management System proposal that I completed during the fall of last year upon a request that was made to me by the IT Department Board. The main objective of the proposal was to analyze the operations of the Inventory Management system that is currently in use and come up with some its weaknesses and strengths. An integration of both would
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Barilla - Supply Chain Inventory Management
Barilla
TABLE OF CONTENTS
EXECUTIVE SUMMARY 3
ISSUES IDENTIFICATION 3
ENVIRONMENTAL AND ROOT CAUSE ANALYSIS 3
ALTERNATIVES AND/OR OPTIONS 3
RECOMMENDATION AND IMPLEMENTATION: 3-4
Executive Summary:
In an attempt to control inventory swings, reduce costs, and improve sales we have introduced the JITD initiative. This initiative has been a failure from the beginning and there is no point salvaging it. We need to abandon the JITD initiative and focus on a new strategy that seems like a more logical and promising approach.
Issues Identification:
The
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CHAPTER 6- Cost of Goods Sold and Inventory
CHAPTER OUTLINE
Nature of Inventory and cost of goods sold
Inventory represents products Held for resale and is classified as a current asset on the balance sheet. When companies sell their inventory to customers, the cost of the inventory becomes an expense called cost of goods sold.
Cost of goods sold, cost of sales, or cost of merchandise sold, represents the outflow of resources caused by the sale of inventory and is the most important expense on the income statement of companies that sell goods instead of services.
Sales Revenue
(Cost of Goods Sold)
Gross Margin
Gross margin indicates the extent to which the resources
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DEPARTMENT OF ACCOUNTANCY
UNIVERSITY OF ILLINOIS
MEMORANDUM
TO: Mooreman’s Hardware
FROM: Alex Gebert
DATE: March 5, 2013
SUBJECT: Evaluation of Mooreman’s Hardware’s Inventory Controls
Objectives
The inventory acquisition control objectives of Mooreman’s Hardware help ensure the company goals of customer satisfaction, quality inventory, and accurate inventory levels are being met. Mooreman’s purchasing techniques ensure that the necessary amount and the correct type of inventory are being purchased. By doing so, Mooreman’s various store locations maintain adequate inventory levels to satisfy customer demand. The receiving techniques used by Mooreman’s ensure that incoming
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ACCOUNTING FOR INVENTORIES
For Merchandising Firms
Inventories are valued at cost, net of discounts, and including transportation and other costs (ie: import duties) to prepare the goods for sale.
Buying Inventory:
* DR Merchandise Inventory, CR Cash/Accounts Payable
Selling Inventory:
* DR A/R or Cash, CR Revenues
* DR Cost of Goods Sold Expense, CR Merchandise Inventory
Lower of Cost or Market (LOCOM):
* Inventories can sometimes decrease in value while stored due to market conditions, obsolescence or damage
* Accounting standards require firms to subject their inventories to an impairment test at fiscal year-end and, where the FMV <
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Impact of Inventory management on the profitability of Square Pharmaceuticals Ltd.
1. Introduction:
Inventory is one of the factors that can control to improve business profitability. The way source and manage inventory can impact the different profit levels of income statement. Ignorance of how to use inventory advantage prevents you from maximizing operational efficiency.
2.1. Overview of the Company:
SQUARE today is a name not only known in the Pharmaceutical world, it is today a synonym of quality- be it consumer product, toiletries, health products, textiles, agro vet products, information technology and few more. All these were possible due to his innovative ideas
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-------------------------------------------------
Accounting Principle Final Exam
-------------------------------------------------
Date :December 5, 2011
Exam consists three part with 100 points
Part I T/F – Please read the question careful and answer T for True and F for False
1.If the unit price of inventory is increasing during a period, a company using the LIFO inventory method
will show less gross profit for the period, than if it had used the FIFO inventory method.
