Financial Analysis And Decision Making At Bresil Investment Finance Essay - Free Essay Example

Sample details Pages: 14 Words: 4075 Downloads: 7 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Did you like this example? 1.Introduction As a team of investment Analyst for Bresil Investment, We have been approached by one of our client, Stephen Curry to offer investment advice. Mr. Curry has two investment choices, either Games Workshop PLC or Hornby PLC. Our analysis will include ratio analysis of both the companies for current and previous years, as well as some industry specific analysis. Aim of this report is to provide Best investment advice for Mr. Curry. 2.Financial Analysis Financial Analysis exists to help decision Makers. It is concerned with the ways in which funds for a Business are raised and invested (Theoh 2009:3 ). Financial analysis can also be referred as analysis and interpretation of financial statements to determine the current position and future scope of the firm using Balance sheet, Profit and loss account and other effective statistics. Financial Analysis uses the financial ratios for this purpose. Financial analysis gives a good idea about the profitability and financial soundness of the company so that investors can take right decision and invest in the Best Company. Don’t waste time! Our writers will create an original "Financial Analysis And Decision Making At Bresil Investment Finance Essay" essay for you Create order 3. Interpretation of Ratio analysis 3.1. Profitability Ratios Return on Capital Employed (ROCE ) The Return on Capital Employed Ratio is the fundamental measure of business performance. This ratio expresses the relationship between the operating profit generated during a period and the average long term capital invested in the business during that period. (McLancy Atril 2008:229) Ratio in percentage can calculated as follows: ROCE= ((Operating Profit)/(Total asset Current Liabilities)) * 100 The above graph shows the ROCE of both Games Workshop PLC and Hornby PLC for 2008,2009 and 2010. Time Analysis ROCE of Games PLC has increased at constant rate from 2008 to 2010. That is 5.48%, 17.26% and 27.98% respectively. On the other hand ROCE of Hornby was better in 2008 (29.47%), however it has declined in 2009 and 2010 (i.e. 17.67% and 12.65% respectively). The reason behind the decline in the return of Hornby with realizing from the capital employed is that the company has invested lot of money in various fixed assets. Also the cost of production has increased in 2009 and 2010 as compared to 2008. Industrial Benchmarking Games workshop PLCs performance very well in 2010 and 2009 (27.98% and 17.26% respectively) as compared to the industry average in terms of ROCE. Also in 2008 the ROCE (5.48) was above the industry average. On the other hand for Hornby PLC also ROCE figures are higher for 2008, 2009 and 2010 (Fame 2010) Conclusion From the ROCE comparison of Games Work Shop PLC and Hornby PLC we can conclude that Games PLC is profitable as compared to Hornby. Profit Margin Profit margin or Operating profit margin relates the operating profit for the period to the sales revenue during that period. (McLancy Atril 2008:229). Profit margin can be calculated as follows Profit margin = (Operating profit/ Sales)* 100 Time Analysis The profit margin of Games PLC has increased at constant rate during the years 2008, 2009 and 2010. Reason behind for this rise is increase in Operating profit and also they become more efficient in their production. That means they have reduces the overheads. So the cost of sales remained almost constant and under control. Whereas for Hornby PLC the profit margin was higher during 2008 (16.85%) but it has decreased gradually during the years 2009 and 2010(i.e, 11.20% and 9.27% respectively).The ratio is decreasing that is clearly unsatisfactory. This is due to the decrease in the operating profit. That means the cost of sale is increased. Industrial Benchmarking In 2010 and 2009 the profit margin of Games Workshop PLC are well head than industrial average, however in 2008 the profit margin is almost half of the industrial average. On the other hand profit margins on Hornby PLC for 3 years are more than the industrial average. Conclusion While considering the Profit margins of both the companies, we can conclude the profitability of Games Workshop PLC is very good. 3.2. Efficiency Ratios 1. Asset Turnover Asset turnover ratio examines how efficiently the asset of the company is being used to generate revenue or ratio assesses the sale that a company can generate for each dollar assets it owns. In common a higher ratio is preferred to lower one. However a higher ratio may indicate that Company is overtrading its assets. Companies with higher asset turnover ratios can thrive even with low profit margin. (Biafore 2004:151) Asset turnover ratio can be calculated as follows: Asset Turnover= Sales / Capital Employed The above graph the comparison of Asset Turnover Ratios of Games PLC and Hornby PLC for three years. Time Analysis It is clear from the graph the ratio is almost same for Games PLC during 2008 and 2009 and it is bit in a lower side during 2010 (2.207). Still the figures are satisfactory for Games PLC. This means that Games PLC is utilizing its assets at constant rate. On the other hand the ratios are decreasing for Hornby PLC. In 2008 it was better (1.749), however when we check the sales, the can conclude that the growth of sale is unsatisfactory as the Capital employed also increased also over these years. Conclusion While considering the Asset Turnovers of both the companies, we can conclude the profitability of Games Workshop PLC is better. 2.Stock Turnover Stock turn over can defined as pace in which the stock are being sold out. It helps us to determine the duration of purchasing period. (Bose 2010:23) In another words it is the number of times the average inventory is sold out in a particular period. It can be calculated as Stock Turnover = (Cost of Sale/ Stock) Time Analysis For Games PLC the Stock Turnover was better in 2009 (3.36 times).In 2008 it was bit on lower side, however in 2010 it has again decreased to 3.03 times. These figures are satisfactory. On the other hand for Hornby PLC the stock turnover is better in 2010 (2.66 times) and in 2008 and 2009 it remained almost constant (2.21 2.24 times). Conclusion In every business will want and target a higher Stock Turnover ratio. While considering the Stock Turnover ratios of both the companies, Games Workshop PLC seems to be in better condition. 3.Stock Days It is also possible to express the ratio as a number of days, which is sometimes an easier way to understand it. To do this uses the following formula: STOCK TURNOVER RATIO (in days) = Average Stocks (Cost of goods sold/365) Or = 365/stock turnover Time Analysis As we can see from the graph, Hornby constantly has higher value of stock turnover than Games Workshop over the span of three consecutive years. But if we closely examine the scenario, Hornby has successfully decreased its stock days (from 160 days in 2008 to 137 days in 2010) while in the case of Games workshop, it is reversed (from 112 days in 2008 to 120 days in 2010) Conclusion The ratio gives us an idea about the number of days that on invested money is being held as inventories. A company is considered as working well when its stock turnover days are less. Hornby decreased its stock turnover days considerably, however if we compare it with that of Games PLC, its values are in higher. ie, While comparing the both companies in term of Stock Turnover days, Games Workshop PLC is better. 4.Debtor Period: Debtor Period or Debtor collection period tells us how long the customers take to pay back the money. Good managed Debtor policies can keep the Debtor collection period as low as possible, without damaging the customer relation. (McLancy 2006:54) Debtor period = (debtor * 365)/sales Time Analysis From the graph it is clear that Games PLC has been successful in reducing Debtor collection period. That is, from 32.65 in 2008 to 28.97 in 2010. This is a satisfactory figure. In comparison with games workshop, Hornby had longer period of debtor. It had 71.11days in 2008 which has gone up to almost 78 days in 2009; however they tried to reduce it to almost 75 in 2010. Conclusion An increase in debtor collection period decrease companys cash flow. That means it will increase the capital employed resulting in lower ROCE. So when comparing the Debtor collection Period of the both companies, Games PLCs Performance is satisfactory. 