1 The ending merchandise inventory for 2007 is the same as the be.docx
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1: The ending merchandise inventory for 2007 is the same as the beginning merchandise inventory for 2008. True False 2: If merchandise costing 2,500 dollars, terms FOB destination, 2/10, n/30, with prepaid transportation costs of 100 dollars, is paid within 10 days, the amount of the purchases discount is 50 dollars. Also an example in the lecture notes. 2500 x .02 = $50. True False 3: Under the periodic inventory system, the merchandise inventory account continuously discloses the amount of inventory on hand. True False 4: From PR 6-5B, which of the following journal entries is correct for April 3? a. (Debit) Merchandise Inventory 25,200 dollars (Credit) Accounts Payable—Prescott Co. 25,200 dollars b. (Debit) Merchandise Inventory 42,200 dollars (Credit) Accounts Payable—Prescott Co.$42,200 dollars c. (Debit) Merchandise Inventory 25,000 dollars (Credit) Accounts Payable—Prescott Co. 25,000 dollars d. (Debit) Merchandise Inventory 42,000 dollars (Credit) Accounts Payable—Prescott Co. 42,000 dollars 5: From PR 6-5B, which of the following journal entries is correct for April 24? a. (Debit) Accounts Receivable—Alma Co.8,200 dollars (Credit) Sales 8,200 dollars b. (Debit) Accounts Receivable—Alma Co.9,200 dollars (Credit) Sales 9,200 dollars c. (Debit) Accounts Receivable—Alma Co.10,200 dollars (Credit) Sales 10,200 dollars d. (Debit) Sales 9,200 dollars (Credit) Accounts Receivable—Alma Co.9,200 dollars 6: From EX 7-7, the total cost of ending inventory according to (a) FIFO is: a. 19,000 dollars b. 19,100 dollars c. 19,200 dollars d. 19,300 dollars 7: From EX 7-8, the inventory cost by (b) the LIFO method is: a. 6,515 dollars b. 6,313 dollars c. 6,715 dollars d. 6,414 dollars 8: From EX 7-8, the inventory cost by (C) the Average Cost method is: a. 7,250 dollars b. 7,350 dollars c. 7,360 dollars d. 7,390 dollars 9: Appendix EX 7-19, the April 30 cost of merchandise inventory is: a. 161,000 dollars b. 163,000 dollars c. 165,000 dollars d. 167,000 dollars 10: Appendix EX 7-21, estimated ending merchandise inventory is: a. 270,000 dollars b. 271,000 dollars c. 272,000 dollars d. 273,000 dollars 2. (No template needed) a. b. 3. (No template needed) a. b. c. 4. Merchandise available for sale Less cost of merchandise sold Estimated ending merchandise inventory $ 5. Cost Retail Merchandise inventory, April 1 $ 180,000 $ 300,000 Purchases in April (net) 1,200,000 2,000,000 Merchandise available for sale Ratio of cost to retail price: = Sales for September (net) Merchandise inventory, April 30, at retail Multiply by ratio of cost to retail price: x Merchandise inventory, April 30, at estimated cost The following were selected from among the transactions completed by Calworks Company during April of ...
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ACC 557 – Homework 2 Chapters 4, 5, and 6 Due Week 4 and wo.docx
ACC 557 – Homework 2: Chapters 4, 5, and 6
Due Week 4 and worth 105 points
Directions: Answer the following questions on a separate Microsoft Word or Excel document. Explain how you reached the answer or show your work if a mathematical calculation is needed, or both. Submit your assignment using the assignment link in Blackboard.
Exercises
E4-7. Kay Magill Company had the following adjusted trial balance.
Instructions
a) Prepare closing entries at June 30, 2015.
b) Prepare a post-closing trial balance.
E4-13. Keenan Company has an inexperienced accountant. During the first 2 weeks on the job, the accountant made the following errors in journalizing transactions. All entries were posted as made.
1. A payment on account of $840 to a creditor was debited to Accounts Payable $480 and credited to Cash $480.
2. The purchase of supplies on account for $560 was debited to Equipment $56 and credited to Accounts Payable $56.
3. A $500 cash dividend was debited to Salaries and Wages Expense $500 and credited to Cash $500.
Instructions
Prepare the correcting entries.
E5-4. On June 10, Tuzun Company purchased $8,000 of merchandise from Epps Company, FOB shipping point, terms 2/10, n/30. Tuzun pays the freight costs of $400 on June 11. Damaged goods totaling $300 are returned to Epps for credit on June 12. The fair value of these goods is $70. On June 19, Tuzun pays Epps Company in full, less the purchase discount. Both companies use a perpetual inventory system.
Instructions
a) Prepare separate entries for each transaction on the books of Tuzun Company.
b) Prepare separate entries for each transaction for Epps Company. The merchandise purchased by Tuzun on June 10 had cost Epps $4,800.
E5-7. Juan Morales Company had the following account balances at year-end: Cost of Goods Sold $60,000, Inventory $15,000, Operating Expenses $29,000, Sales Revenue $115,000, Sales Discounts $1,200, and Sales Returns and Allowances $1,700. A physical count of inventory determines that merchandise inventory on hand is $13,900.
Instructions
a) Prepare the adjusting entry necessary as a result of the physical count.
b) Prepare closing entries.
E6-1. Tri-State Bank and Trust is considering giving Josef Company a loan. Before doing so, management decides that further discussions with Josef’s accountant may be desirable. One area of particular concern is the inventory account, which has a year-end balance of $297,000. Discussions with the accountant reveal the following.
1. Josef sold goods costing $38,000 to Sorci Company, FOB shipping point, on December 28. The goods are not expected to arrive at Sorci until January 12. The goods were not included in the physical inventory because they were not in the warehouse.
2. The physical count of the inventory did not include goods costing $95,000 that were shipped to Josef FOB destination on December 27 and were still in transit at year-end.
3. Josef received goods costing $22,000 on January 2. The goods were shipped FOB.
Question 1The following information applied to Frack Inc. fo.docx
Question 1
The following information applied to Frack Inc. for year 2:
Merchandise purchased for resale $400,000
Freight-in 10,000
Freight-out 5,000
Purchase returns 2,000
Frack's year 2 inventoriable cost was
a. $408,000
b. $404,000
c. $413,000
d. $400,000
Question 2
On December 28, year 2, Frack ManufacturingCo. purchased goods costing $50,000. The terms were FOB destination. Some of the costs incurred in connection with the sale
and delivery of the goods were as follows:
Packaging for shipment $1,000
Shipping 1,500
Special handling charges 2,000
These goods were received on December 31, year 2. In Frack's December 31, year 2 balance sheet, what amount of cost for these goods should be included in
inventory?
a. $53,500
b. $54,500
c. $52,000
d. $50,000
Question 3
The following information was taken fromFrack Co.'s accounting records for the year ended December 31, year 2:
Decrease in raw materials
inventory
$
15,000
Increase in finished goods
inventory
35,000
Raw material purchased 430,000
Direct labor payroll 200,000
Factory overhead 300,000
Freight-out 45,000
There was no work in process inventory at the beginning or end of the year. Frack's year 2 cost of goods sold is
a. $950,000
b. $895,000
c. $955,000
d. $910,000
Question 4
How should the following costs affect a retailer's inventory?
a. Freight-in Interest on inventory loan
No effect Increase
b. Freight-in Interest on inventory loan
No effect No effect
c. Freight-in Interest on inventory loan
Increase No effect
d. Freight-in Interest on inventory loan
Increase Increase
Question 5
When allocating costs to inventory produced for the period, fixed overhead should be based upon
a. The actual amounts of goods produced during the period.
b. The highest production levels in the last three periods.
c. The lowest production level in the last three periods.
d. The normal capacity of production facilities.
Question 6
Flip Co. recorded the following inventory information during the month of January:
Units Unit cost Total cost Units on hand
Balance on 1/1 2,000 $1 $2,000 2,000
Purchased on 1/8 1,200 3 3,600 3,200
Sold on 1/23 1,800 1,400
Purchased on 1/28 800 5 4,000 2,200
Flip uses the LIFOmethod to cost inventory.What amount should Flip report as inventory on January 31 under each of the following methods of recording inventory?
A. Perpetual Periodic
$2,600 $2,600
b. Perpetual Periodic
$2,600 $5,400
c. Perpetual Periodic
$5,400 $2,600
d. Perpetual Periodic
$5,400 $5,400
Question 7
The weighted-average for the year inventory cost flow method is applicable to which of the following inventory systems?
a. Periodic Perpetual
No No
b. Periodic Perpetual
Yes Yes
c. Periodic Perpetual
No Yes
d. Periodic Perpetual
Yes No
Question 8
During January year 2, Flip Co., whic ...
Directions Answer the following questions on a separate Microsoft.docx
Directions: Answer the following questions on a separate
Microsoft Word or Excel
document. Explain how you reached the answer or show your work if a mathematical calculation is needed, or both. Submit your assignment using the assignment link
in Blackboard
.
Exercises
E
4
-
7
.
Kay Magill Company had the following adjusted trial balance.
Instructions
a)
Prepare closing entries at June 30, 2015.
b)
Prepare a post-closing trial balance.
E
4
-
13
.
Keenan Company has an inexperienced accountant. During the first 2 weeks on the job, the accountant made the following errors in journalizing transactions. All entries were posted as made.
1.
A payment on account of $840 to a creditor was debited to Accounts Payable $480 and credited to Cash $480.
2.
The purchase of supplies on account for $560 was debited to Equipment $56 and credited to Accounts Payable $56.
3.
A $500 cash dividend was debited to Salaries and Wages Expense $500 and credited to Cash $500.
Instructions
Prepare the correcting entries.
E
5-4
.
On June 10,
Tuzun
Company purchased $8,000 of merchandise from Epps Company, FOB shipping point, terms
2/10
,
n
/30.
Tuzun
pays the freight costs of $400 on June 11. Damaged goods totaling $300 are returned to Epps for credit on June 12. The fair value of these goods is $70. On June 19,
Tuzun
pays Epps Company in full, less the purchase discount. Both companies use a perpetual inventory system.
Instructions
a)
Prepare separate entries for each transaction on the books of
Tuzun
Company.
b)
Prepare separate entries for each transaction for Epps Company. The merchandise purchased by
Tuzun
on June 10 had cost Epps $4,800.
E
5
-7.
Juan Morales Company had the following account balances at year-end: Cost of Goods Sold $60,000, Inventory $15,000, Operating
Expenses $29,000, Sales Revenue $115,000, Sales Discounts
$
1,200,
and Sales Returns and Allowances $1,700. A physical count of inventory determines that
m
erchandise inventory on hand is $13,900.
Instructions
a)
Prepare the adjusting entry necessary as a result of the physical count.
b)
Prepare closing entries.
E
6-
1
.
Tri-State Bank and Trust is considering giving Josef Company a loan. Before doing so, management decides that further discussions with Josef’s accountant may be desirable. One area of particular concern is the inventory account, which has a year-end balance of $297,000. Discussions with the accountant reveal the following.
1.
Josef sold goods costing $38,000 to
Sorci
Company, FOB shipping point,
on December 28.
The goods are not expected to arrive at
Sorci
until January 12.
The goods were not included in the physical inventory because they were not in the warehouse.
2.
The physical count of the inventory did not include goods costing $95,000 that were shipped to Josef FOB destination
on December 27
and were still in transit at year-end.
3.
Josef received goods costing $22,000
on January 2.
The goods were shipped FOB shipping poin.
1.Kingbird, Inc. took a physical inventory on December 31 and dete
1.Kingbird, Inc. took a physical inventory on December 31 and determined that goods costing $230,000 were on hand. Not included in the physical count were $31,000 of goods purchased from Blue Spruce Corp., FOB, shipping point, and $20,500 of goods sold to Blossom Company for $30,000, FOB destination. Both the Blue Spruce purchase and the Blossom sale were in transit at year-end.
What amount should Kingbird report as its December 31 inventory?
Ending Inventory
2. In its first month of operations, Sheridan Company made three purchases of merchandise in the following sequence: (1) 240 units at $3, (2) 340 units at $5, and (3) 440 units at $6. Assuming there are 140 units on hand at the end of the period, compute the cost of the ending inventory under (a) the FIFO method and (b) the LIFO method. Sheridan Company uses a periodic inventory system.
FIFO
LIFO
The Ending Inventory
$Enter a dollar amount
$Enter a dollar amount
3. The Blue Spruce Company has just completed a physical inventory count at year end, December 31, 2022. Only the items on the shelves, in storage, and in the receiving area were counted and costed on the FIFO basis. The inventory amounted to $ 77,300. During the audit, the independent CPA discovered the following additional information:
(a)
There were goods in transit on December 31, 2022, from a supplier with terms FOB destination, costing $ 9,900. Because the goods had not arrived, they were excluded from the physical inventory count.
(b)
On December 27, 2022, a regular customer purchased goods for cash amounting to $ 1,150 and had them shipped to a bonded warehouse for temporary storage on December 28, 2022. The goods were shipped via common carrier with terms FOB shipping point. The customer picked the goods up from the warehouse on January 4, 2023. Blue Spruce Company had paid $ 575 for the goods and, because they were in storage, Blue Spruce included them in the physical inventory count.
(c)
Blue Spruce Company, on the date of the inventory, received notice from a supplier that goods ordered earlier, at a cost of $ 3,300, had been delivered to the transportation company on December 28, 2022; the terms were FOB shipping point. Because the shipment had not arrived on December 31, 2022, it was excluded from the physical inventory.
(d)
On December 31, 2022, there were goods in transit to customers, with terms FOB shipping point, amounting to $ 850 (expected delivery on January 8, 2023). Because the goods had been shipped, they were excluded from the physical inventory count.
(e)
On December 31, 2022, Blue Spruce Company shipped $ 2,900 worth of goods to a customer, FOB destination. The goods arrived on January 5, 2023. Because the goods were not on hand, they were not included in the physical inventory count.
(f)
Blue Spruce Company, as the consignee, had goods on consignment that cost $ 2,900. Because these goods were on hand as of December 31, 2022, they were included in the physical inventory count.
...
Week Three Exercise AssignmentInventory1. Specific ide.docx
Week Three Exercise Assignment
Inventory
1.
Specific identification method
. Boston Galleries uses the specific identification method for inventory valuation. Inventory information for several oil paintings follows.
Painting
Cost
1/2 Beginning inventory
Woods
$21,000
4/19 Purchase
Sunset
21,800
6/7 Purchase
Earth
31,200
12/16 Purchase
Moon
4,000
Woods
and
Moon
were sold during the year for a total of $35,000. Determine the firm’s
a. cost of goods sold.
b. gross profit.
c. ending inventory.
2.
Inventory valuation methods: basic computations
. The January beginning inventory of the White
Company consisted of 300 units costing $40 each. During the first quarter, the company purchased two batches of goods: 700 Units at $44 on February 21 and 800 units at $50 on March 28. Sales during the first quarter were 1,400 units at $75 per unit. The White Company uses a periodic inventory system. Using the White Company data, fill in the following chart to compare the results obtained under the FIFO, LIFO, and weighted-average inventory methods.
FIFO
LIFO
Weighted Average
Goods available for sale
$
$
$
Ending inventory, March 31
Cost of goods sold
3.
Perpetual inventory system: journal entries
. At the beginning of 20X3, Beehler Company implemented a computerized perpetual inventory system. The first transactions that occurred during 20X3 follow:
·
1/2/20X3 Purchases on account: 500 units @$6 =
$3,000
·
1/15/20X3 Sales on account: 300 units @ $8.50 = $2,550
·
1/20/20X3 Purchases on Account: 200 units @ 5 = $1,000
·
1/25/20X3
Sales on Account: 300 units @ $8.50 = $2,550
The company president examined the computer-generated journal entries for these transactions and was confused by the absence of a Purchases account.
a. Duplicate the journal entries that would have appearedon the computer printout under FIFO & LIFO
b. Calculate the balance in the firm’s Inventory account under each method.
c. Briefly explain the absence of the Purchases account to the company president.
4. Inventory valuation methods: computations and concepts.
Wild Riders Surfboard Company began business on January 1 of the current year. Purchases of surfboards were as follows:
Date
Quantity
Unit Cost
Total Cost
1/3
100
$125
$12,500
4/3
200
$135
$27,000
6/3
100
$145
$14,500
7/3
100
$155
$15,500
Total
500
$69,500
Wild Riders sold 400 boards at $250 per board on the dates listed below.
The company uses a perpetual inventory system.
Date
Quantity Sold
Unit Price
Total Sales
3/17
50
$250
$12,500
5/17
75
$250
$18,750
8/10
275
$250
$68,750
Total
400
$100,000
Instructions
a.
Calculate cost of goods sold, ending inventory, and gross profit under each of the following inventory valuation methods:
·
First-in, first-out
·
Last-in, first-out
·
Weighted average
b. Which of the three methods would be chosen if management’s goal is to
(1) produce an up-to-date inventory valuation o.
_____1.On July 9, Sheb Company sells goods on credit to .docx
_____1.
On July 9, Sheb Company sells goods on credit to Wooley Company for $5,000, terms 1/10, n/60. Sheb receives payment on July 18. The entry by Sheb on July 18 is:
A)
Cash
5,000
Accounts Receivable
5,000
B)
Cash
5,000
Sales Discounts
50
Accounts Receivable
4,950
C)
Cash
4,950
Sales Discounts
50
Accounts Receivable
5,000
D)
Cash
5,050
Sales Discounts
50
Accounts Receivable
5,000
_____2.
The collection of a $1,000 account after the 2 percent discount period will result in a
A)
debit to Cash for $980.
B)
credit to Accounts Receivable for $1,000.
C)
credit to Cash for $1,000.
D)
debit to Sales Discounts for $20.
_____3.
Gross profit does
not
appear
A)
on a multiple-step income statement.
B)
on a single-step income statement.
C)
to be relevant in analyzing the operation of a merchandiser.
D)
on the income statement if the periodic inventory system is used because it cannot be calculated.
_____4.
During 2014, Parker Enterprises generated revenues of $90,000. The company's expenses were as follows: cost of goods sold of $45,000, operating expenses of $18,000 and a loss on the sale of equipment of $3,000.
Parker's gross profit is
A)
$24,000.
B)
$27,000.
C)
$45,000.
D)
$90,000.
_____5.
At the beginning of September, 2014, Stella Company reported Inventory of $8,000. During the month, the company made purchases of $35,600. At September 30, 2014, a physical count of inventory reported $8,400 on hand. Cost of goods sold for the month is
A)
$35,200.
B)
$35,600.
C)
$36,000.
D)
$43,600.
_____6.
The Freight-In account
A)
increases the cost of merchandise purchased.
B)
is contra to the Purchases account.
C)
is a permanent account.
D)
has a normal credit balance.
______7.
A company purchased inventory as follows:
150 units at $5
350 units at $6
The average unit cost for inventory is
A)
$5.00.
B)
$5.50.
C)
$5.70.
D)
$6.00.
______8.
A company just starting business made the following four inventory purchases in June:
June
1
150 units
$
390
June
10
200 units
585
June
15
200 units
630
June
28
150 units
510
$2,115
A physical count of merchandise inventory on June 30 reveals that there are 250 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for June is
A)
$683.
B)
$825.
C)
$1,290.
D)
$1,432.
PART II — BASIC INVENTORY COMPUTATIONS
(18 points)
9.
Joe Poultry uses a
periodic
inventory system. Its beginning inventory on May 1 consisted of 300 units of Product A at a cost of $6.25 per unit. During May, the following purchases and sales were made.
Purchases
Sales
May
6
300
units at $7.20
May
4
275
units
14
400
units at $9.10
8
300
units
21
100
units at $11.50
22
400
units
28
500
units at $11.80
24
225
units
1,300
1,200
Instructions:
Compute the May 31 ending inventory and May cost of goods sold under (a) Average Cost, (b) FIFO, and (c) LIFO. Provide appropriate supporting ca.
