Monday, December 30, 2019

Malcolm X Research Paper - 1138 Words

THE AUTOBIOGRAPHY OF MALCOLM X 1 The Autobiography of Malcolm X as told to Alex Haley ABSTRACT 2 Malcolm X had a hard life. He struggled with coexitsting with whites all of his life. He had many trials and tribulations during his time which formed his opinions of races and equality between races. He was taught his earlier opinions by his learning experiences and what he experienced growing up. As he got older he developed a different sense of what racism was and began to form his own leadership with many followers. While a great deal of whites thought he was too outspoken and racist himself, he just wanted to show the world through his own experiences what equality is and he†¦show more content†¦This group offered him the support of people of his own race who felt the same injustices had been done to them. They seemed to understand his struggle and reason for his hatred of white people. The thing Malcolm didnt understand about the group was its nonchalant efforts to unite more people to its cause. He failed to see the group actively engaging in recruitment. He believed the more people of his race on his side would help in the fight to combat the white race into acknowledging the balck race as human beings and that they should have the same rights as whites. It wasnt until he took his first pilgrimage trip, paid for by his sister in hopes of getting him on the right track, that he started to see that not all white people were racist. He began to see that there were whites that welcomed him and treated him as a human being and had ultimately the same goal as he did. He started to change his focus on not separation but equality to all no matter what the race. He saw that these problems were not just from the US but also worldwide and he began to start groups for such cause. He wanted the world to hear him The Autobiography of Malcolm X 5 and he used his own life experiences as the basis for his findings. He began to understand that the hatred he had to all whites was unjust and that it wasnt the whites persay but theShow MoreRelatedCivil War Movement : Martin Luther King Jr Malcolm X1212 Words   |  5 PagesEmuna Korenblit Research paper History 11.21 December 23, 2014 Civil War Movement: Martin Luther King Jr/ Malcolm X Many years after blacks had received citizenship and the right to vote there was still much bias against them. Because of their skin color African Americans hadn’t been treated fairly and did not haveRead MoreA Research on The Civil Rights Movement1448 Words   |  6 Pages Research Paper My research topic is about the Civil Rights Movement (Martin Luther King Jr. Vs Malcolm X) and will be focusing on two important icons that have an important part of African American History. I am going to further discuss in this research paper, â€Å"What were the views of Martin Luther King. Jr and Malcolm X during the Civil Rights movement? What were their goals and methods to achieve equality and peace?† Both leaders wanted to unite the black race with the white race and achieveRead MoreThe Y Greene : A Quiet, But Not Silent Hero1269 Words   |  6 PagesHowever, as recent events pass into history there are people who are at these watersheds. Such individuals provide a priceless window into these events. One such person is Cheryll Y Greene. Who while is best known for her work on the PBS documentary â€Å"Malcolm X: Make it plain† also worked on a number of other major projects about both the history of others and her own personal experiences as a woman of color i n her time in a way that is accessible to people from a variety of backgrounds. Greene’s firstRead MoreMalcolm X : An Extraordinary Figure For African Americans1647 Words   |  7 Pages Malcolm X is an extraordinary figure for African Americans. He is one of the most historic and significant human beings in American history. Malcolm Little was born on May 19, 1925, in Omaha, Nebraska. His mother, Louise Little, was 28 years young and his father Earl Little was an outspoken Baptist minister and supporter of Marcus Garvey s â€Å"Back to Africa Movement†. Malcom had 3 half siblings from his father’s previous marriage and later 6 additional kids. His push for Civil Right made him a targetRead MoreIn Today’S World, There Are So Many Racial Things Still1246 Words   |  5 Pagesnationalities. Malcolm X was an African American Civil Rights Activist, as well as a Muslim Minister. Malcolm X articulated the concepts of race pride and black nationalism in the 1950s and the 1960s. He was an important figure and leader in the Nation of Islam. 