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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Introduction and its Background Introduction Inventories are very essential to meet the shareholder needs and demands for financial information. A computerized inventory stock system helps the companies to keep track of their inventory from initial purchase to final sale automatically. It may contain quantities‚ description‚ price‚ purchasing of items‚ the stock – in and out‚ total amount of products on initial purchase and making reports on the inventory. A store sells certain products
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Studies Korean Red Ginseng Enterprise – Sales and Inventory System (J. De Leon‚ M. Ferrer‚ 2001) Under the Koread Red Ginseng Enterprise Sales and Inventory System‚ the researchers came up with a computerized sales and inventory system. The proponents used database to easy access of files and for easier and faster processing of the selling and inventory transaction. The program was designated to generate reports such as monthly reports‚ inventory reports‚ sales invoice and list of items. In connection
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3. Based on the description in the text and the evidence in the Exhibits 6 and 9‚ what went wrong with the SF-6000 forecast? Launching the first 8 megapixel sensor and 10x zoom camera on the market was a big accomplishment for Leitax. On their official press release‚ the SF-6000 was named as an "a tool for serious photographers". There were huge expectations about the product and everyone at the company was pretty excited about it. Their biggest challenge was the forecast for a new product with
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Current assets Inventories The difference between net income and profits adjusted for current cost of supply comes down to the way inventories are accounted for. The net income figure is calculated according to IFRS standards in Europe which demand ‘first-in first-out’ (FIFO) methodology for accounting inventory. Most US companies however produce based on ‘last-in first-out’ (LIFO) accounting. Shell’s current cost of supply (CCS)‚ however‚ are neither FIFO nor LIFO compliant. This means
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your current inventory levels‚ but also generate future demand forecasts. This is because an inventory shortage can cause the company to lose future profits and lost goodwill. In the case of Reebok‚ the former NFL licensed jersey producer‚ many key decisions must be made to reduce inventory costs in periods of low demand while maximizing profits in periods of high demand for player specific jerseys. Using the newsvendor model to determine the optimal order quantity and leftover inventory‚ we will present
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Mechanics. Even though they have a point of sale they don’t have a computerized system when it comes to their inventory. The proposed system‚ are efficient in tracking the movement of the inventory‚ secure all the data from any possibilities to misplace it and providing reliable reports that are easy to generate and understand It will help the company to manage the business in terms of inventory management system. The importance of Information Technology in this project is well known. Information
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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 THEORETICAL/CONCEPTUAL FRAMEWORKS 2.1 Introduction Inventory theory (or more formally the mathematical theory of inventory and production) is the sub-specialty within operations research that is concerned with the design of production/inventory systems to minimize costs. It studies the decisions faced by firms and the military in connection with manufacturing‚ warehousing‚ supply chains‚ spare part allocation and so on; it provides the mathematical foundation for logistics. CURRENT SYSTEM1
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Inventory management has two very different‚ but effective methods: Vendor managed inventory‚ and consignment inventory. A company may choose to utilize either of these two methods to manage inventory. If a company is able to manage inventory‚ they will be better able to work the company’s capital to the fullest extent. The following paper will identify the differences between the two as well as identify what type of company is best suited for each method. Definition. Vendor managed inventory (VMI)
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