2.Under a perpetual inventory system, the cost of goods sold is determined each time a sale
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1813 words - 8 pages
Service Request SR-RM-001 Paper
CIS207
April 5, 2012
David J. Henry
Service Request SR-RM-001
Riordan Manufacturing Company presents itself as a solutions provider of polymer materials. As with any large organization, oftentimes business executives seek the consult of external subject matter experts to help companies operate more efficiently. Riordan recently solicited the SHWS Consulting Group and its constituents to review Riordan’s current inventory and manufacturing systems and processes. After spending several weeks with Riordan and visiting each site, the consultants recognized opportunities to improve key areas of the company’s systems supporting its inventory and
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Coporation in Galveston, Taxas.
The case concentrates on the conversation between Melaney and his son about the company’s inventory level and ways to manage goods orders of the upcoming spring seaso.
So far, the company has changed the method of managing orders through purchasing the Rytech computer system, nevertheless, it seems that Joe Father has not totally trusted this system.
Rytech system is expected to reduce the level of inventory by 30% through the method Economic Order Quantity (EOQ) applied in the period of re-ordering each product. This solution is based on the fact that Toro is now having three fixed ordering times in a year. However, Joe Father only trusts his
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CP:
What alternative control measures should Mrs. Bello impose in order to control the records and transactions in all her store branches?
MP:
How to go about the time-consuming physical counting procedure or how to keep track of inventory more conveniently?
How to have harmonized daily cash deposits with the tally on the sales notebook?
How can Mrs. Bello avoid occurrences of fraud among her employees?
Objectives:
-To have effective control measures.
-To minimize losses.
-To have a convenient inventory tracking procedure/system.
-To have coordinated tally and cash deposits
-To eliminate fraud in the workplace
ACA:
1: Hire employees that will work as record keepers of inventory, separate
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1. Specific identification method.
Boston Galleries uses the specific identification method for inventory
valuation. Inventory information for several oil paintings follows.
Painting Cost
1/2 Beginning inventory Woods $21,000
4/19 Purchase Sunset 21,800
6/7 Purchase Earth 31,200
12/16 Purchase Moon 4,000
$78,000
Woods and Moon were sold during the year for a total of $35,000. Determine the firm’s
a. cost of goods sold.
Woods $21,000
Moon $4,000
$25,000
b. gross profit.
Sales 35,000
CGS
21,000
$4,000 25,000
Gross profit 10,000
c. ending inventory. Beginning
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Citizenship: Yes, American Citizen
Special Hiring Authority: 10 point Veteran preference
Federal Experience: Yes, United States Air Force Logistic Service Technician for Inventory Management
Clearance: Secret Security Clearance (Inactive)
Objective
To obtain a full time position in public service with Defense Contract Management Agency as Supply Management Specialist for job announcement number SWH89Y141405261194735D
Education
University of Phoenix [2011-2014]
Currently attending the University of Phoenix to obtain a Bachelors degree in Business Management.
Skills
Focused and highly motivated Logistic Inventory Management Specialist professional, with
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270 words - 2 pages
interoffice memorandum
to: | Executive Vice President |
from: | Aftden white & teammates |
subject: | Last in/First out & first in/first out |
date: | February 5, 2013 |
| |
| |
In response, to the request of inventory methods of Last In/ First Out and First In/ First Out overview. The team researched and discussed the contrast between the two inventory methods..
The choice of Last In/ First Out and First In/First Out will influence the profit and loss statements. The company should continue with using Last In/ First Out if the costs remain the same, but we should move to First In/First Out if the costs increase, as expected. The question of whether the company’s
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352 words - 2 pages
Fundamentals of Finance
Unidentified Balance Sheet
1. Electric Utility - B
Reasons: Usually an Electric Utility company have very less inventory and much more property and equipment compared to other companies. Also, their net profits/new sales is the highest compared to other companies. Collection period is one and a half month (that is the collection period of the bills), The profit margin is also the highest because of lower costs.
2. Japanese Trading Company - D
Reasons: A trading company would have the lowest value of property and equipment, while their Amount Receivables will be the highest. Comparing the ratios, they have the highest Inventory Turnover, which means
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the manual way in running their business. By using the manual way, they consume more time and energy just to finish their work. So, companies now are making their system computerized because this can help them minimize the time and efforts consumed by using manual-system. So, we decided to create a sales and inventory system.
