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- Value chain classifications Match each of the following cost items with the value chain business function where you would expect the cost to be incurred: Business Function Cost Item Answera. Research and development 1. Labor time to repair products under warrantyb. Design 2. TV commercial spotsc. Production 3. Labor costs of fi lling customer ordersd. Marketing 4. Testing of competitor’s producte. Distribution 5. Direct manufacturing labor costsf. Customer service 6. Development of order tracking system forthe Internet7. Printing cost of new product brochures8. Hours spent designing childproof bottles9. Training costs for representatives to staff the customer call center10. Installation of robotics equipment in manufacturing plantYou are reviewing the inventories of Sheep-Ahoy Company and found the following items: In the shipping room was a product costing P 264,000 marked "Hold for shipping instruction". This item was not included in the count although the purchased order of the customer was received on December 10, 2022. Actual shipment and billing happened on January 2, 2023. On December 28, goods costing P 232,960 were shipped to Holy Cow Company. The invoice accompanying the goods with selling price of P 300,000 was marked "on consignment". These goods were excluded from the inventory at year end. The company received merchandise costing P 92,500 on January 3, 2023. The invoice was received and recorded on January 4, 2023 with FOB shipping point ter. Shipment was made on December 31. The goods were included in the year-end inventory although these were not yet received when the physical count was taken. A customized product of a VIP customer was completed and in the shipping room at year-end. Actual…baby Company provided the followingdata:Items included in thebodega 4,000,000Items included in the specificallysegregated per sale oncontract 100,000Items in receiving department,returned by customer, in goodcondition 50,000Items ordered and in thereceiving department 400,000Items ordered, invoice receivedbut goods not received. Freightis on account on seller 300,000Items shipped today, invoicemailed, FOB shipping point 250,000Items shipped today, invoicemailed, FOB destination 150,000Items currently being used forwindow display 200,000Items on counter for sale 800,000Items in receiving department,refused because of damage 50,000Items in the shippingDepartment 250,000 How much is the cost of ending inventory?
- Comparative Analysis: Under Armour, Inc., vs. Columbia Sportswear Refer to the 10-K reports of Under Armour, Inc., and Columbia Sportswear that are available for download from the companion website at CengageBrain.com. Required: Do Under Armour and Columbia use the same method to value their inventories?Create the appropriate documents (purchase requisition, purchase order, receiving report, inventory record, and disbursement voucher), and prepare any journal entries needed to process the following business events for Jethro’s Boot & Western Wear Manufacturing Company (this is a manual system).a. On October 28, 2005, the inventory subsidiary ledger for Item 2278, metal pins, indicates that the quantity on hand is 4,000 units (valued at $76), the reorder point is 4,750, and units are on order. The economic order quantity is 6,000 units. The supplier is Jed’s Metal Supply Company (vendor num- ber 83682). The customer number is 584446. The current price per unit is $0.02. Inventory records are kept at cost. The goods should be delivered to Inventory Storage Room 2.b. On November 8, the goods were received (the scales indicated that 4,737 units were received).c. On November 12, an invoice (number 9886) was received for the above units, which included freight of $6. The terms were…The answer i need is for this question South Coast Boards Co. is a merchandising business. The account balances for South Coast Boards Co. as of July 1, 2010 (unless otherwise indicated), are as follows: 110Cash$ 63,600 112Accounts Receivable153,900 115Merchandise Inventory602,400 116Prepaid Insurance16,800 117Store Supplies11,400 123Store Equipment469,500 124Accumulated Depreciation—Store Equipment56,700 210Accounts Payable96,600 211Salaries Payable— 310Rocky Hansen, Capital, August 1, 2009555,300 311Rocky Hansen, Drawing135,000 312Income Summary— 410Sales3,221,100 411Sales Returns and Allowances92,700 412Sales Discounts59,400 510Cost of Merchandise Sold1,623,000 520Sales Salaries Expense334,800 521Advertising Expense81,000 522Depreciation Expense— 523Store Supplies Expense— 529Miscellaneous Selling Expense12,600 530Office Salaries Expense182,100 531Rent Expense83,700 532Insurance Expense— 539Miscellaneous Administrative Expense7,800 During July, the last month of the fiscal year,…
- The Brenly Paint Company, your client, manufactures paint. The company’s president, Mr. Brenly, decided toopen a retail store to sell paint as well as wallpaper and other items that would be purchased from other suppliers.He has asked you for information about the retail method of estimating inventories at the retail store.Required:Prepare a report to the president explaining the retail method of estimating inventories.Please help me do a general journal for this scenario: Master Flow, LLC sold 100 Units of Plumbing Fixtures to Craftsman Custom Builders at$200 /Unit. Master Flow opened a Trade Account for Craftsman. The terms are 2/10,N30. You do some research with the local industry trade group. Uncollectible accountstypically run a 2% of receivables for the Industry. You discuss this with Scott and youagree to establish an allowance using this guidance.Value chain classifications Match each of the following cost items with the value chain business function where you would expect the cost to be incurred: Business Function Cost Item Answera. Research and development 1. Purchase of raw materialsb. Design 2. Advertisingc. Production 3. Salary of research scientistsd. Marketing 4. Shipping expensese. Distribution 5. Reengineering of product assembly processf. Customer service 6. Replacement parts for warranty repairs7. Manufacturing supplies8. Sales commissions9. Purchase of CAD (computer-aideddesign) software10. Salary of website designer
- Ozzy Opticals is a full-service optical store providing eye exams and eyeglasses to customers. To maintain a wide selection of inventory frames, Ozzy purchases the eyeglasses from various manufacturers under different FOB terms. For each of the scenarios, determine which party is responsible for the inventory. a. What is the significance of shipping terms? b. $1,500 in eyeglass frames were shipped FOB shipping point to Ozzy Opticals but were damaged in transit during a hurricane. Who is responsible for the inventory? c. $1,900 in eyeglass frames were shipped FOB destination to Ozzy Opticals but were lost in transit. Who is responsible for the inventory?South Coast Boards Co. is a merchandising business. The account balances for South Coast Boards Co. as of July 1, 2010 (unless otherwise indicated), are as follows: 110Cash$ 63,600 112Accounts Receivable153,900 115Merchandise Inventory602,400 116Prepaid Insurance16,800 117Store Supplies11,400 123Store Equipment469,500 124Accumulated Depreciation—Store Equipment56,700 210Accounts Payable96,600 211Salaries Payable— 310Rocky Hansen, Capital, August 1, 2009555,300 311Rocky Hansen, Drawing135,000 312Income Summary— 410Sales3,221,100 411Sales Returns and Allowances92,700 412Sales Discounts59,400 510Cost of Merchandise Sold1,623,000 520Sales Salaries Expense334,800 521Advertising Expense81,000 522Depreciation Expense— 523Store Supplies Expense— 529Miscellaneous Selling Expense12,600 530Office Salaries Expense182,100 531Rent Expense83,700 532Insurance Expense— 539Miscellaneous Administrative Expense7,800 During July, the last month of the fiscal year, the following transactions were completed:…Saurez Company, your client, manufactures paint. The company’s president, Maria Saurez, has decided to open a retail store to sell Saurez paint as well as wallpaper and other supplies that would be purchased from other suppliers. She has asked you for information about the conventional retail method of pricing inventories at the retail store. Instructions Prepare a report to the president explaining the retail method of pricing inventories. Your report should include the following points. a. Description and accounting features of the method. b. The conditions that may distort the results under the method. c. A comparison of the advantages of using the retail method with those of using cost methods of inventory pricing. d. The accounting theory underlying the treatment of net markdowns and net markups under the method.