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Research indicates that after indulging in criminal activities, approximately 70% of the released prisoners return to jail within a few years. Most of them fall in three broad areas: †¢ Violent offending †¢ Sex offending †¢ Addictions (Prisoner Rehabilitation) This shows that there are many different types of criminals some more violent than others. On the other hand, some people believe that criminals can rehabilitate afterRead MoreThe Treasure Box Is Knowledge, And The Value Is Success And Power1603 Words   |  7 Pagesorder to achieve my goals. I completely related to Malcolm X in The Autobiography of Malcolm X. In the passage, Learning to Read, X describes his desires to become articulate in order to correctly express what he felt, especially in letters written to someone he admired. During his time in prison, he figured that, as he himself expressed, I saw that the best thing I could do was get hold of a dictionary – to study, to learn some words (X 1). X read a book, the dictionary, and used it as a schoolRead MoreHow Black Nationalism Helped Civil Rights991 Words   |  4 Pagesaim was to empower blacks by separating whites and blacks in American society. Both of these movements started in the 1700s, but the positive outcomes of these movements were seen in the mid-1960s through civil rights for African Americans. This paper will concentrate on how black nationalism helped civil rights in the US, and how it led to tolerance in society. The black nationalist movement was a major force in the fight for tolerance and civil liberties for African Americans in the UnitedRead MoreDear First Year Writing Assessment Committee1207 Words   |  5 Pageswas scared of seeing red marks all over my paper. I hated red marks so bad that I even start not looking at my papers that got handed back. The idea of people being able to read my writing and me not feel ashamed was never something that I could have fathomed. When I first enter the class English 1010, the teacher, Mrs. Bishop, assigned some reading. Of the reading assignments, the two that stuck out to me were written by Deborah Brandit and Malcolm x. The article written by Deborah Brandit was

Sunday, December 22, 2019

Symbolisms in The Great Gatsby by F. Scott Fitzgerald Essay

A few symbolisms in novels are as memorable as the green light in F. Scott Fitzgerald’s The Great Gatsby. Shining at the end of Daisy’s dock, it is close enough to be seen, but too far away to be reached. Still, Gatsby, an eternal optimist, stares at it at night, as if it showed him that all his far-away dreams were about to come true. The green light in The Great Gatsby is symbolic of hope, a source of inspiration, and a representation of the American Dream to Gatsby and to the novel’s readers. Gatsby’s aspirations reflect the time period. The â€Å"Roaring Twenties†, as it is called, was a period of prosperity, and the Americans were obsessed with acquiring wealth, and thought that â€Å"those who have wealth should be splendid, happy people†Ã¢â‚¬ ¦show more content†¦The Great Gatsby, first published in 1925, echoes its era, and predicts its tragic end. In the novel, F. Scott Fitzgerald â€Å"revealed the negative side of the period’s gaiety and freedom, portraying wealthy and attractive people leading imperiled lives in gilded surroundings† (Danzer 656).It illustrate â€Å"the dying American Dream and the corruption of historical values†(Bewley 23). The wealthy characters in the book are careless, materialistic and empty, showing the corrupt side of the American Dream, but Gatsby is different. In the novel, Nick describes him as having â€Å"an extraordinary gift for hope, a romantic readiness such I have never found in any other person and which is not likely I shall ever find again† (Fitzgerald 2).He kept believing and fighting for his dreams to the very end, even after it became clear that Daisy would not leave Tom to stay with him. This persistence in following his dream made Gatsby an inspirational character for many people that make the green light their own. For them, it does not only represent Gatsbys dreams, but also their dreams. It showed them that even if your dreams might seem to be impossible, there is always hope (Rimmer). Gatsby’ did not achieve his goals, he believed, and â€Å"he made the American Dream his own, and died by it† (kazin 31). Nick leads us to believe that Gatsby is better than the others, because he is just a desperate man tryingShow MoreRelatedSymbolism Of The Great Gatsby By F. Scott Fitzgerald1440 Words   |  6 Pages Katelyn Sullivan Professor Cahan College Writing (CUL-221624-01X) 30 November 2015 Symbolism in The Great Gatsby The Great Gatsby by F. Scott Fitzgerald is considered one of the greatest American novels ever written. A major aspect of the story is its symbolism, which is depicted through Fitzgerald’s views regarding American society in the 1920’s. Two significant elements of symbolism include, the green light and the eyes of Doctor T.J. Eckleburg. Each component to the storyline isRead MoreSymbolism Of The Great Gatsby By F. Scott Fitzgerald1764 Words   |  8 PagesSymbolism always plays an important role in literature. F. Scott Fitzgerald heavily uses symbolism in the novel The Great Gatsby. Fitzgerald uses specific symbols as a vehicle to drive the main themes throughout the novel. Carelessness