Psychology: Inventory and Date Units Cost Essays

Submitted By wmusah
Words: 601
Pages: 3
Open Document
CHAPTER 6
BRIEF EXERCISE 6-6 Cost of good sold under: Purchases Cost of goods available for sale Less: Ending inventory Cost of goods sold LIFO $6 X 100 $7 X 200 $8 X 150 $ 3,200 1,160 $ 2,040 FIFO $6 X 100 $7 X 200 $8 X 150 $ 3,200 1,410 $ 1,790

Since the cost of goods sold is $250 less under FIFO ($2,040 – $1,790) that is the amount of the phantom profit. It is referred to as “phantom profit” because FIFO matches current selling prices with old inventory costs. To replace the units sold, the company will have to pay the current price of $8 per unit, rather than the $6 per unit which some of the units were priced at under FIFO. Therefore, profit under LIFO is more representative of what the company can expect to earn in future periods. BRIEF EXERCISE 6-7 Inventory Categories Cameras Camcorders DVD players Total valuation Cost $12,000 9,500 14,000 Market $12,100 9,700 12,800 LCM $12,000 9,500 12,800 $34,300

EXERCISE 6-1 Ending inventory—physical count ................................................ 1. No effect—title passes to purchaser upon shipment when terms are FOB shipping point ................................... 2. No effect—title does not transfer to Rodrigo until goods are received .............................................................. $297,000 0 0

Add to inventory: Title passed to Rodrigo when goods were shipped ........................................................................ 4. Add to inventory: Title remains with Rodrigo until purchaser receives goods ................................................... 5. The goods did not arrive prior to year-end. The goods, therefore, cannot be included in the inventory .................. Correct inventory ............................................................................

3.

22,000 35,000 (44,000) $310,000

PROBLEM 6-2A

(a) Date March 1 5 13 21 26 (b)

COST OF GOODS AVAILABLE FOR SALE Explanation Units Unit Cost Beginning Inventory 1,500 $ 7 Purchase 3,000 8 Purchase 5,500 9 Purchase 4,000 10 Purchase 2,000 11 Total 16,000 FIFO

Total Cost $ 10,500 24,000 49,500 40,000 22,000 $146,000

Ending Inventory Unit Date Units Cost March 26 2,000 $11 21 1,500 10 3,500* *16,000 –
Show More

Related Documents: Psychology: Inventory and Date Units Cost Essays

Combining Treatments Essay

combination of both treatments. It is proposed that by combining these two treatments, there will be a reduction in the level of depression in participants. There will be three treatment groups which will be measured by the self-report Becks Depression Inventory (BDI) and the clinician-rated measure Montgomery Ashberg Depression Rating Scale (MADRS). The evidence suggests that the psychological interventions, psychotherapy are at least as effective as the combination treatment of major depression. Some…

Words 4786 - Pages 20

Examples Of Business Plan

to align blood product supply with demand through our combined efforts with government on the national inventory management framework. This project has defined optimal red cell inventory levels for the blood sector and has developed guidelines for effective inventory management. This year, we will focus on implementing a strategy for red blood cells and start work on platelet inventory management. We will also transition to new blood product labels to deliver the highest levels of accuracy…

Words 8583 - Pages 35

RSM230 Final Exam Notes Essay

RSM230 NOTES – FINAL EXAM LECTURE #1 – EQUITIES Stock Markets are Volatile  Another work for equities is stocks – traded on the stock market  Volatile – means that it moves around a lot  Huge drop between 2011-2012 → markets were ignoring problems in the euro market and as the year progressed, there was more and more talk about Greece needing a bailout → important because they are "first in line"/indicators Investment Performance  Historically stocks have the highest historic return and the…

Words 5965 - Pages 24

The Features of Workplace in the Slaughterhouses Essays

Teacher Email Contact | | Course Name | DIPLOMA OF COMMERCE | Course Code | DOC3590 | Unit Name | MANAGEMENT | Unit Code | MMMT132 | Semester/Term/Year | Semester 2, 2011 | Time Allowed/Due Date | 12 SEPTEMBER 2011 | Assessment Type | Assignment 2 | Value of Assessment | 30% of overall assessment | Assessment Conditions | group assignment | Special Requirements | None | DECLARATION 1. I am aware that penalties exist for cheating, plagiarism (copying) and unauthorised…

Words 3643 - Pages 15

Team work Essay examples

emeraldinsight.com/researchregister The current issue and full text archive of this journal is available at http://www.emeraldinsight.com/0048-3486.htm Work team trust and effectiveness Ana Cristina Costa Section of Work and Organisational Psychology, Delft University of Technology, Delft, The Netherlands Work team trust and effectiveness 605 Keywords Trust, Behaviour, Performance management, Team working, The Netherlands Abstract This article aims to explore the nature and functioning…

Words 6978 - Pages 28

Prudential's New Service That Retirement Planning In China

problem and predict to peak in 2015(Leahy, 2007). Before this peak it will continue the developing aging trend Figure1: The population structure in China ( Source:Mawillits,2012) According to the BBC's news in 2010 has indicated that "being old cost more" and the reason that caused aging problem is the prediction of human's lifetime increase. Therefore, the aging problem not only brought social problem but also…

Words 5574 - Pages 23

Wgu Bs Marketing Management Capstone Essay

Assessment Code: Capstone Student Name: RP Student ID: 000XXXXXX Date: 7/21/15 Mentor Name: CJ Triple E, LLC Extraordinary, Everyday Events RP Owner/CEO 522 SE Washington Ave. STE 139, 140 Roseburg OR 97470 541-440-7662 email address July 21, 2015 Table of Contents Part A 2 Executive Summary 2 A1. Company Identification 2 A2. Mission of the Company 3 A3. Business Goals 3 A4. Keys to Success 3 B1. Industry History 3 B2. Legal Form of Ownership 4 B3. Location…

Words 5569 - Pages 23

Applying Theories And Principles To Planning And Enabling Learning Assessment

Group K Level 5 Unit 504 Applying theories and principles to planning and enabling learning Assessment guidance 1.1 Analyse the factors that can effect learning and achievement There are number of factors that influence teaching and the environment that is taught in. The ways students learn are affected by these factors and eventually, as is the end-result. In order to achieve good learning outcome, one has to identify how learners learn. Furthermore, as a teacher, it’s important to understand…

Words 2838 - Pages 12

SYSTEM THEORY 2 Essay

Theory Student’s Name: Institution affiliated Professors Name Date System Theory System Theory Developing an organization system theory and implementing it to a new business is a position that put the system theory on a test. In response to a new business environment pressures, the firm will pursue a strategy of expanding its retail store whereabouts and leveraging on its buying power in order to acquire additional inventory. The consequences of this strategy will initiate a chain reaction…

Words 2638 - Pages 11

Notes for Investment Exam Essay

Chapter 1 Summary Real assets create wealth. Financial assets represent claims to parts or all of that wealth. Financial assets determine how the ownership of real assets is distributed among investors. • Financial assets can be categorized as fixed-income (debt), equity, or derivative instru-ments. Top-down portfolio construction techniques start with the asset allocation decision—the allocation of funds across broad asset classes—and then progress to more specific security-selection decisions…

Words 5162 - Pages 21