Page 6Page 1Name __________________________ Date ______.docx
Page 6
Page 1
Name: __________________________ Date: _____________
Please select the best answer.
_____1.
On July 9, Sheb Company sells goods on credit to Wooley Company for $5,000, terms 1/10, n/60. Sheb receives payment on July 18. The entry by Sheb on July 18 is:
A)
Cash
5,000
Accounts Receivable
5,000
B)
Cash
5,000
Sales Discounts
50
Accounts Receivable
4,950
C)
Cash
4,950
Sales Discounts
50
Accounts Receivable
5,000
D)
Cash
5,050
Sales Discounts
50
Accounts Receivable
5,000
_____2.
The collection of a $1,000 account after the 2 percent discount period will result in a
A)
debit to Cash for $980.
B)
credit to Accounts Receivable for $1,000.
C)
credit to Cash for $1,000.
D)
debit to Sales Discounts for $20.
_____3.
Gross profit does not appear
A)
on a multiple-step income statement.
B)
on a single-step income statement.
C)
to be relevant in analyzing the operation of a merchandiser.
D)
on the income statement if the periodic inventory system is used because it cannot be calculated.
_____4.
During 2014, Parker Enterprises generated revenues of $90,000. The company's expenses were as follows: cost of goods sold of $45,000, operating expenses of $18,000 and a loss on the sale of equipment of $3,000.
Parker's gross profit is
A)
$24,000.
B)
$27,000.
C)
$45,000.
D)
$90,000.
_____5.
At the beginning of September, 2014, Stella Company reported Inventory of $8,000. During the month, the company made purchases of $35,600. At September 30, 2014, a physical count of inventory reported $8,400 on hand. Cost of goods sold for the month is
A)
$35,200.
B)
$35,600.
C)
$36,000.
D)
$43,600.
_____6.
The Freight-In account
A)
increases the cost of merchandise purchased.
B)
is contra to the Purchases account.
C)
is a permanent account.
D)
has a normal credit balance.
______7.
A company purchased inventory as follows:
150 units at $5
350 units at $6
The average unit cost for inventory is
A)
$5.00.
B)
$5.50.
C)
$5.70.
D)
$6.00.
______8.
A company just starting business made the following four inventory purchases in June:
June
1
150 units
$ 390
June
10
200 units
585
June
15
200 units
630
June
28
150 units
510
$2,115
A physical count of merchandise inventory on June 30 reveals that there are 250 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for June is
A)
$683.
B)
$825.
C)
$1,290.
D)
$1,432.
PART II — BASIC INVENTORY COMPUTATIONS (18 points)
9.
Joe Poultry uses a periodic inventory system. Its beginning inventory on May 1 consisted of 300 units of Product A at a cost of $6.25 per unit. During May, the following purchases and sales were made.
Purchases
Sales
May
6
300
units at $7.20
May
4
275
units
14
400
units at $9.10
8
300
units
21
100
units at $11.50
22
400
units
28
500
units at $11.80
24
225
units
1,300
1,200
Instructions: Compute the May 31 ending inventor.
Recommended
ACC 557 – Homework 2 Chapters 4, 5, and 6 Due Week 4 and wo.docx
ACC 557 – Homework 2: Chapters 4, 5, and 6
Due Week 4 and worth 105 points
Directions: Answer the following questions on a separate Microsoft Word or Excel document. Explain how you reached the answer or show your work if a mathematical calculation is needed, or both. Submit your assignment using the assignment link in Blackboard.
Exercises
E4-7. Kay Magill Company had the following adjusted trial balance.
Instructions
a) Prepare closing entries at June 30, 2015.
b) Prepare a post-closing trial balance.
E4-13. Keenan Company has an inexperienced accountant. During the first 2 weeks on the job, the accountant made the following errors in journalizing transactions. All entries were posted as made.
1. A payment on account of $840 to a creditor was debited to Accounts Payable $480 and credited to Cash $480.
2. The purchase of supplies on account for $560 was debited to Equipment $56 and credited to Accounts Payable $56.
3. A $500 cash dividend was debited to Salaries and Wages Expense $500 and credited to Cash $500.
Instructions
Prepare the correcting entries.
E5-4. On June 10, Tuzun Company purchased $8,000 of merchandise from Epps Company, FOB shipping point, terms 2/10, n/30. Tuzun pays the freight costs of $400 on June 11. Damaged goods totaling $300 are returned to Epps for credit on June 12. The fair value of these goods is $70. On June 19, Tuzun pays Epps Company in full, less the purchase discount. Both companies use a perpetual inventory system.
Instructions
a) Prepare separate entries for each transaction on the books of Tuzun Company.
b) Prepare separate entries for each transaction for Epps Company. The merchandise purchased by Tuzun on June 10 had cost Epps $4,800.
E5-7. Juan Morales Company had the following account balances at year-end: Cost of Goods Sold $60,000, Inventory $15,000, Operating Expenses $29,000, Sales Revenue $115,000, Sales Discounts $1,200, and Sales Returns and Allowances $1,700. A physical count of inventory determines that merchandise inventory on hand is $13,900.
Instructions
a) Prepare the adjusting entry necessary as a result of the physical count.
b) Prepare closing entries.
E6-1. Tri-State Bank and Trust is considering giving Josef Company a loan. Before doing so, management decides that further discussions with Josef’s accountant may be desirable. One area of particular concern is the inventory account, which has a year-end balance of $297,000. Discussions with the accountant reveal the following.
1. Josef sold goods costing $38,000 to Sorci Company, FOB shipping point, on December 28. The goods are not expected to arrive at Sorci until January 12. The goods were not included in the physical inventory because they were not in the warehouse.
2. The physical count of the inventory did not include goods costing $95,000 that were shipped to Josef FOB destination on December 27 and were still in transit at year-end.
3. Josef received goods costing $22,000 on January 2. The goods were shipped FOB.
Question 1The following information applied to Frack Inc. fo.docx
Question 1
The following information applied to Frack Inc. for year 2:
Merchandise purchased for resale $400,000
Freight-in 10,000
Freight-out 5,000
Purchase returns 2,000
Frack's year 2 inventoriable cost was
a. $408,000
b. $404,000
c. $413,000
d. $400,000
Question 2
On December 28, year 2, Frack ManufacturingCo. purchased goods costing $50,000. The terms were FOB destination. Some of the costs incurred in connection with the sale
and delivery of the goods were as follows:
Packaging for shipment $1,000
Shipping 1,500
Special handling charges 2,000
These goods were received on December 31, year 2. In Frack's December 31, year 2 balance sheet, what amount of cost for these goods should be included in
inventory?
a. $53,500
b. $54,500
c. $52,000
d. $50,000
Question 3
The following information was taken fromFrack Co.'s accounting records for the year ended December 31, year 2:
Decrease in raw materials
inventory
$
15,000
Increase in finished goods
inventory
35,000
Raw material purchased 430,000
Direct labor payroll 200,000
Factory overhead 300,000
Freight-out 45,000
There was no work in process inventory at the beginning or end of the year. Frack's year 2 cost of goods sold is
a. $950,000
b. $895,000
c. $955,000
d. $910,000
Question 4
How should the following costs affect a retailer's inventory?
a. Freight-in Interest on inventory loan
No effect Increase
b. Freight-in Interest on inventory loan
No effect No effect
c. Freight-in Interest on inventory loan
Increase No effect
d. Freight-in Interest on inventory loan
Increase Increase
Question 5
When allocating costs to inventory produced for the period, fixed overhead should be based upon
a. The actual amounts of goods produced during the period.
b. The highest production levels in the last three periods.
c. The lowest production level in the last three periods.
d. The normal capacity of production facilities.
Question 6
Flip Co. recorded the following inventory information during the month of January:
Units Unit cost Total cost Units on hand
Balance on 1/1 2,000 $1 $2,000 2,000
Purchased on 1/8 1,200 3 3,600 3,200
Sold on 1/23 1,800 1,400
Purchased on 1/28 800 5 4,000 2,200
Flip uses the LIFOmethod to cost inventory.What amount should Flip report as inventory on January 31 under each of the following methods of recording inventory?
A. Perpetual Periodic
$2,600 $2,600
b. Perpetual Periodic
$2,600 $5,400
c. Perpetual Periodic
$5,400 $2,600
d. Perpetual Periodic
$5,400 $5,400
Question 7
The weighted-average for the year inventory cost flow method is applicable to which of the following inventory systems?
a. Periodic Perpetual
No No
b. Periodic Perpetual
Yes Yes
c. Periodic Perpetual
No Yes
d. Periodic Perpetual
Yes No
Question 8
During January year 2, Flip Co., whic ...
Directions Answer the following questions on a separate Microsoft.docx
Directions: Answer the following questions on a separate
Microsoft Word or Excel
document. Explain how you reached the answer or show your work if a mathematical calculation is needed, or both. Submit your assignment using the assignment link
in Blackboard
.
Exercises
E
4
-
7
.
Kay Magill Company had the following adjusted trial balance.
Instructions
a)
Prepare closing entries at June 30, 2015.
b)
Prepare a post-closing trial balance.
E
4
-
13
.
Keenan Company has an inexperienced accountant. During the first 2 weeks on the job, the accountant made the following errors in journalizing transactions. All entries were posted as made.
1.
A payment on account of $840 to a creditor was debited to Accounts Payable $480 and credited to Cash $480.
2.
The purchase of supplies on account for $560 was debited to Equipment $56 and credited to Accounts Payable $56.
3.
A $500 cash dividend was debited to Salaries and Wages Expense $500 and credited to Cash $500.
Instructions
Prepare the correcting entries.
E
5-4
.
On June 10,
Tuzun
Company purchased $8,000 of merchandise from Epps Company, FOB shipping point, terms
2/10
,
n
/30.
Tuzun
pays the freight costs of $400 on June 11. Damaged goods totaling $300 are returned to Epps for credit on June 12. The fair value of these goods is $70. On June 19,
Tuzun
pays Epps Company in full, less the purchase discount. Both companies use a perpetual inventory system.
Instructions
a)
Prepare separate entries for each transaction on the books of
Tuzun
Company.
b)
Prepare separate entries for each transaction for Epps Company. The merchandise purchased by
Tuzun
on June 10 had cost Epps $4,800.
E
5
-7.
Juan Morales Company had the following account balances at year-end: Cost of Goods Sold $60,000, Inventory $15,000, Operating
Expenses $29,000, Sales Revenue $115,000, Sales Discounts
$
1,200,
and Sales Returns and Allowances $1,700. A physical count of inventory determines that
m
erchandise inventory on hand is $13,900.
Instructions
a)
Prepare the adjusting entry necessary as a result of the physical count.
b)
Prepare closing entries.
E
6-
1
.
Tri-State Bank and Trust is considering giving Josef Company a loan. Before doing so, management decides that further discussions with Josef’s accountant may be desirable. One area of particular concern is the inventory account, which has a year-end balance of $297,000. Discussions with the accountant reveal the following.
1.
Josef sold goods costing $38,000 to
Sorci
Company, FOB shipping point,
on December 28.
The goods are not expected to arrive at
Sorci
until January 12.
The goods were not included in the physical inventory because they were not in the warehouse.
2.
The physical count of the inventory did not include goods costing $95,000 that were shipped to Josef FOB destination
on December 27
and were still in transit at year-end.
3.
Josef received goods costing $22,000
on January 2.
The goods were shipped FOB shipping poin.
1.Kingbird, Inc. took a physical inventory on December 31 and dete
1.Kingbird, Inc. took a physical inventory on December 31 and determined that goods costing $230,000 were on hand. Not included in the physical count were $31,000 of goods purchased from Blue Spruce Corp., FOB, shipping point, and $20,500 of goods sold to Blossom Company for $30,000, FOB destination. Both the Blue Spruce purchase and the Blossom sale were in transit at year-end.
What amount should Kingbird report as its December 31 inventory?
Ending Inventory
2. In its first month of operations, Sheridan Company made three purchases of merchandise in the following sequence: (1) 240 units at $3, (2) 340 units at $5, and (3) 440 units at $6. Assuming there are 140 units on hand at the end of the period, compute the cost of the ending inventory under (a) the FIFO method and (b) the LIFO method. Sheridan Company uses a periodic inventory system.
FIFO
LIFO
The Ending Inventory
$Enter a dollar amount
$Enter a dollar amount
3. The Blue Spruce Company has just completed a physical inventory count at year end, December 31, 2022. Only the items on the shelves, in storage, and in the receiving area were counted and costed on the FIFO basis. The inventory amounted to $ 77,300. During the audit, the independent CPA discovered the following additional information:
(a)
There were goods in transit on December 31, 2022, from a supplier with terms FOB destination, costing $ 9,900. Because the goods had not arrived, they were excluded from the physical inventory count.
(b)
On December 27, 2022, a regular customer purchased goods for cash amounting to $ 1,150 and had them shipped to a bonded warehouse for temporary storage on December 28, 2022. The goods were shipped via common carrier with terms FOB shipping point. The customer picked the goods up from the warehouse on January 4, 2023. Blue Spruce Company had paid $ 575 for the goods and, because they were in storage, Blue Spruce included them in the physical inventory count.
(c)
Blue Spruce Company, on the date of the inventory, received notice from a supplier that goods ordered earlier, at a cost of $ 3,300, had been delivered to the transportation company on December 28, 2022; the terms were FOB shipping point. Because the shipment had not arrived on December 31, 2022, it was excluded from the physical inventory.
(d)
On December 31, 2022, there were goods in transit to customers, with terms FOB shipping point, amounting to $ 850 (expected delivery on January 8, 2023). Because the goods had been shipped, they were excluded from the physical inventory count.
(e)
On December 31, 2022, Blue Spruce Company shipped $ 2,900 worth of goods to a customer, FOB destination. The goods arrived on January 5, 2023. Because the goods were not on hand, they were not included in the physical inventory count.
(f)
Blue Spruce Company, as the consignee, had goods on consignment that cost $ 2,900. Because these goods were on hand as of December 31, 2022, they were included in the physical inventory count.
...
Week Three Exercise AssignmentInventory1. Specific ide.docx
Week Three Exercise Assignment
Inventory
1.
Specific identification method
. Boston Galleries uses the specific identification method for inventory valuation. Inventory information for several oil paintings follows.
Painting
Cost
1/2 Beginning inventory
Woods
$21,000
4/19 Purchase
Sunset
21,800
6/7 Purchase
Earth
31,200
12/16 Purchase
Moon
4,000
Woods
and
Moon
were sold during the year for a total of $35,000. Determine the firm’s
a. cost of goods sold.
b. gross profit.
c. ending inventory.
2.
Inventory valuation methods: basic computations
. The January beginning inventory of the White
Company consisted of 300 units costing $40 each. During the first quarter, the company purchased two batches of goods: 700 Units at $44 on February 21 and 800 units at $50 on March 28. Sales during the first quarter were 1,400 units at $75 per unit. The White Company uses a periodic inventory system. Using the White Company data, fill in the following chart to compare the results obtained under the FIFO, LIFO, and weighted-average inventory methods.
FIFO
LIFO
Weighted Average
Goods available for sale
$
$
$
Ending inventory, March 31
Cost of goods sold
3.
Perpetual inventory system: journal entries
. At the beginning of 20X3, Beehler Company implemented a computerized perpetual inventory system. The first transactions that occurred during 20X3 follow:
·
1/2/20X3 Purchases on account: 500 units @$6 =
$3,000
·
1/15/20X3 Sales on account: 300 units @ $8.50 = $2,550
·
1/20/20X3 Purchases on Account: 200 units @ 5 = $1,000
·
1/25/20X3
Sales on Account: 300 units @ $8.50 = $2,550
The company president examined the computer-generated journal entries for these transactions and was confused by the absence of a Purchases account.
a. Duplicate the journal entries that would have appearedon the computer printout under FIFO & LIFO
b. Calculate the balance in the firm’s Inventory account under each method.
c. Briefly explain the absence of the Purchases account to the company president.
4. Inventory valuation methods: computations and concepts.
Wild Riders Surfboard Company began business on January 1 of the current year. Purchases of surfboards were as follows:
Date
Quantity
Unit Cost
Total Cost
1/3
100
$125
$12,500
4/3
200
$135
$27,000
6/3
100
$145
$14,500
7/3
100
$155
$15,500
Total
500
$69,500
Wild Riders sold 400 boards at $250 per board on the dates listed below.
The company uses a perpetual inventory system.
Date
Quantity Sold
Unit Price
Total Sales
3/17
50
$250
$12,500
5/17
75
$250
$18,750
8/10
275
$250
$68,750
Total
400
$100,000
Instructions
a.
Calculate cost of goods sold, ending inventory, and gross profit under each of the following inventory valuation methods:
·
First-in, first-out
·
Last-in, first-out
·
Weighted average
b. Which of the three methods would be chosen if management’s goal is to
(1) produce an up-to-date inventory valuation o.
_____1.On July 9, Sheb Company sells goods on credit to .docx
_____1.
On July 9, Sheb Company sells goods on credit to Wooley Company for $5,000, terms 1/10, n/60. Sheb receives payment on July 18. The entry by Sheb on July 18 is:
A)
Cash
5,000
Accounts Receivable
5,000
B)
Cash
5,000
Sales Discounts
50
Accounts Receivable
4,950
C)
Cash
4,950
Sales Discounts
50
Accounts Receivable
5,000
D)
Cash
5,050
Sales Discounts
50
Accounts Receivable
5,000
_____2.
The collection of a $1,000 account after the 2 percent discount period will result in a
A)
debit to Cash for $980.
B)
credit to Accounts Receivable for $1,000.
C)
credit to Cash for $1,000.
D)
debit to Sales Discounts for $20.
_____3.
Gross profit does
not
appear
A)
on a multiple-step income statement.
B)
on a single-step income statement.
C)
to be relevant in analyzing the operation of a merchandiser.
D)
on the income statement if the periodic inventory system is used because it cannot be calculated.
_____4.
During 2014, Parker Enterprises generated revenues of $90,000. The company's expenses were as follows: cost of goods sold of $45,000, operating expenses of $18,000 and a loss on the sale of equipment of $3,000.
Parker's gross profit is
A)
$24,000.
B)
$27,000.
C)
$45,000.
D)
$90,000.
_____5.
At the beginning of September, 2014, Stella Company reported Inventory of $8,000. During the month, the company made purchases of $35,600. At September 30, 2014, a physical count of inventory reported $8,400 on hand. Cost of goods sold for the month is
A)
$35,200.
B)
$35,600.
C)
$36,000.
D)
$43,600.
_____6.
The Freight-In account
A)
increases the cost of merchandise purchased.
B)
is contra to the Purchases account.
C)
is a permanent account.
D)
has a normal credit balance.
______7.
A company purchased inventory as follows:
150 units at $5
350 units at $6
The average unit cost for inventory is
A)
$5.00.
B)
$5.50.
C)
$5.70.
D)
$6.00.
______8.
A company just starting business made the following four inventory purchases in June:
June
1
150 units
$
390
June
10
200 units
585
June
15
200 units
630
June
28
150 units
510
$2,115
A physical count of merchandise inventory on June 30 reveals that there are 250 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for June is
A)
$683.
B)
$825.
C)
$1,290.
D)
$1,432.
PART II — BASIC INVENTORY COMPUTATIONS
(18 points)
9.
Joe Poultry uses a
periodic
inventory system. Its beginning inventory on May 1 consisted of 300 units of Product A at a cost of $6.25 per unit. During May, the following purchases and sales were made.
