BWeek Three Exercise AssignmentInventory1. Specific identifi.docx
- 1. BWeek Three Exercise Assignment Inventory 1. Specific identification method. Boston Galleries uses the specific identification method for inventory valuation. Inventory information for several oil paintings follows. Painting Cost 1/2 Beginning inventory Woods $21,000 4/19 Purchase Sunset 21,800 6/7 Purchase Earth 31,200 12/16 Purchase Moon 4,000 Woods and Moon were sold during the year for a total of $35,000. Determine the firm’s a. cost of goods sold. b. gross profit. c. ending inventory. 2. Inventory valuation methods: basic computations. The January beginning inventory of the White Company consisted of 300 units costing $40 each. During the first quarter, the company purchased two batches of goods: 700 Units at $44 on February 21 and 800 units at $50 on March 28. Sales during the first quarter were 1,400 units at $75 per unit. The White Company uses a periodic inventory system. Using the White Company data, fill in the following chart to compare the results
- 2. obtained under the FIFO, LIFO, and weighted-average inventory methods. FIFO LIFO Weighted Average Goods available for sale $ $ $ Ending inventory, March 31 Cost of goods sold 3. Perpetual inventory system: journal entries. At the beginning of 20X3, Beehler Company implemented a computerized perpetual inventory system. The first transactions that occurred during 20X3 follow: · 1/2/20X3 Purchases on account: 500 units @ $6 = $3,000 · 1/15/20X3 Sales on account: 300 units @ $8.50 = $2,550 · 1/20/20X3 Purchases on Account: 200 units @ 5 = $1,000 · 1/25/20X3 Sales on Account: 300 units @ $8.50 = $2,550 The company president examined the computer-generated journal entries for these transactions and was confused by the absence of a Purchases account. a. Duplicate the journal entries that would have appeared on the computer printout under FIFO & LIFO b. Calculate the balance in the firm’s Inventory account under each method. c. Briefly explain the absence of the Purchases account to the company president.
- 3. 4. Inventory valuation methods: computations and concepts. Wild Riders Surfboard Company began business on January 1 of the current year. Purchases of surfboards were as follows: Date Quantity Unit Cost Total Cost 1/3 100 $125 $12,500 4/3 200 $135 $27,000 6/3 100 $145 $14,500 7/3 100 $155 $15,500 Total 500 $69,500 Wild Riders sold 400 boards at $250 per board on the dates listed below. The company uses a perpetual inventory system. Date
- 4. Quantity Sold Unit Price Total Sales 3/17 50 $250 $12,500 5/17 75 $250 $18,750 8/10 275 $250 $68,750 Total 400 $100,000 Instructions a. Calculate cost of goods sold, ending inventory, and gross profit under each of the following inventory valuation methods: · First-in, first-out · Last-in, first-out · Weighted average b. Which of the three methods would be chosen if management’s goal is to (1) produce an up-to-date inventory valuation on the balance sheet? (2) show the lowest net income for tax purposes? 5. Depreciation methods. Mike Davis Enterprises purchased a delivery van for $40,000 in January 20X7. The van was estimated to have a service life of 5 years and a residual value of $6,000. The company is planning to drive the van 20,000
- 5. miles annually. Compute depreciation expense for 20X8 by using each of the following methods: a. Units-of-output, assuming 17,000 miles were driven during 20X8 b. Straight-line c. Double-declining-balance 6. Depreciation computations. Alpha Alpha Alpha, a college fraternity, purchased a new heavy-duty washing machine on January 1, 20X3. The machine, which cost $2,000, had an estimated residual value of $100 and an estimated service life of 4 years (1,800 washing cycles). Calculate the following: a. The machine’s book value on December 31, 20X5, assuming use of the straight-line depreciation method b. Depreciation expense for 20X4, assuming use of the units-of- output depreciation method. Actual washing cycles in 20X4 totaled 500. c. Accumulated depreciation on December 31, 20X5, assuming use of the double-declining-balance depreciation method. 7. Depreciation computations: change in estimate. Aussie Imports purchased a specialized piece of machinery for $50,000 on January 1, 20X3. At the time of acquisition, the machine was estimated to have a service life of 5 years (25,000 operating hours) and a residual value of $5,000. During the 5 years of operations (20X3 - 20X7), the machine was used for 5,100, 4,800, 3,200, 6,000, and 5,900 hours, respectively. Instructions a. Compute depreciation for 20X3 - 20X7 by using the following methods: straight line, units of output, and double- declining-balance. b. On January 1, 20X5, management shortened the remaining service life of the machine to 15 months. Assuming use of the straight-line method, compute the company’s depreciation expense for 20X5. c. Briefly describe what you would have done differently in part (a) if Aussie Imports had paid $47,800 for the machinery rather
- 6. than $50,000 In addition, assume that the company incurred $800 of freight charges $1,400 for machine setup and testing, and $300 for insurance during the first year of use. Page 0.* Overview Operations Management 2013 July Page 0.* Operations management is about how organizations produce goods and services. Page 0.* Course Objectives To recognize the strategic contribution of operations management to an organization’s overall goals To understand the practical nature of decisions as they relate to operations management To be able to conceptualize the reasoning that underlies a manager’s operational decisions To realize, from taking a balanced view of the topic, that the ideas presented in the course do not represent the only possible solutions to the problems managers might face; that there are in fact, differing opinions as to the efficacy of the concepts