of the upper class, false appearances versus reality, and disillusionment of the American dream are all important themes Fitzgerald portrays through his use of symbolism. The use of symbolism throughout the novel The Great Gatsby is key in advancing and uniting theRead MoreSymbolism O f The Great Gatsby By F. Scott Fitzgerald1130 Words   |  5 PagesSymbolism is commonly used in literature to change or deepen meanings or instill a different meaning to the mind of the readers. The reader is forced to think, make connections, and succeed in adding a new meaning to the novel. F. Scott Fitzgerald is a master of hiding deeper meanings behind a text as clearly showcased in the novel The Great Gatsby. The â€Å"iceberg theory† describes that only around 20% of the story is directly revealed through text. In comparison to an actual iceberg, that is usuallyRead MoreSymbolism Of The Great Gatsby By F. Scott Fitzgerald1060 Words   |  5 Pages1, 2015 Symbolism â€Å"The Great Gatsby† written by F. Scott Fitzgerald takes place during the roaring 20’s, an especially great time for the wealthy. Symbolism is used thoroughly throughout the book to allow us to see how differently people see things and how we are affected by certain things that are out of our control. The color green is used to make us aware of money, wealth, even the future such as the green light at the end of Daisy’s dock. Here it symbolizes the future that Gatsby hopes to resumeRead MoreSymbolism in The Great Gatsby by F. Scott Fitzgerald1029 Words   |  4 Pages The symbolism of a book can be a great but yet so small as in the form of a color. In the Great Gatsby, minor things have great importance. In the Great Gatsby, F. Scott Fitzgerald made sure to give great importance to minor details like color and objects. While the theme of the story is that anyone can gain the American Dream the fast or illegal way but always with a consequence, Fitzgerald pu t great importance into colors and objects. With the most common colors of green, white and yellow showingRead More Symbolism in The Great Gatsby, written by F. Scott Fitzgerald1628 Words   |  7 PagesSymbolism in The Great Gatsby, written by F. Scott Fitzgerald The Great Gatsby is a classic American novel, written by F. Scott Fitzgerald in 1927 about corruption, murder and life in the 1920’s. The true purpose for a writer to compose any piece of literature is to entertain the reader, and this writer does this to the best of his ability. In this well-crafted tale, Fitzgerald presents a fast moving, exciting story, and to any typical reader it can be enjoyed; however, if the reader takes the timeRead MoreColors and Symbolism in The Great Gatsby by F. Scott Fitzgerald1290 Words   |  6 PagesSymbolism is the use of symbols to supply things with a representative meaning or to represent something abstract by an existing object. In the novel The Great Gatsby by F. Scott Fitzgerald, colours are used to symbolize a person’s inner thoughts and feelings. Colours, such as green, white are used to find ones true feelings; while others use colours to hide their true persona. Colour symbolism is used to convey a deeper message to the read ers and help us understand the characters true colours. Read MoreSymbolism And Symbolism Of The Great Gatsby By F. Scott Fitzgerald993 Words   |  4 PagesH English 10 December 2012 In every piece of great literature authors use symbols to convey a feeling or thought. The novel, For example, Lord the Flies, William Golding memorably uses a conch shell to represent order and the destruction of order. Or in To Kill a Mockingbird, Harper Lee uses the physical and metaphoric sense of the mockingbird to convey the idea of innocence and the loss of innocence. In The Great Gatsby, F. Scott Fitzgerald employs the use of symbols to enhance a tragic taleRead MoreSymbolism Of The Great Gatsby By F. Scott Fitzgerald1725 Words   |  7 Pagesof names further the motif of geography by using them as symbolism to represent some of the aspects in the American society at the time of the 1920s. East Egg symbolizes those from the old days, the West Egg represent those who have or are seeking financial opportunity and are known as â€Å"new money†. the valley of ashes represents the moral, social decay, and financial chaos of the American society at this time. 2.The symbol that Fitzgerald used as the outward manifestation of Gatsby’s wealth is hisRead MoreSymbolism Of The Great Gatsby By F. Scott Fitzgerald901 Words   |  4 PagesSymbolism of Color in Great Gatsby The Great Gatsby was portrayed as one of the greatest novels in American History. But, it is also analyzed as having multiple lenses. This book has been broken down into a ton of symbolisms and it has also been analyzed for every character. The book The Great Gatsby communicates symbolism with the many colors the story line uses and the different way portrays these colors through the settings and plots. The color green is related back to hope. â€Å"He (Gatsby) stretched

