Balance 1-60 days 61-120 days 121-180 days Over 180 days $80‚000 Probability Uncollectible of Default 2% $70‚000 4% $40‚000 8% $32‚000 11% Total PART II Directions: 1) Calculate the inventory cost for both periodic and perpetual method LIFO and FIFO using the following information and table below to fill in the shaded areas: Jan. 5 - purchase 400 pieces of inventory on account at $20 each. Feb. 10 - sold 100 pieces of inventory with cash. Selling price is $85 each. April. 25 - sold 30 pieces of
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the net income. Inventory -- Under IFRS‚ LIFO (a historical method of recording the value of inventory‚ a firm records the last units purchased as the first units sold) cannot be used while under U.S. GAAP‚ companies have the choice between LIFO and FIFO (is a common method for recording the value of inventory). Earning-per-Share -- Under IFRS‚ the earning-per-share calculation does not average the individual interim period calculations‚ whereas under U.S. GAAP the computation averages the individual
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Reasons why the LIFO method should not be repealed in the context of business tax reform In response to proposals by the Obama Administration to repeal the LIFO inventory method as part of the Administration’s budget proposals for Fiscal Years 2010-2013‚ the LIFO Coalition‚ which represents trade associations and business of every size and industry that employ the LIFO method‚ provided reasons why the LIFO method should not be repealed. The reasons for opposing the repeal of the LIFO inventory
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STUDENT SERVICE ENTERPRISE INVENTORY SYSTEM A Concept Paper Presented to The Faculty of the College of Computer Studies Central Philippine University Jaro‚ Iloilo City‚ Philippines In partial fulfilment Of the Requirements in CS318 – Research Methods in IT By JanelynGrasparil BSIT – 4 July‚ 2012 CHAPTER 1 INTRODUCTION Overview of the Current State of Technology With the power of technology nowadays‚ people
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of the organization and with the completion of this project we have learned that how operations Management Strategies plays very important role in achieving an organizational goals. The restaurant follows Just In Time (JIT) and First In First Out (FIFO) to manage inventory. Inventory‚ is divided into three types consisting of Daily‚ Weekly and Monthly inventory. The daily inventory consists fast moving products like Krushers‚ Non-veg items‚ ice-creams. Here the orders are placed by the inventory
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This document comprises ACC 206 Week 5 Final Paper Cost Accounting Principles of Accounting II Cost Accounting Accounting is the accumulation and aggregation of info for decision makers including administrators‚ traders‚ authorities‚ loan providers‚ as well as the general public. Accounting systems impact behavior and administration and have effects across divisions‚ companies‚ and even nations. This report will provide the reader a knowledge regarding cost accounting. This report will talk
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Identifying relevant Malaysian Financial Reporting Standard with Inventory Cycle Referring to have been stated above‚ the selected company was a small sized entity and therefore‚ the processes under its inventory cycle was not complex like those in retailers as well as manufacturers. Figure 1.1 Inventory cycle with shaded area for activities related to MFRS Principally‚ the fundamental issue in accounting for inventories is to define the amount to be recognized as asset as well as amount
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examine when attempting to understand inventory management systems. The type of inventory a company has determines the method they use. Retail companies use the retail inventory method as a base system. Last-in-First-Out (LIFO) and First-in-First-Out (FIFO) are the two systems that appear to be used more frequently. Other systems used are the Just in Time or JIT method and the Average Cost method. The following paragraphs will describe different companies and the type or types of inventory systems they
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Options:-Portion of debt through insurance company-Continue at 90 day terms-Factor receivables-Collateralize assets-Mortgage general purpose building-Independent Canadian Financing-Flat dividends-Payment Terms - accelerate receipt-LIFO / FIFOEvery available option has a positive and a negative aspect to it. Here we will decipher what option gives Padgett Paper Products the best financial structure‚ provides the most flexibility for continued growth‚ and reduces the risk for all parties involved.
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Accounting Memo Irene Emond BCOM/230 July 14‚ 2014 Jay Johnson Accounting Memo When creating a memo‚ the first thing to do is to know and identify your purpose and your audience. Failing to know your audience can result in misinterpretation‚ needing more clarification or being altogether ignored. Considering your audience is a must‚ as it falls under the same category as knowing the purpose of your memo. Upon reviewing the given example‚ I would suggest using the commonly accepted format. The first
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