Cost of Goods Checkpoint Essay

A multi-step income statement for a trading business highlights the fact that between 40% and 60% of revenue from sales is accounted for as the cost of goods sold. The cost of goods attributed to a company’s products is expensed as the company sells these goods. There are several ways to calculate COGS but one of the more basic ways is to start with the beginning inventory for the period and add the total amount of purchases made during the period then deducting the ending inventory. (According to Kimmel, Weygandt, and Kieso), cost of goods sold is found by taking the cost of goods available for sale (beginning merchandise inventory + net purchase), less the ending merchandise inventory (p. 244). In a wholesale or retail trading business, merchandise held for resale in the normal course of business is the largest asset owned by the organization. For this reason it is vital that accurate up-to-date records be maintained when goods are acquired and inventories taken. Finished goods and or merchandise makes up cost of goods sold. There are two classifications of inventory: merchandiser or manufacturer. In a merchandiser company inventory consists of many items all different. Whereas, a manufacturer, some inventory may not be ready (Kimmel, Weygandt, & Kieso, p. 282). Examples of items that make up cost of goods include; produce, clothing, electronics, items that can be resold from manufacture to a company to the customer. This means when the business acquires a finished product, the cost of the product goes into an inventory asset account. The customer will then purchase the product, finished good, the business transfers the cost of the product from the inventory asset account to the cost of goods sold expense account because the product is no longer in the business’s inventory (Kimmel, Weygandt, & Kieso, p. 282). References Kimmel, P. D. , Weygandt, J. J. , & Kieso, D. E. (2011). Financial accounting: Tools for business decision making (6th ed. ). Retrieved from The University of Phoenix eBook Collection database.