3.3. Liquidity Ratios 1. Current Ratio This is one of the most widely used ratios defined as Current ratio = current assets/Current Liabilities Current assets are expected to be turn into cash within approximately 12 months and the current liabilities are obligations that company owes that will require cash within in one year. This ratio is a measure of short term liquidity. An investor might expect this ratio at least 1. (Stickney, Weil, Schipper Francis 2010: 266) Time Analysis The graph illustrates continues higher value of current ratio of Hornby over games workshop except in 2009.For this three years Current ratios of both the companies are higher than 1. That means figures are satisfactory for both companies. One can understand that higher value indicates good sign for creditors. Conclusion This ratio gives idea that whether the companys current assets can cover the current liabilities. From the above graph it is clear that both the companies have adequate number of current asset to cover the current liabilities. 2. Acid Test Ratio Acid Test Ratio or Quick Ratio is more severe test of business solvency than Current ratio. It excludes inventory(Stock) which is the current ratio includes and limit the Current asset to cash and items which can be quickly convert to cash. Investors and lenders are more interested in Acid Test ration.(Tracy 2008:287) It can be calculated as follows: Acid Test Ratio = (Current assets- Stock)/ Current liabilities. Time Analysis From the graph we can see a steady increase in Quick ratio of Games PLC. Ie, from 0.904 in 2008 it has increased up to 1.49 in 2010. However on the other hand for Hornby we can see the ratio is fluctuating. That means, in 2008 it was 0.94 but in 2009 it came down to 0.72 and then in 2010 it shot up to 1.38. Industrial Benchmarking While we compare the Acid test ratios of Games PLC and Hornby PLC for each year, we can see that, the liquidity of Hornby is less than 1 in 2008 and 2009. That means Companies Current assets are not sufficient for covering current liabilities. In the mean time value for Game PLC remained almost same in 2008, which was a matter of concern. However Games liquidity has been increased during 2009 and 2010 and the figures are satisfactory. And in 2010 the liquidity of Hornby has improved to a satisfactory level. Conclusion While comparing the liquidity of both the companies, Games Workshop PLC is in better position. 3.4. Solvency Ratios 1. Capital Gearing Capital Gearing tries to measure the risk to the equity shareholders arising from companys capital structure. It is the mathematical relation between the borrowed capital and capital employed. (Elliot Elliot 2006:146) It can be calculated as follows: Capital Gearing Ratio: Long term Borrowing / Capital employed Time Analysis In 2008 Capital Gearing of Games PLC was better (36.6%), however in 2009 and 2010 the value dropped (27.23% 3.53%). And this is not satisfactory. On the other hand Capital Gearing of Hornby PLC was very low in 2008 (1.21%). In 2009 the value has gone up to 19.17% and it reached a maximum of 22.82%. Conclusion When we compare both the companies in terms of capital gearing ratio, we can conclude that Games PLC is in a better position. 2. Interest Cover Ratio Interest cover Ratio ensures that the borrower has adequate amount of cash to pay interest on its out- standing debt. (Wight, Cooke Gray 2009:302). It can be calculated as follows: Interest Cover = PBIT/ Interest payable. . Time Analysis In 2008 the interest cover ratio was very low for Games (1.33), however in 2009 it showed a good sign of improvement (4.98) and in 2010 the ratio is at its best, ie. 43.17. On the other hand the situation was better for Hornby in 2008 (25.1), however it started dropping in 2009 and reached to the minimum value of 7.42 Industrial Benchmarking As per Watson and Head in their Text book An interest cover of more than seven times is usually regarded as safe and more than three times is acceptable. When we compare the interest cover ratio of Games PLC in 2008 with that of Hornby PLC, its value is very low and it is unsatisfactory and its value in 2009 is acceptable. In 2010 Games PLCs position is very safe. While considering the interest cover Ratio of Hornby, even if its value dropped from 25.1 to 7.42, companys position is safe in all these year. Conclusion When we compare the solvency of both the companies, their current positions are safe. However the Game PLC is more solvent than Hornby PLC. 3.5. Investment Ratios 1.Return on Shareholders Funds (ROSF) The Return on Shareholders Funds compares the amount of profit for the period available to the owner, with owners the average stake in the business during that same time. This ratio also represented in percentage. (McLancy Atril 2008:229) ROSF can be calculated as follows: ROSF= ((Profit After tax/ (Share Capital + Reserves)) * 100 Or ROSF= ((Profit After tax/ (Equity)) * 100 Time Analysis From the above graph it is evident that ROSF of Game PLC has increased consistently every year. That is 1.51%, 14.3% and 27.27. On the other hand ROCE of Hornby was better during 2008 (19.31%) but it has decreased in 2009 and 2010 (13.30% and 10.06% respectively). Reason behind in this drop, as explained above the cost of production has increased in 2009 and 2010 as compared to 2008. Industry Benchmarking Both Games PLC and Hornby are performed well as compared to industrial average in 2008, 2009 and 2010. (Fame 2010). When comparing Games PLC with Hornby the ROSF of Games PLC in 2009 and 2010 are satisfactory. 2. Total Shareholder Return Shareholders will be interested to know total return earned on their investment. This will be relative to general price rises, a peer group of firms or may be the market as a whole. TSR includes the dividend returns and share price changes over a particular period.(Arnold 2008:701) TSR= [Dividend+ (Share price at the end of period- Initial Share price)]x100 / Initial share price Time Analysis In 2008, the investment was not good for shareholders for both the companies. That means 38% loss for Games PLC and 33% loss for Hornby. In 2009 there was a profit of 20% in return for Games and in 2010 the profit in return again increased to 77.5%. For Hornby, on the other hand, the investors got good return from their investment. Ie, 62.6% in 2009 and 92.7% in 2010 Industrial Benchmarking When we compare the Total shareholder return for both companies, we can see that Hornby has achieved better return for their shareholders. And the condition of Games PLC is not that bad in 2009 and 2010. Their return also is better than industrial average. Conclusion We can see both the investors of Games PLC and Hornby PLC experienced loss due to fall in price share. However in 2009 and 2010 the investors got good profit. 3. Earnings per Share Earnings per share measure companys growth. EPS takes what company has earned and divides it with number of stock share outstanding. (Jackson Kelly 1998) EPS= Profit after tax/ Number of Shares Time Analysis From the graph we can see that the earning per share of Games PLC has increased steadily. The growth, we can say, is consistent. In 2010 it achieved a maximum earning of 48.9 pence. On the other hand for Games PLC Earnings per share was higher in 2008(15.1p) and it has come down to 11p in 2010. Still we cant say that it is a big drop. Hornby Earnings per Share is also satisfactory. Industry Benchmarking Earnings per Share of Games PLC have been good for over 3 years. It has achieved a maximum of 48.4p in 2010. On the other hand for Hornby, the company performing well in 2008 but in 2009 and in 2010 the Value has dropped. Still the companys values are much above the industrial average. 4.Dividend Per Share Dividend per Share or DPS is the dividend paid to the shareholders on a per share basis. DPS is the better than EPS as the former shows what exactly is received by owners.(Khan Jain 2007:24) It can be calculated as follows: DPS= Net dividend / Number of ordinary share in issue Time Analysis It is clear from the graph that Games PLC has not given any dividend during 2008 and 2009. However in 2010 they have given in a very good dividend of 25p per share. On the other hand Hornby PLC has given dividend every year. Even if the Dividend varied each year, the company managed to give dividend to shareholder. This is a satisfactory. 