Purchases
Sales
May
6
300
units at $7.20
May
4
275
units
14
400
units at $9.10
8
300
units
21
100
units at $11.50
22
400
units
28
500
units at $11.80
24
225
units
1,300
1,200
Instructions:
Compute the May 31 ending inventory and May cost of goods sold under (a) Average Cost, (b) FIFO, and (c) LIFO. Provide appropriate supporting ca.
Page 6Page 1Name __________________________ Date ______.docx
Page 6
Page 1
Name: __________________________ Date: _____________
Please select the best answer.
_____1.
On July 9, Sheb Company sells goods on credit to Wooley Company for $5,000, terms 1/10, n/60. Sheb receives payment on July 18. The entry by Sheb on July 18 is:
A)
Cash
5,000
Accounts Receivable
5,000
B)
Cash
5,000
Sales Discounts
50
Accounts Receivable
4,950
C)
Cash
4,950
Sales Discounts
50
Accounts Receivable
5,000
D)
Cash
5,050
Sales Discounts
50
Accounts Receivable
5,000
_____2.
The collection of a $1,000 account after the 2 percent discount period will result in a
A)
debit to Cash for $980.
B)
credit to Accounts Receivable for $1,000.
C)
credit to Cash for $1,000.
D)
debit to Sales Discounts for $20.
_____3.
Gross profit does not appear
A)
on a multiple-step income statement.
B)
on a single-step income statement.
C)
to be relevant in analyzing the operation of a merchandiser.
D)
on the income statement if the periodic inventory system is used because it cannot be calculated.
_____4.
During 2014, Parker Enterprises generated revenues of $90,000. The company's expenses were as follows: cost of goods sold of $45,000, operating expenses of $18,000 and a loss on the sale of equipment of $3,000.
Parker's gross profit is
A)
$24,000.
B)
$27,000.
C)
$45,000.
D)
$90,000.
_____5.
At the beginning of September, 2014, Stella Company reported Inventory of $8,000. During the month, the company made purchases of $35,600. At September 30, 2014, a physical count of inventory reported $8,400 on hand. Cost of goods sold for the month is
A)
$35,200.
B)
$35,600.
C)
$36,000.
D)
$43,600.
_____6.
The Freight-In account
A)
increases the cost of merchandise purchased.
B)
is contra to the Purchases account.
C)
is a permanent account.
D)
has a normal credit balance.
______7.
A company purchased inventory as follows:
150 units at $5
350 units at $6
The average unit cost for inventory is
A)
$5.00.
B)
$5.50.
C)
$5.70.
D)
$6.00.
______8.
A company just starting business made the following four inventory purchases in June:
June
1
150 units
$ 390
June
10
200 units
585
June
15
200 units
630
June
28
150 units
510
$2,115
A physical count of merchandise inventory on June 30 reveals that there are 250 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for June is
A)
$683.
B)
$825.
C)
$1,290.
D)
$1,432.
PART II — BASIC INVENTORY COMPUTATIONS (18 points)
9.
Joe Poultry uses a periodic inventory system. Its beginning inventory on May 1 consisted of 300 units of Product A at a cost of $6.25 per unit. During May, the following purchases and sales were made.
Purchases
Sales
May
6
300
units at $7.20
May
4
275
units
14
400
units at $9.10
8
300
units
21
100
units at $11.50
22
400
units
28
500
units at $11.80
24
225
units
1,300
1,200
Instructions: Compute the May 31 ending inventor.
Page 1 of 9 Name __________________________ Date __.docx
Page 1 of 9
Name: __________________________ Date: _____________
You must complete both Part 1 (Wiley Plus) & Part 2 of Quiz 2
20 Questions: 12 MC Questions; 7 Problems; 1 essay
Ch 5 – 6 - 7 … Timed Exam: 3 hours
UMUC – ACCT 220 Due April 24, 2013
This exam is to be completed without the assistance of any other person.
You may use only the resources provided by your instructor for this class.
** Save this file and include your name in the file name: Steve_Harvey_Quiz_2
You may create an Excel and / or Word File for your work. Please verify that each page prints out
formatted with your name and page number on the page. Excel files should show gridlines.
Excel ‘page format’ has options for grid lines (sheet) and headers/footers.
At a minimum, use print preview so you can see how the work will print out.
I pledge on my honor that I have not given or received any unauthorized assistance on this
examination. In addition, I pledge that I will not disclose to, or discuss the contents of this
examination with, students who have not taken it.
_________________________________________________________________________
Signed
12 MC (place answer on the line); 1 essays , 7 problem presentation questions (may require JEs or
financial statement presentations)
NOTE: some problems have several ‘calculation’ presentations or tasks
100 total points; 100 points = 100%
For all questions, assume no other transactions or activities have taken place during the period except
as noted
Page 2 of 9
Prepare and present calculations for partial credits for questions with calculations and presentations.
Name: __________________________ Date: _____________
1. The IASB and FASB are working on a converged statement of financial position using
the headings of
A) assets, liabilities, and owner's equity. Answer: ________
B) revenues and expenses.
C) assets, liabilities, revenues, expenses and owner's equity.
D) operating, investing, and financing.
2. The only acceptable cost flow assumptions under IFRS are
A) FIFO and LIFO. Answer: ________
B) FIFO and average.
C) LIFO and average.
D) FIFO, LIFO and average.
3. On July 9, Serta Company sells goods on credit to Walmart Company for $3,000, terms
1/10, n/60. Serta receives payment on July 18. The entry by Serta on July 18 is:
Answer: ________
A) Cash 3,000
Accounts Receivable 3,000
B) Cash 3,000
Sales Discounts 30
Accounts Receivable 2,970
C) Cash 2,970
Sales Discounts 30
Accounts Receivable 3,000
D) Cash 3,030
Cash 30
Accounts Receivable 3,000
4. In a perpetual inventory system, the Cost of Goods Sold account is used
A) only when a cash sale of merchandise occurs. Answer: ______.
Exercise 7-2Presented below are a number of independent situations.docx
Exercise 7-2
Presented below are a number of independent situations.
For each individual situation, determine the amount that should be reported as cash.
1.
Checking account balance $925,000; certificate of deposit $1,400,000; cash advance to subsidiary of $980,000; utility deposit paid to gas company $180.
Cash balance
$
2.
Merchandise costing $2,800 was received on January 3, 2015, and the related purchase invoice recorded January 5. The invoice showed the shipment was made on December 29, 2014, f.o.b. destination.
3.
A packing case containing a product costing $3,400 was standing in the shipping room when the physical inventory was taken. It was not included in the inventory because it was marked “Hold for shipping instructions.” Your investigation revealed that the customer’s order was dated December 18, 2014, but that the case was shipped and the customer billed on January 10, 2015. The product was a stock item of your client.
4.
Merchandise received on January 6, 2015, costing $680 was entered in the purchases journal on January 7, 2015. The invoice showed shipment was made f.o.b. supplier’s warehouse on December 31, 2014. Because it was not on hand at December 31, it was not included in inventory.
5.
Merchandise costing $720 was received on December 28, 2014, and the invoice was not recorded. You located it in the hands of the purchasing agent; it was marked “on consignment.”
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Exercise 8-13
Inventory information for Part 311 of Monique Aaron Corp. discloses the following information for the month of June.
June 1
Balance
300 units @ $10
June 10
Sold
200 units @ $24
11
Purchased
800 units @ $12
15
Sold
500 units @ $25
20
Purchased
500 units @ $13
27
Sold
300 units @ $27
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Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2) FIFO.
(1)
LIFO
(2)
FIFO
Cost of Goods Sold
$
[removed]
$
[removed]
Ending Inventory
$
[removed]
$
[removed]
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Assuming that the perpetual inventory method is used and costs are computed at the time of each withdrawal, what is the value of the ending inventory at LIFO?
The ending inventory at LIFO
$
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Assuming that the perpetual inventory method is used and costs are computed at the time of each withdrawal, what is the gross profit if the inventory is valued at FIFO?
Gross Profit (FIFO)
$
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AC1220 ACCOUNTING ILab 3.2AC1220 Lab.docx
AC1220 ACCOUNTING I
Lab 3.2
AC1220 Lab 3.2
Introduction
As a merchandising operation, Jake’s Computer Sales and Repair must properly account for inventory. The business purchases and sells inventory as part of its ordinary operations, and so Jake must select an appropriate inventory costing method. Several costing methods are acceptable under Generally Accepted Accounting Principles (GAAP); Jake has narrowed down the choices to two methods— first-in, first-out (FIFO) and last-in, first-out (LIFO).
In analyzing the effect of each of these methods, Jake applies the FIFO method and the LIFO method, in turn, to the inventory purchase and sale transactions that occurred during the month of May, 20x1.
The inventory transactions are as follows:
a. May 1, 20x1. The business reports a beginning inventory balance of $13,744.
b. May 3, 20x1. Sold 55 units of inventory to customers for $200 each.
c. May 3, 20x1. Purchased 70 A-line tablet computers at a cost of $190 per unit.
d. May 8, 20x1. Sold 45 units to customers at $200 each.
e. May 25, 20x1. Purchased 20 units at a price of $194.
f. May 27, 20x1. Sold 58 units at $200 each.
Refer to these transactions as you work through the following requirements.
Requirement 1
[60 Minutes]
a. Complete the following perpetual inventory record for the month of May 20x1, using the FIFOmethod.
Purchases
Cost of Goods Sold
Inventory Available for Sale
Date
Quantity
Unit Cost
Total
Quantity
Unit Cost
FIFO Total
Quantity
Unit Cost
Total
May 1
79
$174
$13,744
3
3
8
25
27
Total
b. Make the appropriate journal entries for the transactions given earlier. Assume that all transactions were for cash. Annotations are not necessary.
5/3/x1
5/3/x1
5/8/x1
5/25/x1
5/27/x1
c. Now complete the perpetual inventory record for the month of May 20x1, using the LIFO method. Use the inventory transactions described earlier.
Purchases
Cost of Goods Sold
Inventory Available for Sale
Date
Quantity
Unit Cost
Total
Quantity
Unit Cost
LIFO Total
Quantity
Unit Cost
Total
May 1
79
$174
$13,744
3
3
8
25
27
Total
d. Refer to the perpetual inventory records that you prepared in Requirements a and c above. Jake would like to maximize reported gross income by selecting an inventory-costing method that yields a lower cost of goods sold. Will Jake select the FIFO method or the LIFO method to account for inventory?
e. Assume that inventory originally costing the business $35,000 is damaged and has an estimated market value of around $7,000. Jake is unsure of how to report this inventory on the balance sheet. Explain how Jake should report the inventory in accordance with GAAP. Refer to at least one specific accounting rule or principle in your explanation.
4
AC1220 ACCOUNTING I
Lab .
Directions Answer the following questions on a separate Micro.docx
Directions: Answer the following questions on a separate Microsoft Word or Excel document. Explain how you reached the answer or show your work if a mathematical calculation is needed, or both. Submit your assignment using the assignment link in Blackboard.
Exercises
E4-7
.
Kay Magill Company had the following adjusted trial balance.
Instructions
Prepare closing entries at June 30, 2015.
Prepare a post-closing trial balance.
E4-13
.
Keenan Company has an inexperienced accountant. During the first 2 weeks on the job, the accountant made the following errors in journalizing transactions. All entries were posted as made.
A payment on account of $840 to a creditor was debited to Accounts Payable $480 and credited to Cash $480.
The purchase of supplies on account for $560 was debited to Equipment $56 and credited to Accounts Payable $56.
A $500 cash dividend was debited to Salaries and Wages Expense $500 and credited to Cash $500.
Instructions
Prepare the correcting entries.
E5-4
.
On June 10, Tuzun Company purchased $8,000 of merchandise from Epps Company, FOB shipping point, terms 2/10, n/30. Tuzun pays the freight costs of $400 on June 11. Damaged goods totaling $300 are returned to Epps for credit on June 12. The fair value of these goods is $70. On June 19, Tuzun pays Epps Company in full, less the purchase discount. Both companies use a perpetual inventory system.
Instructions
Prepare separate entries for each transaction on the books of Tuzun Company.
Prepare separate entries for each transaction for Epps Company. The merchandise purchased by Tuzun on June 10 had cost Epps $4,800.
E5-7.
Juan Morales Company had the following account balances at year-end: Cost of Goods Sold $60,000, Inventory $15,000, Operating Expenses $29,000, Sales Revenue $115,000, Sales Discounts $1,200, and Sales Returns and Allowances $1,700. A physical count of inventory determines that merchandise inventory on hand is $13,900.
Instructions
Prepare the adjusting entry necessary as a result of the physical count.
Prepare closing entries.
E6-1
.
Tri-State Bank and Trust is considering giving Josef Company a loan. Before doing so, management decides that further discussions with Josef’s accountant may be desirable. One area of particular concern is the inventory account, which has a year-end balance of $297,000. Discussions with the accountant reveal the following.
Josef sold goods costing $38,000 to Sorci Company, FOB shipping point, on December 28. The goods are not expected to arrive at Sorci until January 12. The goods were not included in the physical inventory because they were not in the warehouse.
The physical count of the inventory did not include goods costing $95,000 that were shipped to Josef FOB destination on December 27 and were still in transit at year-end.
Josef received goods costing $22,000 on January 2. The goods were shipped FOB shipping point on December 26 by Solita Co. The goods were not included in the.
ACT 305 Module 6 Assignment Choice #1- Cost of Production
ACT 305 Module 6 Assignment Choice #1- Cost of Production
Week 3 DQsLIFO vs. FIFOThe controller of Sagehen Enterprises.docx
Week 3 DQs
LIFO vs. FIFO
The controller of Sagehen Enterprises believes that the company should switch from the LIFO method to the FIFO method. The controller’s bonus is based on the next income. It is the controller’s belief that the switch in inventory methods would increase the net income of the company. What are the differences between the LIFO and FIFO methods?
Depreciation
A variety of depreciation methods are used to allocate the cost of an asset to all of the accounting periods benefited by the use of the asset. Your client has just purchased a piece of equipment for $100,000. Explain the concept of depreciation. Which of the following depreciation methods would you recommend: straight-line depreciation, double declining balance method, or an alternative method?
Assignment
1. Specific identification method. Boston Galleries uses the specific identification method for inventory valuation. Inventory information for several oil paintings follows.
Painting
Cost
1/2 Beginning inventory
Woods
$21,000
4/19 Purchase
Sunset
21,800
6/7 Purchase
Earth
31,200
12/16 Purchase
Moon
4,000
Woods and Moon were sold during the year for a total of $35,000. Determine the firm’s
a. cost of goods sold.
b. gross profit.
c. ending inventory.
2. Inventory valuation methods: basic computations. The January beginning inventory of the White Company consisted of 300 units costing $40 each. During the first quarter, the company purchased two batches of goods: 700 Units at $44 on February 21 and 800 units at $50 on March 28. Sales during the first quarter were 1,400 units at $75 per unit. The White Company uses a periodic inventory system. Using the White Company data, fill in the following chart to compare the results obtained under the FIFO, LIFO, and weighted-average inventory methods.
FIFO
LIFO
Weighted Average
Goods available for sale
$
$
$
Ending inventory, March 31
Cost of goods sold
3. Perpetual inventory system: journal entries. At the beginning of 20X3, Beehler Company implemented a computerized perpetual inventory system. The first transactions that occurred during 20X3 follow:
· 1/2/20X3 Purchases on account: 500 units @ $6 = $3,000
· 1/15/20X3 Sales on account: 300 units @ $8.50 = $2,550
· 1/20/20X3 Purchases on Account: 200 units @ 5 = $1,000
· 1/25/20X3 Sales on Account: 300 units @ $8.50 = $2,550
The company president examined the computer-generated journal entries for these transactions and was confused by the absence of a Purchases account.
a. Duplicate the journal entries that would have appeared on the computer printout under FIFO & LIFO
b. Calculate the balance in the firm’s Inventory account under each method.
c. Briefly explain the absence of the Purchases account to the company president.
4. Inventory valuation methods: computations and concepts.
Wild Riders Surfboard Company began business on January 1 of the current y.
3. inventories
Perpetual and Periodic inventory valuation methods are discussed in this presentation. The systems are explained using the different valuations methods (FIFO, LIFO and AVG).
ACC 601 Managerial AccountingGroup Case 3 (160 points)Instru.docx
ACC 601 Managerial Accounting
Group Case 3 (160 points)
Instructions:
1.
As a group, complete the following activities in good form. Read the instructions for each question carefully. Provide all supporting calculations to show how you arrived at your numbers and to demonstrate your understanding of the concepts in each question.
2.
Add only the names of group members who participated in the completion of this assignment.
3.
Submit only one copy of your completed work via Moodle. Do not send it to me by email.
4.
Due: No later than the last day of Module 7. Please note that your professor has the right to change the due date of this assignment.
Part A: Capital Budgeting Decisions
Chee Company has gathered the following data on a proposed investment project:
Investment required in equipment
$320,000
Annual cash inflows
Year 1: $50,000
Year 2: 50,000
Year 3: 60,000
Year 4: 40,000
Year 5: 65,000
Year 6: 50,000
Year 7: 70,000
Year 8: 65,000
Salvage value
$60,000
Life of the investment
8 years
Required rate of return
10%
Assets will be depreciated using straight
line depreciation method
Required:
1. Show all calculations in good form. Answers without supporting calculations will earn zero marks.
2. Calculate the annual incremental net income for all the eight (8) years.
3. Using the net present value and the internal rate of return methods, is this a good investment?
Part B: Master Budget
You have just been hired as a new management trainee by Earrings Unlimited, a distributor of earrings to various retail outlets located in shopping malls across the country. In the past, the company has done very little in the way of budgeting and at certain times of the year has experienced a shortage of cash. Since you are well trained in budgeting, you have decided to prepare a master budget for the upcoming second quarter. To this end, you have worked with accounting and other areas to gather the information assembled below.
The company sells many styles of earrings, but all are sold for the same price—$10 per pair. Actual sales of earrings for the last three months and budgeted sales for the next six months follow (in pairs of earrings):
January (actual)
30,000
June (budget)
45,000
February (actual)
20,000
July (budget)
40,000
March (actual)
50,000
August (budget)
30,000
April (budget)
70,000
September (budget)
20,000
May (budget)
95,000
Sufficient inventory should be on hand at the end of each month to supply 40% of the earrings sold in the following month.
Suppliers are paid $3 for a pair of earrings. 40% of a month’s purchases is paid for in the month of purchase; the other 60% is paid for in the following month. All sales are on credit. Only 30% of a month’s sales are collected in the month of sale. An additional 60% is collected in the following month, and the remaining 10% is collected in the second month following sale.
Monthly operating expenses .
E8-13Altira Corporation uses a periodic inventory system. The fo.docx
E8-13
Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during the month of August 2011 is available:
Aug 1 Inventory on hand - 2,000 units; cost $6.10 each.
Aug 8 Purchased 10,000 units for $5.50 each.
Aug 14 Sold 8,000 units for $12.00 each.
Aug 18 Purchased 60,000 units for $5.00 each.
Aug 25 Sold 7,000 units for $11.00 each.
Aug 31 Inventory on hand – 3,000 units.
Required:
Determine the inventory balance Altira would report in its August 31, 2011, balance sheet and the cost of goods sold it would report in its August 2011 income statement using each of the following cost flow methods:
1. First-in, First-out (FIFO)
2. Last-in, First-out (LIFO)
3. Average Cost
E8-14
[This is a variation of Exercise 8-13 modified to focus on the perpetual inventory system and alternative cost flow methods.]
Altira Corporation uses a perpetual inventory system. The following transactions affected its merchandise inventory during the month of August 2011:
Aug 1 Inventory on hand – 2,000 units; cost $6.10 each.
Aug 8 Purchased 10,000 units for $5.50 each
Aug 14 Sold 8,000 units for $12.00 each
Aug 18 Purchased 6,000 units for $5.00 each
Aug 25 Sold 7,000 units for $11.00 each.
Aug 31 Inventory on hand – 3,000 units.
