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Inventory Management

Management Efficiency Ratio

This is my first accounting class and I am not very good at it. I would appreciate any assistance that I am given. My assignment is to complete a management efficiency ratio of both company's financial statement and give my findings for both.

Purchase Discounts and Inventory

23. The use of a Purchase Discounts account implies that the recorded cost of a purchased inventory item is its a. invoice price. b. invoice price plus any purchase discount lost. c. invoice price less the purchase discount taken. d. invoice price less the purchase discount allowable whether taken o

Chavez Corporation reported the following data for the month of July

I need assistance with these study questions, please show examples when available. Chavez Corporation reported the following data for the month of July: The cost of goods manufactured for July is: $203,000 $215,000 $204,000 $216,000 Chavez Corporation reported the following data for t


On March 1, 2007, Geoffrey Company acquired real estate, on which it planned to construct a small office building, by paying $90,000 in cash. An old warehouse on the property was demolished at a cost of $8,200; the salvaged materials were sold for $1,700. Additional expenditures before construction began included $1,500 attor

MJ Department Store

MJ Department Store expects to generate the following sales figures for the next three months: July August September Expected sales $480,000 $560,000 $600,000 MJ's gross profit rate is 45% of sales dollars. At the end of each month, MJ wants a merchandise inventory balance equal to 30% of the following month's expected s

Production and Direct Materials Budgets

Please see the attached file for the fully formatted problems. Tonga Toys manufactures and distributes a number or products to retailers. One of these products, Playclay, requires three pounds of materials A135 in the manufacture of each unit. The company is now planning raw materials needs for the third quarter - July, Aug

Renton Co. uses special journals to record its transactions.

Please explain any errors. Problem attached. Renton Co. uses special journals to record its transactions. They use the perpetual inventory system. Shown below are the purchasing and cash disbursement transactions for current month of May: Record these transactions in the following journals.

ethical issues, management of fixed assets & inventory

1. The market value of Lake Corporation's inventory has declined below its cost. Vickie Maher, the controller, wants to use the allowance method to write down inventory because it more clearly discloses the decline in market value, and it does not distort the cost of goods sold. Her supervisor, financial vice-president Doug B

Multiple Choice Costing Questions

1. A variable cost is constant if expressed on a per unit basis but the total dollar amount changes as the number of units increases or decreases. True False 2. A sunk cost is: A. a cost that is planned to be incurred in the near future. B. irrelevant for decision making. C. a cost connected with drilling for oil. D. aff

Income statement for Z-watch

The Z-Watch Company manufactures trendy, high-quality moderately priced watches. As Z-Watch?s senior financial analyst, you are asked to recommend a method of inventory costing to the chief financial officer (CFO). The CFO will use your recommendation to construct Z-Watch?s 2008 income statement. The following data are for the y

Accounting: Inventories, Income and Costs

Please see the attached file for the entire problem. Within the relevant range, as the number of units produced increases: (a) the variable cost per unit remains the same. (b) fixed costs in total remain the same. (c) variable costs increase in total. (d) all of the above. Vignana Corporation manufac

P7-6AA Black diamond Slope Co: Prepare production and direct materials budgets

Preparing production and direct materials budgets see pdf attached Problem 7-6AA Preparing production and direct materials budgets L.O. C3, P3 Black Diamond Slope Company produces snow skis. Each ski requires 2 pounds of carbon fiber. The company's management predicts that 5,000 skis and 6,000 pounds of carbon fiber will

Riordan Manufacturing: Inventory Control Process, Quality tools to collect data

We have selected Riordan Manufacturing as our virtual company My Team represents a group of employees or managers in the organization and has been selected to run a pilot process improvement team. We chose to work with the inventory control process. I need help discussing Quality tools that you would recommend using to

Hall Corporation equivalent units for materials 4-2

Question 2: Hall Corporation uses the weighted-average method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Beginning work in process inventory: Units in beginning work in process inventory 500 Materials costs

Formation of Free-Will Partnership from separate proprietorships

Please see attachment. The post-closing trial balances of two proprietorships on January 1, 2008 are presented below. Free Company Will Company Dr. Cr. Dr. Cr. Cash $ 9,500 $ 6,000 Accounts Receivable 15,000 23,000 Allowance for Doubtful Accounts $ 2,500 $ 4,000 Merchandise I

Interim reporting

Interim financial reporting has become an important topic in accounting. There has been considerable discussion as to the proper method of reflecting results of operations at interim dates. Accordingly, the Accounting Principles Board issued an opinion clarifying some aspects of interim financial reporting. Instructions:

Biondi Industries: Joint Costs Allocation, Production Decisions, Split off PST-4

Biondi Industries is a manufacturer of chemicals for various purposes. One of the processes used by them is HTP-3 a chemical used in hot tubs and swimming pools; PST-4 a chemical used in pesticides; and RJ-5 a product that is sold to fertilizer manufacturers. Biondi uses the net-realizable-value method to allocate joint prod

Engle Company Costs Of Goods Sold And Inventory

I need some assistance with the attached file. P-4 The income statement of Engle Company includes the items listed below: Net sales $900,000 Gross profit on sales 315,000 Beginning inventory 100,000 Purchase discounts 15,000 Purchase returns and allowances 8,000 Freight-in 10,000 Operating expenses 300,000 P

Kudler Fine Food

Please help me so I can complete the following: Kudler plans to start contracting with local growers of organic produce. If it takes this step, operational changes will be necessary. Write a 1,400-1,750-word paper in which you do the following: a. Identify those business processes at Kudler that could be affected by this dec

EOQ and Inventory Subject to Known Demand

This problem entails knowing Inventory Control Subject to known demand. Based out of the book Production and Operations Analysis-5th edition ISBN 0072865385 which is almost Identical to 4th ed. A local machine shop buys hex nuts and molly screws from the same supplier. The hex nuts cost 15 cents each and the molly screws co

Inventory Management - Ordering and Inventory

The Bozo Co is reviewing their inventory management techniques and have come up with the following data on their inventory. a. annual usage of units $125,000 b.ordering costs if $100 per order c. carrying cost of 20% of the cost of inventory d. cost of one unit $110 1. what is the economic ordering quantity? 2. how man

Academic approach to Inventory Management

An organization uses 4000 boxes of bolts a year. The boxes cost $28 each. Ordering cost is $250 and a holding cost of 15% of the purchase cost oer unit on an annual basis. There is a constant holding of a safety stock of 100 boxes of bolts. Determine: a. the economic order quantity b. the total cost of carrying the bolts(ex

What are Meditech's problems in introducing new products?

Case website: Questions: 1. What are Meditech's problems in introducing new products? In manufacturing ALL products? 2. What is driving these problems, both systemically and organizati

Plaza Company

I am having trouble with a problem similar to this one and if you could complete this problem I could use the example to figure out my problem. The problem is attached. 1.Prepare the company's 2005 manufacturing statement. 2. Prepare the company's 2005 income statement that reports separate categories for (a) selling e

Master Budgeting

1. The Rocky Mountain Company produces snowboards. Each snowboard requires six pounds of carbon fiber. The company's management predicts that 3,200 snowboards and 2,000 pounds of carbon fiber will be in inventory March 31 of the current year and that 9,600 snowboards will be sold during the next (second) quarter. Management wan