Trident ACC310 module 2 case and slp

| October 22, 2018

Module 2 – CaseCOST VALUATION SYSTEMS: INVENTORY AND COSTS OF GOODS SOLD/COST OF SALES (SERVICES)Case AssignmentThe objective is for the student to become familiar with the cost estimation systems used to measure inventory and cost of goods sold (cost of sales). The Inventory and Cost of Sales are classified in the asset section of the Balance Sheet and the Statement of Income (Earnings), respectively.The following items will be assessed in particular:1. The Beautifully Fabulous Beauty Salon (BFBS) purchases its inventory from a manufacturer in California. BFBS has a high selling product called “Beauty Gloss”. During the year BFBS disclosed the following information concerning the inventory:January 1, 2015Beginning Inventory245 units$27.00 per unitMarch 31, 2015.homeworkminutes.com/question/view/82501/Trident-ACC310-full-course#”>Purchase of Inventory360 units$29.00 per unitJune 30, 2015Purchase of Inventory1000 units$32.00 per unitSeptember 30, 2015Sales of Inventory1447 units2. Analyze the above data using the LIFO an FIFO methods. Open the following excel spreadsheet (.trident.edu/content/enforced/45240-ACC310-WIN2015-1/Modules/Module2/102758Case%20Module%202.xls?_&d2lSessionVal=4asrjJ7huVONc1Bv1XQkE4cau&ou=45240&_&d2lSessionVal=ejogQI6n7oFJtqDt2ilgM2d3L&ou=60964″>FIFO VS. LIFO ANALYSIS) and fill in the table of BFBS’s Inventory and Cost of Goods Sold (COGS) analysis.a. In addition to the above data, suppose the number of units available at the beginning of January was 545 and the cost of the March purchase was $31.00 per unit; what would COGS be for September? What would the ending Inventory be for September?3. The student may use as a review source:a. Periasamy, P. (2010). Textbook of Financial Cost and Management Accounting, Global Media 2010 (read chaps 14 & 15).4. Discuss the measurements used to recognize the amounts recorded in the Inventory and Cost of Goods Sold and the impact of Net Income.5. The student may cut and paste the completed excel spreadsheet into the discussion paper.Assignment ExpectationsThe submission should be 2 to 3 pages and need to include answers to all the questions listed above. Show computations, discuss the results and include references in APA format.When your paper is done, send it in.Module 2 – SLPCOST VALUATION SYSTEMS: INVENTORY AND COSTS OF GOODS SOLD/COST OF SALES (SERVICES)The objective is for the student to become familiar with the various types of organizational structures and the cost accounting methods used to capture the financial data.The following items will be assessed in particular:1. Identify and discuss the differences between cost accounting for Manufacturing organizations, Merchandising (Retail) organizations, and Service organizations in respect to purchasing and processing cost to create its product or provide services.2. Evaluate the Balance Sheet and (Statement of Income) Statement of Earnings of a Manufacturing organization, Merchandising (Retail) organization, and Service organization; based on the Notes to the financial statements, discuss the measurements used and components of the Inventory and Cost of Sales or Costs of Goods Sold of each of the organizations listed below:a. The Hershey Corporation: .thehersheycompany.com/investors.aspx”>https://www.thehersheycompany.com/investors.aspxb. Google, Inc.: .google.com/order.html”>http://investor.google.com/order.htmlc. Wal-Mart Stores, Inc.: .walmart.com/”>http://stock.walmart.com/What estimation method was used to measure Inventory? How does that method affect the Cost of Sales? How does that method affect Net Income (Earnings)?Assignment ExpectationsThe submission should be 2 to 3 pages and need to include answers to all the questions listed above. Discuss the results and include references in APA format.When your paper is done, send it in.

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