Required:
Determine the inventory balance Altira would report in its August 31, 2011 balance sheet and the cost of goods sold it would report in its August 2011 income statement using each of the following cost flow methods:
1. First-in, First-out (FIFO)
2. Last-in, First-out (LIFO)
3. Average Cost
E8-18
Steelcase, Inc. is the global leader in providing furniture for office environments. The company uses the LIFO inventory method for external reporting and for income tax purposes but maintains its internal records using FIFO. The following disclosure note was included in a recent annual report:
5. Inventories ($in millions)
February 27, 2009
February 29, 2008
Raw Materials
$61.3
$67.5
Work-in-Process
15.9
20.9
Finished Goods
79.9
87.9
157.1
176.3
LIFO reserve
(27.2)
(29.6)
$129.9
$146.7
The company’s income statement reported cost of goods sold of $2,236.7 million for the fiscal year ended February 27, 2009.
Required:
1. Steelcase adjusts the LIFO reserve at the end of its fiscal year. Prepare the February 27, 2009 adjusting entry to make the cost of goods sold adjustment.
2. If Steelcase had used FIFO to value its inventories, what would cost of goods sold have been for the 2009 fiscal year?
P 8-5
Ferris Company began 2011 with 6,00o units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January 2011 are as follows:
Purchases
Date of Purchase
Units
Unit Cost*
Total Cost
Jan. 10
5,000
$9
$45,000
Jan. 18
6,000
10
60,000
Totals
11,000
$105,000
*Includes purchase price and cost of freight.
Sales
Date of Sale
Units
Jan. 5
3,000
Jan. 12
2,000
Jan. 20
4,000
Total
9,000
8,000 units were on hand at th ...
NameCourse.docx
Name:
Course:
Date:
Problem P4-1A, Prepare worksheet, financial statements, and adjusting and closing entries.
Financial Accounting
, 8
th
Edition by Weygandt, Kieso, and Kimmel
Primer on Using Microsoft Excel in Accounting
by Rex A Schildhouse
Problem P4-1A, Sherlock Holmes
began operations as a private investigator on January 1, 2014. The trial balance columns of the worksheet for Sherlock Holmes, P.I. at March 31 are as follows.
SHERLOCK HOLMES, P.I., INC.
Worksheet
For the Quarter Ended March 31, 2014
Unadjusted Trial Balance
Ref
Adjustments
Ref
Adjusted Trial Balance
Income Statement
Balance Sheet
Debit
Credit
Debit
Credit
Debit
Credit
Debit
Credit
Debit
Credit
Cash
11,410
Accounts Receivable
5,920
Supplies
1,250
Prepaid Insurance
2,400
Equipment
30,000
Notes Payable
10,000
Accounts Payable
12,350
Common Stock
20,000
Dividends
600
Service Revenue
14,200
Salaries and Wages Expense
2,240
Travel Expense
1,300
Rent Expense
1,200
Miscellaneous Expense
230
Totals
56,550
56,550
Supplies Expense
Depreciation Expense
Accumulated Depreciation
Interest Expense
Interest Payable
Insurance Expense
Totals
Net Income
Totals
Other data:
1. Supplies on hand total
$480
(a)
2. Depreciation is
$720
for the quarter
(b)
3. Interest accrued on 6-month note payable, issued January 1,
$300
(c)
4. Insurance expires at the rate of
$200
per month.
(d)
5. Services provided but unbilled at March 31 total
$1,080
(e)
Instructions:
(a)
Complete the worksheet.
(b)(1)
Prepare an income statement for the quarter ended March 31, 2014.
SHERLOCK HOLMES, P.I., INC.
Income Statement
For the Quarter Ended March 31, 2014
Title
Account title
Amount
Title
Account title
Amount
Account title
Amount
Account title
Amount
Account title
Amount
Account title
Amount
Account title
Amount
Account title
Amount
Account title
Amount
Title
Formula
Title
Formula
(b)(2)
Prepare a retained earnings statement for the quarter ended March 31, 2014.
SHERLOCK HOLMES, P.I., INC.
Retained Earnings Statement
For the Quarter Ended March 31, 2014
Title
$0
Title
Amount
Formula
Title
Amount
Title
Formula
(b)(3)
Prepare a classified balance sheet for March 31, 2014.
SHERLOCK HOLMES, P.I., INC.
.
Winfrey Co.s March 31 inventory of raw materials is $140,000. Raw.docx
Winfrey Co.'s March 31 inventory of raw materials is $140,000. Raw materials purchases in April are $470,000, and factory payroll cost in April is $253,000. Overhead costs incurred in April are: indirect materials, $24,000; indirect labor, $15,000; factory rent, $19,000; factory utilities, $11,000; and factory equipment depreciation, $68,100. The predetermined overhead rate is 55% of direct labor cost. Job 306 is sold for $360,000 cash in April. Costs of the three jobs worked on in April follow.
Job 306
Job 307
Job 308
Balances on March 31
Direct materials
$
14,000
$
21,000
Direct labor
14,000
6,000
Applied overhead
7,700
3,300
Costs during April
Direct materials
95,000
170,000
$
65,000
Direct labor
28,000
70,000
140,000
Applied overhead
?
?
?
Status on April 30
Finished (sold)
Finished (unsold)
In process
references
1.
value:
10.00 points
Required:
1.
Determine the total of each production cost incurred for April (direct labor, direct materials, and applied overhead), and the total cost assigned to each job (including the balances from March 31).
(Leave no cells blank - be certain to enter "0" wherever required. Omit the "$" sign in your response. )
306
307
308
April Total
Beginning goods in process
(From March)
$
a.
Materials purchases (on credit), factory payroll (paid in cash), and actual overhead costs including indirect materials and indirect labor. (Factory rent and utilities are paid in cash.)
b.
Assignment of direct materials, direct labor, and applied overhead costs to the Goods in Process Inventory.
c.
Transfer of Jobs 306 and 307 to the Finished Goods Inventory.
d.
Cost of goods sold for Job 306.
e.
Revenue from the sale of Job 306.
f.
Assignment of any underapplied or overapplied overhead to the Cost of Goods Sold account. (The amount is not material.)
2.
Prepare journal entries for the month of April to record the above transactions.
(Omit the "$" sign in your response.)
General Journal
Debit
Credit
a.
To record materials purchases.
3.
Prepare a manufacturing statement for April (use a single line presentation for direct materials and show the details of overhead cost.)
(Amounts to be deducted should be indicated with a minus sign. Omit the "$" sign in your response.)
WINFREY COMPANY
Manufacturing Statement
For Month Ended April 30
$
$
4.1
Compute gross profit for April.
(Omit the "$" sign in your response.)
Gross profit
$
a.
Direct materials costs to Goods in Process Inventory.
b.
Direct labor costs to Goods in Process Inventory.
c.
Overhead costs to Goods in Process Inventory.
d.
Indirect materials costs to the Factory Overhead account.
e.
Indirect labor costs to the Factory Overhead account.
Required:
1.
Prepare journal entries to assign the above costs.
(Omit the "$" sign in your response.)
Date
General Journal
Debit
Credit
a.
2.1
Determi.
1. True or false. Unlike a merchandising business, a manufacturing
1. True or false. Unlike a merchandising business, a manufacturing business uses multiple inventory accounts to reflect the cost of raw materials, partially completed goods, and finished goods.
TRUE
FALSE
2.5 points
QUESTION 2
1. For a manufacturing business, the finished goods inventory account reflects the cost of what?
Shipping
Partially completed goods
Completed goods
Raw materials
2.5 points
QUESTION 3
1. Super Goods, an electronics retailer, purchases $80,000 worth of computers from a manufacturer in Taiwan. The terms of the purchase are FOB shipping point. Freight costs total $9,000. The goods are shipped on June 1 and delivered on June 15. On June 1, which two accounts should be debited by Super Goods in the following journal entry? Date Account Dr. Cr. 6-01-XX 80000.00 9000.00 Accounts Payable 89000.00
Inventory and Freight-out
Accounts Receivable and Freight-out
Inventory and Freight-in
Accounts Receivable and Freight-in
2.5 points
QUESTION 4
1. At the time of shipment, goods that are purchased FOB shipping point are
reported on the seller's balance sheet.
considered the responsibility of the buyer.
designated as freight-out.
categorized as partially completed inventory.
2.5 points
QUESTION 5
1. On February 15, a buyer purchases $30,000 worth of goods from a manufacturer. The manufacturer offers the buyer a 3% discount ($900) if payment for the goods is made within 10 days. The buyer pays for the merchandise on February 20. In a journal entry, the seller should debit ________ and credit ________ for $900.
Sales; Purchase Discounts
Accounts Receivable; Sales
Sales; Accounts Receivable
Accounts Payable; Inventory
2.5 points
QUESTION 6
1. A buyer receives a sales discount from a seller for paying for purchased goods within a specific period of time. In what way does the sales discount affects the buyer?
Reducing freight-in costs
Reducing the cost of inventory
Increasing freight-out costs
Increasing the cost of inventory
2.5 points
QUESTION 7
1. For a manufacturing business, the __________ inventory account reflects the cost of products that have been manufactured and are ready to be sold.
Raw materials
Work-in-process
Freight-in
Finished goods
2.5 points
QUESTION 8
1. Which term refers to goods that a merchandising business purchases and resells?
Inputs
Frieght
Supplies
Inventory
2.5 points
QUESTION 9
1. On February 15, a buyer purchases $10,000 worth of goods from a manufacturer, who spent $5,000 to manufacture the goods. The terms of sale are FOB shipping point, and shipping costs are $800. The goods will be shipped on June 1. The manufacturer must make two journal entries on June 1. In the second journal entry, the manufacturer should debit ________ and credit ________. Date Account Dr. Cr. 6-01-XX Accounts Receivable 10,000.00 Cash 800.00 Sales 10,000.00 Date Account Dr. Cr. 6-01-XX 5,000.00 5,000.00
Cash; Cost of Goods Sold
Cost of Goods Sold; ...
1. True or false. Unlike a merchandising business, a manufacturing
1. True or false. Unlike a merchandising business, a manufacturing business uses multiple inventory accounts to reflect the cost of raw materials, partially completed goods, and finished goods.
TRUE
FALSE
2.5 points
QUESTION 2
1. For a manufacturing business, the finished goods inventory account reflects the cost of what?
Shipping
Partially completed goods
Completed goods
Raw materials
2.5 points
QUESTION 3
1. Super Goods, an electronics retailer, purchases $80,000 worth of computers from a manufacturer in Taiwan. The terms of the purchase are FOB shipping point. Freight costs total $9,000. The goods are shipped on June 1 and delivered on June 15. On June 1, which two accounts should be debited by Super Goods in the following journal entry? Date Account Dr. Cr. 6-01-XX 80000.00 9000.00 Accounts Payable 89000.00
Inventory and Freight-out
Accounts Receivable and Freight-out
Inventory and Freight-in
Accounts Receivable and Freight-in
2.5 points
QUESTION 4
1. At the time of shipment, goods that are purchased FOB shipping point are
reported on the seller's balance sheet.
considered the responsibility of the buyer.
designated as freight-out.
categorized as partially completed inventory.
2.5 points
QUESTION 5
1. On February 15, a buyer purchases $30,000 worth of goods from a manufacturer. The manufacturer offers the buyer a 3% discount ($900) if payment for the goods is made within 10 days. The buyer pays for the merchandise on February 20. In a journal entry, the seller should debit ________ and credit ________ for $900.
Sales; Purchase Discounts
Accounts Receivable; Sales
Sales; Accounts Receivable
Accounts Payable; Inventory
2.5 points
QUESTION 6
1. A buyer receives a sales discount from a seller for paying for purchased goods within a specific period of time. In what way does the sales discount affects the buyer?
Reducing freight-in costs
Reducing the cost of inventory
Increasing freight-out costs
Increasing the cost of inventory
2.5 points
QUESTION 7
1. For a manufacturing business, the __________ inventory account reflects the cost of products that have been manufactured and are ready to be sold.
Raw materials
Work-in-process
Freight-in
Finished goods
2.5 points
QUESTION 8
1. Which term refers to goods that a merchandising business purchases and resells?
Inputs
Frieght
Supplies
Inventory
2.5 points
QUESTION 9
1. On February 15, a buyer purchases $10,000 worth of goods from a manufacturer, who spent $5,000 to manufacture the goods. The terms of sale are FOB shipping point, and shipping costs are $800. The goods will be shipped on June 1. The manufacturer must make two journal entries on June 1. In the second journal entry, the manufacturer should debit ________ and credit ________. Date Account Dr. Cr. 6-01-XX Accounts Receivable 10,000.00 Cash 800.00 Sales 10,000.00 Date Account Dr. Cr. 6-01-XX 5,000.00 5,000.00
Cash; Cost of Goods Sold
Cost of Goods Sold; ...
Cyber War versus Cyber Realities Cyber War v.docx
Cyber War versus Cyber Realities
Cyber War versus
Cyber Realities
Cyber Conflict in the International System
Brandon Valeriano
and
Ryan C. Maness
Oxford University Press is a department of the University of
Oxford. It furthers the University’s objective of excellence in research,
scholarship, and education by publishing worldwide.
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permission in writing of Oxford University Press, or as expressly permitted by law,
by license, or under terms agreed with the appropriate reproduction rights organization.
Inquiries concerning reproduction outside the scope of the above should be sent to the
R ights Department, Oxford University Press, at the address above.
You must not circulate this work in any other form
and you must impose this same condition on any acquirer.
Librar y of Congress Cataloging-in-Publication Data
Valeriano, Brandon.
Cyber war versus cyber realities : cyber conflict in the international system /
Brandon Valeriano, Ryan C. Maness.
pages cm
ISBN 978–0–19–020479–2 (hardback)
1. Cyberspace operations (Militar y science) 2. Cyberterrorism.
3. Technolog y and international relations. 4. Internet and international
relatins. I. Maness, Ryan C. II. Title.
U163.V36 2015
355.4—dc23
2014039240
9 8 7 6 5 4 3 2 1
Printed in the United States of A merica
on acid-free paper
Dedicated to John Vasquez and J. David Singer
CO N T E N T S
Preface ix
Acknowledgments xiii
1. The Contours of the Cyber Conflict World 1
2. Cyber Power, Cyber Weapons, and Cyber Operations 20
3. Theories of Cyber Conflict: Restraint, Regionalism, Espionage, and Cyber
Terrorism in the Digital Era 45
4. The Dynamics of Cyber Conflict Between R ival Antagonists 78
5. The Impact of Cyber Actions: Cyber Events and the Conflict-Cooperation
Nexus 109
6. Stuxnet, Shamoon, and Bronze Soldier: The Impact and Responses to Cyber
Operations 137
7. Cyber Conflict and Non-State Actors: Weapons of Fear 164
8. Cyber Rules: Encouraging a System of Justice and Proportionality in Cyber
Operations 188
9. Conclusion 209
Appendix: Research Methods 229
Notes 233
References 249
Index 259
P R E FA C E
PROJEC T B EGINNINGS
We started working in the cyber security field in 2010 w.
Cyber terrorism, by definition, is the politically motivated use.docx
Cyber terrorism, by definition, is the politically motivated use of computers and information technology to cause severe disruption or widespread fear in society. The Center for Strategic and International Studies reported in March 2019 that Chinese Hackers targeted at least 27 Universities to steal Naval Technologies research, being one of many cyber-terrorist attacks. Besides these attacks, Hacktivism is a cyber-attack either by legal or illegal digital means in the pursuit of political ends, free speech, and the right of free speech. A most notable example would be the group Anonymous conducting numerous hacks from 2008 to 2012 against companies, organizations, and even governments that go against their moral codes. Behind the Tunisia Operation in 2010, Anonymous took down eight government websites with DDOS (Distributed Denial of Service) attacks in support of Arab Spring movements. Between the two Cyberterrorism is meant to instill fear and panic in society. At the same time, Hacktivism brings about a voice or an opposition to the government and other organizations to support a cause against them. Hacktivism is more politically based, pointing out flaws in the system raising awareness on our rights as human beings. Advances in technology lead to newer and different types of attacks either group can conduct. From viruses waiting for you to log into your bank account to massive-scale attacks against the banks' systems themselves, terrorists, or hacktivists, have infinite ways to infiltrate and attack for their cause. Many laws have been put in place to combat these groups, acts put in place such as Cybersecurity Information Sharing Act (CISA) or Cybersecurity Enhancement Act of 2014 helping share information and build research and development to fight against cyber-attacks. Given the push against both groups by our government, I can't help but feel concern for our rights and freedoms that may be infringed upon that our government or some corporation is doing while combating the whistleblower with Hacktivist tactics. It only keeps me and others mindful while fighting against cyberattacks that may be classified as cyberterrorism. There is a fine line on what would be a genuine noble act of hacking or something labeled as cyberterrorism placing information and lives at risk, its not so black and white as some areas can be considered grey. Thankfully some events in history, thanks to Hacktivism has brought good results that benefit society, such as Operation "Nice" which organized to hunt down the terrorist responsible for attacks in the French city, killing nearly a hundred people. Also, Operation Darknet which infiltrated 40 child pornography websites publishing 1500 plus names of frequent visitors to the sites stopping such activity. In these instances, I am for hacktivism and specific groups that act for the benefit of society and our rights as humans.
Cyberterrorism. (n.d.). Retrieved from
https://www.dictionary.com/browse/cyberterroris.
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Similar to 1 The ending merchandise inventory for 2007 is the same as the be.docx
Page 1 of 9 Name __________________________ Date __.docx
Page 1 of 9
Name: __________________________ Date: _____________
You must complete both Part 1 (Wiley Plus) & Part 2 of Quiz 2
20 Questions: 12 MC Questions; 7 Problems; 1 essay
Ch 5 – 6 - 7 … Timed Exam: 3 hours
UMUC – ACCT 220 Due April 24, 2013
This exam is to be completed without the assistance of any other person.
You may use only the resources provided by your instructor for this class.
** Save this file and include your name in the file name: Steve_Harvey_Quiz_2
You may create an Excel and / or Word File for your work. Please verify that each page prints out
formatted with your name and page number on the page. Excel files should show gridlines.
Excel ‘page format’ has options for grid lines (sheet) and headers/footers.
At a minimum, use print preview so you can see how the work will print out.
I pledge on my honor that I have not given or received any unauthorized assistance on this
examination. In addition, I pledge that I will not disclose to, or discuss the contents of this
examination with, students who have not taken it.
_________________________________________________________________________
Signed
12 MC (place answer on the line); 1 essays , 7 problem presentation questions (may require JEs or
financial statement presentations)
NOTE: some problems have several ‘calculation’ presentations or tasks
100 total points; 100 points = 100%
For all questions, assume no other transactions or activities have taken place during the period except
as noted
Page 2 of 9
Prepare and present calculations for partial credits for questions with calculations and presentations.
Name: __________________________ Date: _____________
1. The IASB and FASB are working on a converged statement of financial position using
the headings of
A) assets, liabilities, and owner's equity. Answer: ________
B) revenues and expenses.
C) assets, liabilities, revenues, expenses and owner's equity.
D) operating, investing, and financing.
2. The only acceptable cost flow assumptions under IFRS are
A) FIFO and LIFO. Answer: ________
B) FIFO and average.
C) LIFO and average.
D) FIFO, LIFO and average.
3. On July 9, Serta Company sells goods on credit to Walmart Company for $3,000, terms
1/10, n/60. Serta receives payment on July 18. The entry by Serta on July 18 is:
Answer: ________
A) Cash 3,000
Accounts Receivable 3,000
B) Cash 3,000
Sales Discounts 30
Accounts Receivable 2,970
C) Cash 2,970
Sales Discounts 30
Accounts Receivable 3,000
D) Cash 3,030
Cash 30
Accounts Receivable 3,000
4. In a perpetual inventory system, the Cost of Goods Sold account is used
A) only when a cash sale of merchandise occurs. Answer: ______.
