hat amount should be reported as inventory at year-end
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ABC Company had the following inventory at year-end:
Cost NRV
Product A 2,200,000 2,500,000
Product B 1,500,000 1,200,000
Product C 650,000 530,000
Product D 720,000 710,000
What amount should be reported as inventory at year-end?
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- Scenario 3 Ben Gibson, the purchasing manager at Coastal Products, was reviewing purchasing expenditures for packaging materials with Jeff Joyner. Ben was particularly disturbed about the amount spent on corrugated boxes purchased from Southeastern Corrugated. Ben said, I dont like the salesman from that company. He comes around here acting like he owns the place. He loves to tell us about his fancy car, house, and vacations. It seems to me he must be making too much money off of us! Jeff responded that he heard Southeastern Corrugated was going to ask for a price increase to cover the rising costs of raw material paper stock. Jeff further stated that Southeastern would probably ask for more than what was justified simply from rising paper stock costs. After the meeting, Ben decided he had heard enough. After all, he prided himself on being a results-oriented manager. There was no way he was going to allow that salesman to keep taking advantage of Coastal Products. Ben called Jeff and told him it was time to rebid the corrugated contract before Southeastern came in with a price increase request. Who did Jeff know that might be interested in the business? Jeff replied he had several companies in mind to include in the bidding process. These companies would surely come in at a lower price, partly because they used lower-grade boxes that would probably work well enough in Coastal Products process. Jeff also explained that these suppliers were not serious contenders for the business. Their purpose was to create competition with the bids. Ben told Jeff to make sure that Southeastern was well aware that these new suppliers were bidding on the contract. He also said to make sure the suppliers knew that price was going to be the determining factor in this quote, because he considered corrugated boxes to be a standard industry item. As the Marketing Manager for Southeastern Corrugated, what would you do upon receiving the request for quotation from Coastal Products?ABC Company purchased its inventory at a lump price of P20,000. Relative sales value for each type of inventory was: Inventory XX, P10,000 Inventory YY, P4,000 Inventory ZZ, P10,000 How much would be the cost assigned to inventory XX, YY an ZZ respectively? 10,000. 4,000 and 10,000 respectively 10,000, 4,000 and 8,333 respectively 8,333, 3,333 and 8333 respectively 6667, 6667 and 6667 respectivelyThe Majestic Theater had 378 cans of Kettle Corn and 132 cans of regular Pop Corn on hand at month end. During the next month Majestic sold 142 cans of Kettle Corn and 67 cans of regular Pop Corn. Cans of each cost $28.40. What is the value of the inventory on hand at the end of the second month?
- Over the past 12 months, Super Toy Mart has experienced a demand variance of 10,250 units and has produced an order variance of 12,050 units. Part 2 a) The bullwhip measure for Super Toy Mart is ______ (round your response to two decimal places). Part 3 b) If Super Toy Mart had made a perfect forecast of demand over the past 12 months and had decided to order 1/12 of that annual demand each month, the bullwhip measure would have been ______ (round your response to the nearest whole number.)Mr. Dan Stockman is the procurement manager for Slicker Image (SI), an upscale retailer of novelty products. It is mid-August, and Mr. Stockman is wondering how many units of a new multi-function smart bracelet to order for the upcoming holiday season (November and December). The Malaysian manufacturer of this item, TechToys, requires orders to be placed in late August for delivery in late October, in time for holiday sales. Based on past experience with similar products, Mr. Stockman believes that the holiday demand (Nov-Dec) for the bracelet is Normally distributed with a mean of 3,000 units and standard deviation of 900. TechToys sells the item to SI at a unit price of $ 145 per unit, and SI has decided to set the retail price at $ 200 during the regular selling season (Nov-Dec). At the end of December, SI will mark down the price by 50% (i.e., sell the item for $ 100) to sell off any left-over items. TechToys incurs a cost of $ 105 per unit to manufacture this bracelet. For…Over the past 12 months, Super Toy Mart hasexperienced a demand variance of 10,000 units and has produced an order variance of 12,000 units.a) What is the bullwhip measure for Super Toy Mart?b) If Super Toy Mart had made a perfect forecast of demandover the past 12 months and had decided to order 1/12 ofthat annual demand each month, what would its bullwhipmeasure have been?
- The demand draft has to be signed by: a. Both payee and branch manager of a bank b. Both cashier and branch manager of a bank c. Both customer and branch manager of a bank d. Both endorser and branch manager of a bankDescribe how a manager determine the criticality of a stock shortage in inventory management ?Special Order; Strategy; International Williams Company, located in southern Wisconsin,manufactures a variety of industrial valves and pipe fittings that are sold to customers in nearbystates. Currently, the company is operating at about 70% capacity and is earning a satisfactory returnon investment.Glasgow Industries Ltd. of Scotland has approached management with an offer to buy 120,000units of a pressure valve. Glasgow Industries manufactures a valve that is almost identical toWilliams’s pressure valve; however, a fire in Glasgow Industries’s valve plant has shut down itsmanufacturing operations. Glasgow needs the 120,000 valves over the next 4 months to meetcommitments to its regular customers; the company is prepared to pay $21 each for the valves.Williams’s product cost for the pressure valve, based on current attainable standards, follows:[LO 11-2][LO 11-2]Direct materials $ 6Direct labor (0.5 hour per valve) 8Manufacturing overhead (1/3 variable) 9Total manufacturing cost…
- How does the Wilson approach adapt to seasonal variations in demand and inventory management?Explain the Purchasing Portfolio that is being used in KFC with a diagramABC company supplies parts to a major manufacturer for the production of Item I. Thecarrying amount of the inventory of parts at the end of the fiscal year 2020 is €2,000,000,which was considerably higher compared to the level of inventory of Item I in previousperiods. During January 2021 the manufacturer terminated the production of Item I andstarted the production of Item II. The parts produced by ABC are not interchangeablebetween Item I and Item II. Moreover, Item I cannot be sold to another manufacturer. - Discuss whether ABC should write-down its inventory for the financial statementsof 2020.
