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Question 1: An organization discovers in a physical inventory count that the actual inventory on hand is $50,000 less than the value on the books. Write the accounting entry to record this shrinkage transaction.
Question 2: Miami Trinity Health Care has an average inventory balance of $2 million. The total annual supply expense is $10 million. Using a 360-day year, calculate the days of supply.
Question 3: A product has total usage of 1,000 over the course of the year. Each item costs $20. The transactional order cost from procurement is $50 each transaction, and the annual carrying cost is 10% of the total annual cost. Calculate the economic order quantity.
Evaluate Method of measuring costs associated with production, budgeting process, normal job-order costing system , master budget, cycle time.
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You are to reflect on how this case of China Sky relates to what the arguments for and against allowing audit firm partners and/or employees to join audit committees.
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How is job costing in service organizations different from job costing in manufacturing environments?
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