Fundamentals of Accounting Essay

For Goods for Sales inventory is usually divided into1. Raw Materials a) Natural Raw Materials Cotton, Wools and etc.b) Synthetic Raw Materials Acrylic, Viscose, Nylon, Polyester, etc.2. Work in execute (WIP) Its starting with making character from raw materials (Natural and Synthetic). Following by the process of spinning with the produced Fibre and come out with Yarn as the final product in spinning. Furthermore, Yarn will be processed into Grey Fabric by the process of weaving. Lastly, Processed Fabric is to be through with(p) from Grey Fabric. Processed Fabric will be used for Technical Textiles, Readymade Garments and Home Textiles. These products will contribute to further production of final goods.3. holy Goods Finished goods will be categorised under the brand of PADINI, SEED, PADINI AUTHENTICS, P&Co, PDI, MIKI, VINCCI and so on. For example of finished goods are sweater, skirt, knit vest, cotton pant, dress, shirt, belt, bag, tie, jeans, blouse, scarf, jacket, trousers, blazer and so forth.1.2 Process of Manufacturing Raw materials that can be divided into two distinct categories those derived from natural materials (cotton, et cetera) and synthetic materials (polyester, et cetera). Fibre will be produced by compounding raw materials into one. Fibre then will undergo the process of spinning to become yarn.The production process begins with yarn purchasing and progresses through knitting, dyeing, and finishing. The processed fabric is then set up for further production. Process of Manufacturing (after processed fabric) is given below in details No.DesignIt is given by buyers to manufacturers containing sketches including measurements of finical stylesmanual of arms/Computerized02Basic ceaseBasic block is an individual component of garments without any style of designManual/Computerized03Working PatternWhen a pattern is made for a particular style with net dimension regarding the basic block along with allowance then it is called working pattern.M anual/Computerized04Sample GarmentsAfter making a sample, it is move to buyer for approval to rectify the faults Manual05Approved SampleAfter rectify the faults, sample is again sent to buyers.Manual06CostingFabric Costing, making Charged, Trimmings, ProfitManual07Production PatternMaking allowance with net dimension for bulk productionManual/Computerized08GradingDifferent in sizes. S, M, L, XL, XXLManual/Computerized09Marker MakingMarker is a thin paper which contains all the components for different sizes for a particular style of garmentsManual/Computerized10Fabric cattle ranchTo spread the fabrics on table properly for cuttingManual/Computerized11CuttingTo cut fabric according to marker dimensionManual/Computerized12Sorting & BundlingSort out the fabric according to size and for each size make in individual bundles Manual13 fastenTo assemble a full garmentsManual14Ironing & FinishingAfter sewing we will get a complete garment which is interact with steam ironing & also severa l finishing processes are done for example extra loose thread cuttingManual15 reappraisalShould be approved as initial sampleManual16PackingTreated by Polyethylene bagManual1.3 Inventories Valuation methodCost is determined using the first-in-first-out method for Padini Holdings Berhad for the pecuniary year ended 30 June. p. 62Note *Full page copy of Financial bid for this particular section will show at Appendix.1.4 Amount of Closing InventoriesThe amount of closing inventories as reported in the financial statement for Padini Holdings Berhad was RM192, 285, 000 for the financial year ended 30 June. p. 80Note *Full page copy of Financial Statement for this particular section will show at Appendix.References1) http//www.indiamart.com/kishco-silver/products.html2) http//crisil.com/pdf/research/CRISIL-Research-cust-bulletin_jan12.pdf 3) http//en.wikipedia.org/wiki/Textile_industry4) http//www.bloomberg.com/quote/PADMK5) http//tlc.howstuffworks.com/home/how-is-fabric-created1.htm