Question & Answer

Presented below is information related to Kaisson Corporation for the last 3 years. Quantities Base-Year Cost Current-Year Cost in Ending Item Inventories Unit Cost Amount Unit Cost Amount December 31, 2013 A 9,000 $2.00 $18,000 $2.20 $19,800 B 6,000 3.00 18,000 3.55 21,300 C 4,000 5.00 20,000 5.40 21,600 Totals $56,000 $62,700 December 31, 2014 A 9,000 $2.00 $18,000 $2.60 $23,400 B 6,800 3.00 20,400 3.75 25,500 C 6,000 5.00 30,000 6.40 38,400 Totals $68,400 $87,300 December 31, 2015 A 8,000 $2.00 $16,000 $2.70 $21,600 B 8,000 3.00 24,000 4.00 32,000 C 6,000 5.00 30,000 6.20 37,200 Totals $70,000 $90,800 Instructions Compute the ending inventories under the dollar-value LIFO method for 2013, 2014, and 2015. The base period is January 1, 2013, and the beginning inventory cost at that date was $45,000. Compute indexes to two decimal places.

A headline in the Wall Street Journal stated, “Firms Increasingly Tap Their Pension Funds to Use Excess Assets.” What is the accounting issue related to the use of these “excess assets” by companies?

Explain the importance of contingency planning, scenario building, stretch goals, and crisis planning for managers today.

What does the term devitrification mean?

Aluminum has a density of 2.70 g/cm3 at room temperature (20°C). Determine its density at 650°C, using data in Table 4.1 as a reference.

: Define entrepreneurship and the five classifications of entrepreneurs.

: Summarize the impact of people of color, immigrants, and women on the creation of new businesses.

: Outline the planning necessary to launch an entrepreneurial start-up.

Describe important steps for starting an online or mobile app business.

What is a photoresist in chemical machining?

To what extent is national defence a pure public good? Can it ever be rivalrous or excludable in consumption?

Brisky Corporation had net sales of $2,400,000 and interest revenue of $31,000 during 2014. Expenses for 2014 were cost of goods sold $1,450,000; administrative expenses $212,000; selling expenses $280,000; and interest expense $45,000. Brisky’s tax rate is 30%. The corporation had 100,000 shares of common stock authorized and 70,000 shares issued and outstanding during 2014. Prepare a single-step income statement for the year ended December 31, 2014.

: Explain three approaches to corporate-level strategy: the portfolio, the Boston Consulting Group (BCG) matrix, and diversification.

Balanced scorecard perspectives: internal business process, innovation             and growth The Galaxy Hotel Group owns and operates a number of mid-level boutique hotels mostly in regional Australia. Galaxy is structured around regions with a regional general manager usually given the responsibility of working closely with the managers of the hotels within their region. Commonly, a regional general manager is responsible for around 6 to 8 hotels. Within Australia, Galaxy has six regional general managers who report to the CEO, Angelo Vellma. Galaxy’s strategy has focused on meeting the needs of business and holiday travellers seeking 3 to 3.5 star accommodation for relatively short stays that are affordable but comfortable. One thing Galaxy enforces is its objective of having the same high-level service at each hotel. The CFO of Galaxy, Caitlin Zhang, has raised the idea of introducing a balanced scorecard. At this stage it has only been discussed at board level, but most of the board members are in favour of its implementation. As Zhang points out, ‘it will focus the attention of employees on our key priorities as well as provide the opportunity to reinforce our strategy throughout the company’. Zhang’s first draft balanced scorecard developed for use at the individual hotel level is provided below. To date, Zhang has constructed the first draft alone, without consulting others.       Another board member, Patrick Ryan, wonders about using the balanced scorecard a little differently. ‘Perhaps we could use the scorecard to facilitate discussion with our regional managers and individual hotel managers. Not all are the same and they obviously face different challenges. The scorecard could be used by senior management to meet with regional managers and discuss the performance of hotels in the region, and perhaps re-work part of the scorecard and set different priorities as the regions work to meet local challenges.’ Required (a)          Angelo Vellma is a little concerned about the draft scorecard. He had recently attended a seminar on balanced scorecards and is worried about the lack of measures relating to what he thinks are important issues at the individual hotel level. He is particularly concerned at the lack of an internal business process perspective and a learning and growth perspective in the scorecard. Identify two measures relevant at the individual hotel level at Galaxy for the internal business process perspective and the learning and growth perspective. Provide a brief justification for each measure. (b)          Comment on the implementation process of the balanced scorecard at Galaxy to date.

A foundry that casts turbine blades inspects for eight features that are considered critical-toquality. During the previous month, 1,236 castings were produced. During inspection, 47 defects among the eight features were found, and 29 castings had one or more defects. Determine DPMO, DPM, and DUPM in a Six Sigma program for these data and convert each to its corresponding sigma level.

Describe the procedures used in job costing.

An extruder barrel has a diameter of 2.5 in. The screw rotates at 60 rev/min; its channel depth = 0.20 in, and its flight angle = 17.5°. The head pressure at the die end of the barrel is 800 lb/in2 and the length of the barrel is 50 in. The viscosity of the polymer melt is 122 x 10-4 lb-sec/in2 . Determine the volume flow rate of the plastic in the barrel.

What is meant by ‘the poverty trap’? What design of benefit system would offer the best solution to the problem of the poverty trap?

: Describe Michael Porter’s competitive forces and strategies.

: Describe how managers can use the organizational mission and other techniques to manage goal conflict.

: Compare and contrast the globalization, multidomestic, and glocalization strategies for global business.

Indicate the mathematical equation for the flow curve

Give some examples of beggar-my-neighbour policies.

Vickie Plato, accounting clerk in the personnel office of Streisand Corp., has begun to compute pension expense for 2016 but is not sure whether or not she should include the amortization of unrecognized gains/losses. She is currently working with the following beginning-of-the-year present values for the projected benefit obligation and market-related values for the pension plan: Projected Plan Benefit Assets Obligation Value 2013 $2,200,000 $1,900,000 2014 2,400,000 2,500,000 2015 2,900,000 2,600,000 2016 3,900,000 3,000,000 The average remaining service life per employee in 2013 and 2014 is 10 years and in 2015 and 2016 is 12 years. The net gain or loss that occurred during each year is as follows. 2013 $280,000 loss 2014 85,000 loss 2015 12,000 loss 2016 25,000 gain (In working the solution, you must aggregate the unrecognized gains and losses to arrive at year-end balances.) Instructions You are the manager in charge of accounting. Write a memo to Vickie Plato, explaining why in some years she must amortize some of the net gains and losses and in other years she does not need to. In order to explain this situation fully, you must compute the amount of net gain or loss that is amortized and charged to pension expense in each of the 4 years listed above. Include an appropriate amortization schedule, referring to it whenever necessary.

Of what significance is inventory turnover to a retail store?