Exercise 7-2Presented below are a number of independent situations.docx
Exercise 7-2
Presented below are a number of independent situations.
For each individual situation, determine the amount that should be reported as cash.
1.
Checking account balance $925,000; certificate of deposit $1,400,000; cash advance to subsidiary of $980,000; utility deposit paid to gas company $180.
Cash balance
$
2.
Merchandise costing $2,800 was received on January 3, 2015, and the related purchase invoice recorded January 5. The invoice showed the shipment was made on December 29, 2014, f.o.b. destination.
3.
A packing case containing a product costing $3,400 was standing in the shipping room when the physical inventory was taken. It was not included in the inventory because it was marked “Hold for shipping instructions.” Your investigation revealed that the customer’s order was dated December 18, 2014, but that the case was shipped and the customer billed on January 10, 2015. The product was a stock item of your client.
4.
Merchandise received on January 6, 2015, costing $680 was entered in the purchases journal on January 7, 2015. The invoice showed shipment was made f.o.b. supplier’s warehouse on December 31, 2014. Because it was not on hand at December 31, it was not included in inventory.
5.
Merchandise costing $720 was received on December 28, 2014, and the invoice was not recorded. You located it in the hands of the purchasing agent; it was marked “on consignment.”
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Exercise 8-13
Inventory information for Part 311 of Monique Aaron Corp. discloses the following information for the month of June.
June 1
Balance
300 units @ $10
June 10
Sold
200 units @ $24
11
Purchased
800 units @ $12
15
Sold
500 units @ $25
20
Purchased
500 units @ $13
27
Sold
300 units @ $27
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Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2) FIFO.
(1)
LIFO
(2)
FIFO
Cost of Goods Sold
$
[removed]
$
[removed]
Ending Inventory
$
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$
[removed]
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Assuming that the perpetual inventory method is used and costs are computed at the time of each withdrawal, what is the value of the ending inventory at LIFO?
The ending inventory at LIFO
$
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Assuming that the perpetual inventory method is used and costs are computed at the time of each withdrawal, what is the gross profit if the inventory is valued at FIFO?
Gross Profit (FIFO)
$
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AC1220 ACCOUNTING ILab 3.2AC1220 Lab.docx
AC1220 ACCOUNTING I
Lab 3.2
AC1220 Lab 3.2
Introduction
As a merchandising operation, Jake’s Computer Sales and Repair must properly account for inventory. The business purchases and sells inventory as part of its ordinary operations, and so Jake must select an appropriate inventory costing method. Several costing methods are acceptable under Generally Accepted Accounting Principles (GAAP); Jake has narrowed down the choices to two methods— first-in, first-out (FIFO) and last-in, first-out (LIFO).
In analyzing the effect of each of these methods, Jake applies the FIFO method and the LIFO method, in turn, to the inventory purchase and sale transactions that occurred during the month of May, 20x1.
The inventory transactions are as follows:
a. May 1, 20x1. The business reports a beginning inventory balance of $13,744.
b. May 3, 20x1. Sold 55 units of inventory to customers for $200 each.
c. May 3, 20x1. Purchased 70 A-line tablet computers at a cost of $190 per unit.
d. May 8, 20x1. Sold 45 units to customers at $200 each.
e. May 25, 20x1. Purchased 20 units at a price of $194.
f. May 27, 20x1. Sold 58 units at $200 each.
Refer to these transactions as you work through the following requirements.
Requirement 1
[60 Minutes]
a. Complete the following perpetual inventory record for the month of May 20x1, using the FIFOmethod.
Purchases
Cost of Goods Sold
Inventory Available for Sale
Date
Quantity
Unit Cost
Total
Quantity
Unit Cost
FIFO Total
Quantity
Unit Cost
Total
May 1
79
$174
$13,744
3
3
8
25
27
Total
b. Make the appropriate journal entries for the transactions given earlier. Assume that all transactions were for cash. Annotations are not necessary.
5/3/x1
5/3/x1
5/8/x1
5/25/x1
5/27/x1
c. Now complete the perpetual inventory record for the month of May 20x1, using the LIFO method. Use the inventory transactions described earlier.
Purchases
Cost of Goods Sold
Inventory Available for Sale
Date
Quantity
Unit Cost
Total
Quantity
Unit Cost
LIFO Total
Quantity
Unit Cost
Total
May 1
79
$174
$13,744
3
3
8
25
27
Total
d. Refer to the perpetual inventory records that you prepared in Requirements a and c above. Jake would like to maximize reported gross income by selecting an inventory-costing method that yields a lower cost of goods sold. Will Jake select the FIFO method or the LIFO method to account for inventory?
e. Assume that inventory originally costing the business $35,000 is damaged and has an estimated market value of around $7,000. Jake is unsure of how to report this inventory on the balance sheet. Explain how Jake should report the inventory in accordance with GAAP. Refer to at least one specific accounting rule or principle in your explanation.
4
AC1220 ACCOUNTING I
Lab .
Directions Answer the following questions on a separate Micro.docx
Directions: Answer the following questions on a separate Microsoft Word or Excel document. Explain how you reached the answer or show your work if a mathematical calculation is needed, or both. Submit your assignment using the assignment link in Blackboard.
Exercises
E4-7
.
Kay Magill Company had the following adjusted trial balance.
Instructions
Prepare closing entries at June 30, 2015.
Prepare a post-closing trial balance.
E4-13
.
Keenan Company has an inexperienced accountant. During the first 2 weeks on the job, the accountant made the following errors in journalizing transactions. All entries were posted as made.
A payment on account of $840 to a creditor was debited to Accounts Payable $480 and credited to Cash $480.
The purchase of supplies on account for $560 was debited to Equipment $56 and credited to Accounts Payable $56.
A $500 cash dividend was debited to Salaries and Wages Expense $500 and credited to Cash $500.
Instructions
Prepare the correcting entries.
E5-4
.
On June 10, Tuzun Company purchased $8,000 of merchandise from Epps Company, FOB shipping point, terms 2/10, n/30. Tuzun pays the freight costs of $400 on June 11. Damaged goods totaling $300 are returned to Epps for credit on June 12. The fair value of these goods is $70. On June 19, Tuzun pays Epps Company in full, less the purchase discount. Both companies use a perpetual inventory system.
Instructions
Prepare separate entries for each transaction on the books of Tuzun Company.
Prepare separate entries for each transaction for Epps Company. The merchandise purchased by Tuzun on June 10 had cost Epps $4,800.
E5-7.
Juan Morales Company had the following account balances at year-end: Cost of Goods Sold $60,000, Inventory $15,000, Operating Expenses $29,000, Sales Revenue $115,000, Sales Discounts $1,200, and Sales Returns and Allowances $1,700. A physical count of inventory determines that merchandise inventory on hand is $13,900.
Instructions
Prepare the adjusting entry necessary as a result of the physical count.
Prepare closing entries.
E6-1
.
Tri-State Bank and Trust is considering giving Josef Company a loan. Before doing so, management decides that further discussions with Josef’s accountant may be desirable. One area of particular concern is the inventory account, which has a year-end balance of $297,000. Discussions with the accountant reveal the following.
Josef sold goods costing $38,000 to Sorci Company, FOB shipping point, on December 28. The goods are not expected to arrive at Sorci until January 12. The goods were not included in the physical inventory because they were not in the warehouse.
The physical count of the inventory did not include goods costing $95,000 that were shipped to Josef FOB destination on December 27 and were still in transit at year-end.
Josef received goods costing $22,000 on January 2. The goods were shipped FOB shipping point on December 26 by Solita Co. The goods were not included in the.
ACT 305 Module 6 Assignment Choice #1- Cost of Production
ACT 305 Module 6 Assignment Choice #1- Cost of Production
Week 3 DQsLIFO vs. FIFOThe controller of Sagehen Enterprises.docx
Week 3 DQs
LIFO vs. FIFO
The controller of Sagehen Enterprises believes that the company should switch from the LIFO method to the FIFO method. The controller’s bonus is based on the next income. It is the controller’s belief that the switch in inventory methods would increase the net income of the company. What are the differences between the LIFO and FIFO methods?
Depreciation
A variety of depreciation methods are used to allocate the cost of an asset to all of the accounting periods benefited by the use of the asset. Your client has just purchased a piece of equipment for $100,000. Explain the concept of depreciation. Which of the following depreciation methods would you recommend: straight-line depreciation, double declining balance method, or an alternative method?
Assignment
1. Specific identification method. Boston Galleries uses the specific identification method for inventory valuation. Inventory information for several oil paintings follows.
Painting
Cost
1/2 Beginning inventory
Woods
$21,000
4/19 Purchase
Sunset
21,800
6/7 Purchase
Earth
31,200
12/16 Purchase
Moon
4,000
Woods and Moon were sold during the year for a total of $35,000. Determine the firm’s
a. cost of goods sold.
b. gross profit.
c. ending inventory.
2. Inventory valuation methods: basic computations. The January beginning inventory of the White Company consisted of 300 units costing $40 each. During the first quarter, the company purchased two batches of goods: 700 Units at $44 on February 21 and 800 units at $50 on March 28. Sales during the first quarter were 1,400 units at $75 per unit. The White Company uses a periodic inventory system. Using the White Company data, fill in the following chart to compare the results obtained under the FIFO, LIFO, and weighted-average inventory methods.
FIFO
LIFO
Weighted Average
Goods available for sale
$
$
$
Ending inventory, March 31
Cost of goods sold
3. Perpetual inventory system: journal entries. At the beginning of 20X3, Beehler Company implemented a computerized perpetual inventory system. The first transactions that occurred during 20X3 follow:
· 1/2/20X3 Purchases on account: 500 units @ $6 = $3,000
· 1/15/20X3 Sales on account: 300 units @ $8.50 = $2,550
· 1/20/20X3 Purchases on Account: 200 units @ 5 = $1,000
· 1/25/20X3 Sales on Account: 300 units @ $8.50 = $2,550
The company president examined the computer-generated journal entries for these transactions and was confused by the absence of a Purchases account.
a. Duplicate the journal entries that would have appeared on the computer printout under FIFO & LIFO
b. Calculate the balance in the firm’s Inventory account under each method.
c. Briefly explain the absence of the Purchases account to the company president.
4. Inventory valuation methods: computations and concepts.
Wild Riders Surfboard Company began business on January 1 of the current y.
3. inventories
Perpetual and Periodic inventory valuation methods are discussed in this presentation. The systems are explained using the different valuations methods (FIFO, LIFO and AVG).
ACC 601 Managerial AccountingGroup Case 3 (160 points)Instru.docx
ACC 601 Managerial Accounting
Group Case 3 (160 points)
Instructions:
1.
As a group, complete the following activities in good form. Read the instructions for each question carefully. Provide all supporting calculations to show how you arrived at your numbers and to demonstrate your understanding of the concepts in each question.
2.
Add only the names of group members who participated in the completion of this assignment.
3.
Submit only one copy of your completed work via Moodle. Do not send it to me by email.
4.
Due: No later than the last day of Module 7. Please note that your professor has the right to change the due date of this assignment.
Part A: Capital Budgeting Decisions
Chee Company has gathered the following data on a proposed investment project:
Investment required in equipment
$320,000
Annual cash inflows
Year 1: $50,000
Year 2: 50,000
Year 3: 60,000
Year 4: 40,000
Year 5: 65,000
Year 6: 50,000
Year 7: 70,000
Year 8: 65,000
Salvage value
$60,000
Life of the investment
8 years
Required rate of return
10%
Assets will be depreciated using straight
line depreciation method
Required:
1. Show all calculations in good form. Answers without supporting calculations will earn zero marks.
2. Calculate the annual incremental net income for all the eight (8) years.
3. Using the net present value and the internal rate of return methods, is this a good investment?
Part B: Master Budget
You have just been hired as a new management trainee by Earrings Unlimited, a distributor of earrings to various retail outlets located in shopping malls across the country. In the past, the company has done very little in the way of budgeting and at certain times of the year has experienced a shortage of cash. Since you are well trained in budgeting, you have decided to prepare a master budget for the upcoming second quarter. To this end, you have worked with accounting and other areas to gather the information assembled below.
The company sells many styles of earrings, but all are sold for the same price—$10 per pair. Actual sales of earrings for the last three months and budgeted sales for the next six months follow (in pairs of earrings):
January (actual)
30,000
June (budget)
45,000
February (actual)
20,000
July (budget)
40,000
March (actual)
50,000
August (budget)
30,000
April (budget)
70,000
September (budget)
20,000
May (budget)
95,000
Sufficient inventory should be on hand at the end of each month to supply 40% of the earrings sold in the following month.
Suppliers are paid $3 for a pair of earrings. 40% of a month’s purchases is paid for in the month of purchase; the other 60% is paid for in the following month. All sales are on credit. Only 30% of a month’s sales are collected in the month of sale. An additional 60% is collected in the following month, and the remaining 10% is collected in the second month following sale.
Monthly operating expenses .
E8-13Altira Corporation uses a periodic inventory system. The fo.docx
E8-13
Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during the month of August 2011 is available:
Aug 1 Inventory on hand - 2,000 units; cost $6.10 each.
Aug 8 Purchased 10,000 units for $5.50 each.
Aug 14 Sold 8,000 units for $12.00 each.
Aug 18 Purchased 60,000 units for $5.00 each.
Aug 25 Sold 7,000 units for $11.00 each.
Aug 31 Inventory on hand – 3,000 units.
Required:
Determine the inventory balance Altira would report in its August 31, 2011, balance sheet and the cost of goods sold it would report in its August 2011 income statement using each of the following cost flow methods:
1. First-in, First-out (FIFO)
2. Last-in, First-out (LIFO)
3. Average Cost
E8-14
[This is a variation of Exercise 8-13 modified to focus on the perpetual inventory system and alternative cost flow methods.]
Altira Corporation uses a perpetual inventory system. The following transactions affected its merchandise inventory during the month of August 2011:
Aug 1 Inventory on hand – 2,000 units; cost $6.10 each.
Aug 8 Purchased 10,000 units for $5.50 each
Aug 14 Sold 8,000 units for $12.00 each
Aug 18 Purchased 6,000 units for $5.00 each
Aug 25 Sold 7,000 units for $11.00 each.
Aug 31 Inventory on hand – 3,000 units.
Required:
Determine the inventory balance Altira would report in its August 31, 2011 balance sheet and the cost of goods sold it would report in its August 2011 income statement using each of the following cost flow methods:
1. First-in, First-out (FIFO)
2. Last-in, First-out (LIFO)
3. Average Cost
E8-18
Steelcase, Inc. is the global leader in providing furniture for office environments. The company uses the LIFO inventory method for external reporting and for income tax purposes but maintains its internal records using FIFO. The following disclosure note was included in a recent annual report:
5. Inventories ($in millions)
February 27, 2009
February 29, 2008
Raw Materials
$61.3
$67.5
Work-in-Process
15.9
20.9
Finished Goods
79.9
87.9
157.1
176.3
LIFO reserve
(27.2)
(29.6)
$129.9
$146.7
The company’s income statement reported cost of goods sold of $2,236.7 million for the fiscal year ended February 27, 2009.
Required:
1. Steelcase adjusts the LIFO reserve at the end of its fiscal year. Prepare the February 27, 2009 adjusting entry to make the cost of goods sold adjustment.
2. If Steelcase had used FIFO to value its inventories, what would cost of goods sold have been for the 2009 fiscal year?
P 8-5
Ferris Company began 2011 with 6,00o units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January 2011 are as follows:
Purchases
Date of Purchase
Units
Unit Cost*
Total Cost
Jan. 10
5,000
$9
$45,000
Jan. 18
6,000
10
60,000
Totals
11,000
$105,000
*Includes purchase price and cost of freight.
Sales
Date of Sale
Units
Jan. 5
3,000
Jan. 12
2,000
Jan. 20
4,000
Total
9,000
8,000 units were on hand at th ...
NameCourse.docx
Name:
Course:
Date:
Problem P4-1A, Prepare worksheet, financial statements, and adjusting and closing entries.
Financial Accounting
, 8
th
Edition by Weygandt, Kieso, and Kimmel
Primer on Using Microsoft Excel in Accounting
by Rex A Schildhouse
Problem P4-1A, Sherlock Holmes
began operations as a private investigator on January 1, 2014. The trial balance columns of the worksheet for Sherlock Holmes, P.I. at March 31 are as follows.
SHERLOCK HOLMES, P.I., INC.
Worksheet
For the Quarter Ended March 31, 2014
Unadjusted Trial Balance
Ref
Adjustments
Ref
Adjusted Trial Balance
Income Statement
Balance Sheet
Debit
Credit
Debit
Credit
Debit
Credit
Debit
Credit
Debit
Credit
Cash
11,410
Accounts Receivable
5,920
Supplies
1,250
Prepaid Insurance
2,400
Equipment
30,000
Notes Payable
10,000
Accounts Payable
12,350
Common Stock
20,000
Dividends
600
Service Revenue
14,200
Salaries and Wages Expense
2,240
Travel Expense
1,300
Rent Expense
1,200
Miscellaneous Expense
230
Totals
56,550
56,550
Supplies Expense
Depreciation Expense
Accumulated Depreciation
Interest Expense
Interest Payable
Insurance Expense
Totals
Net Income
Totals
Other data:
1. Supplies on hand total
$480
(a)
2. Depreciation is
$720
for the quarter
(b)
3. Interest accrued on 6-month note payable, issued January 1,
$300
(c)
4. Insurance expires at the rate of
$200
per month.
(d)
5. Services provided but unbilled at March 31 total
$1,080
(e)
Instructions:
(a)
Complete the worksheet.
(b)(1)
Prepare an income statement for the quarter ended March 31, 2014.
SHERLOCK HOLMES, P.I., INC.
Income Statement
For the Quarter Ended March 31, 2014
Title
Account title
Amount
Title
Account title
Amount
Account title
Amount
Account title
Amount
Account title
Amount
Account title
Amount
Account title
Amount
Account title
Amount
Account title
Amount
Title
Formula
Title
Formula
(b)(2)
Prepare a retained earnings statement for the quarter ended March 31, 2014.
SHERLOCK HOLMES, P.I., INC.
Retained Earnings Statement
For the Quarter Ended March 31, 2014
Title
$0
Title
Amount
Formula
Title
Amount
Title
Formula
(b)(3)
Prepare a classified balance sheet for March 31, 2014.
SHERLOCK HOLMES, P.I., INC.
.
Winfrey Co.s March 31 inventory of raw materials is $140,000. Raw.docx
Winfrey Co.'s March 31 inventory of raw materials is $140,000. Raw materials purchases in April are $470,000, and factory payroll cost in April is $253,000. Overhead costs incurred in April are: indirect materials, $24,000; indirect labor, $15,000; factory rent, $19,000; factory utilities, $11,000; and factory equipment depreciation, $68,100. The predetermined overhead rate is 55% of direct labor cost. Job 306 is sold for $360,000 cash in April. Costs of the three jobs worked on in April follow.
Job 306
Job 307
Job 308
Balances on March 31
Direct materials
$
14,000
$
21,000
Direct labor
14,000
6,000
Applied overhead
7,700
3,300
Costs during April
Direct materials
95,000
170,000
$
65,000
Direct labor
28,000
70,000
140,000
Applied overhead
?
?
?
Status on April 30
Finished (sold)
Finished (unsold)
In process
references
1.
value:
10.00 points
Required:
1.
Determine the total of each production cost incurred for April (direct labor, direct materials, and applied overhead), and the total cost assigned to each job (including the balances from March 31).
(Leave no cells blank - be certain to enter "0" wherever required. Omit the "$" sign in your response. )
306
307
308
April Total
Beginning goods in process
(From March)
$
a.