5.Dividend Cover Dividend cover is the ratio attributable to normal shareholders to dividend. It shows the affordability of the current level of dividends. (Arnold 2004:191) It can be calculated as follows: Dividend Cover= Profit after tax / net dividend Or Dividend Cover = EPS/ DPS. Time Analysis In the graph we can see that previously for Games Plc, the dividend cover was zero in year 2008 2009 and in 2010 it suddenly became 0.39. Whereas for the Hornby Plc Dividend cover was 1.88 in year 2008, then in fall down to 1.94 in year 2010, after touching highest 4.11 in year 2009. Industry Benchmarking For Games Plc the dividend cover of the year 2010 is a good sign but Dividend cover of Hornby Plc cannot be under estimated because it has always remain at a higher end in the last 3 years much above 0.39 level of the Games Plc only in the year 2010. Conclusion On deeply analyzing the ratios of both companies in the graph, Hornby Plc is having greater value. 6.Price Earnings Ratio Price Earnings Ratio shows the association between market price of a share of common stock and Earnings per share.It can be calculated as follows: Price Earnings Ratio= Market Price per share / EPS Time Analysis Price Earnings Ratio of Games PLC was very low during 2008 (-72.5), however in 2009 it has improved to a good figure of 11.74. Again in 2010 it has gone down to 7.15. It is not satisfactory. For Hornby PLC, on the other hand, the ratio was better in 2008 (12.52) and in 2009 price earnings ratio was bit low. However in 2010 the value has gone up to 11.45. This is a good sign and it is satisfactory. Industrial Benchmarking A high PE ratio forecast that the future returns or earning in the company are expected to grow significantly. It is a sign of Market confidence. While we compare the PE ratios of Games PLC and Hornby , we can see that Hornbys performance is more promising. 4. Industry Specific Analysis The Toys Manufacturing industry was targeting 2.2 Billion in 2007, with respect to year 2003 its grew 22% up in that period, it can grow at a better pace as economic scenario improves further. But this Industry is facing challenges from new technology, such as children are getting more attracted toward Internet online games. Due to this traditional toys may suffer could impact sales. But there is a lot of scope for improvement that the industry players can do, like, they can educate parents children about the benefits of toys traditional games as compared to internet online games. Extending the appeal to buy toys in above age categories like grownups adults. But this is not the only end to the problems faced by this industry. Moreover, the stiff competition is making the market more competitive due to price wars which have commoditized the market. Hornby PLC Hornby Plc is a U.K based manufacturing industry specially deals in games toys design, sourcing, distribution of hobby interactive home entertainment products. The Hornby Plc company develops and supplies Hobby and Toy products . The main customers of this industry are the growing children. The brand name are the Hornby, Scalextric, Electrotren, SuperSlot, Lima, Jouef, Rivarossi and MKD. On September 2006, the company acquired Heico Modell, a German company.(Fame 2010) Games Workshop PLC Games Workshop Group Plc is the largest and the most successful tabletop fantasy war games company that is based in U.K. They also designs, manufactures and markets a hobby based upon collecting, modeling, painting and tabletop gaming with model soldiers. The companys major brands are Warhammer and Warhammer 40,000. The companys products are sold through its own chain of more than 300 Hobby centres and by more than 4,000 independent toy and hobby shops around the world.(Fame 2010) The important players of industry are Hornby Plc, Games work shop Plc, Vivid Imaginations Limited, Flair Leisure Products PLC, Vivid TOY Group Limited, Ethos International Ltd, Record RSS Limited, Hardy Greys Limited, Rockstar North Limited, Datel electronics limited etc. Strengths of Industry Once initial appeal is established then attraction of collecting can ensure repeat sales. The major plus point of Industry is that it is made for kids their appeal cannot be ignored by anyone because they never compromise like adults, for buying their favorite toy or game. Teachers parents support toys because they help in learning process of children. Infusion of new toys often makes it fresh again. Licensed products can be charged at high prices can be promoted through TV, Film, book comics etc. Toys games could be good gift from grandparents here is what I bought for you when I went to London. Once a toy is broken, it has to be replaced by a new one without delay, which means high sales. Weakness of this Industry Kids mood is highly unpredictable specially driven by their peer group, about toys. Competition is high from digital media. Due to the desire of kids to possess adult size commodities lifestyles, they may give less importance to toys. New entrants can face higher barrier to entry due to crowded heavily branded industry. High price sensitive toys are mostly pocket sized. Performance of the key players of this Industry Based on Turnover: [Source: https://fame2.bvdep.com/version20101126/Report.serv?context=9ZR65YBIF4ZMOI4_cid=2399 The graph above indicates that both Games work shop Plc Hornby Plc are above the industry average in the year 2009. This means both companies can have a good future investor can get good returns if he/ she invest money in either of them. Out of the two companies under our consideration, Games workshop group Plc is at a better position as compared with Hornby. Based On Profit Margin [Source:- https://fame2.bvdep.com/version-20101126/Report.serv?context=9ZR65YBIF4ZMOI4_cid=2399 ] We can see the huge dip in negative profit margin for more than 3 companies, which indicate the current market position due to competition. But here the profit margin of Hornby Plc is higher as compared to Games workshop Plc for the year 2009. 5. Future prospect of Industry Even though the industry has weaknesses like every other industry has, the future lies to that industry which minimizes its weaknesses maximizes the strengths. For this industry, since strengths are practically psychologically strong but the industry must not forget that consumers will be choosing more carefully making the industry more challenging to do business into. In years to come market will enjoy factors like growing kids population, media influences, parents nature to give something that helps the child to learn by practically touching it children love for toys their collection urge. Manufacturers can further improve it by depending less on licensed products, understanding changing tastes of children as they grow launching more innovative high quality products whether their own ranges or licensing. 6. Recommendation Based on the above detailed analysis of Hornby Plc Games workshop plc, we would positively recommend Mr. Curry, that if he is looking for long term investment then he should invest in Hornby Plc, but if he is looking for short term investment he should choose Games work shop Plc. The reasons to do so are provided below:- Reasons to invest Long term in Hornby Plc:- Looking at the Investment ratios, even though ROSF of Games is increasing Hornby Plc is decreasing in past 3 years, but we should not ignore the past stability of Hornby which is strong Total shareholder return is much better for Hornby Plc then Games workshop Plc. Taking care focusing only for better returns for Mr. Curry, after considering the Dividend Cover Price earnings ratios, which reflects stock market confidence in Hornby Plc than Games work shop Plc. The performance of Games work shop Plc has drastically moved upwards in a very short term, that is why we are not sure whether or not the company can give good returns to their shareholders in long term, this condition is prospective for Hornby Plc. Looking at the graphs provided in the Industrial analysis of this report, where both companies are above industry average but on carefully examining we can make out that even though turnover of Games work shop Plc is higher but profit margin of Hornby Plc is better. Reasons to invest short term in Games workshop Plc:- Looking at the profitability ratios, efficiency ratios, Liquidity ratios Solvency ratios, we can make out that Games work shop Plc is better than Hornby Plc. That means rapid growth is expected in near future after looking at the past 3 years performance.

