Guilford Department store is a Barbadian Company that operates in Bridgetown, Barbados. The Company maintains a perpetual inventory system. Its accounting information follows a number of standard operating procedures. Employees in the accounting department post the data manually from the receiving reports, materials requisition forms, copies of purchase orders and other transactions, such as returns and adjustments to the inventory records. The source documents are filed by posting date. The inventory records are analysed after each posting to determine if the item should be reordered. One copy of a purchase requisition is prepared and sent to the purchasing department. The clerks select a vendor from a master vendor file, prepare four copies of the purchase order and update the vendor file to reflect the order. The purchase order is approved and distributed as follows: original copy to the vendor; copy number 2 is filed numerically with the corresponding purchase requisition attached. Copy 3 is forwarded to the receiving department. Copy 4 is sent to the accounting department. REQUIRED a. Prepare an analytical flow chart of the preceding procedures at Guilford department Store Ltd. b. Prepare a DFD of the preceding procedures at Guildford's.

Guilford Department store is a Barbadian Company that operates in Bridgetown, Barbados. The Company maintains a perpetual inventory system. Its accounting information follows a number of standard operating procedures. Employees in the accounting department post the data manually from the receiving reports, materials requisition forms, copies of purchase orders and other transactions, such as returns and adjustments to the inventory records. The source documents are filed by posting date. The inventory records are analysed after each posting to determine if the item should be reordered. One copy of a purchase requisition is prepared and sent to the purchasing department. The clerks select a vendor from a master vendor file, prepare four copies of the purchase order and update the vendor file to reflect the order. The purchase order is approved and distributed as follows: original copy to the vendor; copy number 2 is filed numerically with the corresponding purchase requisition attached.…

Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 Inventory 79 units at $63 10 Sale 63 units 15 Purchase 102 units at $67 20 Sale 57 units 24 Sale 14 units 30 Purchase 21 units at $70 The business maintains a perpetual inventory system, costing by the last-in, first-out method. Determine the cost of merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 4. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Schedule of Cost of Goods Sold LIFO Method DVD Players Quantity Date Purchased Purchases Unit Cost Purchases Total Cost Quantity Sold Cost of Goods Cost of Goods Sold Unit Cost Sold Total Cost Inventory Quantity Inventory Unit Cost Inventory Total Cost Nov. 1 Nov. 10 Nov. 000…

A clothing manufacturing company requires raw materials for 8 consecutive weeks as follows: 30, 40, 50, 35, 60, 30, 40, and 30 units with a one-time order cost of $50,000 and a storage fee of $500 per unit/week. From these data calculate the total cost of procurement using:a. Lot For Lot (LFL) Methodb. Economic Order Quantity (EOQ) Methodc. Period Order Quantity (POQ) Method Using this table format: Week 1 2 3 4 5 6 7 8 Gross requirements                 Schedule receipts                 Projected on hand                 Net requirements                 Planned order receipts                 Planned order releases