- 7. presented. Page 0.* Course Structure The course is divided into two parts:Part 1: fundamentals of operations, namely, process concept and modelling, process analytics and critical factors to process performance.Part 2: focus is on to how to make business processes both effective and efficient. The topics includes operations strategy, quality management, continuous improvement methodologies mainly Six Sigma and Lean, finally Supply chain management. Page 0.* Course Materials TextbookOperations and Process Management, Principles and Practice for Strategic Impact (2nd Edition 2009); By Nigel Slack, Chambers, Johnston and Betts; Pearson EducationNigel Slack is Professor of Operations Management and Strategy at Warwick Business School , Warwick University (UK). Page 0.* Course MaterialsOperations Management Simulation used for Harvard Business School’s required first-year MBA course, Technology and Operations Management Process Fundamentals By Ann E. Gray; James Leonard Harvard Business Publishing Product Number 696023-PDF- ENG Operations Management Simulation: Process Analytics; By
- 8. Roy D. Shapiro; Frances X. Frei. Harvard Business Publishing Product Number 3291-HTM-ENG Page 0.* You will be given access to purchase course materials and run simulation exercises Page 0.* How to purchase HBP course materialspay Finance $17 for the course materials. Then you can bring Adam the receipt and Adam will inform me.Upon Adam’s advice, I will send your email to HBP.HBP will email you the access code to HBP course materials. Please provide me with your preferred email address. Page 0.* PART I Fundamentals of Operations Management Wk TopicLearning ObjectivesCourse Activities1Course Introduction Operations from process perspectiveStrategic contribution of operations management to an organization’s overall goals Process, layout and job design – issues and technique Process modelling approach and tools Slack’s Chapter 1, 4 PowerPoint slides Papers Case: AAA Roterdam 2Process AnalyticsCore concepts – cycle time, throughput, work-in-process and resource utilization
- 9. To increase student intuition regarding the interplay between the various elements of process analytics with detailed questions and exercises from Harvard’s OM simulation Slack’s Chapter 5 PowerPoint slides Gray’s Process Fundamentals Harvard’s OM Simulation Case: NWC Bank 3Key factors influencing process performance: Capacity InventoryDemand and capacity – defining and measuring; managing mismatches Inventory – role, policy and measurement Slack’s Chapter 8,9 PowerPoint slides Harvard’s Operations Management Simulation Case: Blackberry Hill Farm4Planning & ControlResource planning and control – rules and decision-making Role of information technology – ERP softwareN Slack’s Chapter 10 PowerPoint slides Papers Case: Suppies4medics.com 5Part 1- Assessment Page 0.* PART II Advanced Topics6Operations Strategy (OS)Role of OS in Business strategy hierarchy Decision-making framework Hayes and Wheelwright’s model for implementation Slack’s Chapter 2 PowerPoint slides Papers Case
- 10. 7Quality managementPerceived quality and the gap model Quality inspection, SPC Total Quality Management: key elements Slack’s Chapter 12 PowerPoint slides Papers Case8Continuous ImprovementContemporary methodologies: Six Sigma, Lean People-oriented process transformation Challenges in continuous improvement: people and organization; social and environmental considerations Slack’s Chapter 11, 13 PowerPoint slides Papers Case9Supply Chain Management -ISupply chain: past, present and future Dynamic behaviour of the supply chain and rational behind supply chain management Slack’s Chapter 3, 7 PowerPoint slides Papers Case10Supply Chain Management – IIGlobal operations management: issues and best practice SCORE (Supply Chain Operations Reference) Models Role of information technology: SCM software11Final Exam Page 0.* Course Work Team assignment Individual assignment Group Assignment Mid-Term Assessment Final exam
- 11. Page 0.* Course EvaluationPercent of GradeCriteria15%Team Assignment15%Individual Assignment25%Group Assignment10%Course Participation15%Mid-term Assessment20%Final Exam Page 0.* Team AssignmentFirst assignment is to complete in the first half of the course.A student is assigned a selected case from the textbook. The class will discuss the case first and explore issues and possible solutions. The student is expected to write the case study, which should focus on the chapters of the text we have covered up to that point.Please limit your submission to up to 5 pages of content, using a 12 point font and 1½ line spacing with at least 1” margins. Please follow APA format. Page 0.* Individual Assignment Second assignment is to take place in the second half of the course, with due date in Week 8.Students are encouraged to select your own topic. The focus of your submission should be topical and related to either an actual or potential application you have encountered at work or at UCW. Alternatively, if you wish, your submission can also refer to something that has taken place recently in the news. Please contact me to get approval on your selected topic.The requirement and format are same as the ones used for Assignment-1.