Materials purchases (on credit), factory payroll (paid in cash), and actual overhead costs including indirect materials and indirect labor. (Factory rent and utilities are paid in cash.)
b.
Assignment of direct materials, direct labor, and applied overhead costs to the Goods in Process Inventory.
c.
Transfer of Jobs 306 and 307 to the Finished Goods Inventory.
d.
Cost of goods sold for Job 306.
e.
Revenue from the sale of Job 306.
f.
Assignment of any underapplied or overapplied overhead to the Cost of Goods Sold account. (The amount is not material.)
2.
Prepare journal entries for the month of April to record the above transactions.
(Omit the "$" sign in your response.)
General Journal
Debit
Credit
a.
To record materials purchases.
3.
Prepare a manufacturing statement for April (use a single line presentation for direct materials and show the details of overhead cost.)
(Amounts to be deducted should be indicated with a minus sign. Omit the "$" sign in your response.)
WINFREY COMPANY
Manufacturing Statement
For Month Ended April 30
$
$
4.1
Compute gross profit for April.
(Omit the "$" sign in your response.)
Gross profit
$
a.
Direct materials costs to Goods in Process Inventory.
b.
Direct labor costs to Goods in Process Inventory.
c.
Overhead costs to Goods in Process Inventory.
d.
Indirect materials costs to the Factory Overhead account.
e.
Indirect labor costs to the Factory Overhead account.
Required:
1.
Prepare journal entries to assign the above costs.
(Omit the "$" sign in your response.)
Date
General Journal
Debit
Credit
a.
2.1
Determi.
1. True or false. Unlike a merchandising business, a manufacturing
1. True or false. Unlike a merchandising business, a manufacturing business uses multiple inventory accounts to reflect the cost of raw materials, partially completed goods, and finished goods.
TRUE
FALSE
2.5 points
QUESTION 2
1. For a manufacturing business, the finished goods inventory account reflects the cost of what?
Shipping
Partially completed goods
Completed goods
Raw materials
2.5 points
QUESTION 3
1. Super Goods, an electronics retailer, purchases $80,000 worth of computers from a manufacturer in Taiwan. The terms of the purchase are FOB shipping point. Freight costs total $9,000. The goods are shipped on June 1 and delivered on June 15. On June 1, which two accounts should be debited by Super Goods in the following journal entry? Date Account Dr. Cr. 6-01-XX 80000.00 9000.00 Accounts Payable 89000.00
Inventory and Freight-out
Accounts Receivable and Freight-out
Inventory and Freight-in
Accounts Receivable and Freight-in
2.5 points
QUESTION 4
1. At the time of shipment, goods that are purchased FOB shipping point are
reported on the seller's balance sheet.
considered the responsibility of the buyer.
designated as freight-out.
categorized as partially completed inventory.
2.5 points
QUESTION 5
1. On February 15, a buyer purchases $30,000 worth of goods from a manufacturer. The manufacturer offers the buyer a 3% discount ($900) if payment for the goods is made within 10 days. The buyer pays for the merchandise on February 20. In a journal entry, the seller should debit ________ and credit ________ for $900.
Sales; Purchase Discounts
Accounts Receivable; Sales
Sales; Accounts Receivable
Accounts Payable; Inventory
2.5 points
QUESTION 6
1. A buyer receives a sales discount from a seller for paying for purchased goods within a specific period of time. In what way does the sales discount affects the buyer?
Reducing freight-in costs
Reducing the cost of inventory
Increasing freight-out costs
Increasing the cost of inventory
2.5 points
QUESTION 7
1. For a manufacturing business, the __________ inventory account reflects the cost of products that have been manufactured and are ready to be sold.
Raw materials
Work-in-process
Freight-in
Finished goods
2.5 points
QUESTION 8
1. Which term refers to goods that a merchandising business purchases and resells?
Inputs
Frieght
Supplies
Inventory
2.5 points
QUESTION 9
1. On February 15, a buyer purchases $10,000 worth of goods from a manufacturer, who spent $5,000 to manufacture the goods. The terms of sale are FOB shipping point, and shipping costs are $800. The goods will be shipped on June 1. The manufacturer must make two journal entries on June 1. In the second journal entry, the manufacturer should debit ________ and credit ________. Date Account Dr. Cr. 6-01-XX Accounts Receivable 10,000.00 Cash 800.00 Sales 10,000.00 Date Account Dr. Cr. 6-01-XX 5,000.00 5,000.00
Cash; Cost of Goods Sold
Cost of Goods Sold; ...
1. True or false. Unlike a merchandising business, a manufacturing
1. True or false. Unlike a merchandising business, a manufacturing business uses multiple inventory accounts to reflect the cost of raw materials, partially completed goods, and finished goods.
TRUE
FALSE
2.5 points
QUESTION 2
1. For a manufacturing business, the finished goods inventory account reflects the cost of what?
Shipping
Partially completed goods
Completed goods
Raw materials
2.5 points
QUESTION 3
1. Super Goods, an electronics retailer, purchases $80,000 worth of computers from a manufacturer in Taiwan. The terms of the purchase are FOB shipping point. Freight costs total $9,000. The goods are shipped on June 1 and delivered on June 15. On June 1, which two accounts should be debited by Super Goods in the following journal entry? Date Account Dr. Cr. 6-01-XX 80000.00 9000.00 Accounts Payable 89000.00
Inventory and Freight-out
Accounts Receivable and Freight-out
Inventory and Freight-in
Accounts Receivable and Freight-in
2.5 points
QUESTION 4
1. At the time of shipment, goods that are purchased FOB shipping point are
reported on the seller's balance sheet.
considered the responsibility of the buyer.
designated as freight-out.
categorized as partially completed inventory.
2.5 points
QUESTION 5
1. On February 15, a buyer purchases $30,000 worth of goods from a manufacturer. The manufacturer offers the buyer a 3% discount ($900) if payment for the goods is made within 10 days. The buyer pays for the merchandise on February 20. In a journal entry, the seller should debit ________ and credit ________ for $900.
Sales; Purchase Discounts
Accounts Receivable; Sales
Sales; Accounts Receivable
Accounts Payable; Inventory
2.5 points
QUESTION 6
1. A buyer receives a sales discount from a seller for paying for purchased goods within a specific period of time. In what way does the sales discount affects the buyer?
Reducing freight-in costs
Reducing the cost of inventory
Increasing freight-out costs
Increasing the cost of inventory
2.5 points
QUESTION 7
1. For a manufacturing business, the __________ inventory account reflects the cost of products that have been manufactured and are ready to be sold.
Raw materials
Work-in-process
Freight-in
Finished goods
2.5 points
QUESTION 8
1. Which term refers to goods that a merchandising business purchases and resells?
Inputs
Frieght
Supplies
Inventory
2.5 points
QUESTION 9
1. On February 15, a buyer purchases $10,000 worth of goods from a manufacturer, who spent $5,000 to manufacture the goods. The terms of sale are FOB shipping point, and shipping costs are $800. The goods will be shipped on June 1. The manufacturer must make two journal entries on June 1. In the second journal entry, the manufacturer should debit ________ and credit ________. Date Account Dr. Cr. 6-01-XX Accounts Receivable 10,000.00 Cash 800.00 Sales 10,000.00 Date Account Dr. Cr. 6-01-XX 5,000.00 5,000.00
Cash; Cost of Goods Sold
Cost of Goods Sold; ...
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Exercise 7-2Presented below are a number of independent situations.docx
Exercise 7-2Presented below are a number of independent situations.docx
Directions Answer the following questions on a separate Micro.docx
Directions Answer the following questions on a separate Micro.docx
ACT 305 Module 6 Assignment Choice #1- Cost of Production
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Week 3 DQsLIFO vs. FIFOThe controller of Sagehen Enterprises.docx
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1. True or false. Unlike a merchandising business, a manufacturing
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More from dorishigh
Cyber War versus Cyber Realities Cyber War v.docx
Cyber War versus Cyber Realities
Cyber War versus
Cyber Realities
Cyber Conflict in the International System
Brandon Valeriano
and
Ryan C. Maness
Oxford University Press is a department of the University of
Oxford. It furthers the University’s objective of excellence in research,
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Published in the United States of A merica by
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© Oxford University Press 2015
A ll rights reser ved. No part of this publication may be reproduced, stored in
a retrieval system, or transmitted, in any form or by any means, without the prior
permission in writing of Oxford University Press, or as expressly permitted by law,
by license, or under terms agreed with the appropriate reproduction rights organization.
Inquiries concerning reproduction outside the scope of the above should be sent to the
R ights Department, Oxford University Press, at the address above.
You must not circulate this work in any other form
and you must impose this same condition on any acquirer.
Librar y of Congress Cataloging-in-Publication Data
Valeriano, Brandon.
Cyber war versus cyber realities : cyber conflict in the international system /
Brandon Valeriano, Ryan C. Maness.
pages cm
ISBN 978–0–19–020479–2 (hardback)
1. Cyberspace operations (Militar y science) 2. Cyberterrorism.
3. Technolog y and international relations. 4. Internet and international
relatins. I. Maness, Ryan C. II. Title.
U163.V36 2015
355.4—dc23
2014039240
9 8 7 6 5 4 3 2 1
Printed in the United States of A merica
on acid-free paper
Dedicated to John Vasquez and J. David Singer
CO N T E N T S
Preface ix
Acknowledgments xiii
1. The Contours of the Cyber Conflict World 1
2. Cyber Power, Cyber Weapons, and Cyber Operations 20
3. Theories of Cyber Conflict: Restraint, Regionalism, Espionage, and Cyber
Terrorism in the Digital Era 45
4. The Dynamics of Cyber Conflict Between R ival Antagonists 78
5. The Impact of Cyber Actions: Cyber Events and the Conflict-Cooperation
Nexus 109
6. Stuxnet, Shamoon, and Bronze Soldier: The Impact and Responses to Cyber
Operations 137
7. Cyber Conflict and Non-State Actors: Weapons of Fear 164
8. Cyber Rules: Encouraging a System of Justice and Proportionality in Cyber
Operations 188
9. Conclusion 209
Appendix: Research Methods 229
Notes 233
References 249
Index 259
P R E FA C E
PROJEC T B EGINNINGS
We started working in the cyber security field in 2010 w.
Cyber terrorism, by definition, is the politically motivated use.docx
Cyber terrorism, by definition, is the politically motivated use of computers and information technology to cause severe disruption or widespread fear in society. The Center for Strategic and International Studies reported in March 2019 that Chinese Hackers targeted at least 27 Universities to steal Naval Technologies research, being one of many cyber-terrorist attacks. Besides these attacks, Hacktivism is a cyber-attack either by legal or illegal digital means in the pursuit of political ends, free speech, and the right of free speech. A most notable example would be the group Anonymous conducting numerous hacks from 2008 to 2012 against companies, organizations, and even governments that go against their moral codes. Behind the Tunisia Operation in 2010, Anonymous took down eight government websites with DDOS (Distributed Denial of Service) attacks in support of Arab Spring movements. Between the two Cyberterrorism is meant to instill fear and panic in society. At the same time, Hacktivism brings about a voice or an opposition to the government and other organizations to support a cause against them. Hacktivism is more politically based, pointing out flaws in the system raising awareness on our rights as human beings. Advances in technology lead to newer and different types of attacks either group can conduct. From viruses waiting for you to log into your bank account to massive-scale attacks against the banks' systems themselves, terrorists, or hacktivists, have infinite ways to infiltrate and attack for their cause. Many laws have been put in place to combat these groups, acts put in place such as Cybersecurity Information Sharing Act (CISA) or Cybersecurity Enhancement Act of 2014 helping share information and build research and development to fight against cyber-attacks. Given the push against both groups by our government, I can't help but feel concern for our rights and freedoms that may be infringed upon that our government or some corporation is doing while combating the whistleblower with Hacktivist tactics. It only keeps me and others mindful while fighting against cyberattacks that may be classified as cyberterrorism. There is a fine line on what would be a genuine noble act of hacking or something labeled as cyberterrorism placing information and lives at risk, its not so black and white as some areas can be considered grey. Thankfully some events in history, thanks to Hacktivism has brought good results that benefit society, such as Operation "Nice" which organized to hunt down the terrorist responsible for attacks in the French city, killing nearly a hundred people. Also, Operation Darknet which infiltrated 40 child pornography websites publishing 1500 plus names of frequent visitors to the sites stopping such activity. In these instances, I am for hacktivism and specific groups that act for the benefit of society and our rights as humans.
Cyberterrorism. (n.d.). Retrieved from
https://www.dictionary.com/browse/cyberterroris.
Cyber Security ThreatsYassir NourDr. Fonda IngramETCS-690 .docx
Cyber Security Threats
Yassir Nour
Dr. Fonda Ingram
ETCS-690
Cybersecurity Research Seminar
Date: 02/08/2019
1. Denial-of-Service (DoS) Attacks
A denial-of-service (DoS) is any kind of assault where the assailants (programmers) endeavor to keep real clients from getting to the service.
Programmer sends undesirable high volumes of traffic through the system until it ends up stacked and can never again work.
https://www.incapsula.com/ddos/ddos-attacks/denial-of-service.html
2
Company and summary of how the threat affected the firm
Deezer, an online music streaming service, says it was affected by a vast scale DDoS assault on June 7 through a botnet, which brought about the organization's site being down for a few hours.
https://www.theguardian.com/technology/2014/jun/10/deezer-user-data-hack-attack-ddos
3
Possible
Solution
s
These threats could been avoided by:
Reinforcing the security frameworks and servers
WAFs (Web Application Firewalls) are an incredible instrument to use against these assaults as they give you more command over your web traffic while perceiving malicious web misuses.
2. Malware
A malware assault is a sort of cyber-attack in which malware or malicious programming performs exercises on the unfortunate casualty's PC system, more often than not without his/her insight.
In straightforward words, it is a code with the expectation to takes information or obliterates something on the PC.
https://us.norton.com/internetsecurity-malware.html
5
Company and summary of how the threat affected the firm
Onslow Water and Sewer Authority (OWASA) on October 15, 2018, was assaulted by Ryuk ransomware making huge harm to the association's system and brought about various databases and systems being modified starting from the group up.
The ransomware corrupted vast quantities of endpoints and requested higher payments than what we ordinarily observe (15 to 50 Bitcoins).
https://blog.malwarebytes.com/cybercrime/malware/2019/01/ryuk-ransomware-attacks-businesses-over-the-holidays/
6
Possible
.
Cyber Security in Industry 4.0Cyber Security in Industry 4.0 (.docx
Cyber Security in Industry 4.0
Cyber Security in Industry 4.0 (IEEE) Using Emerging Technology to Improve Compliance As cyber threats, malicious software, and cyber-attacks continue to escalate in sophistication, and no industry can remain immune to these threats. The IEEE has used industry-inspired advances in innovation and implementation to promote the highest level of cybersecurity standards for the most robustly protected information and communication technology infrastructure, from networks and telecommunication systems through websites, digital certificates, and passwords, and other software-based systems (Ardito et al., 2019). This Enhanced Canada Cybersecurity Standards and Certificates (ECCS&C) project strives to provide a common framework for enhanced cybersecurity across all sectors. The fourth industrial revolution is referred to as cybersecurity in Industry 4.0 and is encompassing three discrete components: machine learning, artificial intelligence, and automation.The effects of these four technologies will most certainly impact the processes and processes aspects of technology adoption. Over the next decade, we will most certainly see further and the further rise of robotics (Ardito et al., 2019).
The industrial revolution will begin with smart factory security systems. For now, those systems are secure, but many manufacturers will soon provide safeguards against attack and malware threats to help prevent malware attacks and lawsuits. The processes can look simple like a boiler next to a giant hexagon. For example, all these processes would trigger heating or cooling at some point, and the heating or cooling can be controlled by digital control boxes connected to a smart grid (Shi et al., 2019).
The industrial network will soon have more people connected in more complex networks, such as industrial warehouses. All of these buildings can communicate with each other and can remotely activate or deactivate automation systems to reduce manufacturing costs. The need for the defense, control, and monitoring of systems and networks. The blockchain is the most viable platform for these purposes (Shi et al., 2019). Decentralization is gaining respect and confidence on a global scale, and so there is a renewed emphasis on the blockchain in the industry. There is an abundance of articles on the blockchain's potential and benefits for companies. For example, more than fifty articles are covering the blockchain's potential for authentication, threat modeling, and development of social payment interfaces. Companies are beginning to explore smart contracts and smart systems for security, reputation, and data. All in all, it seems that all the evidence points to blockchain technology as the future of the financial industry (Shi et al., 2019).
References
Ardito, L., Petruzzelli, A. M., Panniello, U., & Garavelli, A. C. (2019). Towards Industry 4.0. Business Process Management Journal.
Shi, L., Chen, X., Wen, S., & Xiang, Y. (2019, December)..
Cyber Security and the Internet of ThingsVulnerabilities, T.docx
Cyber Security and the Internet of Things:
Vulnerabilities, Threats, Intruders
and Attacks
Mohamed Abomhara and Geir M. Køien
Department of Information and Communication Technology,
University of Agder, Norway
Corresponding Authors: {Mohamed.abomhara; geir.koien}@uia.no
Received 14 September 2014; Accepted 17 April 2015;
Publication 22 May 2015
Abstract
Internet of Things (IoT) devices are rapidly becoming ubiquitous while IoT
services are becoming pervasive. Their success has not gone unnoticed and
the number of threats and attacks against IoT devices and services are on the
increase as well. Cyber-attacks are not new to IoT, but as IoT will be deeply
interwoven in our lives and societies, it is becoming necessary to step up
and take cyber defense seriously. Hence, there is a real need to secure IoT,
which has consequently resulted in a need to comprehensively understand the
threats and attacks on IoT infrastructure. This paper is an attempt to classify
threat types, besides analyze and characterize intruders and attacks facing IoT
devices and services.
Keywords: Internet of Things, Cyber-attack, Security threats.
1 Introduction
The recent rapid development of the Internet of Things (IoT) [1, 2] and its
ability to offer different types of services have made it the fastest growing
technology, with huge impact on social life and business environments. IoT has
Journal of Cyber Security, Vol. 4, 65–88.
doi: 10.13052/jcsm2245-1439.414
c© 2015 River Publishers. All rights reserved.
66 M. Abomhara and G. M. Køien
gradually permeated all aspects of modern human life, such as education,
healthcare, and business, involving the storage of sensitive information about
individuals and companies, financial data transactions, product development
and marketing.
The vast diffusion of connected devices in the IoT has created enormous
demand for robust security in response to the growing demand of millions or
perhaps billions of connected devices and services worldwide [3–5].
The number of threats is rising daily, and attacks have been on the increase
in both number and complexity. Not only is the number of potential attackers
along with the size of networks growing, but the tools available to potential
attackers are also becoming more sophisticated, efficient and effective [6, 7].
Therefore, for IoT to achieve fullest potential, it needs protection against
threats and vulnerabilities [8].
Security has been defined as a process to protect an object against physical
damage, unauthorized access, theft, or loss, by maintaining high confidential-
ity and integrity of information about the object and making information about
that object available whenever needed [7, 9]. According to Kizza [7] there is no
thing as the secure state of any object, tangible or not, because no such object
can ever be in a perfectly secure state and still be useful. An object is secure if
the process can maintain its maximum intrinsic value under different condi-
tions. S.