Saturday, December 14, 2019

Relationship between entrepreneruship Free Essays

Discuss the relationship between entrepreneurship, innovation and economic development. What role do creativity and problem solving play in this relationship? Refer to both theories and examples from the business world to support your discussion. Since last century, entrepreneurship and innovation have been heavily discussed. We will write a custom essay sample on Relationship between entrepreneruship or any similar topic only for you Order Now Entrepreneurs create new business and provide the Job opportunities to society as well as promote the economic development. However, with the increasing global economic competition, normal entrepreneurship becomes less competitiveness, government committed to develop innovative entrepreneurship in recent years Cukier, 2006). Therefore, the relationship between innovation and entrepreneurship becomes one of the most significant topics in the business field. Economists do a large number of researches to explore the connection between entrepreneurship and innovation as well as the position they related in economic development. During the process of exploring, a considerable amount of definitions are put forward by experts based on their research knowledge and the analysis of entrepreneurs developed in recent decades. This essay will list the definitions put forward by ifferent economists, then support the ideas that innovation, entrepreneurship and economic development are deeply connected and interacted. Finally, combine with the experience of university group entrepreneurship project, attempt to explain importance role that the creativity and problem solving played in this process. Definition of the innovation and entrepreneurship is colored by different economists according to their observation, research and knowledge. From the innovation perspective, one of the most important definitions is related to the Joseph Schumpeter, a pioneer of the innovation management, who put forward a theory ccording to his early studying. Schumpeter (1934) defines innovation as the combination of new goods, new methods of production, the opening of new markets, the conquest of new sources of supply and the carrying out of a new organization of any industry. Jocabs (2007) list several definitions in her article based on her study: Peter Drucker believed that innovation is a process that change and creates a new dimension of performance; Jose Campos, director of the Center for Rapid Innovation considered that innovation is kind of the ability to which can deliver value to a ustomer; David Schmittlen has a deeper opinion, he believed that product is not the only factor innovation related, the processes and approaches to the marketplace is where innovation occur. All these definitions have their limitations and emphasizes, but with the change of the social and economic environment, innovation may have a wider meaning such as Regins Cabral mentioned in his opinion which connect the innovation with the network. From the entrepreneurship perspective, the word â€Å"entrepreneurship† related to many meanings. In the second volume of The Isolated State (1850) provided by Johann von Thunen, he defined the entrepreneurship as a way which earns profits after cutting over all the expenses such as payments to capital, labor and insurance, and needs to take unpredictable risk. Risk part in this theory was supported by Frank Knight, and he believed the only risk that leads to profit is a unique uncertainty resulting from an exercise of ultimate responsibility which in its very nature cannot be insured nor capitalized nor salaried† (Knight, 1921). Joseph Schumpeter is one of the most influential economists in the history. His theory of entrepreneurship heavily ased on his innovation theory and roughly experienced three stages. In the early stage of his studying, his notion of entrepreneurship emphasized newness and innovation, and aimed at encouraging economic development (1928). Later, with more research had been done; Schumpeter gave up the risk-taking, one of the characteristics of entrepreneurship which is agreed by von Thunen and Knight. In the 1940s, Schumpeter’s work on entrepreneurship became broader. In this period, he was no longer limited by original theory, but discussed several types of the entrepreneurs and extended the meaning of entrepreneurship. Another very important definition in history was made by Ludwing von Mises and Friedrich von Hayek. Ludwing von Mises (1963) has different ideas with Schumpeter by stated entrepreneurship involves anticipations of uncertain events rather than innovations. The reason why he said that is because there is a belief that entrepreneur gain profits by correctly anticipating the market and providing the products to customer before the competition driven by a desire for money. The definitions of the innovation and entrepreneurship are of variety, but viewpoint about the