Problem 8-1 The following independent situations relate to inventory accounting. Answer the foll… 1 answer below »

Problem 8-1

The following independent situations relate to inventory accounting.

Answer the following questions about inventories. Kingbird Co. purchased goods with a list price of $168,300, subject to trade discounts of 20% and 10%, with no cash discounts allowable. How much should Kingbird Co. record as the cost of these goods?
Cost of goods purchased $

Oriole Company’s inventory of $1,062,300 at December 31, 2017, was based on a physical count of goods priced at cost and before any year-end adjustments relating to the following items.
(a) Goods shipped from a vendor f.o.b. shipping point on December 24, 2017, at an invoice cost of $75,630 to Oriole Company were received on January 4, 2018. (b) The physical count included $30,510 of goods billed to Sakic Corp. f.o.b. shipping point on December 31, 2017. The carrier picked up these goods on January 3, 2018.
What amount should Oriole report as inventory on its balance sheet?
Inventory to be reported $

Waterway Corp. had 1,880 units of part M.O. on hand May 1, 2017, costing $29 each. Purchases of part M.O. during May were as follows.

Units

Units Cost May 9 2,380 $30 17 3,880 32 26 1,380 33
A physical count on May 31, 2017, shows 2,380 units of part M.O. on hand. Using the FIFO method, what is the cost of part M.O. inventory at May 31, 2017? Using the LIFO method, what is the inventory cost? Using the average-cost method, what is the inventory cost? (Round average cost per unit to 2 decimal places, e.g. 15.25 and final answers to 0 decimal places, e.g. 1,620.)

FIFO

LIFO

Average Cost Inventory Cost $

$

$

Wildhorse Company adopted the dollar-value LIFO method on January 1, 2017 (using internal price indexes and multiple pools). The following data are available for inventory pool A for the 2 years following adoption of LIFO.

Inventory

At Base-Year
Cost

At Current-Year
Cost 1/1/17 $206,800 $206,800 12/31/17 226,500 271,800 12/31/18 232,600 288,424
Computing an internal price index and using the dollar-value LIFO method, at what amount should the inventory be reported at December 31, 2018?
December 31, 2018 Price Index

Dollar-value LIFO inventory $

Sheffield Inc., a retail store chain, had the following information in its general ledger for the year 2018.
Merchandise purchased for resale $884,460 Interest on notes payable to vendors 8,450 Purchase returns 15,210 Freight-in 23,530 Freight-out (delivery expense) 15,750 Cash discounts on purchases 6,848
What is Sheffield’s inventoriable cost for 2018?
Sheffield’s inventoriable cost for 2018 $

 

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Phillips Co. is growing quickly. Dividends are expected to grow at a rate of 20 percent for the n…

Phillips Co. is growing quickly. Dividends are expected to grow at a rate of 20 percent for the next three years, with the growth rate falling off to a constant 5 percent thereafter. If the required return is 11 percent and the company just paid a dividend of $3.10, what is the current share price? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)   Current share price $   

 

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Corporate Social Responsibility and Privacy

Question:”Corporate Social Responsibility and Privacy” Please respond to the following:(a) Examine the belief that green programs create economic value while being socially responsible and sustaining the environment. Determine whether you agree or disagree with this statement. Support your position with one example.(b) Some supermarkets use loyalty programs which enable them to collect data about the shopping patterns of their customers. Suppose that an insurance company wanted to buy this data from the supermarket in order to analyze the behavior of its policyholders. Determine whether or not the insurance company should be allowed to buy the data. Support your position.Question:ASSINGMENT OVERVIEWPart 1:Writing a C++ application for called Area in Code::Blocks. The goal of the program is determine the area of a circle and a square. The code should be organized into header files (Circle.h, Square.h) and implementation files (Circle.cpp, Square.cpp, main.cpp). Can anyone help me with this?Part: 2Write 3-5 page paper that includes:Define and document the requirements for the Area application.Describe the stakeholders needed to help further define the application.Describe a collaboration plan for working with stakeholders.Analyze the behavior of classes and objects constructs.Define the properties, methods, and constructors you have used in your applicationExplain how your application works and any issues you encountered with the application.Question:1) Why is RAID 1 not a substitute for a backup?2) Explain the process of data recovery in case of a drive failure in RAID 5?3) Discuss the impact of random and sequential I/Os in different RAID configurations?4) Which type of application benefits the most by bypassing write cache?

