Calvin,who Works as a Mechanic at Unicorn Majorworks Company,falls Off

question 16

Essay

Calvin,who works as a mechanic at Unicorn Majorworks Company,falls off a ladder,breaks his arm,and loses consciousness.Upon returning to the company post-treatment,the company transfers him to a different position.Does Unicorn Majorworks Company need to make a report under the Occupational Safety and Health Act (OSHA)? If yes,what are the details to be included in the report? Explain.

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Definitions:

Ending Inventory

Ending inventory is the total value of inventory still on hand at the end of an accounting period, calculated by adding new purchases to beginning inventory and subtracting the goods sold.

LIFO

Last In, First Out (LIFO) is an inventory valuation method which assumes that the most recently produced items are the first to be sold.

Units

In accounting and finance, refers to a measure of quantity or volume of production or inventory.

Specific Identification

An inventory costing method in which costs are assigned to individual items or batches of items, not to inventory as a whole.