Understanding Inventory Management And Its Theories

Understanding Inventory Management And Its Theories Inventory management or inventory control is an attempt to balance inventory needs and requirements with the need to minimize costs resulting from obtaining and holding inventory. There are several schools of thought that view inventory and its function differently. These will be addressed later but first we present a foundation to facilitate the readers understanding of inventory and its function. Inventory Definition Inventory is a quantity or store of goods that is held for some purpose or use (the term may also be used as a verb meaning to take inventory or to count all goods held in inventory). Inventory may be kept in house meaning on the premises or nearby for immediate use or it may be held in a distant warehouse or distribution center for future use. With the exception of firms utilizing just in time methods more often than not the term inventory implies a stored quantity of goods that exceeds what is needed for the firm to function at the current time (e.g., within the next few hours). Why we should keep inventory Why would a firm hold more inventory than is currently necessary to ensure the firms operation? The following is a list of reasons for maintaining what would appear to be excess inventory. MEET DEMAND. In order for a retailer to stay in business it must have the products that the customer wants on hand when the customer wants them? If not the retailer will have to back order the product. If the customer can get the good from some other source he or she may choose to do so rather than electing to allow the original retailer to meet demand later (through back order). Hence, in many instances if a good is not in inventory a sale is lost forever. KEEP OPERATIONS RUNNING. A manufacturer must have certain purchased items (raw materials components or subassemblies) in order to manufacture its product. Running out of only one item can prevent a manufacturer from completing the production of its finished goods. Inventory between successive dependent operations also serves to decouple the dependency of the operations. A machine or work center is often dependent upon the previous operation to provide it with parts to work on. If work ceases at a work center then all subsequent centers will shut down for lack of work. If a supply of work in process inventory is kept between each work center then each machine can maintain its operations for a limited time hopefully until operations resume the original center. LEAD TIME. Lead time is the time that elapses between the placing of an order (either a purchase order or a production order issued to the shop or the factory floor) and actually receiving the goods ordered. If a supplier (an external firm or an internal department or plant) cannot supply the required goods on demand then the client firm must keep an inventory of the needed goods. The longer the lead time the larger the quantity of goods the firm must carry in inventory. A just in time (JIT) manufacturing firm such as Nissan in Smyrna Tennessee can maintain extremely low levels of inventory. Nissan takes delivery on truck seats as many as 18 times per day. However steel mills may have a lead time of up to three months. That means that a firm that uses steel produced at the mill must place orders at least three months in advance of their need. In order to keep their operations running in the meantime an on hand inventory of three months steel requirements would be necessary. HEDGE. Inventory can also be used as a hedge against price increases and inflation. Salesmen routinely call purchasing agents shortly before a price increase goes into effect. This gives the buyer a chance to purchase material in excess of current need at a price that is lower than it would be if the buyer waited until after the price increase occurs. QUANTITY DISCOUNT. Often firms are given a price discount when purchasing large quantities of a good. This also frequently results in inventory in excess of what is currently needed to meet demand. However if the discount is sufficient to offset the extra holding cost incurred as a result of the excess inventory the decision to buy the large quantity is justified. SMOOTHING REQUIREMENTS. Sometimes inventory is used to smooth demand requirements in a market where demand is somewhat erratic. Consider the demand forecast and production schedule outlined in Table 1. Notice how the use of inventory has allowed the firm to maintain a steady rate of output thus avoiding the cost of hiring and training new personnel while building up inventory in anticipation of an increase in demand. In fact this is often called anticipation inventory. In essence the use of inventory has allowed the firm to move demand requirements to earlier periods thus smoothing the demand. Controlling Inventory Firms that carry hundreds or even thousands of different part numbers can be faced with the impossible task of monitoring the inventory levels of each part number. In order to facilitate this many firms use an ABC approach. ABC analysis is based on Pareto Analysis also known as the 80/20 rule. The 80/20 comes from Paretos finding that 20 percent of the populace possessed 80 percent of the wealth. From an inventory perspective it can restated thusly: approximately 20 percent of all inventory items