Analysis Of Joseph Conrad s Heart Of Darkness - 1555 Words

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Essay on Dracula and the Modern Vampire - 1622 Words

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Some can walk in daylight with the help of magic, some can control minds, but none can shape shift (Jackson; Deggans). They appear in mirrors, unlike Count Dracula and their eyes change color in most modern vampire novels instead of staying red. Just as Count Dracula they all drink blood stay ing to the true vampire characteristic. These modern vampires are superior because of their greater abilities compared to their ancestor Dracula. Modern writers have gotten inspiration from Dracula, but they have also had other writers to use, andShow MoreRelatedSex, Danger, Vampires910 Words   |  4 PagesDanger, Vampires Dracula is a worldwide known name. With movies, and books portraying the handsome but dangerous character. Today nobody ever considers the origins of Dracula, or the modern vampire. People do not take into consideration the evolution of the vampire story. Many don’t even know that vampire stories are often interpreted as allegories for the many themes present in the author’s society. Bram Stoker’s Dracula serves as a prime example of an allegory of his times. Stoker’s Dracula also setRead MoreComparison Between Dracula And Dracula1108 Words   |  5 PagesDracula is one of the first famous vampire books. Although it is famous for its time, modern day vampire stories have produced some of the bestselling TV shows, books, and movies. Dracula laid the foundation down for these modern day stories to rise to popularity. If you have read Dracula and seen one of these new stories, then you can see a lot of similarities in both stories. These modern day stori es share many traits as the book Dracula, but most of the stories have their differences. ThisRead MoreAnalysis Of The Novel Dracula 1452 Words   |  6 PagesAnalysis of Dracula Although Dracula was not the first vampire novel, the effect that Bram Stoker’s creation had on the vampire genre is undisputable. At the time, it was written intellectual revelations during the 19th century had begun to change what people fear. Archaic legends like vampire stories no longer inspired terror in industrializing areas like Britain. What made Dracula widely successful was the incorporation of modern themes and anxieties with the renowned archetype of the vampire. By analyzingRead MoreDracula, By Bram Stoker1039 Words   |  5 PagesMeanwhile, Stoker properly establishes the mythology of vampires to help readers appreciate, interpret and analyze the elements of vampirism more efficiently. Stoker writes his novel in such away that he can tie in present day, along with old-fashion victorian society. In his writing, Dracula, Stoker engages the reader in a mysterious story (Stoker). Stoker presents this by incorporating a shadowy appearance of Dracula, mythology and folklore of vampires, associating different era Victorian society, alongRead MoreVampires in Modern Culture1113 Words   |  5 Pagesare blood sucking immortals known as vampires. They transgress the boundaries that humans are always trying to establish. Vampire lore has reflected the values and social structures of the culture it has existed in, but over the past century the values have transformed. From the classic story of Stoker’s Dracula where he is presented as sinister and non-human, the vampire aspect of literature has evolved drastically to a more heroic immortal. Physically, vampires have changed their appearance overRead MoreDracula By Bram Stoker s Dracula1134 Words   |  5 PagesVampires as a whole species have changed as time progresses, and so has Bram Stoker’s iconic Count Dracula. Although the Count ranks as, perhaps, the most famous vampire, vampire stories, myths, and legends were in circulation for over a century before Stoker wrote Dracula. Starting in the 1700’s, vampire stories began appearing in southeastern Europe, exploiting fears of witches and evil spirits. Like many monsters, vampires evolved to reflect societal fears which was taken advantage of by severalRead MoreComparing Dracula, And I Am Legend By Richard Matheson1584 Words   |  7 PagesSince the beginning of time vampires have been categorized into different types† and are portrayed in different ways throughout several books. This paper will focus on three vampires from the following books: Dracula by Bram Stoker, and I am Legend by Richard Ma theson. Dracula is considered to be the traditional vampire, where it all started, and the vampires in Matheson’s book, follow somewhat Stoker’s concept, but is more of a modern â€Å"type† of vampires. Certain vampire elements have been presentedRead MoreWhat Are Vampires? How Has Our Perceptions Of Vampires1381 Words   |  6 PagesWhat are vampires? How has our perceptions of vampires changed throughout centuries? Well there are many myths out in the whole world of vampires. Vampires are creatures that are dead yet still walk among the living; all vampires have fangs, they are afraid of the sunlight, they can shape-shift and they drink the blood of their victims. People say vampires are human corpses that return from the grave to harm living and others say they are not humans at all that vampires are supernatural, demonicRead MoreHow Dracula Is The Most Famous Literary Vampire1658 Words   |  7 Pages An Immortal Soul: Why Dracula is the Most Famous Literary Vampire The title character and antagonist of Bram Stoker’s 1897 novel Dracula is an easily recognizable character in the Western canon. Without ever reading the book or watching any of the countless movie adaptations, people will craft vampire characters with feelings and behaviors nearly identical to those of Dracula. However, Dracula’s success is not because it was the first novel of its kind. Vampiric literature had been around forRead MoreComparison Between Dracula by Bram Stroker and Twilight by Stephen Meyeres975 Words   |  4 PagesThe legend of the vampire has emerged countless times within human imagination over the past few centuries. The first available representation of the mythical creature in prose fiction can be found in John Polidori’s â€Å"The Vampyre† (1810). It was not until eight decades later that Bram Stoker popularized the existence of this figure with the publication of â€Å"Dracula† in 1897. The folklore of the vampire has come a long way since and can be found in today’s popular media more frequently than ever before

Special Speech The Avengers - 967 Words