 

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the scenario where a well thought out Project Organization

8. Choose the scenario where a well thought out Project Organization Chart would add no value as a Project Control Enabler:A – Involvement by all required groups in an organization leads to a better project plan where nothing is missedB – If the chart included stakeholders who had no interest in the project (for or against)C – Project staffing lends itself to organizational resource staffing analysisD – Project team members can see their roles, which allows the project team to avoid redundant task9. All of the following create opportunities for a project to go “off track” except:A- Organizational changes which impact project resourcesB – Self Interests of project stakeholdersC – Project team members in-attention to what is being completedD – Project Manager managing project stakeholders10. Choose the statement which best describes why Project Methodologies are Project Control Enablers:A – Creating a unique methodology for each new project promotes diversity in the organizationB – Using a standard project methodology promotes accelerated project startup and allows re-use of previous project plans and schedulesC – Updating project methodologies to correct them for “past sins” gives the new project team an un-fair advantage to be more successful than the previous project teamsD – A methodology is an organizational reminder that it requires too much organizational discipline to bother with.11. The following project sizes should have project control:A – Small Projects with a budget of a few thousand dollarsB – Large projects with many external vendorsC – All of theseD – Medium projects which involve only material purchases12. The real value of a change management plan towards maintaining project control is:A – It encourages project changeB – It provides a cumbersome process that discourages any form of changeC – It enables an efficient, repeatable change process that gets the project back on track as quick as possibleD – None of the above13. All of the following are reasons for project teams to be made up of members who perform project roles except:A – Project roles promote division of laborB – Project roles funnel the right attention to all project areasC – Project roles create an opportunity for the organization to train new project managersD – Project roles concentrate expertise within specific roles14. While monitoring the project progress, choose the item that the Project Manager is NOT looking for:A – Deliverable completionB – Scope CreepC – Issue ResolutionD – Vendor Invoices for project purchases15. The best justification for maintaining historical data as a project control enabler is:A- If a similar project in the past was successful, then repeating past practices will maximize the possibility of current project successB – It will save time during project startup because you have past project documentsC – It provides an audit trail to show that the past project failure was not the fault of the project teamD – It provides a record of past interactions with vendors16. Industry best practices suggest that the likelihood of project success increases when which of the following are implemented:A – Project Control EnablersB – Deputy Project ManagersC – Approved Project BudgetsD – Weekly status meetings

 

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Assignment 2: A Complete Home Network

Assignment 2: A Complete Home NetworkDue Week 10 and worth 100 pointsDevelop an entire home network with a budget of $1,000.00. Your configuration must assume the purchase of associated hardware for access to both wireless and wired connections and a broadband connection. As part of this design and configuration, you are to create access and accounts for yourself and four (4) unique and fictional individuals, configure the IP addressing, ensure it is safe from intruders, and set up sharing for files and folders.Write a two to three (2-3) page paper in which you:1. Describe the hardware you will purchase or build (inclusive of computers, memory, storage, video cards, printers, routers and cabling). Justify your hardware selection.2. Develop a spreadsheet or table within the two to three (2-3) page paper that itemizes the costs from the online retailer(s) of your choice.3. Summarize and support the approach you will use to back up your devices.4. Suppose you were provided an additional $1,000.00 to enhance your network. Explain the changes you would make to grow your infrastructure. Support your response inclusive of memory, storage, networking and redundancy solutions.5. Use at least two (2) quality resources in this assignment. Note: Wikipedia and similar Websites do not qualify as quality resources.Your assignment must follow these formatting requirements:· Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.· Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.Grading for this assignment will be based on answer quality, logic / organization of the paper, and language and writing skills, using the following rubric.Points: 100Assignment 2: A Complete Home NetworkCriteriaUnacceptableBelow 60% FMeets Minimum Expectations60-69% DFair70-79% CProficient80-89% BExemplary90-100% A1. Describe the hardware you will purchase or build (inclusive of computers, memory, storage, video cards, printers, routers and cabling). Justify your hardware selection.Weight: 25%Did not submit or incompletely described the hardware you will purchase or build (inclusive of computers, memory, storage, video cards, printers, routers and cabling). Did not submit or incompletely justified your hardware selection.Insufficiently described the hardware you will purchase or build (inclusive of computers, memory, storage, video cards, printers, routers and cabling). Insufficiently justified your hardware selection.Partially described the hardware you will purchase or build (inclusive of computers, memory, storage, video cards, printers, routers and cabling). Partially justified your hardware selection.Satisfactorily described the hardware you will purchase or build (inclusive of computers, memory, storage, video cards, printers, routers and cabling). Satisfactorily justified your hardware selection.Thoroughly described the hardware you will purchase or build (inclusive of computers, memory, storage, video cards, printers, routers and cabling). Thoroughly justified your hardware selection.2. Develop a spreadsheet or table within the two to three (2-3) page paper that itemizes the costs from the online retailer(s) of your choice.Weight: 20%Did not submit or incompletely developed a spreadsheet or table within the two to three (2-3) page paper that itemizes the costs from the online retailer(s) of your choice.Insufficiently developed a spreadsheet or table within the two to three (2-3) page paper that itemizes the costs from the online retailer(s) of your choice.Partially developed a spreadsheet or table within the two to three (2-3) page paper that itemizes the costs from the online retailer(s) of your choice.Satisfactorily developed a spreadsheet or table within the two to three (2-3) page paper that itemizes the costs from the online retailer(s) of your choice.Thoroughly developed a spreadsheet or table within the two to three (2-3) page paper that itemizes the costs from the online retailer(s) of your choice.3. Summarize and support the approach you will use to back up your devices.Weight: 20%Did not submit or incompletely summarized and did not submit or incompletely supported the approach you will use to back up your devices.Insufficiently summarized and insufficiently supported the approach you will use to back up your devices.Partially summarized and partially supported the approach you will use to back up your devices.Satisfactorily summarized and satisfactorily supported the approach you will use to back up your devices.Thoroughly summarized and thoroughly supported the approach you will use to back up your devices.4. Explain the changes you would make to grow your infrastructure. Support your response inclusive of memory, storage, networking and redundancy solutions.Weight: 20%Did not submit or incompletely explained the changes you would make to grow your infrastructure. Did not submit or incompletely supported your response inclusive of memory, storage, networking and redundancy solutions.Insufficiently explained the changes you would make to grow your infrastructure. Insufficiently supported your response inclusive of memory, storage, networking and redundancy solutions.Partially explained the changes you would make to grow your infrastructure. Partially supported your response inclusive of memory, storage, networking and redundancy solutions.Satisfactorily explained the changes you would make to grow your infrastructure. Satisfactorily supported your response inclusive of memory, storage, networking and redundancy solutions.Thoroughlyexplained the changes you would make to grow your infrastructure. Thoroughlysupported your response inclusive of memory, storage, networking and redundancy solutions.5. 2 referencesWeight: 5%No references providedDoes not meet the required number of references; all references poor quality choices.Does not meet the required number of references; some references poor quality choices.Meets number of required references; all references high- quality choices.Exceeds number of required references; all references high- quality choices.6. Clarity, writing mechanics, and formatting requirements

