Topic7 Inventory 1 Identify the primary authoritative guidance for the accounting for inventories. What is the predecessor literature? FASB ASC 330 Inventory provides primary authoritative guidance for the accounting for inventory. The predecessor literature about it is Accounting Research Bulletins (ARB) No.43 Chapter 4‚ paragraph 4 (Issued June‚ 1953) and Statement of Financial Accounting Standard (FAS) NO.151 Inventory cost- an amendment of ARB No.43‚ Chapter 4 (Issued November‚ 2004).
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Inventory Exercises 1. At Dot Com‚ a large retailer of popular books‚ demand is constant at 32‚000 books per ear. The cost of placing an order to replenish stock is $10 and the annual cost of holding is $4 per book. Stock is received five working days after an order has been placed. No backordering is allowed. Assume 300 working days a year. a. What is Dot Com’s optimal order quantity (EOQ)? b. What is the optimal number of order per year? c. What is the optimal interval (in working days)
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distribution to end users and has its own laboratories of development‚ production centers and marketing department. The company develops and produces its own products. Thus‚ it has total control of production including quality and volume. What is Inventory System Inventory system is a process for managing and locating objects or materials. The objects or items represented on such a list‚ as a merchant’s stock of goods. It is a complete listing of merchandise or stock on hand‚ work in progress‚ raw materials
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Allan Pinkerton was a very well know man in America. This man was born in 1819 in glesgow‚ Scotland. He passed away in 1884 in America. Allan’s father was a police officer in Scotland untell he had and acadent wich then caused him to not work before he passed two years after he got injured. After his fathers passing allan then moved to America were he then worked for a company making barlles. Wiole he was in the woods looking for wood he stumbled upon some individual counterfeiting. This is when
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manipulating data. Having computer programs may help a company grow bigger and be competitive in the flow of the business world. It helps a lot because almost all the companies nowadays uses computer literate and very competitive in many aspects. Whatever kind of business you manage‚ you are required by law to keep financial records relating to it. 1.1 Background of the Study An inventory system is a method of immediately accounting for inventory sales in the inventory account‚ if there is no item
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Far Eastern University Diliman INTERACTIVE EDUCATIONAL APPLICATION FOR CHILDREN (I-TEACH) An Application Project Presented to Far Eastern University Diliman In Partial Fullfillment of the Requirements for the Degree of Bachelor of Science in Information Technology by: Bautista‚ Glenn Mar C. Los Baños‚ Julius B. Nalog‚ Dennis M. Christine M. Magturo Application Project Adviser August 2012 Far Eastern University Diliman ADVISER’S RECOMMENDATION SHEET This Application
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Take-Home Exam – Marketable Securities & AR/Inventory Management Name: _________________________ Score:____________ I. Selection __________1. A company which foregoes the discount when credit terms are 4/15 net 70 is essentially borrowing money from his supplier for an additional: (A) 40 days (B) 55 days (C) 70 days (D) 85 days. __________2. A company that foregoes a discount of 1/7 net 30 is essentially borrowing money from the vendor at: (A) 1% (B) 12.29% (C) 16% (D) 52.7%. __________3
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Personal Leisure Inventory Assignment #1 Name: Sumit Dubey Professor: Marianne Staempfli Course: EDRD 3500 Date: Jan. 27‚ 2012 Personal Leisure Inventory Leisure and recreation is an important part in everyone’s day to day life. If you look at a typical persons schedule‚ they sleep for 8 hours and work/go to school for 8 hours. What does a person do for the rest of the 8? This is where leisure and recreation kicks in. Leisure is time spent away
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2.1 Types of Inventories Nestle (Malaysia) Berhad is a big company which produce various types of products. For example‚ coffee and beverages‚ food‚ milks‚ liquid drinks‚ infant nutrition‚ breakfast cereals‚ chilled dairy‚ ice-cream‚ confectionery and many other. According to the annual report 2012 of Nestle company‚ it shows that‚ the amount of inventories during 31 December 2012 is RM411‚170‚000‚ while during 31 December 2011 the amount of inventories is RM517‚573‚000 . After comparing both
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is fast and their impact on the economy is becoming bigger. How to manage the inventory effectively and efficiently often is a challenge for these small businesses. The study took place at COMETZ II TRADING‚ a company involved in car accessories. For COMETZ II TRADING two inventory problems‚ stock-out and overstock occur frequently. The company wants to improve its efficiency and is con-sidering a change in the inventory management. Cometz II Trading is the one of the biggest supplier of car’s accessories
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