Failure Analysis Strategy Change Essay

Movies have always been a past time enjoyed by many. As the technology continues to grow, many video stores are going out of business and digital or online movies are rising in popularity. Blockbuster Video and Netflix are businesses that have been affected by these changes. Blockbuster opened in 1985 with the mission statement of â€Å"Our corporate mission is to provide our customers with the most convenient access to media entertainment, including movie and game entertainment delivered through multiple distribution channels such as our stores, by mail, vending and kiosks, online and at home. We believe Blockbuster offers customers a value-prices entertainment experience, combining the broad product depth of a specialty retailer with local neighborhood convenience† (Farfan, 2010). Blockbuster continued with the vision statement of â€Å"At Blockbuster, diversity means valuing differences. It’s corporate value that must be continually developed, embraced, and incorporated into the way we do business† (Farfan, 2010). Blockbuster operated with more than 7,400 stores worldwide and also operated through 1,600 franchise stores. As technology started to change, customers began streaming movies from the Internet as well as using kiosks, such as Redbox, for movie rentals. Competition became a large factor in Blockbuster and the failing of the company, but a large part of the failure was due to manage changes and misunderstanding of the business as a whole (Dunston, 2014). Blockbuster Failure In 2006 and 2007, Blockbuster was approached by the CEO of Netflix, Reed Hastings, asking them to acquire Netflix. Hastings knew that Netflix had not formulated a plan to stop Blockbuster from stealing their customers, at the rate of a million per year. Blockbuster decided that the company did not  need Netflix because Blockbuster had a stronger and larger growth, but then a change that was never expected happened. A new CEO was named for Blockbuster after a boardroom dispute. The man appointed CEO didn’t fully understand the business and what Blockbuster needed in order to remain above the competition, especially Netflix. The CEO started changing plans for the company and even pulled out the Internet efforts that had been in place for Blockbuster. Within 18 months, 85% of the capital value of the company had been lost; within in 2 years, it was completely gone (Dunston, 2014). Netflix Netflix views themselves as â€Å"freedom of on-demand and the fun of indulgent viewing† (Netflix, 2014). Netflix also focuses on the convenience of the no-hassle, online cancellation and offer movies and TV series network. Technology and good leadership is how Netflix became the leader in the industry (Halal, 2010). Netflix executives understood that the emerging technology was rapidly changing the delivery of movie rentals. CEO, Hastings, developed â€Å"strategies involving Internet streaming, convenient customer service, and the virtual organization to deliver it cheaply and flawlessly† (Halal, 2010). Another part of Netflix’s technology strategy was to avoid the burden of having to go to a video store for customers. Customer service is key to a successful business, so Hastings used a monthly subscription to allow customers to have access to unlimited rentals, including no late fees. Instead of the hassle of renting movies, the focus is providing convenience. With the mission statement and vision of â€Å" Our core strategy is to grow our streaming subscription business domestically and globally. We are continually improving the customer experience, with a focus on expanding our streaming content, enhancing our user interface and extending our streaming service to even more Internet-connected devices, while staying within the parameters of our consolidated net income and operating segment contribution profit targets,† shows that the company wants the best for the company as well as their customers (Netflix, 2014). NetFlix Organizational Theories In reading many articles online about the success of NETFLIX the two organizational behavior theories that have been seen in this company have been decision-making and system approaches. Netflix’s huge decision to become a virtual DVD rental via online instead of going to actual in-store purchases like Blockbuster, has placed them at the top of the food chain. The technological advances alone for Netflix has change the industry forever, they took the systems approach by understanding the company’s input and output process and integrated the drive in developing new adaptive capacities and innovation. Blockbuster’s organization theory of scientific leadership placed a great deal into how the company ran it’s in store business and how the objectives and decisions were placed within the company. If Blockbuster could focus more on the click feature like how Netflix did, and not dismiss the idea that it would be a revolutionary change in the industry and within Blockbusters stockholders. Roles of Leadership and Management Per Netflix (2014) it has a â€Å"functional organizational structure, which aims at its functions themselves, rather than by customer segments or regions†. They have a CEO; Reed Hastings has 6 departments that have managers within them that run it. The organization beyond those 6 managers is not as structured as the top echelon is, they run their departments as they see fit. The CEO has instilled in their managers the management style of â€Å"Context, not Control† (Siegler), implying that very little control is given to employees, rather employees are held responsible for their actions and are expected to work efficiently and independently. Because of this idealists approach to management and how successful the company has been with it, they have found that they have no need to change their management style yet. Organizational value within Netflix has been on promoting the â€Å"stunning colleagues† (Netflix.com, 2014), and their importance in a great workplace. They have 9 values that they show is priority number 1 at Netflix, â€Å" judgment, impact, curiosity, innovation, courage, passion, honesty and selflessness (Siegler). The basic values that they believe as a company are workplace efficiency, emphasis on effective over effort, management best practices, retention practices, and large emphasis on a large salary, rather than stock options and bonuses. They believe that this  creates an environment that promotes productivity, and efficient work environment, which shows in colleague retention and overall happiness at Netflix. Part 2: Leading Organizational Change As the CEO of Blockbuster it is my responsibility to evaluate the organizations structure as well as the power and political issues within the company. The CEO can be disconnected to what is going on at the operations level of the company if he or she does not put forth the effort to be involved. As the CEO I will be involved in the operations of the company and be a leader employees can look up to. To implement the organizations change I will use a strategy based on John Kotter’s 8 step plan for change. John Kotter’s 8 steps are â€Å"establishing a sense of urgency, forming a powerful guiding coalition, creating a vision, communicating the vision, empowering others to act on the vision, planning for and creating short-term wins, consolidating improvements and producing still more changes, institutionalizing new approaches†(Mintzberg, Lampel, Quinn 2003). As the CEO of blockbuster I see that technology is changing and we must keep up. If we do not keep up with the technological advances we are doomed to fail. I see the company as a technology company and not just a movie rental company. I do not want Blockbuster to just survive, I want Blockbuster to thrive. Blockbuster will start investing in new internet technologies and streaming services. We will align ourselves with major motion picture studios to ensure that we get the newest movies and offer our customers the best services possible. Upper management will actively seek new opportunities and new world markets to expand our services. All employees will be encouraged to provide new ideas and mediocrity will not be accepted. Every aspect of the company will be evaluated and our services will provide our customers with the greatest movie streaming value. Reference Dunston, Dain (2014). When Blockbuster Forgot What Business They Were In. Retrieved from www.daindunston.com Farfan, Barbara (2010). Company Mission Statements – Complete List of World’s Largest Retail Missions. Retrieved from www.retailindustry.about.com Halal, Bill (2010). How Netflix Beat Blockbuster: An Exemplar of Emerging Technologies. Retrieved from www.billhalal.com Mintzberg, H., Lampel, J., & Quinn, J. B. (2003). The Strategy Process: Concepts, Contexts, Cases (4th ed.). Upper Saddle River, NJ: Prentice Hall Netflix Long Term View (2014). Retrieved from http://ir.netflix.com Netflix Capstone and Final Report (2014). Retrieved on January 7, 2014. http://mgmtclarity.files.wordpress.com/2010/04/capstone_final_report.pdf