Special Occasion Speech: The Avengers To a world of division, turmoil, and utter chaos were eight heroes born. These eight heroes were none other than the Avengers. Now if you think that I am speaking of Thor, Black Widow, Captain America, Hulk, Clint Barton, Nick Fury, Maria Hill, and the sleek oh so awesome Iron Man, aka me, you are terribly mistaken. These eight people were not born in Asgard, but into a world in which they saw internal and external need. They did not have the specialized powers of hand to hand combat, thunder, or super strength. They did not possess big circular shields with a star in the middle, or in my case high tech body armor. But they possessed something that empowered them for a lifetime, something that inspired themselves and others; the power to dream. Sandra Day O’Connor, Maya Lin, Jimmy Carter, Mary McLeod Bethune, Cesar Chavez, John F. Kennedy, Martin Luther King Jr., and Eleanor Roosevelt each used the power to dream to break barriers and crea te social change. Everyone in this room has the power to dream, and that is greater than any superpower. The birth of a dream is like a cycle. First you live. You must live through the abundance, the depravity, the easy times, the hard times, the trials, the triumphs, and the fails. Why? To shape your character and discover desires out of life, not just for yourself but for others. Second you understand the needs of the public. Do communities need support from the government? Do groups seek equality,Show MoreRelatedHamlet, By William Shakespeare Essay1912 Words   |  8 Pagescourse of the play, Hamlet’s contemplative and reflective nature is revealed by his tendency to evade action by concerning himself with factual, spiritual, and moral knowledge. In Shakespeare’s Hamlet, Hamlet’s first soliloquy, fourth soliloquy, and speech with Horatio offer insight into his logical thought process as he debates his current circumstances and contemplates what course of action would not only solve his problem concerning Claudius, but would also be the most noble and moral. Hamlet’sRead MoreStrategic Intervention Material1418 Words   |  6 PagesIntervention Material about idiomatic expressions and the figures of speech. Are you ready? Let’s go!!! A figure of speech is the use of a word or words diverging from its usual meaning. It can also be a special repetition, arrangement or omission of words with literal meaning, or a phrase with a specialized meaning not based on the literal meaning of the words in it, as in idiom, metaphor, simile, hyperbole, or personification. Figures of speech often provide emphasis, freshness of expression, or clarityRead MoreThe Murder Trial Of Casey Anthony1330 Words   |  6 PagesFrom Avengers to Prosecutors: Ending Barbaric Justice. Every generation has felt, at one point or another, uneasy about the efficacy of their justice system. One need not look further than a few months ago with the controversial murder trial of Casey Anthony. People were enraged by the jury’s decision to let her go. Up until today, many people are convinced that there existed enough evidence for convicting her of first-degree murder of her daughter. Can we say that today’s justice system is ineffectiveRead MoreClaudiuss Corruption In The Royal Shakespeare1638 Words   |  7 Pagesagain, the broken nature of the royal family, that an uncle and stepfather may send off his nephew and stepson to death in a vain attempt to hold fast to power. The broken glass then appears again when the Queen learns of Ophelia’s insanity: â€Å"Her speech is nothing,/ Yet the unshaped use of it doth move/ The hearers to collection†¦Ã¢â‚¬  (4.5.7-9). Getrude stairs at herself in the shattered pane as she hears this disheartening d escription of young Ophelia drifting from reality only enough for the hearerRead MoreHow Did Christians Justify Their Claim to the Holy Land B2417 Words   |  10 Pagespreaching and administering them, believed that the Saracens (Turks, Arabs, etc) were intruding on lands that were inherently Christian. Two important primary source texts which explain this justification for war are Robert of Rheims’ account of Urban’s Speech at Clermont and La Chanson d’Antioche (The Song of Antioch) by Graindor de Douai. Though they are very different types of sources, written at different times and for different purposes, they both illustrate the reasons why Crusaders felt they wereRead MoreBeing An Artist Of The Modern World Essay2172 Words   |  9 Pagestowards the artists they look up, such as Disney animators or Marvel comic book artists, so that they can find inspiration in a professional’s achievements. Neil Gaiman is one of those professional artists that peo ple look up to. Gaiman prepared a speech for the 2012 graduating class of the University of the Arts in Philadelphia, Pennsylvania. He knows that these artists are about to set out into the professional world, and he offers his most sincere advice to them: And remember that whatever disciplineRead MoreAnalysis of Hamlet Essay8190 Words   |  33 Pages and draws an easy, unproblematical balance between marriage and death, lament and celebration... theres no hint that there might be any problem in measuring human sorrow in this easygoing balancing. Claudius himself needs to be serious, but the speech sounds parodical to us because we register the emptiness of his words. Theres a grotesque effect of one laughing eye and one sad eye mixing in the same face, balancing sentiments of burial and coronation, in equal scale. We also see that as aRead MoreHamlet By William Shakespeare s Hamlet1781 Words   |  8 Pagesâ€Å"The play’s the thing, wherein I’ll catch the conscience of the king.† (II.ii.605-606). He advocates the actors to convey the legitimacy of their characters, issuing the mandate that they should, as stated in one of the important quotes. â€Å"Speak the speech, I pray you, trippingly on the tongue† (III.ii.1-2). â€Å"The whirlwind of passion, you must acquire and beget a temperance that may give it smoothness† (III.i.6-8). One of the most interesting and fascinating aspects of Hamlet as tragic character isRead MoreAnalysis Of Michael Sliwinski s The Globalization Of Cinema3189 Words   |  13 PagesIntroduction Michael Sliwinski had commented the Globalization of Cinema: the latest hit in the Avengers franchise, debuted in theaters recently and made more than $200 million in a single weekend. The surprising part, however, is that it earned that $200 million outside the U.S. before the movie even opened stateside (2015). Hollywood is more driven by foreign markets abroad. Nearly 60% box office came from overseas. The American film producers know how to secure the international market. ThatRead MoreEssay about Cherokee Indians2179 Words   |  9 Pagesrules were not challenged until they came into contact with the European. An example would be women were not allowed to marry until they had their first menstruation. During a young woman’s menstruation she is separated from her family and taken to a special place outside of the village where she stays for seven days. No one is allowed to touch her because she is believed to be unclean. Even she can not touch her own food therefore anot her woman feeds her. After seven days, she washes her clothing, body

The Music Of Beethovens Life - 2106 Words

