than $60 per barrel. The barrels could not be reused foraging future batches of bourbon whiskey but could be sold to used barrel dealers for $1 each at the end of the aging period. * The increased production in 1988 necessitated the leasing of an additional warehouse at an annual rental cost of $200‚000. The temperature and humidity of the warehouse space had to be controlled since the quality of the whiskey could be ruined by its aging too fast or too slowly. * A small amount of liquid was
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Case Study Inventory The Cost of Inventory The general principle for cost inclusion into inventory for US GAAP and IFRS is similar but not exactly the same. First let us look at US GAAP. The basis of accounting for inventories is “cost‚” which is explained in ASC 330-10-30 paragraph 1 as “the sum of the applicable expenditures and charges directly or indirectly incurred in bringing an article to its existing condition and location.” These costs are divided into two different categories‚ the
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Tables of Contents Page Dedication ……………………………………………………………………………………i Acknowledgement…………………………………………………………………………...ii CHAPTER 1: 1.1 Introduction.……………………………………………………………………...1 1.2Procedures and Methods used during the Investigation……………………2 1.3 Overview/Description of the Project…………………………………………3 1.3.1 Scope and Delimitation 1.3.2 List of Interviews and facilities Group Meetings Conducted 1.4 Definition of Terms……………………………………………………………...4 CHAPTER
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fields. (The Norwegian currency is the krone‚ which is denoted by Nkr.) The company uses a sob-order costing system arid applies manufacturing overhead cost to jobs on the basis of direct labor-hours. At the beginning of the year‚ the following estimates were made for the purpose of computing the predetermined overhead rate: manufacturing overhead cost‚ Nkr360‚000; and direct labor-hours‚ 900. The following transactions took place during the year (all purchases and services were acquired on account):
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E5-18 The comparative balance sheets of Madrasah Corporation at the beginning and end of the year 2014 appear below. MADRASAH CORPORATION Balance Sheets Assets Dec. 31‚ 2014 Jan. 1‚ 2014 Inc./Dec. Cash $ 20‚000 $ 13‚000 $ 7‚000 Inc. Accounts receivable 106‚000 88‚000 18‚000 Inc. Equipment 39‚000 22‚000 17‚000 Inc. Less: Accumulated depreciation—equipment 17‚000 11‚000 6‚000 Inc. Total $148‚000 $112‚000 Liabilities and Stockholders’ Equity Accounts payable $ 20‚000 $ 15‚000
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In 2002‚ Gordon Harrison took over as director of supply management for Iona University‚ a small private university in Des Moines‚ Iowa. Upon his arrival‚ he discovered that the staff was spending too much time processing requisitions for office supplies. Consequently‚ he wanted to develop methods of increasing the effectiveness and the efficiency of handling the acquisition of office supplies for the university. The University Iona University offers both liberal arts education and professional
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Minimizing the Inventory Cost in the Production Management: Just in Time (JIT) Manufacturing System is a Mile Stone Shirajul Islam M. Phil Researcher‚ Jahangirnagar University‚ Savar‚ Dhaka Abstract This article explains how a firm manages her inventory to gain minimum production cost and earn business success by using JIT (Just in Time) Manufacturing System. It provides a mathematical framework to understand the performance of a farm‚ and argues that inventory cost minimization method is an
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INVENTORY CARRYING COSTS: Inventory carrying costs refers to the costs associated with carrying a quantity of stored inventory. This is one of the vital costs that needs to be optimized in any logistics system. It is a well-known fact that the inventory carrying costs is a part of the total logistics costs of the firm. Aspects of these vital costs can be described and evaluated from a variety of perspectives. Knowledge of inventory carrying costs is likely to be important to the success of any business
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Web Calculator Exercise 1 Descriptive Statistics 1. The table below presents data for a sample of people who completed a religious survey. |Age |Gender |Denomination |Church Attendance | |56 |1 |7 |4 | |46 |2 |6 |5 | |49 |2 |6 |5 | |49 |1 |1
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Dear Diary Journal‚ September 30‚ 1900 A couple of days ago‚ my mom bought me this journal for my 9th birthday. She had told me that this journal she had bought was pretty cheap‚ but I did not believe her. Most school utensils like pencils were way too expensive. But it’s not like I have time to be going to school or anything of that sort. I need to make money by working at the factory not wasting money
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