A sale is an activity involved in the selling of products or services in return for money or other compensation. It is an act of completion of a commercial activity while inventory A list of what you have in company accounts. Inventory usually refers to the value of stocks, as distinct from fixed assets. An inventory would include items which are held for sale in
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630 words - 3 pages
.
These issues are compounded by a patchwork of systems—some that are designed specifically for the services supply chain, and some that are borrowed from the main business, with little customization available for service-specific needs.
These challenges result in a services supply chain that protects service levels by storing a large amount of expensive inventory in a central location.
Virtual inventory pooling offers a way to dramatically cut inventory holdings across the service chain. Inventory pooling works by reducing inventories downstream and holding inventories in shared pools upstream. These shared pools can be quickly dispatched to any downstream location that faces a risk of stockout
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to inventory?
2. In your opinion, what costs should be included in Dobbin’s inventory and why?
In my opinion,the cost of barrels and warehousing should be included in Dobbin’s inventory. Because the maturing or aging process also belong to the part of manufacturing process. The whiskey was not ready for sale until it was aged and therefore the aging barrel needed to be included in product cost. As inventory costs include all the direct costs involved in the production process till the finished goods.
3. Assuming Dobbins decided to charge barrel costs (but not other warehousing and aging costs) to inventory, what 1988 income statement items would change? What asset amounts on the
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912 words - 4 pages
Week Three Exercise Assignment
Inventory
1. Specific identification method. Boston Galleries uses the specific identification method for inventory valuation. Inventory information for several oil paintings follows.
Painting Cost
1/2 Beginning inventory Woods $21,000
4/19 Purchase Sunset 21,800
6/7 Purchase Earth 31,200
12/16 Purchase Moon 4,000
Woods and Moon were sold during the year for a total of $35,000. Determine the firm’s
a. cost of goods sold. $21,000 + $4000 = $25000
b. gross profit. $35,000 - $25000 = $10000
c. ending inventory. 21,800 + 31,200 = 53,000
2. Inventory valuation methods: basic
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Liquidity Group
Martin Manufacturing should not have a hard time meeting their current financial obligations in the near future. With an improving trend in current ratio over the last three years(1.7, 1.8, 2.49), and a current ratio for the current year of 2.49, which is 66% higher than the industry average of 1.5. This tells me that Martin manufacturing has $2.50 in current assets for every $1.00 it owes in current liabilities. The quick ratio doesn’t really have a trend(1, .9, 1.35) over the last three years, but the current years quick ratio of 1.35 is higher than the industry average of 1.2. The Quick Ratio implies that Martin has $1.35 in current assets excluding inventory for
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The Four Basic Areas: Corporate Finance, Investments, Financial institutions, International Finance.
Agency problem- inherent conflicts of interest
Formals
Assets=Liabilities + Shareholders’ Equity, Income =Revenues – Expenses, Current Ratio=Current Assets/Current Liabilities, Quick ratio or acid-test ratio= (Current Assets – Inventory)/ Current Liabilities Cash Ratio= Cash/ Current Liabilities Total debt= (Total Assets- Total Equity)/ Total Assets, Debt/equity ratio= Total Debt/ Total Equity, Equity Multiplier= EBIT/Interest, Cash coverage ratio= (EBIT + Deprecation/ Interest) ,Inventory turnover= Cost of Goods Sold/ Inventory ,The average number of days’ sales in inventory= 365
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Leach-Melicher Ch. 6 - Problems
Unfortunately, the textbook provided an electronic table 6.2 (which is on the final page of this handout) containing typos--the physical text contains a correct version. Specifically, in Schedule 3 you can see the beginning inventory is incorrectly input (it seems that the first one or two digits are dropped); it should be equal to the ending inventory from the previous period. Otherwise it looks OK, including the calculated amount of actual purchases.