 

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From the scenario for Katrina’s Candies

From the scenario for Katrina’s Candies, suggest one (1) method in which Herb could use a cost-benefit analysis to argue for or against an expansion. Create three (3) optimal decision rules for Katrina’s Candies (e.g., whether to hire more staff or hire temporary workers to meet production schedules). Assess both the short-term and the long-term costs and benefits of obtaining a graduate degree. Support your decision to obtain a graduate degree with a cost-benefit analysis of your particular situation.

 

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A company is planning to purchase a machine that will

A company is planning to purchase a machine that will cost $33,600, have a six-year life, and be depreciated over a three-year period with no salvage value. The company expects to sell the machine’s output of 3,000 units evenly throughout each year. A projected income statement for each year of the asset’s life appears below. What is the accounting rate of return for this machine? Sales$138,000 Costs: Manufacturing$53,600 Depreciation on machine5,600 Selling and administrative expenses46,000 (105,200) Income before taxes$32,800 Income tax (35%)(11,480) Net income$21,320

 

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Daphne s Catering Ltd. (DCL) provides catering services to people living in Saskatoon. DCL can…

Daphne s Catering Ltd. (DCL) provides catering services to people living in Saskatoon. DCL can provide meals for groups as small as two and as large as 500. In November 2016, DCL was approached by the executive director of a national accounting organization to cater a gala dinner at the organization s annual convention to be held in August 2017. The parties signed a contract in December 2016 in which they agreed DCL would cater the function for a minimum of 250 people at a price of $110 per person (if fewer than 250 people attend, the organization will pay for 250). The organization paid a non-refundable $5,000 deposit at the time the contract was signed. An additional $15,000 was paid on May 1, 2017. The dinner was held successfully on August 15, 2017, with 297 guests attending. The balance owing was paid to DCL on August 31, 2017. DCL s year-end is December 31. Required: a. What are some of the possible points at which DCL could recognize the revenue from the gala dinner? b. Which revenue recognition points can you support with the IFRS criteria? Explain.

 

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Critical Thinking – Most of the world has floating exchange

Critical Thinking: Most of the world has floating exchange rates, but the Euro Zone combined the currencies of 17 countries to in effect, create a fixed exchange rate between them. China has a fixed exchange rate with the US dollar, and under values their exchange by 17% – 19%, thus giving them an unfair advantage in international exchange. Should the world governments get together and set up a common rule for currency exchange? Discuss.

 

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Which of the following is not a computer facility control?

Which of the following is not a computer facility control?

a. Place the data processing center where unauthorized individuals cannot gain entry

b. Limit access to the data processing center to all employees of the company

c. Buy insurance to protect against loss of equipment in a computer facility

d. Use advanced technology to identify individuals who are authorized access to the data processing center

 

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