represent 80 percent of inventory costs. Therefore a firm can control 80 percent of its inventory costs by monitoring and controlling 20 percent of its inventory. But it has to be the correct 20 percent. The top 20 percent of the firms most costly items are termed An items (this should approximately represent 80 percent of total inventory costs). Items that are extremely inexpensive or have low demand are termed C items with B items falling in between A and C items. The percentages may vary with each firm but B items usually represent about 30 percent of the total inventory items and 15 percent of the costs. C items generally constitute 50 percent of all inventory items but only around 5 percent of the c By classifying each inventory item as an A B or C the firm can determine the resources (time effort and money) to dedicate to each item. Usually this means that the firm monitors A items very closely but can check on B and C items on a periodic basis (for example monthly for B items and quarterly for C items). Another control method related to the ABC concept is cycle counting. Cycle counting is used instead of the traditional once a year inventory count where firms shut down for a short period of time and physically count all inventory assets in an attempt to reconcile any possible discrepancies in their inventory records. When cycle counting is used the firm is continually taking a physical count but not of total inventory. A firm may physically count a certain section of the plant or warehouse moving on to other sections upon completion until the entire facility is counted. Then the process starts all over again. The firm may also choose to count all the A items then the B items and finally the C items. Certainly the counting frequency will vary with the classification of each item. In other words an item may be counted monthly B items quarterly and C items yearly. In addition the required accuracy of inventory records may vary according to classification with A items requiring the most accurate record keeping. Balancing Inventory and Cost As stated earlier inventory management is an attempt to maintain an adequate supply of goods while minimizing inventory costs. We saw a variety of reasons companies hold inventory and these reasons dictate what is deemed to be an adequate supply of inventory. Now how do we balance this supply with its costs? First lets look at what kind of costs we are talking about. There are three types of costs that together constitute total inventory costs: holding costs set up costs and purchasing costs. Holding Costs. Holding costs also called carrying costs are the costs that result from maintaining the inventory. Inventory in excess of current demand frequently means that its holder must provide a place for its storage when not in use. This could range from a small storage area near the production line to a huge warehouse or distribution center. A storage facility requires personnel to move the inventory when needed and to keep track of what is stored and where it is stored. If the inventory is heavy or bulky forklifts may be necessary to move it around. Storage facilities also require heating cooling, lighting and water. The firm must pay taxes on the inventory and opportunity costs occur from the lost use of the funds that were spent on the inventory. Also obsolescence pilferage (theft) and shrinkage are problems. All of these things add cost to holding or carrying inventory. If the firm can determine the cost of holding one unit of inventory for one year (H) it can determine its annual holding cost by multiplying the cost of holding one unit by the average inventory held for a one year period. Average inventory can be computed by dividing the amount of goods that are ordered every time an order is placed (Q) by two. Thus average inventory is expressed asQ/2. Annual holding cost then can be expressed asH(Q/2). Set Up Cost Set up costs are the costs incurred from getting a machine ready to produce the desired good. In a manufacturing setting this would require the use of a skilled technician (a cost) who disassembles the tooling that is currently in use on the machine. The disassembled tooling is then taken to a tool room or tool shop for maintenance or possible repair (another cost). The technician then takes the currently needed tooling from the tool room (where it has been maintained another cost) and brings it to the machine in question. There the technician has to assemble the tooling on the machine in the manner required for the good to be produced (this is known as a set up). Then the technician has to calibrate the machine and probably will run a number of parts that will have to be scrapped (a cost) in order to get the machine correctly calibrated and running. All the while the machine has been idle and not producing any parts (opportunity cost). As one can see there is considerable cost involved in set up. If the firm purchases the part or raw material then an order cost rather than a set up cost is incurred. Ordering costs include the purchasing agents salary and travel entertainment budget administrative and secretarial support office space copiers and office supplies forms and documents long distance telephone bills and computer systems and support. Also some firms include the cost of shipping the purchased goods in the order cost. If the firm can determine