relationship between them is quite similar. Peter Drucker mentioned that entrepreneurship and innovation is companion terms, innovation is a tool that entrepreneurship can take advantage of. From the perspective of entrepreneurship, Schumpeter (1928, 1939) mentions that entrepreneurship as the source of the innovation and innovation as the engine of economic development, which emphasize the many attributes and motivation of the entrepreneur. This is an idea which was a leading though, many economist after Schumpeter agree with this idea. From the innovation perspective, economists such as Pretorius and Millard strongly supported he theory which considered a significant innovation is usually the basis of the successful entrepreneurial venture. Consider the opinions above all; innovation and entrepreneurship are deeply interacting with each other. For example, McDonalds’ analyzed the marketplace and consumers’ need; design the new production lines and new methods trained staff. According to the definitions listed before, due to McDonald’s creative new marketplace and consumer, and combine with the improving of the management, it is entrepreneurship. In addition, cause the increasing global economic competition, government as well as individual oncentrate more on the innovative entrepreneurship. Evidences shows that government of The European Union, United States and countries in Asia all published policies to support, lead and value the innovative entrepreneurship due to the large contributions it comes in the future (Cukier 2006). The relationship between innovation and economic growth is closely connected and the relationship between them is mutual. On the one hand, innovation is a source of economic development. According to the Schumpeter (1942), who considered the innovation activity of entrepreneur of a process which provide a creative ‘destruction rocess’ by causing sustain disturbances to an economic system in equilibrium, and create new opportunities to economic. It means that innovation encourages the changes of economy system and creates opportunities which are beneficial to economic development. Peter Drucker is one of the influential economists, stated that the innovation is the central issue in economic prosperity. He listed five principles of innovation and the first one is the innovation beginning with analysis of the opportunities, starting from the small entrepreneurs and aiming at market leadership. In addition, a large amount of the empirical work showed evidence to ndicate that the level of the technological innovation do large contribute to economic performance, both at the companies and industry aspects. Economic development also creates a suitable environment for innovation. A high level economic development is conducive to innovation. The Global Innovative Index, which is established by INSEAD Business School and World Business, it measures the world’s best and worst performing economies with measurement of innovation. It also evaluate the nation’s strengths and weaknesses in their economic development environment especially policies and practices related to innovation. United States, Israel and Switzerland are top three countries. All of these countries have a common strength which is the positive environment for innovation, especially in United States. Government policies are firmly support the development of innovation. For example, Silicon Valley in California, which is the typical example to indicate government policies are essential fact to stimulate innovation. Similar to innovation and economic development, it is widely believed that entrepreneurship and economic development influence each other deeply. Entrepreneurship is beneficial for economic development. Entrepreneurship in the early twentieth century, according to the statement of Cipolla (1981) and Lazonick (1991), plays an essential role in the long-term economic. The contribution to the growth of economy was attributed to entrepreneurs. They seek for new opportunities, diversified the productions and develop a new market. With the change of the economic environment, in middle of the twentieth century, entrepreneurship lost its superiority, however, in the recent decades, with the revolution of the knowledge and technologies; it encouraged the development of entrepreneurship thinking Oovanovic, 1982; Audretsch, 1995). In the perspective of the economic development, entrepreneurs not only create new market but also provide the new ideas to marketplace, and promote the economic growth through a process of fierce competition. However, not all kinds of entrepreneurship are effective for economic development. According to the research by Global Entrepreneurship Monitor (GEM), there are two kinds of entrepreneurship. One is â€Å"necessity entrepreneurship† and the other is â€Å"opportunity entrepreneurship†. Necessity entrepreneurship nas a negative ettect on economic development. A typical example of it is that after the fall of Berlin