Women Education in India

Women`s education in India has been one of the major issues of concern of the Government of India as well as the society at large. It is because of the fact that today the educated women play a very significant role in overall development and progress of the country. Women hold a prominent position in the Indian society as well as all over the world. However, since the prehistoric times women were denied opportunities and had to suffer for the hegemonic masculine ideology.Thus, this unjustifiable oppression had resulted into a movement that fought to achieve the equal status of women all over the world. Women Education in India is the consequence of such progress and this led to the tremendous improvement of women`s condition through out the world. Nevertheless eradication of female illiteracy is considered as a major concern today. In the recent era, the Indian society has established a number of institutions for the educational development of women and girls.These educational insti tutions aim for immense help and are concerned with the development of women. Women`s Education in Ancient India In ancient India, women and girls received less education than men. This was due to the set social norms. Interestingly,in the Vedic period women had access to education, but gradually they had lost this right. Women education in ancient India prevailed during the early Vedic period. In addition to that Indian scriptures Rig Veda and Upanishads mention about several women sages and seers.Women enjoyed equivalent position and rights in the early Vedic era. However, after 500 B. C, the position of women started to decline. The Islamic invasion played a vital role in restricting freedom and rights of the women. A radical change attended and there was a terrific constraint for Women education in India. Women`s Education in Medieval India Women education in medieval India further deteriorated with the introduction of Purdah system. Different customs and conventions of diverse religions like Hindu, Islam, and Christian further deteriorated the state of women in the country.A range of socio religious movements contributed to the development of women literacy in the country. Many leaders took several initiatives to make education available to the women of India. The ordered form of women education in India was incorporated in the early centuries of the Christian era. Women`s Education in Colonial India The position of the women education in India revived with the invasion of the British in the country and with the advent of Bhakti movement. The colonial period also introduced the institutional form of imparting learning.Women education in Colonial India witnessed an essential expansion. Various movements were launched to make women of the country literate. Furthermore, this progress journeyed through the years and influenced the modern Indian education system. Women`s Education in Modern India Women Education in Modern India is traced back to the years afte r the independence of the country. In the present times, the government of India takes measures to provide education to all women of the country. Women literacy rate seemingly rose in the modern days.Women education in India became a compulsory concern and female literacy has gone higher that male literacy. At present, the constitution of India guarantees free primary school education for both boys and girls up to age 14. Education in India plays a vital role in the overall development of the country. This proves that educated women promote education in their family. Further, learned women can also help in the lessening of child death rate and expansion of population. In the modern era, women education is the replica of a Vedic model for instructive inspiration. Women Education in India Introduction: The men and the women are the two wheels of the society. If one of the two falls defective, the society cannot make progress. Hence we need education for the females as we need for the males. Advantages: The female education is highly necessary for the society. Because mothers are the first teachers of the children. They are the first teachers of the future citizens of the country. If the mothers be ignorant, they cannot take proper care of the children. They cannot infuse good qualities in them. Hence, the very foundation of our people will remain weak, if the females will be ignorant the society will lose the services of a powerful part of our society. So, female education is quite necessary for the girls. The women are in no way inferior to men. In western countries the women are writing books, driving cars and aero-planes, running banks and big business firms and doing research in the laboratory. There are women scientists, women officers and women writers. The typewriters, the news agents, the sales agents the commercial solicitors are mostly women. Hence, we cannot decry the women-folk in our country. Disadvantages: But the female education has some disadvantages too. It is found in Europe and America that the educated women do not want to bear children. They do not like their children. They leave them in the nursery, more out of their disgust than for any other reason. But the defect does not lie in education as a principle. The defect lies in the curriculums. If they learn what the males learn then naturally they will like to be like males. So, separate courses of study should be prepared for the females. Present position: Indians are conservative by nature. So, their blind faith and age old superstition stood against the female education. Now, people have felt the virtue of female education. The do not hesitate to send their daughters to schools. Now in India we find women professors, lady doctors, lady scientists, lady politicians and lady ministers. But a large number of women are still in dark. They should be educated in the interest of our national progress. conclusion: India is now optimistic in the field of female education. We had the female philosophers like Gargi, Maritreyi and Viswabara in the Vedic age. We had Mirabai, Ahalyabi, Durgabati and Laxmibai in the days of history. They were all learned. Hence, we had a great tradition during the days of our degeneration. Now, we have revived. So, we will certainly revive the female education in India.