On December 16th of 1770, Beethoven’s mother gave birth to him after the third year of marriage with Beethoven’s father. His father had a job as an appointed court musician in Bonn, Germany. Now this music had been deeply rooted in Beethoven’s blood and had started to learn it in 1774 from his father’s teaching. Shortly after that in 1778, Beethoven started performing. His first known public performance took place in Cologne where he had played various concertos and trios. Beethoven was known as a child prodigy, and not being able to go to school a majority of what he knew was music alone. In 1779 a Neefe had arrived in Bonn, and being so astounded by Beethoven and his greatness in his young age he began to teach young Beethoven how to play the organ and the violin. Neefe had kept close with Beethoven for quite some time and in March of 1783 he published a commendatory notice about Beethoven in Cramer’s Magazine der Musik. The early spring of 1781, Beethoven had mad a decision to further his musical career and moved to Vienna for a short amount of time. During his time there his music started to grow more, especially in the production of it. Within 1781 to January of 1784 he had written at least seven pieces of music, three of them being sonatas. Learning from mentors/teachers such as Neefe, Mozart, Albrechtsberger, and perhaps even a small get together with Haydn and Salomon while they were passing through and several other musicians that resided in Bonn at the time,Show MoreRelatedBeethovens Life and Music After Napoleon Essay581 Words   |  3 Pagesprobably Beethovens most influential work, centers around a funeral march provoking patriotic ceremonies from the French Revolution. Beethoven was a long time admirer of Napoleon Bonaparte. So he dedicated the symphony to Napoleon, but when Napoleon was proclaimed the Emperor of France, he scratched the dedication to Napoleon. This Symphony is cited as the marking end of Beethovens classical era and the beginning of musical Romanticism. But what of Beethoven after Napoleon? Beethovens life andRead MoreBiography Of Ludwig Van Beethoven s Symphonies1558 Words   |  7 Pages Ludwig van Beethoven’s nine symphonies are indispensable pieces of music and contributed to him being referred to as one of the most famous musicians in all of musical history. His symphonies are still played today and are recognized around the world. He is known as a symphonic master due to his nine symphonies. Ludwig van Beethoven was a German composer during the transitional period between the Classical and Romantic eras. Beethoven’s symphonies were greatly influenced by Haydn and Mozart inRead MoreLudwig Van Beethoven : The First Four Notes1432 Words   |  6 Pagesgenerations of music makers and listeners from the 1800’s to today. Undoubtingly one of the most influential, well-known, and talented composers of all time is Ludwig van Beethoven, who accomplished so much in his lifetime, with some of the most difficult obstacles. Today I’m going to dive into the life of Ludwig van Beethoven. I will be talking about his childhood, family, famous works, health issues, and his death. Ludwig van Beethoven was born on December 16th, 1770 in Bonn, Germany. Beethoven’s birthRead MoreThe Music Of The World Of Music1292 Words   |  6 PagesThe world of music has seen many memorable composers such as Bach, Mozart, Chopin, and Vivaldi, but none of them have a story as amazing as the 18th century classical composer Ludwig Van Beethoven. â€Å"His life played out like one of his beautiful symphonies, with unimaginable highs, lows, victories, and defeats,† (Viegas 5). Although he lost his hearing when he was 26 years old, Beethoven was famous for his nine symphonies, and is also recognized as one of the cornerstones of Western civilizationRead MoreLudwig Van Beethoven s Influence On The Classical Era938 Words   |  4 Pagesvan Beethoven was born in Bonn, Germany in 1770. Beethoven’s talent was noticed at a young age and he soon became a pioneer in the world of music for breaking the traditional bounds of style and form. Over the course of his life, Beethoven produced nine symphonies, seven concertos, and a total of forty-two sonatas. Although these numbers are few when compared to other composers such as Joseph Haydn, his work was very substantial. Ludwig van Beethoven’s compositions were greatly influenced by the changesRead MoreLudwig Van Beethoven, One of the Greatest Composers of the Roomantic Period1099 Words   |  4 PagesThe Life of Ludwig van Beethoven Multitudes of music books recount the life of Ludwig van Beethoven and his contributions to music. There are many different texts that provide hard evidence that he was an individual who went on to become one of the best-known composers of all times. The early life of music saw many composers try to succeed with writing and publishing music. However, Ludwig van Beethoven emerged to become a crucial figure during the transition from Classical to Romantic erasRead MoreJohann Van Beethoven And The Greatest Composer Of All Time955 Words   |  4 PagesDue 11/19/14 Ludwig Van Beethoven lived a very complex life. When Beethoven was a young boy he suffered the abuse of his alcoholic father. He later lost who he thought to be â€Å"the only one who ever loved him†, along with his hearing which due to his passion for music made him feel less important. Beethoven went through struggle after struggle making a name for himself. But despite all of the heartache and despair in his life his music overcame it all. Beethoven used his musical abilities to overcomeRead More Ludwig Van Beethoven Essay1285 Words   |  6 Pagespianist, Ludwig van Beethoven, was born December 1770 and spent most of his life in Vienna, Austria. His first teacher was his alcoholic father, who worked as a musician at the Court of Bonn. Teaching him day and night, Ludwig suffered from his fathers harsh and erratic behavior. For a time, he and his father played at the Church. As his fathers alcoholism increased, Ludwig became the main musician. Beethovens talents were discovered at an early age, and he was sent to Vienna to study underRead MoreBeethoven Annotated Biblography1525 Words   |  7 Pagessituation throughout his life. Included are the events that had an impact on Beethoven’s finances, the value of money, cost of living, and inflation. Beethoven-Haus Bonn is a museum located in the birth house of Beethoven. Information is based on documents onsite. Ardley, Neil. Music, an Illustrated Encyclopedia. New York, NY: Facts on File, 1986. Print. Gives all the pertinent details for a novice in classical music. Distinguishes the differences in types of music written by a composer. ListsRead MoreA Comparison of Haydns Symphony No 95 With Beethovens Symphony No 51411 Words   |  6 PagesA Comparison of Haydns Symphony No. 95 with Beethovens Symphony No. 5 Introduction As noted by Robert Hughes, Beethoven was not only the embodiment of all that was before him, but also of that which was yet to come (Hughes 486). The truth of this may be seen by comparing Beethovens 5th Symphony in C Minor to Haydn, the father of Symphony, and his 95th in C Minor. While Haydns symphony is both playful and dramatic, Beethovens symphony is grander both in terms of scale and vision. He expands

Market Segmentation of Mattel Inc Samples †MyAssignmenthelp.com

