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Culture Music Store had the following selected account balances on October 1.

Goods are sold with a 60-day money-back guarantee against defects. During October, the following transactions occurred.

1. The store purchased 4,000 units of inventory on credit at a total invoice cost of 32,000. The goods, which were received in October, were purchased FOB destination and the seller paid freight costs of 250.

2. During the first week of the month, 700 units were sold on credit at prices averaging 12 each.

3. A clerk noticed that 50 recordings purchased in part 1 were mislabeled. These units were returned to the vendor for full credit.

4. During the second week, a cash-only sale was held and 1,200 units sold at an average price of 10 each.

5. Customers returned a total of 53 units that had been sold in part 2. The goods were in salable condition and returned to the shelf.

6. The vendor was paid in full for the goods purchased in part 1.

7. Checks were received from customers who purchased goods in part 2. All took the 2% discount that was offered for paying within 10 days.

8. A total of 1,600 units were sold during the rest of the month at prices averaging 13. Three-quarters of the sales were on credit.

9. At month-end, management estimated that 10% of the goods sold in parts 4 and 8 would be returned as defective.

10. Also at month-end, management estimated that $344 of this period’s credit sales would be uncollectible.

Required

A. Show how each of the transactions would be entered into the accounting system assuming the firm uses the periodic FIFO inventory method.

B. Prepare an income statement for the month of October assuming that operating expenses (other than warranty expense and doubtful accounts expense) totaled 2,500 and the company’s tax rate is 35%.

C. By what amount would net income have been different if the periodic LIFO method had been used? Prepare a schedule that proves your solution.

D. By what amount would net cash flow from operating activities have been different if the periodic LIFO method has been used? Explain your solution.

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  • EXECUTIVE SUMMARY
  • INTRODUCTION
  • frozen fruit Industry
  • Global Supply Chain of frozen fruit Industry
  • Current Trends of External Risk in Global Supply Chain in Frozen Fruit Walmart Canad Industry
  • Vulnerability analysis (of supply chain systems, processes and components)
  • Risk Prioritisation (along the supply chain and identify tools and strategies to monitor and/or prevent them)
  • Financial implications and impact of identified supply chain risks
  • Strategies and tools to mitigate risks (that should be considered during network design)
  • Back-up and contingency plans (for various supply chain risk factors)
  • Use/benefits of diversifying suppliers and service providers ( ensuring supplier quality, multi-sourcing, insurance, and legal advice in the process of mitigating risk.)
  • Trade-offs to minimize risk impact (and guide supply chain decision-making e.g., by transferring, avoiding, reducing or accepting identified risks).
  • Policies, procedures and physical controls (to manage identified risks, maintain best practices, and ensure regulatory compliance)
  • SUGGESTIONS
  • CONCLUSION
  • REFERENCES

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Suppose that the manager of a construction supply house determined from historical records that demand for sand averages 49 tons. In addition, suppose the manager determined that demand during lead time could be described by a normal distribution that has a mean of 49 and a standard deviation of 3 tons. Answer the following questions assuming that the manager is willing to accept a stockout risk of no more than 5 percent. Use Table B.2 (Round your answer to two decimal points.) a. What value of z is appropriate? b. How much safety stock should be held? (Round your answer to two decimal points.) c. What reorder point should be used? (Round your answer to two decimal points.)

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  1. _________ is the ownership of rights to a particular expression of an idea, but not of the idea itself.
  2. Copyright owners may give other people __________ to use their works under a license.
  3. The _______ of a copyrighted work is not protected under copyright law.
  4. A symbol, logo, or word that identifies the manufacturer of particular products is called a _________.
  5. The owner of a common law trademark can obtain additional protection by ______ an application for registration with the U.S. Patent & Trademark Office (USPTO).
  6. Each USPTO trademark registration identifies the particular _____ of goods or services for which the mark is registered.
  7. It is illegal to use the “R in a circle” mark unless a trade or service mark is __________.
  8. A _____ ______ is a form of intellectual property that cannot be protected by registration.
  9. The only way to protect trade secrets is to keep them ____________.
  10. The ____ ___ doctrine permits the use of copyrighted works for certain purposes without the owner’s permission.
  11. One example of fair use is ______, which is a humorous adaptation of a copyrighted work.
  12. Most patents that are not design patents or plant patents are _______ patents.
  13. A ______ is a grant by the government giving an inventor the exclusive right to use an invention.
  14. Trademarks and service marks are used to identify the ______ of goods or services.
  15. In addition to being useful and nonobvious, an invention must be _____ to be patentable.
  16. The first step for an inventor to obtain a patent is to submit an ___________ to the USPTO not later than one year after selling the product commercially.
  17. ____________ is the term for unauthorized use of another person’s copyright, patent or trademark.
  18. The granting of a patent permits the inventor to use an invention exclusively for a specified ______.
  19. The United States has ________ with other countries that expand the protection of patents, trademarks and copyrights beyond its national borders.
  20. Copyrights, trademarks and patents are protected by federal _________ law, but the protection of trade secrets is governed by common law and state statutes.

APPLICATION CLASS CONFIDENTIAL CONTENT COPYRIGHT FAIR USE FILINGINFRINGEMENT NOVEL PARODY PATENT PERIOD PERMISSION REGISTEREDSOURCE STATUTORY TRADE SECRET TRADEMARK TREATIES UTILITY

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