the cost of one set up (S) or one order it can determine its annual setup order cost by multiplying the cost of one set up by the number of set ups made or orders placed annually. Suppose a firm has an annual demand (D) of 1,000 units. If the firm orders 100 units (Q) every time it places and order the firm will obviously place 10 orders per year (D/Q). Hence, annual set up order cost can be expressed asS (D/Q). Purchasing Cost Purchasing cost is simply the cost of the purchased item itself. If the firm purchases a part that goes into its finished product the firm can determine its annual purchasing cost by multiplying the cost of one purchased unit (P) by the number of finished products demanded in a year (D). Hence, purchasing cost is expressed asPD. Now total inventory cost can be expressed as: Total = Holding cost + Set-up/Order cost + Purchasing cost or Total =H(Q/2) +S(D/Q) +PD If holding costs and set-up costs were plotted as lines on a graph the point at which they intersect (that is the point at which they are equal) would indicate the lowest total inventory cost. Therefore if we want to minimize total inventory cost every time we place an order, we should order the quantity (Q) that corresponds to the point where the two values are equal. If we set the two costs equal and solve forQwe get: H(Q/2) =S(D/Q) Q= 2DS/H The quantity is known as the economic order quantity (EOQ). In order to minimize total inventory cost, the firm will order every time it places an order. For example, a firm with an annual demand of 12,000 units (at a purchase price of $25 each), annual holding cost of $10 per unit and an order cost of $150 per order (with orders placed once a month) could save $800 annually by utilizing the EOQ. First, we determine the total costs without using the EOQ method: Q= $10(1000/2) + $150(12,000/1000) + $25(12,000) = $306,800 Then we calculate EOQ: EOQ = 2(12,000)($150)/$10= 600 And we calculate total costs at the EOQ of 600: Q= $10(600/2) + $150(12,000/600) + $25(12,000) = $306,000 Finally, we subtract the total cost ofQfromQto determine the savings: $306,800 à ¢Ãƒâ€¹Ã¢â‚¬   306,000 = $800 Notice that if you remove purchasing cost from the equation the savings is still $800. We might assume this means that purchasing cost is not relevant to our order decision and can be eliminated from the equation. It must be noted that this is true only as long as no quantity discount exists. If a quantity discount is available the firm must determine whether the savings of the quantity discount are sufficient to offset the loss of the savings resulting from the use of the EOQ. There are a number of assumptions that must be made with the use of the EOQ. These include: Only one product is involved. Deterministic demand (demand is known with certainty). Constant demand (demand is stable through-out the year). No quantity discounts. Constant costs (no price increases or inflation) While these assumptions would seem to make EOQ irrelevant for use in a realistic situation it is relevant for items that have independent demand. This means that the demand for the item is not derived from the demand for something else usually a parent item for which the unit in question is a component. For example the demand for steering wheels would be derived from the demand for automobiles dependent demand but the demand for purses is not derived from anything else purses have independent demand. Other Lot Sizing Techniques There are a number of other lot sizing techniques available in addition to EOQ. These include the fixed order quantity fixed order interval model the single period model and part period balancing. Fixed Order Quantity Model EOQ is an example of the fixed order quantity model since the same quantity is ordered every time an order is placed. A firm might also use a fixed order quantity when it is captive to packaging situations. If you were to walk into an office supply store and ask to buy 22 paper clips chances are you would walk out with 100 paper clips. You were captive to the packaging requirements of paper clips i.e. they come 100 to a box and you cannot purchase a partial box. It works the same way for other purchasing situations. A supplier may package their goods in certain quantities so that their customers must buy that quantity or a multiple of that quantity. FIXED ORDER INTERVAL MODEL. The fixed order interval model is used when orders have to be placed at fixed time intervals such as weekly biweekly or monthly. The lot size is dependent upon how much inventory is needed from the time of order until the next order must be placed order cycle. This system requires periodic checks of inventory levels and is used by many retail firms such as drug stores and small grocery stores. SINGLE-PERIOD MODEL. The single period model is used in ordering perishables such as food and flowers and items with a limited life such as newspapers. Unsold or unused goods are not typically carried over from one period to another and there may even be some disposal costs involved. This model tries to balance the cost of lost customer goodwill and opportunity cost that is incurred from not having enough inventory with the cost of having excess inventory left at the end of a period. PART-PERIOD BALANCING. Part period balancing attempts to select the number of periods covered by the inventory order that will make total