which could not be specifically identified‚ for $576 and on December 8‚ 2010‚ she sold another 25 shares for $188. What is her recognized gain or loss? $210/30=$7 per share - April 18‚ 2010 $900/90=$10 per share - September 29‚ 2010 I will use FIFO to calculate the recognized gain or loss: November 28‚ 2010 – Sold 48 shares for $576‚ the cost basis was $390 (30*$7 plus 18*$10) therefore the total gain was $186.00 December 8‚ 2010 - Sold 25for $188‚ cost basis was $250 (25*$10) therefore the
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please visit www.opentuition.com PAPer F3 revision notes June 2009 Examinations 4 IAS 2: INVENTOrIES 1. Value at lower of cost and net realisable value 2. Measurement of costs: • • • • • actual cost standard cost retail method FIFO Weighted average 3. If we produce our own goods‚ the inventory is valued at the full cost of production. ie including all factory overheads. But‚ do not include any non-production costs (selling and administrative costs) 4. (Not in IAS 2‚ but
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EXECUTIVE SUMMARY The Garment Industry in India has traveled a long distance‚ now India is one of the top Garment producing & exporting countries in the world. The Garment Industry in India is with major players and Texport is one of them. Texport is one of largest producers & exporter of Garments in the world. A project report on Inventory Management is under taken at Texport Industries Pvt.‚ Ltd.‚ at Bangalore. Texport Industries deals with the Men‚ Women and Kids products
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Assignment Cover Sheet School of Accounting College of Business Student Name Student Number Unit Name and Number Management Accounting 200494 Tutorial Group Tutorial Day and Time Lecturer/Tutor Title of Assignment Major Assignment Length N/A Due Date This Assignment is due at the beginning of your tutorial class in Week `0‚ being the week commencing 30th April 2007. Date Submitted Campus Enrollment Parramatta Declaration I hold a copy of this assignment that I can
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drugstore? Yes No 6. When do you update this inventory management policy? Annually Monthly Weekly Daily Others pls. specify ______________ 7. What type of inventory system do you use? First In‚ First Out (FIFO) Last In‚ First Out (LIFO)
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I. INTRODUCTION A. BRIEF HISTORY OF THE ESTABLISHMENT / COMPANY "Hap Chan is a showcase of the superior food quality and friendly neighborhood service of the authentic Hong Kong tea house." Hap is the Chinese word for “to put together or bundle in one group.” Chan is Chinese for “place”. Hap Chan has come to be “the right place” for gathering the family‚ the clan. Whether we are referring to relatives or officemates – the extended family—of every nationality—is always welcome at Hap Chan. Starting
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communicating with the local restaurant managers‚ including many factors which many affect the stock into forecasting system to predict the expected demand of the menu items. To ensure that only fresh stock is always used‚ mangers at McDonald’s used FIFO method to deal with the stock. The different types of stock that need to be managed were a.Raw materials. Ex: vegetables‚ meat‚ packaging b.Work in Progress. goods which are in the process of becoming finished goods c.Finished products. These
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Explain the role of each of the following in maintaining health and safety standards * Food act 2003 (NSW) This is that act of the NSW parliament that controls food prepared for sale in NSW. The role of this act is to continuously improve the food safety systems. All employees in the hospitality industry are responsible for making sure that they follow the rules and guidelines for maintaining high standards of food safety. The advantages of this food act is that it continuously aims to improve
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and long term benefit provisions. 23. Ledger print of Cenvat credits. 24. Reconciliation of Excise/ Cenvat as per Excise and Financial records. 25. Worksheet for valuation of raw and finished stock. With photocopy of last bills if on FIFO Basis 26. In case of working capital limits copies loan sanction letters 27. Evidence for payment of Bonus out standing. 28. Details of Provisions made at the year end with copies of bills 29. Photocopies of Fixed deposit receipts
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Things I remembered from school are the concept of time value of money‚ the calculation of the percentage of completion‚ making journal entries and adjusting entries‚ the differences between accrual basis of accounting and cash basis of accounting‚ LIFO&FIFO methods‚ basic financial statement preparation‚ and estimating bad debts expense: estimation of sales and estimation of account receivable.
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