1. [Short-Term Financial Planning] The PDC Company was described during the early part of this chapter. Refer to the PDC Company’s projected monthly operating schedules in Table 6.2. PDC’s sales
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OM Assignments 5
Q1. Is there any evidence that Barilla faces the bullwhip effect? If so, what causes of the bullwhip of the bullwhip effect are present?
The bullwhip effect is an observed phenomenon in forecast-driven distribution channels. It refers to a trend of larger and larger swings in inventory in response to changes in customer demand. We believed there was a bullwhip effect in this case. We found the evidence from Exhibit 12 which showed the mean of the orders from Cortese Northeast DC to Pedrognano CDC was 300 while the standard deviation was only 227, the gap was 73. Because customer demand is rarely perfectly stable, businesses must forecast demand to properly position
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Problem the organization is facing
Inventory problems the hospital is facing are the inability to track in and out properly all of the items currently on hand. There have been several instances that have occurred where the stock in hand and the stock listed in the computer varied. The difference in stock is a result of possible theft, mismanagement, or inaccurate record keeping. Currently the organization is relying on its computer system to have an accurate log of all medication or stocks received, dispensed, and stored based on the doctors’ setting. However, the computer system is prone to human errors and malfunctions within the system. The inability to keep proper records not only
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types of printers. Transportation and customs clearance take one week if air is used as the mode of transport; the same will take four weeks if sea is used as the medium of transport. Freight by air will be Rs360 per unit while freight by sea will be Rs.90 per unit. The annual inventory-carrying cost for the firm is 20 per cent of the cost of the item. The firm wants to decide on the optimum mode of transport. The relevant calculations for high end products are shown below.
Product Mode of Transport Cycle stock (units) Pipeline inventory (units) Average inventory Inventory carrying cost (thousand rupees) 2,400 600 1,800 450 1,200 300 Transportation Total cost costs per (thousand annum rupees
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ROE. Therefore, the high ROE from Pete’s and Boston Beer can be explained by their strategic approach of contract brewing.
Observation #2) Boston Beer and Red Hook have similar Total Assets, but, Boston Beer sells about eight times more barrels than Red Hook. Because Boston Beer uses contract brewing, majority of their assets is their inventory (raw materials, beer, etc). This can be observed by the fact that Red Hook has twice the inventory turnover than that of Boston Beer, yet their assets are similar. Red Hook brews their own beer, and so majority of their Assets are their breweries, not their inventory. Boston Beer on the other hand, source out their brewing, so they have low asset numbers like that of a smaller brewing company such as Red Hook. Also, the low asset turnover number means they have tons of inventory in stock and it can be deduced that it makes up most of their Assets.
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Remote sensing and control
Chapter 12 Case Study: The Realco Breadmaster
1.Develop a master production schedule for the breadmaker. What do the projected ending inventory and available-to-promise numbers look like? Has Realco “overpromised”? In your view, should Realco update either the forecast or the production numbers?
2.Comment on Jack’s approach to order promising. What are the advantages? The disadvantages? How would formal master scheduling improve this process? What organizational changes would be required?
3.Following up on Question 2, which do you think is worse, refusing a customer’s order upfront because you don’t have the units available or accepting the order and then
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13
Questions
13-1
The income statement reports the accrual-basis consequences while the statement of cash flows reports the cash-basis consequences of the operating activities
Exercise
13-19
a. Total units sold = 70 + 60 + 60 = 190
Total units in ending inventory = 60
FIFO ending inventory = (60 × 15) = $900
FIFO cost of goods sold = $2,500
b. LIFO ending inventory = 60 × 12 = $720
LIFO cost of goods sold = $2,680
c. Total cost of goods available for sale = 1,200 + 700 + 1,500 = $3,400
Total units available for sale = 250
Weighted average cost of goods sold = 190 × $13.60 = $2,584
Weighted average ending inventory = 60 × $13.60 = $816
Weighted average cost per unit = 3,400 ÷ 250 = $13.60
13-26
a) This would be recorded in 2008 because it is recorded when it is sold
b) Estimated warranty costs should be expensed in the year of sale, therefore in 2007.
c) Bad debts should match the expenses of the year of sale, therefore in 2007.
d) Research and development costs should be expensed in 2007.