Cyber Security Gone too farCarlos Diego LimaExce.docx
Cyber Security Gone too far
Carlos Diego Lima
Excelsior College
BNS301 National Security Ethics and Diversity
How far is it too far when protecting the peoples' rights in cyberspace and its national security? In an ever-evolving cyber world, many states tend to infringe on citizens' cyber information privacy for their own accord. Sometimes governments overstep boundaries and bend the rules to protect the land and overstep the peoples' privacy to enforce rules and regulations. My final paper will analyze rules and regulations within the Cybersecurity realm within the United States. The National Security Strategy is a good guideline on the laws and what the U.S is looking to implement soon. This paper intends not to make conspiracy theories to show facts and existing laws and regulations on how the citizens' privacy has no longer been protected and some examples of historical events. (Snowden) had an ethical dilemma when he made his decisions. My paper will include my opinions and the bullet points below to construct a good argument on how the U.S can protect its citizens' privacy.
· National Security Strategy
· Cyber laws within the United States
· Privacy Laws
· Phone settings
· Phone Companies and laws sharing information to the government
· Internal agencies search and espionage laws
Edgar, T. H. (2017). Beyond Snowden privacy, mass surveillance, and the struggle to reform the NSA. Washington, D.C: Brookings Institution Press.
J., T. P., & Upton, D. (2016). Cyber security culture: Counteracting cyber threats through organizational learning and training. Routledge.
Miloshoska, D., & Smilkovski, I. (2016).
Http://uklo.edu.mk/filemanager/HORIZONTI 2017/Horizonti serija A volume 19/14. Security and trade facilitation - the evidence from Macedonia- Milososka, Smilkovski.pdf.
HORIZONS.A, 19, 153-163. doi:10.20544/horizons.a.19.1.16.p14
Omand, D. (2018). Principled Spying: The Ethics of Secret Intelligence. Georgetown University Pre Omand, D. (2018). Principled Spying: The Ethics of Secret Intelligence. Georgetown University Press.
Zimmerman, R. (2015). The Department of Homeland Security: Assessment, recommendations, and appropriations. New York: Nova.
Running Head: METHODS, RESULTS AND DISCUSSION 1
METHODS, RESULTS AND DISCUSSION
Kaytlin De Los Santos
Florida International University
METHODS, RESULTS AND DISCUSSION 2
Methods, Results and Discussion
Methods
Participants
One hundred and thirty-nine participants were randomly selected and requested to fill a
questionnaire during the study. Every one of the 48 researchers looked for about 3 participants
each who were strangers to them or students at FIU. The participants needed to have not taken a
psychology research methods class in the fall of 2019.
Male participants for the study were 53 which accounted 38.1% while female participants
were 86 which accounted for 61.9% of the total number of particip.
CW 1R Checklist and Feedback Sheet Student Copy Go through this.docx
CW 1R Checklist and Feedback Sheet: Student Copy
Go through this checklist before you submit your CW 1R assessment. You can also use this sheet to make notes on your tutor’s feedback in the following areas. This information will be essential when you are improving your draft.
Tutor’s comments
Part 3
Is your referencing complete and accurate?
Part 1
Have you evaluated the required number of sources?
Have you included all the sources in your evaluation in your list?
Is it clear how you have identified your sources as reliable and appropriate for academic use? Have you considered a number of aspects eg. currency, authority, etc?
Are your sources all clearly relevant to your topic?
Have you explained the key points or identified useful data from each source? Have you explained points in your own words?
Have you noted how you will use the source in your essay? Will it support a point / provide data / offer a counter-argument?
Have you identified the relationship between the information you have read? Do articles support an argument presented in another source? Provide additional information? Offer an alternative view?
Part 2
Have you included all your sources in part 2 in your outline?
Is your introduction clear? Have you included: the background /context for your essay? An overview of the essay structure?
Is your position clear?
Does your position relate to the main body of the essay? Do all your points relate to your position?
Is the development of your argument logical throughout your outline? Do any paragraphs seem repetitive / irrelevant or out of place?
For each paragraph
Is it clear how each paragraph develops your argument?
Does each paragraph focus and develop one key point?
Is the topic sentence clear?
Do the supporting points develop the topic sentence?
Is there clear evidence / data to support your points?
Are citations included for the support you will use?
Have you used more than one source for each paragraph?
Conclusion
Does your conclusion effectively answer your question?
1
BERNICE BOBS HER HAIR
by
F. Scott Fitzgerald
After dark on Saturday night one could stand on the first tee
of the golf-course and see the country-club windows as a
yellow expanse over a very black and wavy ocean. The
waves of this ocean, so to speak, were the heads of many
curious caddies, a few of the more ingenious chauffeurs, the
golf professional's deaf sister--and there were usually several
stray, diffident waves who might have rolled inside had they
so desired. This was the gallery.
The balcony was inside. It consisted of the circle of wicker
chairs that lined the wall of the combination clubroom and
ballroom. At these Saturday-night dances it was largely
feminine; a great babel of middle-aged ladies with sharp eyes
and icy hearts behind lorgnettes and large bosoms. The main
function of the balcony was critical. It occasionally showed
grudging admira.
CW 1 Car Industry and AIby Victoria StephensonSubmission.docx
CW 1 Car Industry and AI
by Victoria Stephenson
Submission date: 03-Jan-2020 12:53PM (UTC+0000)
Submission ID: 1239134764
File name: 14900_Victoria_Stephenson_CW_1_Car_Industry_and_AI_278016_1651532176.docx (39.1K)
Word count: 2448
Character count: 13114
Overall structure looks clear, but what is the main focus of paragraph
5?
Non-academic source
Referencing error
Good point /
s
Pt 1. Search method
issue 1
This is not the title of the article - it is 'Driving Tests Coming for Autonomous Cars'. Make sure your referencing
is accurate.
Pt 1. Search method
issue
This article does not come up on a Google Scholar
search.
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QM
QM
FINAL GRADE
60/100
CW 1 Car Industry and AI
GRADEMARK REPORT
GENERAL COMMENTS
Instructor
Source Selection: 6 (One merit criteria met; two of the
sources are less academic)
Source Evaluation and Use of Sources: 7 (Both Merit
criteria met)
Processing Text: 6.5 (mid-mark) One Distinction criteria
met - main points are all clear, support is repetitive /
less clear in places - make sure you give specific
examples / data).
Research and Understanding: 4.5 - mid-mark awarded.
Search methods are unclear / could not be followed.
Conclusions are good and clearly indicate reading has
been undertaken and understood.
24 / 40
PAGE 1
Text Comment. Overall structure looks clear, but what is the main focus of paragraph 5?
PAGE 2
Non-academic source
Remember that your sources must be reliable/trustworthy. This means they should be books,
academic journal articles, or reports from governments or international organisations. Do not use
general websites as primary sources.
Referencing error
QM
QM
QM
QM
QM
QM
QM
Check the guidelines on the cover page of this submission template to make sure you have
formatted the reference accurately.
Good point / s
Pt 1. Search method issue
You have not explained where you found your source or have used a non-academic search engine.
This is not good practice for academic study; please use either Google Scholar, StarPlus or the
reference lists of other related academic papers.
Comment 1
Google Scholar would be a better starting point, or you could follow up on research cited in the
website article to make sure that the research is academic and non-biased.
PAGE 3
Text Comment. This is not the title of the article - it is 'Driving Tests Coming for Autonomous
Cars'. Make .
CWTS CWFT Module 7 Chapter 2 Eco-maps 1 ECO-MAPS .docx
CWTS
CWFT Module 7 Chapter 2
Eco-maps
1
ECO-MAPS
The eco-map helps to identify family resources at-a-glance. Areas of strength and concern are presented to assist in
creating a picture of the family’s world. Information is gathered in circles. Eco-maps are a snapshot in time.
Periodically update changes in connections to resources—especially natural familial and community resources to
maximize usefulness of the tool. The list below helps spur questions and generate deeper discussion about resources
and strengths during the initial visit.
Extended Family Medical/Health Care
Who is in the area that can be a support for you ALL family members: physical illness or disease
What kind of relationship Effects of chemical use
What kind of insurance
Income Effects of chemical use
Financial status Access to medical care
Sources of income Psychological illness, disease
Budgeting
Social Services/Resources
Friends County or Tribal/Financial Services/Child Welfare
Close – Supportive – Conflictive Names of workers
Where located Neighborhood centers
What kind of contact - frequency Agencies / counseling involved with in the past
Positive or negative experiences
Recreation
What do you do for fun Work/School
What do you do for relaxation Employment—past/present
What would you like to do What work are you interested in pursuing
Interests and / or hobbies What type of skills, vocation
What have you done in the past Degree or school until what grade
Positive or negative experiences
Spiritually/Religion
Spirituality and/or religious affiliation growing up Neighborhood
What kind of experiences did you have How long at present home
With what activities were you involved What is your neighborhood like
Current spiritual beliefs and religious affiliations Do you feel safe in your home and neighborhood
Where did you grow up, and what was it like
When showing connections with the ecomap, indicate the nature of the connections with a descriptive word or by
drawing different kinds of lines:
Strong connections: ----------
Tenuous connections: ._._._._
Stressful connections: //////
Draw arrows along the connection lines to signify the flow of energy and resources.
Identify significant people and fill in empty circles as needed. See the example Kelly Family below.
CWTS
CWFT Module 7 Chapter 2
Eco-maps
2
CHURCH/SPIRITUALITY
RECREATION
WORK/SCHOOL
FRIENDS
Extended Family/
Significant Others NEIGHBORHOOD
INCOME
SOCIAL SERVICES/
RESOURCES
NAME: ________________________
MEDICAL/
HEALTH CARE
STRENGTHS:
CONCERNS:
CWTS
CWFT Module 7 Chapter 2
Eco-maps
3
KELLY
FAMILY
Example
HEALTH CARE
EXTENDED
FAMILY
Absent father
WILLIAM
13
VERONA
9
GLORIA
14
SCHOOL
HOUSING:
Homeless
DANGEROUS
NEIGHBORHOOD
CHILD
WELFARE
(foster homes)
MFIP
BENEFITS
JOB TRAINING
Vocational
Rehabilitation
Prog.
Cw2 Marking Rubric Managerial Finance0Fail2(1-29) Fail.docx
Cw2 Marking Rubric Managerial Finance
0
Fail
2
(1-29) Fail
30-39
Fail
40-49
3rd
50-59
2:2
60-69
2:1
70+
1st
Grade Descriptors (Right)
Learning Pillars, Criterion Description and Expectations (Below)
Module Learning Outcome and Industry Competencies
Weighting
No attempt, No submission, Absent
Unsatisfactory, Poor, Week
Incomplete, Inadequate, Limited
Basic, Satisfactory, Sufficient
Appropriate, Fair, Reasonable,
Commendable, Competent, Judicious
Highly Commendable, Outstanding, Exceptional
1
Professional Skills - Executive Summary - Degree to which the executive summary explains the key themes and outcomes of the report in a one page summary
1A,1C
5%
As per grade descriptor
Poor attempt at identifying and
including key themes and/or outcomes. Is unlikely to be limited to one page only
The summary is limited in approach and
therefore incomplete. Possibly over one page in length.
Covers most of the key themes and
outcomes, basic use of information and sources, likely over one page in length.
A one page summary, which provides a
fair and appropriate executive summary to the report.
A commendable, one page summary.
Efficient structure which conveys and logically explains key themes and outcomes.
A strong one page summary. Which is
proficient in explaining key themes and outcomes. Very good structure to the summary.
2
Knowledge and Understanding:
- Introduction completeness and clarity of introduction to the organisation, background, context and rationale for the report being prepared
LO5,4A,4B,5A
10%
As per grade descriptor
Unsatisfactory introduction to the
organisation and background to report. Poor rational is presented. The scope of the report is very broad.
Incomplete introduction and/or background,
inadequate rationale for the report presented. Scope not adequately defined
Acceptable intro and/or background.
Somewhat basic rationale for the research presented. Satisfactory definition of report scope.
Appropriate introduction and/or
background. Fair rationale for the report presented. Scope reasonably well defined.
Commendable introduction and
background presented. Competent rationale presented. Scope well defined.
A strong and well articulated
introduction, the background is proficiently presented with excellent explanation of rationale to the report.
Scope very well defined.
3
Cognitive (thinking) Skills: Literature review:
Information is gathered from multiple, research- based sources. The appropriate content in consideration is covered in depth without being redundant. Sources are cited when specific statements are made. Significance to the
course is unquestionable
LO2,4A,1C,3C,3D
10%
As per grade descriptor
The literature review is
unsatisfactory in that the research content is irrelevant and/or incomplete with poor analysis and conclusions.
The literature review is inadequate in
that the research content is limited and/or incomplete with the same for it's analysis and conclusions.
The review is a.
Cyber AttacksProtecting National Infrastructure, 1st ed.Ch.docx
Cyber Attacks
Protecting National Infrastructure, 1st ed.
Chapter 6
Depth
Copyright © 2012, Elsevier Inc.
All Rights Reserved
1
Introduction
Anylayerofdefensecanfailatanytime,thusthe
introduction of
defense in depth
Aseriesofprotectiveelementsisplacedbetweenan
asset and the adversary
Theintentistoenforcepolicyacrossallaccesspoints
Copyright © 2012, Elsevier Inc.
All rights Reserved
2
Chapter 6 – Depth
Fig. 6.1 – General defense in depth schema
Copyright © 2012, Elsevier Inc.
All rights Reserved
3
Chapter 6 – Depth
Effectiveness of Depth
Quantifyingtheeffectivenessofalayereddefenseis often difficult
Effectivenessisbestdeterminedbyeducatedguesses
Thefollowingarerelevantforestimating
effectiveness
– Practical experience
– Engineering analysis
– Use-case studies
– Testing and simulation
Copyright © 2012, Elsevier Inc.
All rights Reserved
4
Chapter 6 – Depth
Fig. 6.2 – Moderately effective single layer of protection
Copyright © 2012, Elsevier Inc.
All rights Reserved
5
Chapter 6 – Depth
Effectiveness of Depth
• Whenalayerfails,wecanconcludeitwaseither
flawed
or
unsuited
to the target environment
• Nolayeris100%effective—thegoalofmakinglayers “highly” effective is more realistic
Copyright © 2012, Elsevier Inc.
All rights Reserved
6
Chapter 6 – Depth
Fig. 6.3 – Highly effective single layer of protection
Copyright © 2012, Elsevier Inc.
All rights Reserved
7
Chapter 6 – Depth
Fig. 6.4 – Multiple moderately effective layers of protection
Copyright © 2012, Elsevier Inc.
All rights Reserved
8
Chapter 6 – Depth
Layered Authentication
Anationalauthenticationsystemforeverycitizen would remove the need for multiple passwords, passphrases, tokens, certificates, and biometrics that weaken security
Singlesign-on(SSO)wouldaccomplishthis authentication simplification objective
However,SSOaccessneedstobepartofa multilayered defense
Copyright © 2012, Elsevier Inc.
All rights Reserved
9
Chapter 6 – Depth
Fig. 6.5 – Schema showing two layers of end-user authentication
Copyright © 2012, Elsevier Inc.
All rights Reserved
10
Chapter 6 – Depth
Fig. 6.6 – Authentication options including direct mobile access
Copyright © 2012, Elsevier Inc.
All rights Reserved
11
Chapter 6 – Depth
Layered E-Mail Virus and Spam Protection
Commercialenvironmentsareturningtovirtual,in- the-cloud solutions to filter e-mail viruses and spam
Tothatsecuritylayerisaddedfilteringsoftwareon individual computers
Antivirussoftwarehelpful,butuselessagainstcertain attacks (like botnet)
Copyright © 2012, Elsevier Inc.
All rights Reserved
12
Chapter 6 – Depth
Fig. 6.7 – Typical architecture with layered e-mail filtering
Copyright © 2012, Elsevier Inc.
All rights Reserved
13
Chapter 6 – Depth
Layered Access Controls
• Layeringaccesscontrolsincreasessecurity
• Addtothisthelimitingofphysicalaccesstoassets
• Fornationalinfrastructure,assetsshouldbecovered by as many l.
CVPSales price per unit$75.00Variable Cost per unit$67.00Fixed C.docx
CVPSales price per unit$75.00*Variable Cost per unit$67.00*Fixed Cost$100,000.00*Targeted Net Income$0.00*(assume 0 if you want to calculate breakeven)Calculated Volume12,500calculated* inputted by user
Social Networking Channels
Thomas Lamonte Esters
Independence University
29 September 2018
SOCIAL NETWORKING CHANNELS 1
I dislike social networking sites because of the dangerous hazards connected to it.
The ProCon article vividly describes the numerous benefits that are attached to the social networking sites such as connecting people, enhancing advertising and marketing, promoting research and education, assisting to spread information faster as compared to other media, connecting employers and employees and assisting the government to identify and prosecute criminals. These are just a few examples that the article illustrates to support the necessity of the social networking sites in the society today. According to the article, the social networking channels have significantly transformed different sectors such as businesses for the better since they can sell their products and services globally (Procon.org, 2018).
However, the detrimental effects connected with the social networking channels are also numerous and most of them may lead to permanent damage to our lives. It is very clear that the education is the backbone of our lives and also the key to success. Currently, about 69% of the American population use social media channels which is a drastic increase in the usage from 2008 where about 26% of the Americans were connected to the social media (Procon.org, 2018). Most of the social networking sites users are the youths who are in their lower grade level, colleges or even universities. The research shows that using social media when handling assignments decreases the quality of work and makes the students drop in their performance. Education is a core value to a successful life and allowing social media to intrude in the academics will be detrimental since it will lead to the production of incompetent individuals who may end up causing problems in the society (Rowell, 2015).
Moreover, the social media channels expose individuals’ to privacy problems and intrusion by any interested parties. In fact, nothing which is shared in the social media channels is private. According to the survey conducted, 81% of the people surveyed believed that social media is insecure. The government through the NSA (National Security Agencies) intrudes to people’s data and communication in social media meaning that their private information ends up in the hands of the government. Many people do not know about social media privacy settings and this means that they leave their social media accounts prone to invasion (Procon.org, 2018). Viruses such as Steck. Evl can also be propagated via the social media to cause harm to the users. Most of these viruses are spies and send users priv.
CYB207 v2Wk 4 – Assignment TemplateCYB205 v2Page 2 of 2.docx
CYB/207 v2
Wk 4 – Assignment Template
CYB/205 v2
Page 2 of 2
NIST Risk Management Framework Step
What is the key NIST Special Publication that guides this step?
What are the typically deliverables for this step??
Who typically works on the deliverables for this step??
Step 1
Categorize
<(list NIST special pub)
(Describe the deliverable)
(List Author)
Step 2
Select
Step 3
Implement
Step 4
Assess
Step 5
Authorize
Step 6
Monitor
Copyright 2020 by University of Phoenix. All rights reserved.
Copyright 2020 by University of Phoenix. All rights reserved.
A Selection From
HAMMURABI'S CODE OF LAWS
(circa 1780 B.C.)
Translated by L. W. King
CODE OF LAWS
2. If any one bring an accusation against a man, and the accused go to the river and leap into the river, if he sink in the river his accuser shall take possession of his house. But if the river prove that the accused is not guilty, and he escape unhurt, then he who had brought the accusation shall be put to death, while he who leaped into the river shall take possession of the house that had belonged to his accuser.
3. If any one bring an accusation of any crime before the elders, and does not prove what he has charged, he shall, if it be a capital offense charged, be put to death.
6. If any one steal the property of a temple or of the court, he shall be put to death, and also the one who receives the stolen thing from him shall be put to death.
14. If any one steal the minor son of another, he shall be put to death.
15. If any one take a male or female slave of the court, or a male or female slave of a freed man, outside the city gates, he shall be put to death.
17. If any one find runaway male or female slaves in the open country and bring them to their masters, the master of the slaves shall pay him two shekels of silver.
21. If any one break a hole into a house (break in to steal), he shall be put to death before that hole and be buried.
22. If any one is committing a robbery and is caught, then he shall be put to death.
25. If fire break out in a house, and some one who comes to put it out cast his eye upon the property of the owner of the house, and take the property of the master of the house, he shall be thrown into that self-same fire.