Wall, any workers in socialist countries found them had no options but work for themselves, this necessity entrepreneurship caused several years of negative GDP growth. On the contrary, opportunity entrepreneurship could lead to an economic development. Based on the statistics collected from the eleven countries, entrepreneurship which has multiple opportunities could lead to economic development (Asc, 2006). For one country, due to the fact that different countries have different economic development level, government should fgure out what kind the entrepreneurship is and develop opportunity entrepreneurship. For individuals, it is essential to analyze the opportunities and potential market before starting an enterprise. Creativity and problem solving cannot be ignored in the relationship among the entrepreneurship, innovation and economic development. Creativity is an essential characteristic in the problem solving process and it is usually defined as a process though which invention occurs something new comes into existence (Herbert et al. , 1999), and they also regard creativity as the starting point of the innovation. Analyzing creativity from the entrepreneurship direction, in past several decades, esearchers did a great deal studies to explore the position of creativity in the process of the development of entrepreneurship. Shaw (1996) mentions that opportunity is the first step that entrepreneurship pursued and creativity is the key point to identify business opportunity (Hills and Shrader 1998). Venture capitalist Vinod Khosla also said that no problem means no opportunity, no solution and no company. Therefore, due to the significant position in the entrepreneurial process, creativity is the soul of entrepreneurship (Morris and Kuratko, 2002). Since nnovation, entrepreneurship and economic development is closely connected, creativity is the fundamental of the whole relationship. In university, Entrepreneurship and Business is one of the most important modules which students need to major in. group project is the significant concept to help students to understand entrepreneurship and essential position that creativity in problem solving process. Kirkham, Mosey and Binks (2009) state that the process of problem can be three steps: define, discover and determine. The project started from defines a problem, and then use the creativity thinking to discovery a large amount of olutions. Finally, determine the most effective solution. This process is what the entrepreneurship usually does in their commercial field. Identifying a problem in business, then analyze the business opportunities and use creativity thinking to find potential solutions in the marketplace, eventually decide the most effective way to establish an enterprise. To sum up, entrepreneurship, innovation and economic development are deeply connected. Definition of innovation and entrepreneurship various from people to people, but all these leads to a conclusion that innovation and entrepreneurship are ompanies terms. Innovation is the basis of the entrepreneurship and entrepreneurship as the source of innovation. In addition, in the process of economic development, all evidences show innovation promotes the economic development and an environment which support by government policies encourages the innovation as well. Entrepreneurship benefit to economic development, although only opportunity entrepreneurship has a positive effect to economy. Though the analysis of creativity and problem solving, recognize the importance role it play in the economic development. words: 1896 How to cite Relationship between entrepreneruship, Papers

Thursday, December 5, 2019

Project Management Accounting Blending Management

Question: Describe about the Project Management Accounting for Blending Management. Answer: 1. Schedule of Cost of goods manufactured Sold Particulars Amount Amount Op balance of raw material $ 3,247,250.00 Purchase of Raw material $ 425,000.00 Closing Stock of Raw material $ (850,000.00) Raw Material consumed $ 2,822,250.00 Direct Labor costs $ 864,000.00 Manufacturing Overhead $ 1,350,000.00 Total Manufacturing costs $ 5,036,250.00 Change in Work in process inventory $ (156,250.00) Cost of goods manufactured $ 4,880,000.00 op balance of Finished goods inventory $ 320,000.00 Cost of goods available for sale $ 5,200,000.00 Closing balance of finished goods inventory $ (1,200,000.00) Cost of Goods Sold $ 4,000,000.00 Raw Material Particular Amount Particular Amount Op balance (balancing Figure) $ 3,247,250.00 Work in process $ 2,822,250.00 Purchase of Raw material $ 425,000.00 Closing Stock of Raw material $ 850,000.00 Total $ 3,672,250.00 Total $ 3,672,250.00 WIP Particular Amount Particular Amount Op balance $ 240,000.00 Cost of goods manufactured $ 4,880,000.00 Raw material (balancing figure) $ 2,822,250.00 Direct Labor $ 864,000.00 Manufacturing OH $ 1,350,000.00 Closing balance $ 396,250.00 Total $ 5,276,250.00 Total $ 5,276,250.00 Workings: Statement Showing Calculation of Closing WIP Particular Amount Direct Material $ 140,000.00 Direct Labor costs $ 100,000.00 Manufacturing overhead $ 156,250.00 Closing balance $ 396,250.00 The overhead absorption rate is calculated by using this formula: OHR= Budgeted Overhead/ Budgeted labor hours Calculation of Overhead Absorption Rate Particular Amount Budgeted Overhead $ 1,000,000.00 Budgeted Labor Hour 200000 Overhead Absorption rate $ 5.00 The overhead absorption rate is calculated by using this formula: LHR= labor cost / labor hours Calculation of labor Hour Rate Particular Amount Labor Cost $ 100,000.00 Direct Labor Hour 31250 labor Hour rate $ 3.20 Note: Labor hour rates are calculated from the figures of WIP given in the question Accounts payable Particular Amount Particular Amount Bank account $ 430,000.00 Op balance $ 70,000.00 Closing balance $ 65,000.00 Raw Material purchased (balancing figure) $ 425,000.00 Total $ 495,000.00 Total $ 495,000.00 Finished Goods Particular Amount Particular Amount Op balance $ 320,000.00 Cost of jobs sold $ 4,000,000.00 Cost of goods manufactured (balancing figure) $ 4,880,000.00 closing balance $ 1,200,000.00 Total $ 5,200,000.00 Total $ 5,200,000.00 2. Income Statement for the month of July 2016 Particulars Amount Sales $ 6,000,000.00 Less: Cost of Goods Sold $ (4,000,000.00) Gross Profit $ 2,000,000.00 Less: Selling and Administrative Costs $ (400,000.00) Net Profit $ 1,600,000.00 3. The cost of a product can be measured using various cost accounting techniques. The two popular methods are Process costing and Job costing (DRURY 2012). The Job costing technique is used to calculate the cost of a particular contract or job that is unique in nature. The process costing computes the costs that are charged in each process (De Zoysa et al. 2014). The difference between the process costing and job costing are given below: Basis Process costing Job Costing Meaning The method in which the cost that is charged to various process and operations are determined is known as process costing (Chak and Fung 2015). The Job costing is a process that calculates the cost of a particular contract or job (Fullerton et al. 2014). Nature Productions are standardized. Productions are customized. Cost Costs are first determined for the processes are then allocated to the units. Costs for each job are calculated. Cost Center Process Job Cost reduction High Low Transfer Costs are transferred from one process to another (Fullerton et al. 2013). No transfer of costs Ascertainment of cost At the end of the cost period At the completion of job Industry Suitable for industry where mass production is done. Suitable for industry where products are manufactured as per customers specification. 4. There are two systems for records keeping of inventory this are perpetual inventory system and periodic inventory system. In the periodic inventory system the inventory balance are not continuously updated (Uyar and Kuzey 2016). The purchases are recorded in the purchase account and the cost of goods sold account does not exist in this system. The cost of goods sold is determined by a closing entry at the end of the accounting period. In the perpetual inventory system, the cost of goods sold and the inventory balances are updated regularly. The purchases are directly recorded in the inventory account (Nixon and Burns 2012). For sales two entries are passed one at the sales value and other at the cost of goods sold. The purchase account is not useful in the perpetual inventory system. Based on the above discussions it can be concluded that as production reports requires monthly updates of cost of goods sold and inventory so monthly production report is an example of perpetual inventor y system (Otley 2016). Reference Chak, S.C. and Fung, H., 2015. Exploring the effectiveness of blended learning in cost and management accounting: An empirical study. InNew Media, Knowledge Practices and Multiliteracies(pp. 189-203). Springer Singapore. De Zoysa, A., Bhati, S. and De Zoysa, M., 2014. A survey of cost and management accounting practices in Sri Lanka. DRURY, C.M., 2013.Management and cost accounting. Springer. Fullerton, R.R., Kennedy, F.A. and Widener, S.K., 2013. Management accounting and control practices in a lean manufacturing environment.Accounting, Organizations and Society,38(1), pp.50-71. Fullerton, R.R., Kennedy, F.A. and Widener, S.K., 2014. Lean manufacturing and firm performance: The incremental contribution of lean management accounting practices.Journal of Operations Management,32(7), pp.414-428. Nixon, B. and Burns, J., 2012. The paradox of strategic management accounting.Management Accounting Research,23(4), pp.229-244. Otley, D., 2016. The contingency theory of management accounting and control: 19802014.Management Accounting Research,31, pp.45-62. Uyar, A. and Kuzey, C., 2016. Does management accounting mediate the relationship between cost system design and performance?.Advances in Accounting.