The Challenger and Columbia Shuttle Disasters Case Study

The Challenger and Columbia Shuttle Disasters - Case Study Example All these changes are clearly directed towards strengthening the internal control of the organization in order to trace down the factors that can pose risk to shuttles. The establishment of a specialized group for review of the design of the shuttles and the evaluation of the critical items was a clear attempt towards increasing the safety and quality of the shuttles and to avoid any further disasters from happening. Aspects of NASA Practice after Columbia Disaster In 2003, another disaster was faced by NASA when shuttle Columbia broke up. It was found out that the cause of the disaster was a 1.67-pound slab of insulating foam that fell off the external fuel tank, hit the left wing and caused a breach in the tiles. Another cause that was disclosed was lack of proper funding. There was a policy called â€Å"Faster, Better, Cheaper† emphasized by the NASA Administrator that impacted the shuttle program. There were a number of management reforms done after the Challenger disaster but despite of the changes, the Columbia disaster took place. It was observed that the changes done were merely for creation of specialized groups in order to increase safety but the organizational culture of NASA remained the same. Even after the Challenger disaster, deviations from expected performance were ignored. There was lack of testing in order to determine safety and reliability and reliance of past practices was placed in place of conducting comprehensive testing. Different Factors and their Contribution to Sustaining Change It has been observed that NASA recommended and implemented the change after the Challenger disaster but the agency could not sustain the change. The organizational culture reverted back restraining the change and the bringing the agency back to the manner it was operating before the disaster. After the Challenger disaster, there were a number of reforms done by the agency and there were a number of policies and procedures set up to ensure safety and q uality of the shuttles. However, with the passage of time, these policies and procedures were ignored and reliance was placed on the past successes of NASA. Therefore, it can be said that sustaining a change may be challenging. Thus, in order to sustain a change, other factors may be used. Such factors include; redesigning the roles of the employees of the organization, introduction of reward policies and linking of selection decision to change objectives. Such policies would help in increasing the motivation of the employees who would work more efficiently as a result. It has been observed that there is a hierarchical structure at NASA and the employees at lower levels remain silent due to lack of authority. Even if there is a critical issue, it is not communicated to higher levels on a timely basis. Thus, redefining their roles and introduction of rewards and whistle blowing policies can help NASA sustain the changes implemented. Similarly, measuring the progress can also help in sustaining a chang