- 12. Page 0.* Group AssignmentA group of 3 or 4 students is assigned to a special contemporary topic or a major case study in operations management outside of the recommended course materials. This is an opportunity for students to explore what are the latest developments in operations management. The work includes review the past, current and future of the industrial practice/theory/methodology on a selected topic. The students are expected to look into two organizations worldwide to see how they benefited (or suffered) from the implementing the related theory or practice; and to identify what lessons we can learn from the example. Finally the students are also expected to make critical comments on the theory or practice. Each group is to present their findings to the class and make submission afterwards. Please limit your submission to 10 pages of content (using a 12 point font and 1½ line spacing with at least 1” margins). Page 0.* General grading criteria for Assignments The marks are divided into four broad area: Assessment of the organization’s current situation (25%): Have you appropriately identified and assessed the organization’s current situation? Is your description clear and accurate? Analysis and solutions (30%): Operational decisions are based on a proper analysis of the root causes and identifying of various options. In your writing and based on your observations, have you identified a viable recommendation, or
- 13. set of alternatives to choose from? Is your recommendation within the firm’s ability to reach it and sustain it? Is it in keeping with the organization’s goals? Assessment of recommendation’s benefits (20%): Have you objectively considered what the future state might be for the organization if it pursues your recommendation? What are the risks of your recommendations? What would need to change for your recommendation to take hold? What timeline do you think will need to be applied to your recommendation? Proofreading and clarity of your writing will affect your overall grade (25%). Page 0.* On Grading Group Assignment Submission mark: the submission is graded according the general grading criteria as discussed previously. Final mark: the mark given to each of team members may be different, subject to the following adjustment: Final Mark = Submission Mark (+ or -) Variance Variance reflects an individual’s contribution to the group assignment. It is up to + or -10% of the submission mark, based on: My own rating based review and feedback from group members Inter-group rating (1 to 5)LeadershipParticipationResearch contributionContribution to the writing
- 14. Page 0.* Mid-Term Assessment and Final Exam Mid-Term Assessment is based on selected exercises from Harvard’s Operations Management Simulation Final exam: 1 Five questionsTest how familiar you are with topics being covered in the course.Open book Page 0.* Course MilestonesWk TopicSubmission Deadline1Course Introduction Operations from process perspective2Process Analytics3Key factors influencing process performance: Capacity Inventory4Planning & Control5Mid-term AssessmentSubmission of Team Assignment, Monday, 10pm 6Operations Strategy (OS)7Quality management8Continuous Improvement9Supply Chain Management -I10Supply Chain Management – IISubmission of individual assignment, Monday, 10pm11Final ExamSubmission of Group Assignment, Monday, 10pm Page 0.* Course Participation You are expected to complete given exercises from Harvard’s Operations Management Simulation. You are expected to take part in “Grading Fellow Student’s
- 15. Assignment scheme”. The scheme will be elaborated separately once the course starts. Your general attendance in online discussions. The online discussion schedule will be published once the course starts. Page 0.* APA GuidelinesUCW follows the Publication Manual of the American Psychological Association (APA). All assignments must be submitted with the correct APA formatting and all sources cited according APA standards. The UCW Library provides resources and reference materials for students and faculty to utilize in order that their work meets APA standards. Page 0.* Plagiarism and Academic Misconduct Plagiarism and Academic Misconduct: Please ensure that you read the section on Academic Misconduct in the University Canada West Calendar located in MyUCW. To find the calendar, click on ‘Library Resources’ then ‘Forms and Calendar.’ Plagiarism: Falsifying Materials: Cheating : Turnitin Policy: This course requires you to submit some material in electronic form. When this requirement is in place, it will be noted in the course outline, the assignment, or both. The electronic material will be submitted to a service to which UCW subscribes, called Turnitin. This is a service that checks textual material for originality. Turnitin.com is used increasingly in North American universities. For additional
- 16. information please visit: https://turnitin.com