59. If any man, without the knowledge of the owner of a garden, fell a tree in a garden he shall pay half a mina in money.
108. If a tavern-keeper (feminine) does not accept corn according to gross weight in payment of drink, but takes money, and the price of the drink is less than that of the corn, she shall be convicted and thrown into the water.
112. If any one be on a journey and entrust silver, gold, precious stones, or any movable property to another, and wish to recover it from him; if the latter do not bring all of the property to the appointed place, but appropriate it to his own use, then shall this man, who did not bring the property to hand it over, be convicted, and he shall pay fivefold for all that had been entrusted to him.
.
CUSTOMERSERVICE-TRAINIGPROGRAM 2 TA.docx
CUSTOMER SERVICE- TRAINIG PROGRAM
2
TABLE OF CONTENTS
Introduction ------------------------------------------------------------------------------------------------------------3
Training Needs Analysis ---------------------------------------------------------------------------------------------4
Training Design -------------------------------------------------------------------------------------------------------9
Training Objectives --------------------------------------------------------------------------------------------------10
Training Methods ----------------------------------------------------------------------------------------------------11
Training Development ----------------------------------------------------------------------------------------------13
Training Evaluation -------------------------------------------------------------------------------------------------14
Appendix I ------------------------------------------------------------------------------------------------------------16
References ------------------------------------------------------------------------------------------------------------17
3
INTRODUCTION
Background
In contrast to Walmart’s ability in maintaining leadership as a multinational retail aiming sustainability,
corporate philanthropy and employment opportunity, the company is falling behind in terms of customer
service satisfaction. Despite to the effort of Walmart’s executives throughout these years, in building a better
relationship with their customers, it seems they remain still unsuccessful. This can be measured as their
satisfaction rating levels are still extremely low when compared to other businesses in the same industry. Per
the American Customer Satisfaction Index (ACSI) annual ranking for 2016, Walmart, “still between one of
the 10 companies with the worst customer satisfaction”. (Tim Denman-March 01, 2016)
Since we all recognize the crucial importance that represents to any business keeping their customers happy,
not only with the price of the product but most important with the service provided. I will create a training
plan mainly focused in the delivery of effective customer service practices for all Walmart customer services
associates. This training program will provide to all Walmart’s new hires and current associates the
opportunity of not only learning, but also expanding, reinforcing and creating consistency of their knowledge
on how to deal with customers in different situations. How to improve happiness for the customers while
shopping and how to improve the associate’s customer service attitude and efficiency with the goal of
offering an outstanding service. Ultimately, to achieve delivering an enjoyable shopping experience to all
Walmart’s clients. This training will be presented in five different modules; each module will represent a
fundamental aspect inside of customer service job in order to make the associates.
Customer Service Test (Chapter 6 - 10)Name Multiple Choice.docx
Customer Service
Test (Chapter 6 - 10)
Name:
Multiple Choice Questions (3 points each – please highlight your response)
1) ____ The Regional Sales Manager of a medical device company is an assertive person who proactively engages in confrontational dialogue during sales meetings of his company. Being a forceful businessman, he prefers firm handshakes in his interactions and is inclined to project a confident, arrogant demeanor. He is most likely to prefer what personality style:
a. Inquisitive
b. Rational
c. Expressive
d. Decisive
2) ____ An individual who favors solitary leisure activities over people-oriented activities is most likely to adopt what personality style:
a. Decisive
b. Expressive
c. Inquisitive
d. Rational
3) ____ People who adopt the inquisitive style differ from people who adopt the expressive style in that the former tends to be more like which of the following:
a. Volunteers feelings freely
b. Be very punctual and time conscious
c. Enjoys engaging individuals in person
d. Prefers informality and closeness in interactions
4) ____ A customer approaches a salesperson to discuss details of a product he is interested in. Given her preference for the expressive style, which of the following would the customer likely be interested in:
a. The bottom line of using the product
b. Instructions that discuss the use of the product
c. Questions related to rebates and other technical information
d. The color and sizes that the product is available in
5) ____ A good way to establish good relationships with an internal customer is to:
a. Tell your co-worker about all your work and family challenges
b. Wear strong fragrances to make sure you get noticed
c. Stay connected by stopping by their work area periodically
d. Forward your calls to him/her when you are away from your desk
6) ____ One strategy for dealing with talkative customers is to:
a. Ignore all the other customers while listening to them
b. Roll your eyes and look away
c. Direct them to your co-workers
d. Used closed-end questions to guide the conversation
7) ____ Which of the following is the last step of the problem solving model:
a. Evaluate the alternatives
b. Identify the alternatives
c. Monitor the results
d. Make a decision
8) ____ The Customer Experience Representative is confronted by an upset customers and uses a problem solving model to address the issue. She first identified the problem. The next step she should take is:
a. Monitor the results
b. Identify the alternatives
c. Make a decision
d. Evaluate the alternatives
9) ____ The last step of the service recover process is:
a. Show compassion
b. Conduct a follow up
c. Take further action
d. Apologize another time
10) ____ Which of the following statements is an example of an individualistic culture:
a. A country that provides all of it citizens with complete healthcare
b. A native tribe whose members pursue personal goals over the tribe’s
c. An ethnic group that runs all its decis.
Customer Value Funnel Questions1. Identify the relevant .docx
Customer Value Funnel Questions
1. Identify the relevant macroenvironmental factors (level 1). What impact do these issues have on the focal organization?
2. Discuss the market factors (level 2). How do collaboration, competition, suppliers and regulators affect the performance of the focal organization?
.
Customer service is something that we have all heard of and have som.docx
Customer service is something that we have all heard of and have some degree of familiarity with. However, customer service issues are a frequent complaint amongst customers. Using the Internet or another resource identify an organization with a reputation in customer service excellence. Then find another that has had a long history of customer service issues and complaints.
How do organizations promote customer service excellence?
What are the effects of poor customer service?
How does quality tie into customer service?
How can organizations improve their customer service models?
.
Customer requests areProposed Cloud Architecture (5 pages n.docx
Customer requests are:
Proposed Cloud Architecture (5 pages needed from step 1 to step 5)
Final Report Evaluating AWS and Azure Providers (5 pages (step1 to5) + 2 pages from step 6 to 7 = the final report would be 7 pages), also you will find
the template for the final
report is on the last pages
Below are the instructions
Since you have become familiar with the foundations of cloud computing technologies, along with their risks and the legal and compliance issues, you will now explore cloud offerings of popular cloud providers and evaluate them to recommend one that would be the best fit for BallotOnline.
In this project, you will first learn about networking in the cloud and auxiliary cloud services provided by cloud vendors. Next, you will explore cloud computing trends, best practices, and issues involved in migrating IT deployments to the cloud, as well as typical architectures of cloud deployments. Then, you will apply your findings to propose a general architecture for BallotOnline’s cloud deployment to best address the company’s business requirements.
Once you have selected a deployment architecture, you will research two leading cloud vendors: Amazon Web Services (AWS) and Microsoft Azure. Exploring and comparing the tools available for application migration will enable you to recommend a vendor to the executives in your final report. The final deliverable is a written report to BallotOnline management, describing the results of your research and recommending the cloud deployment architecture and the vendor for its deployment, with justification.
Your final report should demonstrate that you understand the IT needs of the organization as you evaluate and select cloud providers. The report should include your insights on the appropriate direction to take to handle the company’s IT business needs. You will also be assessed on the ability to integrate relevant risk, policy, and compliance consideration into the recommendations, as well as the clarity of your writing and a demonstration of logical, step-by-step decision making to formulate and justify your ideas.
Check the
Project 3 FAQ thread
in the discussion area for any last-minute updates or clarifications about the project.
Step 1: Research Networking and Auxiliary Services in the Cloud
The executives at BallotOnline have been impressed with your research on cloud computing thus far. While there are a variety of
cloud providers
, BallotOnline is considering using Amazon Web Services (AWS) and Microsoft Azure, two of the top providers in the market. BallotOnline's executives want you to help determine which would be the best provider for the organization.
You will start with learning about
internet networking basics
and
cloud networking
. You will also research many
cloud services
that cloud providers make available to their customers to help them take full advantage of cloud service and deployment models.
Step 2: Research Cloud Trends, Best Practices, and Mig.
Customer Relationship Management Presented ByShan Gu Cris.docx
Customer Relationship Management
Presented By:
Shan Gu
Cristobal Vaca
Amber Vargas
Jasmine Villasenor- Team Leader
Xiaoqi Zhou
1
IST 309
Professor He
Group 10
3/18/20
23-25 minute presentation
Overview
Introduction to Customer Relationship Management (CRM)
Objectives of CRM
Different forms of CRM
Examples of businesses that use CRM
The problem, context, & architecture of CRM
The state of art & current best practices of CRM
Advantages and Disadvantages of CRM
Recommendations
2
Introduction to CRM
Customer relationship management (CRM) is an approach to manage a company's interaction with current and potential customers
It’s seen as both an organizational strategy & information technology
Takes form in various systems and applications
Builds sustainable long-term customer relationships that create value for both the company and it’s customers
Contributes to customer retention & expansion of their relationships with advantageous existing customers
Obtains new customers
3
It uses data analysis about customers' history with a company to improve business relationships with customers, specifically focusing on customer retention and ultimately driving sales growth.
CRM helps companies acquire new customers and retain and expand their relationships with profitable existing customers. Retaining customers is particularly important because repeat customers are the largest generator of revenue for an enterprise. Also, organizations have long understood that winning back a customer who has switched to a competitor is vastly more expensive than keeping that customer satisfied in the first place.
The goal is simple: Improve business relationships. A CRM system helps companies stay connected to customers, streamline processes, and improve profitability.
Objectives
Who is CRM for?
Large businesses
Small businesses
Customers of both types of businesses listed above
4
Key Features:
stay connected to customers
streamline processes
provide visibility & easy access to data
improve efficiency & profitability
How does CRM benefit businesses?
Provides a clear overview of your customers
Can be used as both a sales and marketing tool
Contributes information from HR → Customer service → Supply-chain management
A CRM system gives eve#ryone — from sales, customer service, business development, recruiting, marketing, or any other line of business — a better way to manage the external interactions and relationships that drive success. A CRM tool lets you store customer and prospect contact information, identify sales opportunities, record service issues, and manage marketing campaigns, all in one central location — and make information about every customer interaction available to anyone at your company who might need it.
Some of the biggest gains in productivity can come from moving beyond CRM as a sales and marketing tool, and embedding it in your business – from HR to customer services and supply-chain management.
E.
Custom Vans Inc. Custom Vans Inc. specializes in converting st.docx
Custom Vans Inc. Custom Vans Inc
. specializes in converting standard vans into campers. Depending on the amount of work and customizing to be done, the customizing could cost less than $1,000 to more than $5,000. In less than four years, Tony Rizzo was able to expand his small operation in Gary, Indiana, to other major outlets in Chicago, Milwaukee, Minneapolis, and Detroit.
Innovation was the major factor in Tony’ s success in converting a small van shop into one of the largest and most profitable custom van operations in the Midwest. Tony seemed to have a special ability to design and develop unique features and devices that were always in high demand by van owners. An example was Shower-Rific, which Tony developed only six months after he started Custom Vans Inc. These small showers were completely self-contained, and they could be placed in almost any type of van and in a number of different locations within a van. Shower-Rific was made of fiberglass and contained towel racks, built-in soap and shampoo holders, and a unique plastic door. Each Shower-Rific took 2 gallons of fiberglass and 3 hours of labor to manufacture.
Most of the Shower-Rifics were manufactured in Gary, in the same warehouse where Custom Vans Inc. was founded. The manufacturing plant in Gary could produce 300 Shower-Rifics in a month, but that capacity never seemed to be enough. Custom Vans shops in all locations were complaining about not getting enough Shower-Rifics, and because Minneapolis was farther away from Gary than the other locations, Tony was always inclined to ship Shower-Rifics to the other locations before Minneapolis. This infuriated the manager of Custom Vans at Minneapolis, and after many heated discussions, Tony decided to start another manufacturing plant for Shower-Rifics at Fort Wayne, Indiana.
The manufacturing plant at Fort Wayne could produce 150 Shower-Rifics per month. The manufacturing plant at Fort Wayne was still not able to meet current demand for Shower-Rifics, and Tony knew that the demand for his unique camper shower would grow rapidly in the next year. After consulting with his lawyer and banker, Tony concluded that he should open two new manufacturing plants as soon as possible. Each plant would have the same capacity as the Fort Wayne manufacturing plant. An initial investigation into possible manufacturing locations was made, and Tony decided that the two new plants should be located in Detroit, Michigan; Rockford, Illinois; or Madison, Wisconsin. Tony knew that selecting the best location for the two new manufacturing plants would be difficult. Transportation costs and demands for the various locations were important considerations.
The Chicago shop was managed by Bill Burch. This Custom Vans shop was one of the first established by Tony, and it continued to outperform the other locations. The manufacturing plant at Gary was supplying the Chicago shop with 200 Shower-Rifics each month, although Bill knew that the demand for the.
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Published classroom materials form the basis of syllabuses, drive teacher professional development, and have a potentially huge influence on learners, teachers and education systems. All teachers also create their own materials, whether a few sentences on a blackboard, a highly-structured fully-realised online course, or anything in between. Despite this, the knowledge and skills needed to create effective language learning materials are rarely part of teacher training, and are mostly learnt by trial and error.
Knowledge and skills frameworks, generally called competency frameworks, for ELT teachers, trainers and managers have existed for a few years now. However, until I created one for my MA dissertation, there wasn’t one drawing together what we need to know and do to be able to effectively produce language learning materials.
This webinar will introduce you to my framework, highlighting the key competencies I identified from my research. It will also show how anybody involved in language teaching (any language, not just English!), teacher training, managing schools or developing language learning materials can benefit from using the framework.
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The people of Punjab felt alienated from main stream due to denial of their just demands during a long democratic struggle since independence. As it happen all over the word, it led to militant struggle with great loss of lives of military, police and civilian personnel. Killing of Indira Gandhi and massacre of innocent Sikhs in Delhi and other India cities was also associated with this movement.
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1 The ending merchandise inventory for 2007 is the same as the be.docx
- 1. 1: The ending merchandise inventory for 2007 is the same as the beginning merchandise inventory for 2008. True False 2: If merchandise costing 2,500 dollars, terms FOB destination, 2/10, n/30, with prepaid transportation costs of 100 dollars, is paid within 10 days, the amount of the purchases discount is 50 dollars. Also an example in the lecture notes. 2500 x .02 = $50. True False 3: Under the periodic inventory system, the merchandise inventory account continuously discloses the amount of inventory on hand. True False 4: From PR 6-5B, which of the following journal entries is correct for April 3? a. (Debit) Merchandise Inventory 25,200 dollars (Credit) Accounts Payable—Prescott Co. 25,200 dollars b. (Debit) Merchandise Inventory 42,200 dollars (Credit) Accounts Payable—Prescott Co.$42,200 dollars c. (Debit) Merchandise Inventory 25,000 dollars (Credit) Accounts Payable—Prescott Co. 25,000 dollars d. (Debit) Merchandise Inventory 42,000 dollars (Credit) Accounts Payable—Prescott Co. 42,000 dollars 5: From PR 6-5B, which of the following journal entries is correct for April 24? a. (Debit) Accounts Receivable—Alma Co.8,200 dollars (Credit) Sales 8,200 dollars b. (Debit) Accounts Receivable—Alma Co.9,200 dollars (Credit) Sales 9,200 dollars c. (Debit) Accounts Receivable—Alma Co.10,200 dollars (Credit) Sales 10,200 dollars
- 2. d. (Debit) Sales 9,200 dollars (Credit) Accounts Receivable—Alma Co.9,200 dollars 6: From EX 7-7, the total cost of ending inventory according to (a) FIFO is: a. 19,000 dollars b. 19,100 dollars c. 19,200 dollars d. 19,300 dollars 7: From EX 7-8, the inventory cost by (b) the LIFO method is: a. 6,515 dollars b. 6,313 dollars c. 6,715 dollars d. 6,414 dollars 8: From EX 7-8, the inventory cost by (C) the Average Cost method is: a. 7,250 dollars b. 7,350 dollars c. 7,360 dollars d. 7,390 dollars 9: Appendix EX 7-19, the April 30 cost of merchandise inventory is: a. 161,000 dollars b. 163,000 dollars c. 165,000 dollars d. 167,000 dollars 10: Appendix EX 7-21, estimated ending merchandise inventory is: a. 270,000 dollars b. 271,000 dollars c. 272,000 dollars d. 273,000 dollars 2. (No template needed) a.
- 3. b. 3. (No template needed) a. b. c. 4. Merchandise available for sale Less cost of merchandise sold Estimated ending merchandise inventory $ 5.
- 4. Cost Retail Merchandise inventory, April 1 $ 180,000 $ 300,000 Purchases in April (net) 1,200,000 2,000,000 Merchandise available for sale
- 5. Ratio of cost to retail price: =
- 6. Sales for September (net) Merchandise inventory, April 30, at retail Multiply by ratio of cost to retail price:
- 7. x Merchandise inventory, April 30, at estimated cost The following were selected from among the transactions
- 8. completed by Calworks Company during April of the current year: Apr. 3. Purchased merchandise on account from Prescott Co., list price $42,000, trade discount 40%, terms FOB destination, 2/10, n/30 4. Sold merchandise for cash, $18,200. The cost of the merchandise sold was $11,000. 5. Purchased merchandise on account from Stafford Co., $21,300, terms FOB shipping point, 2/10, n/30 with prepaid freight of $600 added to the invoice. 6. Returned $6,000 of merchandise purchased on April 3 from Prescott Co. 11. Sold merchandise on account to Logan Co., list price $8,500, trade discount 20%, terms 1/10, n/30. The cost of merchandise sold was $4,500. 13. Paid Prescott Co. on account for purchase of April 3, less return of April 6 and discount. 14. Sold merchandise on VISA, $60,000. The cost of the merchandise sold was $36,000. 15. Paid Stafford Co. on account for the purchase of April 5, less discount. 21. Received cash on account from sale of April 11 to Logan Co., less discount. 24. Sold merchandise on account to Alma Co. $9,200, terms 1/10, n/30. The cost of merchandise sold was $5,500. 28. Paid VISA service fee of $1,800. 30. Received merchandise returned by Alma Co. from sale on April 24, $1,200. The cost of returned merchandise was $720. ****Instructions Journalize the transactions Next set of questions to be done separately***********
- 9. 2. FIFO, LIFO costs under perpetual inventory system. The following units of particular item were available for sale during the year: Beginning Inventory 150 units at $75. Sale 120 units at $125. First purchase 400 units at $78. Sale 200 units at $125. Second purchase 300 units at $80. Sale 290 units at $125. The firm uses the perpetual inventory system, and there are 240 units of the item on hand at the end of the year. What is the total cost of the ending inventory according to (a) FIFO, (b) LIFO? 3. Periodic inventory by three methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 27 units at $120 Feb. 17 Purchase 54 units at $138 July. 21 Purchase 63 units at $156 Nov. 23 Purchase 36 units at $165 There are 50 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost by (a) the first-in, first-out method, (b) the
- 10. last in, first-out method, and (c) the average cost method. 3. Gross Profit method Based on the following data, estimate the cost of ending merchandise inventory: Sales (net) $ 4,800,000 Estimated gross profit rate 40% Beginning merchandise inventory $ 250,000 Purchases (net) 2,900,000 Merchandise available after sale $3,150,000 4. Retail Inventory Method On the basis of the following data, estimate the cost of the merchandise inventory at April 30 by retail method: Cost Retail --------------------------------------------------------------------------- ----------------------------------------------------- April 1 Merchandise Inventory $180,000 $300,000 April 1—30 Purchases (net) 1,200,000 2,000,000 April 1—30 Sales (net) 2,025,000