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Executive Summary:
After comparing Western Digital (WDC) and Seagate (STX) using specific ratio analysis, the following conclusions can be drawn. WDC is more effective at managing its debt obligations then its competitor by a wide margin. Specifically, our assets are considerably lower in amount financed by debt and we earn a wider dollar margin on our interest expenses owed. However, WDC has evident mismanagement of its assets in comparison to its competitor. I believe that this can be attributed to the fact that we keep too much inventory on hand. Keeping too much inventory on hand can be traced to a lower quick ratio, return on assets ratio, and inventory turnover ratio compared to our
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ways to grow the business. But too often these discussions fail to address costs. By discussing costs holistically up and down the combined supply chains, customers often can recommend ways to reduce costs. For example, how to take wasted steps out of the process, or how to plan jointly to smooth production, or maybe even how to change the product mix to get rid of costly items and replace them with some that are more profitable. Talking to the customer is never a bad thing. But talking about how to jointly improve business deepens the relationship, shows them you care, and helps reduce costs for both parties.
3) Match terms with turns. Each item in your inventory moves at a
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activities. Also, this company needs to engage in a system of checks and balances among each department to ensure validity, accuracy and completeness.
Analysis
The first step in the expenditure process may create issues. All the employees should not have access to create a purchase requisition. For example, how can an employee that works in the cash disbursement department know about the inventory levels and make a purchase requisition. BLUE Company is lacking an inventory control department; this needs to be incorporated. BLUE Company should limit the number of employees with the access to create a purchase requisition within the inventory control department. Unauthorized access exposes
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:
1. Income Statement
2. Statement of Owner’s Equity
3. Balance Sheet
4. Statement of Cash Flows
Merchandising Operations
The two main accounting systems used for merchandise inventory are the periodic system and the perpetual system. The major difference between the two is the availability, within the accounting records, of an up-to-date (and therefore reasonably accurate) value for merchandise inventory on hand.
Gross Margin = Sales - Cost of Goods Sold (COGS)
Cost of Goods Sold (COGS)= Beginning Inventory + Purchases -Goods Available for Sale – Ending Inventory
Note: Beginning inventory was $100,000
Perpetual System | Periodic System |
1- Credit Purchases
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Chapter 13: Parts Emporium*
A. Synopsis
This case describes the problems facing Sue McCaskey, the new materials manager of a wholesale distributor of auto parts. She seeks ways to cut the bloated inventories while improving customer service. Backorders with excessive lost sales are all too frequent. Inventories were much higher than expected when the new facility was built, even though sales have not increased. Summary data on inventory statistics, such as inventory turns, are not available. McCaskey decides to begin with a sample of two products to uncover the nature of the problems—the EG151 exhaust gasket and the DB032 drive belt.
B. Purpose
The purpose of this case is to allow the
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After completing the “Ethical Lens Inventory” I have found that I do not have a preferred lens. It told me that I am able to move between each lens and be able to use the correct tools in order obtain the best situation that is needed. I can really understand this result because I tend to be a person that can reason with almost anyone and I am big on equality for everyone no matter who they are. I also tend to be the person that many people go to when they are stuck in a situation and don’t know the best route to get them out of it.
The results from the inventory state that I do not have a blind spot. If I understand this result correctly I would have to agree because when working in a
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entering the world of accounting.