Question: Discuss about the Market Segmentation of Mattel Inc. Answer: Mattel Inc. market segmentation: Demographic: This segment of Mattel consists of gender, nationality and household size. The Mattel should target and advertise for both the group of genders and should consider the age till 14 years, as to introduce more new toys for this age group. The first age group of 0-3 years comprising of infants and toddlers, next is of age group 4-6 years comprising of pre-school children and last is age group of 7-13 comprising of school going kids (Wedel Kamakura, 2012). The primary school going kids segment can be targeted by introducing innovative toys. Moreover the company can also target other segment by developing learning toys to make them learn as well while playing. Potential of current target market: Mattel can find significant sales revenue targeting boys of age 6-11. It is a segment which is fascinated by world of television like fascination for superheroes toys. In this segment boys like watching video, novels related to superheroes, video games of superheroes and many more. So this segment can easily be targeted with current trend analysis and applying those trends in Mattel. For targeting youngster girls Mattel created products of unconventional looking dolls, monster doll and many more. The girls of this age can be attracted by creating new types of monster doll, as Barbie has become very old. The monster doll instead proves very appealing to this age group and can easily be influenced by proper strategy and marketing (Patino, et al., 2012). Psychographics: This segment will help Mattel to find out the lifestyle, personality traits and values of people. The above factors will be enabling Mattel to find out the needs and demands of family, trends in toy sector and many more. For instance if the families are active and keeps on going for outdoor activities will be targeted by Mattel preferably more than religious family (Andreiana, Stoica Ivan, 2014). Moreover the modern family will purchase more frequently video games and toys for their kids then conservative family. Mattel can target Australian mothers, grandparents and elders who want to give gift to childrens. These people buy toys for cherishing their kids. This segment can be targeted, as they keep on purchasing new and unique types of toys. The Mattel created new products like baby panda care, educational toys, religion toys and many more, which will attract this target group to compulsorily buy products from Mattel. The information will help Mattel to create promotions for company more practically, rather than guessing. Geographic: As Mattel is a global company and located all over the world. Therefore the company can target other countries to introduce their product and become a famous brand in every possible country. The segmentation in geographic areas can be done Mattel through population in country, cities and many more (Goldberg, et al., 2015). Then after deciding segment company should focus on best way like regional retail stores to introduce Mattels product. The Mattel should create speaking toys in regional language of Australia to attract new segments easily. Mattel can target youngsters audiences in Australias school and college who are very much attracted towards science and chemistry. This can be targeted by identifying these individuals through various sources and can enable them to purchase Mattel new products of learning while playing in science and chemistry. This will not only enhance learning of students but will increase Mattel image as well in versatility of products. The Mattel can also create new target market according to geographic requirements of country. The requirement and demands should be pre-analysed for doing the segment. If Mattel is choosing some region to enter like rural where low income groups are not in reach of Mattel. Then it can be targeted by creating and developing low cost and durable product enabling rural people as well to purchase the toys of company. The company should be looking for densely populated area in which toys can be easily sold and produced with ease. Behavioral characteristics: This segment focuses mainly on occasion and usage of products. As Mattel is large organisation, so this segment plays significant role in designing and implementing marketing plans for company. The occasions like birthdays of kids, Christmas and many more is very important for parents (Sulekha Mor, 2014). This segment also considers the usage of product. The usage can be defined like purchasing group is regular user of product. As in case of toys usage will be considered by frequency of purchase by customers, as this will help Mattel to divide its customers in segment of regular or irregular purchaser. This segmentation will help customers as well as frequent purchasers will be given more preference and offers rather than irregular shoppers. Purchasing on events is the primary type of behavioral division. Items, for example, chocolates and premium toys will gifted on celebrations. Toys stores like Mattel will offer when there is a party. In this way these items are for the most part focused by behavioral segmentation. The best case of focusing on a conduct of purchasing on events is birthdays cards, welcoming cards, occasion cards for all events. The essential targeting of cards and gifts was that be it any event, customers will locate the correct and apt card for the event. In this manner Mattel have the ideal alternative to convey what is the demand in the market. Assessment of STP: The Mattel Inc can use the target market by using appropriate strategies Psychographic characteristics: Targeting this segment Mattel can appeal more precisely to inspirations through social media, which increase adaptation rate. This segment can be reached by using a proper means of media like television, discount offers, and many more schemes through which the family, mothers and many more will be compelled to buy the toys for children (Veloso Campomar, 2012). The Mattel can use latest trend and launch its fashionable product which will allure not only young girls but their families as well. This can be done by opening fashion outlets for girls showing trendy toys and products. Demographic and geographic: The target market set by Mattel will be profitable as teenagers and young boys require new toys according to market. Mattel entering to the target market not only enhance the revenue but as well will be able to increase the demand among childrens. The market decided can be targeted through promotion, marketing, demonstration and many more in places where this age group can easily be reached. For instance Mattel can do promotional activity in parks, T.V, schools and many more places to attract childrens to purchase Mattels newly launched toys. Behavioural characteristics: The behavioural segment can be targeted by Mattel through special discounts, offers, gifts and many more on occasions so that target group like family, parents and relatives would prefer buying toys and gifts from Mattel rather than any other brand. Moreover to retain these customers in long run Mattel should give special benefits to loyal customers. References: Andreiana, V. A., Stoica, C. G., and Ivan, C. D. (2014). Influence Of Marketing Environment On The Toy Market.SEA-Practical Application of Science, (2), 48-54. Goldberg, R., Peiss, Kathy, Licht, Walter, Serlin, David, Sugrue, Thomas. (2015).Children's Toys, Social Change, and the Business of Culture in the United States during the 1960s and 1970s,ProQuest Dissertations and Theses. Patino, A., Kaltcheva, V. D., Lingelbach, D., Pitta, D. A. (2012). Segmenting the toy industry: a study of pre-teen Millennials.Journal of Consumer Marketing,29(2), 156-162. Sulekha, O., Mor, K. (2014). Market segmentation in the age of diversity: A necessity of marketers.European Journal of Business and Management,6(14), 181-183. Veloso, A. R., Campomar, M. C. (2012). Segmentation and Positioning in the Brazilian Kids Market: A Case Study on the Bottom of the Pyramid.Revista Administrao em Dilogo-RAD,14(1). Wedel, M., Kamakura, W. A. (2012).Market segmentation: Conceptual and methodological foundations(Vol. 8). Springer Science Business Media.

