BUS 251 Lecture Notes - Lecture 8: Target Canada, Uptodate, Internal Control
24 Sep 2018
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Inventory goods held for resale to customers, or to be used in manufacturing goods to be sold. January 2015, target canada files for bankruptcy protection: 133 stores shut, most open less than 2 years, 17,600 jobs lost, billion spent on the expansion. Inaccurate data in inventory mis system: over 75,000 individual product types, w x h x l versus h x w x l. Inaccurate forecasting of sales demand: 1st year of canadian operations. Lower of cost and net realizable value (market value) The lulule(cid:373)o(cid:374) (cid:374)ote o(cid:374) the last slide i(cid:374)di(cid:272)ated that (cid:858)la(cid:271)our(cid:859) (cid:272)osts are i(cid:374)(cid:272)luded i(cid:374) the (cid:858)(cid:272)ost of i(cid:374)(cid:448)e(cid:374)tories(cid:859). An internal control over inventory is a physical count at a point in time. I(cid:374)(cid:448)e(cid:374)tor(cid:455) value = # of ite(cid:373)s (cid:272)ou(cid:374)ted (cid:454) u(cid:374)it (cid:272)ost. If the three inventory items are unique (can be specifically identified, e. g. serial numbers, bar codes), Specific identification method: cost flow assumptions, cost flow assumptions.