Inventories are asset items held for sale in the ordinary course of business or good that will be used or consumed in the production of goods to be sold. That sounds very interesting doesn’t it? Well let’s think about that for a second. Companies like Wal-Mart have billions of dollars put into inventories and they need to make sure that it is properly accounted for so they do not become the next ENRON of the world. Wal-Mart gets their inventory in a ready to sell state. That means no extra cost goes into getting it ready to put on the shelf. So when a Wal-Mart accountant takes in invoices of merchandise purchased the price Wal-Mart paid was the amount
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to any job not completed at year end in order to properly value the work in process inventory. |
|
| Student Answer: | | Only statement I is true. |
| | | Only statement II is true. |
| | | Both statements I and II are true. |
| | | Statements I, II, and III are all true. |
| Instructor Explanation: | Chapter 3 |
|
|
| Points Received: | 6 of 6 |
| Comments: | |
|
|
6. | Question : | (TCO F) Under a job-order costing system, the product being manufactured |
|
| Student Answer: | | is homogeneous. |
| | | passes from one manufacturing department to the next before being completed. |
| | | can be custom
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Proposal of Controls for Inflows
Every company needs an adequate internal control system to minimize the risk of errors in the company’s accounting figures, attempts of fraud, and to ensure that the company abides to their production and managerial policies and procedures. Promoting employee efficiency remains important and helps keep investors apprised of the operations within the company and ensures they understand the company’s financial standing with regard to the integrity of its internal control system. Following is a proposal depicting a design of the internal controls for the inflows of a company that include cash, sales, accounts receivable, inventory, and production.
Cash
Key
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cost (Brazil, China, Malaysia and, relatively, Ireland), they have educated work forces that are highly productive, and they are near large regional markets.
Dell Case: Question 2 :: Why does Dell purchase most of the components that go into its PC from independent suppliers, as opposed to making more itself? (Does does little more than final assembly of components into PC)
Answer: Dell outsources because it enables Dell’s business model to be successful. Dell’s comparative advantage is in pricing, customization and rapid order fulfillment, all advantages gained through supply chain management and logistics. By outsourcing, Dell does not carry risks connected to inventory such as
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Case Report:
Saw Blades at Leeds
Team II
Raj Pandit Tiffany Rongey
Jacob Tramontin Julian Vu
Executive Summary
This case examines the use of relevant and irrelevant costs to determine whether Leeds should continue production of Carbide blades, and whether or not to introduce composite blades. From our analysis, we have developed seven possible scenarios for the company, and have determined that our last scenario would most effectively utilize the remaining carbide inventory, while progressively entering the composite blade market.
Background
Leedsworks, Imperial Optronics PLC is the worldwide leader in the dry-cut lens processing
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2207 words - 9 pages
ratio, cost-effective transportation, reduced levels of inventory, decreased wastage, and the implementation of an Enterprise Resource Planning.
In this study, there will be a review of Riordan Manufacturing’s operational strategy and an addition of the topic of process design to it. “The process design includes the selection of appropriate technology, sizing the process over time, the role of inventory in the process, and locating the process” with quality management as its main focus (Chase, Jacobs, & Aquilano 2006, p. 24). A proposal for a Process Design for Riordan Manufacturing in regard to the electric fans system will be given. It will include Material Requirements Planning for the
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725 words - 3 pages
Week 3 Individual
John Clark
OPS/TM571
March 26, 2012
Robert Wolf
The simulation is broken down into a series of situations and provides suggestions throughout the inventory management system within the Elms Valley SurgiCare Center (EVSC). The simulation helps to demonstrate how cycle service level, lot sizes and safety stock have the influence to impact inventory cost.
The data presented was used to calculate inventory levels as followed: I under-estimated the stock on hand quantities, over-estimated the demand for the gloves and also over-estimated the quantities ordered for the surgical gloves. Both EOQ’s were shown to be less than optimum per the simulations standards, but
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642 words - 3 pages
Lead Time Management at Littlefield Labs
Background
Littlefield Laboratories has opened a new blood testing lab. This laboratory uses the same process as the lab encountered in your prior assignment, Capacity Management at Littlefield Labs—neither the process sequence nor the process time distributions have changed. The lab began operations with a raw materials inventory of 160 kits and $1,000,000 cash. Customer demand continues to be random, but the expected daily demand will not change during the lab’s life span. Expert advisors know that demand will end abruptly on Day 268 and the lab will no longer be necessary. Any remaining machinery or inventory will be useless after Day 268, and
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