Case Study Seafarer Kayaks

Question: Discuss about theCase Study for Seafarer Kayaks. Answer: Introduction A company named Seafarer Kayaks is in need of an accountant as their incumbent accountant has met with an accident and cannot perform his tasks until full recovery. All the data of the company will not be available to the accounting firm due to high security. The company is looking for someone who can get the accounting for the company back on track and running until their accountant returns. Also this report seeks to explain the importance of standard costing and why the company need to implement it. The company doesnt recognise the need to implement such system and the importance of product costing for deciding the price. This report is prepared keeping in mind such issues prevailing at Seafarer Kayaks. Brief Description of Product Costing System and its Purpose Product costing is the process of allocating costs to the activities of production and inventory. Product costing is an important process for manufacturers. There are several methods of costing used by manufacturers as per their need for simplicity, accuracy, project tracking, decision making, and project development.Accuracy- It refers to the accuracy with which the company can trace its overheads with the cost of the project and the expense related to inventory(Lacoma , n.d). With the help of product costing analysis the company can get accuracy especially when it comes to variable expenses. It helps in matching the costs with the activities that create value in the business. Project tracking- It refers to the process of allocating budget to the different stages of a project and keeping a vigil over it in order to trace whether the expenses are creating enough value to match the expectations or not. It becomes important to have costing process in any project, without which it will be difficult to analyse cash flows and the success of the project. For greater accuracy, costing can segregate costs among different teams and departments. Decision Making- Every decision made by a project manager revolves around the return on investment and the profit that can be derived out of it. Such decisions cannot be made without ascertaining costs. For example, when using Absorption costing, a project might not look beneficial if it does not add to profits. The same project, when analysed through variable costing, will be accepted as profitable as it might be adding only variable costs and no increase in the fixed costs in the business. Project Development- It means the introduction of several products in the product line of the project. Product costing is extremely useful in adding new products to the existing line or recreating the current products. With the help of costing the manager will be able to assign costs related to specific material, design, features etc. AASB102 pertains to inventories and its valuation. It explains that the value of inventory should be recorded at cost or Net Realisable Value (NRV), whichever is lower. The company must have bifurcation of all the products in order to value the cost of inventory. It means the AASN 102 wants the company to follow the product costing system where they can assign costs related to specific products from the line of products. (Chartered Accountant, 2015) Schedule of Cost of Goods Manufactured Particulars Amount (in $) Direct Materials used: Opening Inventories 25,000 Purchases 1,20,000 Less: Closing Inventories (24,000) 1,21,000 Direct Labour(850 Direct Labour Hours * $42 per Direct Labour Hour) 35,700 Overheads: Manufacturing Overheads(850 Direct Labour Hours * $63 per Direct Labour Hour) 53,550 Add: Opening Work in Process 8,000 Less: Closing Work in Process (7,500) Cost of Finished Goods manufactured 2,10,750 Schedule of Cost of Goods Sold Particulars Amount (in $) Cost of Finished Goods manufactured for the year 2,10,750 Add: Finished Goods - Opening Stock 12,500 Less: Finished Goods - Closing Stock (13,600) (1,100) Cost of Goods sold (Bragg,2013) 2,09,650 Items excluded from the schedule: Cost Item Amount Administrative (Sales) Salaries $ 24,000 AdvertisingExpense $ 12,000 Depreciation - Sales Office $ 1,800 General Sales Liability Insurance $ 2,400 Sales Manager's Salary $13,000 Travel and Entertainment $14,100 Total $67,300 The above expenses are excluded from the schedules as these are incurred during sales of the products which occur after the manufacturing process is over. The above prepared schedules pertain only to the manufacturing activity. T-Accounts Overhead applied during the year Overheads applied during the year = Direct labour hours * Overhead Rate per DLH = 850 * $63 =$53,550 Total of Actual Indirect/Overhead Costs for the year; Actual Indirect/Overhead costs for the year Particulars Amount in $ Depreciation - Factory Building 6,500 Depreciation - Factory Equipment 8,900 Factory Managers Salary 12,000 Factory Supplies 5,000 Indirect Labour Cost 15,000 Insurance - Factory 5,000 Repairs and Maintenance - Factory 2,500 Land Tax - Factory 2,200 Total 57,100 Over- or under-applied overhead based on the actual versus the applied overhead during the year. Under applied overheads: ii. i. =$57,100 - $53,550 =$3,550 Journal entry to dispose of any imbalance/differences. Journal Entry to dispose the imbalances of under applied overheads: Particulars Debit($) Credit($) Costing Profit and Loss Account 3,550 Manufacturing Overheads 3,550 (Being under absorption of Overheads charged to Costing Profit and Loss Account) Overheads Over- or Under-Applied Indirect costs are referred to as overheads. In Traditional Costing Method, overheads are determined using several drivers which are also used in deciding the price of the product. Any actual overhead is more than the expected/predetermined overhead; it is identified as under absorbed cost. Similarly if any actual overhead is less than the estimated overhead, it is identified as over absorbed cost. Journal entry to eliminate the Over Applied Overhead Particulars Amount Factory Overhead Dr XXXX Cost of Goods Sold Cr XXXX Journal entry to eliminate the under Applied Overhead Particulars Amount Cost of Goods Sold XXXX Factory Overheads XXXX Standard Costing System Standard costing system is an important concept in cost accounting. These are costs associated with the manufacturing concerns direct, indirect and manufacturing overheads. Instead of allocating the real cost of the direct material, managers use standard or estimated costs. It means that the costs of goods sold will reflect estimated and not actual costs of the product. Although the payment is done at actual costs. (Averkamp, n.d) Due to this, there exists a difference in the standard and actual cost. This difference is known as variance. This tool of variance and standard costing is valuable for manufacturing units. The manager will know that the project is not going as per the anticipated route if he finds variance in costing. There are two types of variances: Favourable variances: These occur when the actual costs are lower than standard costs. It means that, if the project continues to perform this way, the profits at the end will be higher than estimated. Unfavourable Variances: These occur when the actual costs are higher than the standard costs. It tells the managements that corrective measures need to be taken to control the costs in order to achieve the desired profit. It is known that Seafarer Kayaks are into manufacturing business. They have a product line to cater needs of kayakers. In order to keep control on the cost of these products, they need to set certain bar/ceiling of expenses. They can set standards to compare actual performance. By doing this, the management will know exactly where the costs are acting beyond anticipation. Such costs, if controlled can lead to decrease in overall cost of the product. Owners of Seafarer Kayaks can make use of the variance tool to measure whether the manufacturing process has favourable or unfavourable variances. Against Normal costing, standard costing offers many features which can be very useful in their business to exercise greater control over cost of product. (Kumar ,2009) References H Averkamp, n.d., Introduction to Standard Costing, [Online], Available at: https://www.accountingcoach.com/standard-costing/explanation, Accessed Date: 16/09/2016 V Kumar V, Oct 2009, Introduction to Standard Costing, [Online], Available at: https://www.svtuition.org/2009/10/importance-of-standard-costing.html, Accessed Date: 16/09/2016 Lacoma T, n.d., The Advantages Product Costing offers in Financial Accounting, [Online], Available at: https://smallbusiness.chron.com/advantages-product-costing-offers-financial-accounting-24883.html, Accessed Date: 16/09/2016 Chartered Accountant, Feb 2015, AASB 102 INVENTORIES, [Online], Available at: https://www.charteredaccountants.com.au/Industry-Topics/Reporting/Australian-accounting-standards/Analysis-of-AASB-standards/AASB-102--Inventories?standard=, Accessed Date: 16/09/2016 Cliffnotes, n.d., The Cost of Goods Manufactured Schedule, [Online], Available at: https://www.cliffsnotes.com/study-guides/accounting/accounting-principles-ii/managerial-and-cost-accounting-concepts/the-cost-of-goods-manufactured-schedule, Accessed date: 16/09/2016 Bragg S, May 2013, What is a cost of Goods Sold Statement? [Online], Available at: https://www.accountingtools.com/questions-and-answers/what-is-a-cost-of-goods-sold-statement.html, Accessed Date: 16/09/2016