American economy Essay Example | Topics and Well Written Essays - 750 words

American economy - Essay Example The Constitution gave the country a framework to fall back on.Yet there were a lot more that needed to be plugged in.A judicial system did not exist and laws could not be framed.During 1789 to 1797,the Congress fleshed out the constitution,giving it the much-needed legal,bureaucratic,and military machThe conflict between the federalists and anti-federalists went from bad to worse and finally in 1800,the anti-federalists had their representative in the post of president – Thomas Jefferson.Washington had tried to lead the nation to greatness with the federal government.Jefferson intended to rescue the same nation from policies that had endangered its experiment in popular self-governance and had undermined the constitutional and social groundwork of a sound republican regime,from leaders whose commitment to democracy itself had seemed uncertain. The Jeffersonian democracy laid out political goals for the United States and reigned over American politics for two decades, 1800 â₠¬â€œ 1820s. Thomas Jefferson’s objectives for the country focused on the West. The spotlight was on the Yeoman farmers, who were the epitome of republican virtue and independence as compared to financiers and industrialists who were the pits of corruption. Soon after, in the years that followed, several anti-federalists were seen to join the Jeffersonian camp as well. The freedom of speech and freedom of the press were pedestalized and the anti-federalists believed that this was the only way in which to ensure that the government would not turn against its people. Violation of the rights of individuals and states were a serious offence and the Kentucky and Virginia Resolutions of 1789, that were secretly written by Jefferson and Madison publicized these principles. Despite this, this presidency witnessed an

Analyse article Essay Example | Topics and Well Written Essays - 750 words - 1

Analyse article - Essay Example Schaper further argues that in a competitive market environment effective and efficient firms survive while the inefficient businesses collapse. Considering the remarks by the president of Toyota Company, the business may have faced serious competition from other vehicle manufacturers in Australia such as Elfin Sports Cars Pty Ltd, Ford Performance Vehicles, and GM Holden Ltd as well as competition in the export markets of other countries that offer favorable vehicle manufacturing conditions. Another factor that contributed to the decision by Toyota Company is high cost of production attributed to the high labor costs (BBC News Business 10 February 2014). Under normal circumstances, the cost of production in an organization is usually lower giving enough room for profit realization when products are sold. However, the Toyota Company based in Australia experienced reduction in profits and eventually loses in the production of vehicles due to the increased production cost. The company tried to solve the problem of increased labor costs through proposed changes in employee contracts that would have resulted in removal of additional allowances and changes in overtime (BBC News Business 10 February 2014) but the implementation was blocked in a Federal Court. The other critical factor that contributed to the decision by Toyota Company is lack of government support. According to Ch et al., government policies have both positive and negative impacts on businesses operating in the country in question (2011, p.941). In the case of Toyota Company, the impacts of policy changes by Australian government left the company with negative business effects. To begin with, a national commission recommended to the government that subsidies that were initially given to the car manufacturing industry should be stopped and that the companies should device ways of cutting down the production cost (BBC News Business 10 February 2014). Secondly, the proposed changes on employee

Global Perspectives. Portfolio Essay Example | Topics and Well Written Essays - 3000 words

Global Perspectives. Portfolio - Essay Example Activity Section 3 - Once you have completed this task take one global issue and one global process and undertake some further research on the internet. Write a brief summary of your research (retain for your portfolio) and then share with others in your respective Group Discussion Forum. On completion of the forum discussion write a brief summary of what you have learned from the discussion. Brief summaries of research and what you have learned from the discussion: Put here what you retained for the portfolio: a brief summary of your research (approx. 200 words) and a brief summary of what you have learned from the discussion (approx. 200 words). Activity Section 4 (part 1) - On the basis of your reading and experience what is your view of globalisation and how does it impact upon your experience? What are the benefits (of globalisation) and from whose perspective, and what are the negative consequences? Prepare a summary of your responses Task Section 5 - Chose one global issue that particularly interests you. Conduct your own research on your chosen issue and evaluate how knowledge varies depending on its source. Consider why there are discrepancies in opinion in your chosen issue and what the implications are in terms of the importance of who says what and when and most importantly why (what interests are at stake? Formal or informal, explicit or implicit). (maximum 1 page) Activity Section 6 (part 1) - Search the internet to learn about sustainable development. You are asked to consider two questions: If the economic model is based on continual growth is this at odds with sustainability and why? What is the role of business with regard to sustainable development and what does your organisation do with regard to sustainability? In this section you have been asked to note a number of responses as you have gone through the material. Scenario for UNEP Representative - Imagine you are a representative of the UN Environment Programme (UNEP) and have been