REFERENCE: Ref.08_10
Baker Corporation changed from the LIFO method to the FIFO method for inventory valuation during 2008.Baker has an effective income tax rate of 30 percent and 100,000 shares of common stock issued and outstanding.The following additional information is available:
-Assuming Baker makes the change in the first quarter of 2008,compute net income per common share.
Definitions:
5S
A workplace organization method originating from Japan that stands for Sort, Set in order, Shine, Standardize, and Sustain.
Lean Production
A manufacturing methodology that focuses on minimizing waste within manufacturing systems while simultaneously maximizing productivity.
Sort/Segregate
The process of separating items into different categories based on specific criteria to improve efficiency, organization, or processing.
Seven Wastes
Overproduction; queues; transportation; inventory; motion; overprocessing; defective product.
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