carrying costs as close as possible to the set up order cost. When a proper lot size has been determined utilizing one of the above techniques the reorder point or point at which an order should be placed can be determined by the rate of demand and the lead time. If safety stock is necessary it would be added to the reorder point quantity. Reorder point =Expected demand during lead time + Safety stock Thus an inventory item with a demand of 100 per month a two month lead time and a desired safety stock of two weeks would have reorder point of 250. In other words an order would be placed whenever the inventory level for that good reached 250 units. Reorder point =100/month ÃÆ'- 2 months + 2 weeks safety stock = 250 Other thoughts in Inventory Management There are a number of techniques and philosophies that view inventory management from different perspectives. MRP AND MRP II. MRP and MRP II are computer based resource management systems designed for items that have dependent demand. MRP and MRP II look at order quantities period by period and as such allow discrete ordering only what is currently needed. In this way inventory levels can be kept at a very low level a necessity for a complex item with dependent demand. JUST-IN-TIME (JIT). Just in time (JIT) is a philosophy that advocates the lowest possible levels of inventory. JIT espouses that firms need only keep inventory in the right quantity at the right time with the right quality. The ideal lot size for JIT is one even though one hears the term zero inventory used. Theory of Constraints Theory of constraints (TOC) is a philosophy which emphasizes that all management actions should center about the firms constraints. While it agrees with JIT that inventory should be at the lowest level possible in most instances it advocates that there be some buffer inventory around any capacity constraint e.g. the slowest machine and before finished goods. Future of Inventory Management The advent through altruism or legislation of environmental management has added a new dimension to inventory management reverse supply chain logistics. Environmental management has expanded the number of inventory types that firms have to coordinate. In addition to raw materials work in process finished goods and MRO goods firms now have to deal with post consumer items such as scrap returned goods reusable or recyclable containers and any number of items that require repair reuse recycling or secondary use in another product. Retailers have the same type problems dealing with inventory that has been returned due to defective material or manufacture poor fit finish or color or outright I changed my mind responses from customers. Finally supply chain management has had a considerable impact on inventory management. Instead of managing ones inventory to maximize profit and minimize cost for the individual firm todays firm has to make inventory decisions that benefit the entire supply chain.

Content Analysis of a Recent Film Compared

The film, Perfume, which directed by Tom Tykwer and released in 2006, was rated R because of its restricted scenes. Back to the 1930 to 1968 the United States, such a film like Perfume may have difficult in being released based on the Production Code. Production Code was an industry censorship guideline that governed most of United States motion picture. It has 3 General Principles which stated the films could not lower the audiences’ moral standards, should contain the correct standards of life and not be ridiculed.According to the Production Code, Perfume will have 3 main problems, Crimes against the Law, Sex and Costume. Perfume has a subtitle called the Story of A Murderer. Obviously, it describes a story of crime. However, in the film, there are so many directly bloody, crucial scenes about murder, which are violation of the first rule in Production Code, Crime against the Law. For example, at the beginning of the film, when the main character, Jean-Baptiste Grenouille wa s a baby, he was sent to the orphanage.While other orphans wanted to suffocate him with a pillow in order to keep their own possession. In this scene, the director showed the whole process of killing, which is against the rule that indicates brutal killings are not to be presented in detail. As the same, there are also brutal scenes about the old woman being cut the throat as well as Jean’s mother and the scapegoat of the murder being hung to death. All these scenes are clearly projected without any editing. Besides the violation of the Production Code of Crime against the Law, there are also restricted scenes about Sex.For instance, one of these scenes is the birth of Jean. The director shot the whole process of the mother giving birth to Jean, even included her cutting umbilical. It must be against the rule of Sex that stated scenes of actual child birth, in fact or in silhouette, are never to be presented. What is more, in the end of the film, when Jean was about to be kil led in the square, he used his perfume to make onlookers excited and have sex with each other, even includes homosexual kiss.In order to make shaking visual effect, the director didn’t do any editing on this scene, which strongly offense the Production Code of Sex. Apart from Crime against the Law and Sex, what the film violated the Production Code most must be Costume. Perfume told a story about odor. The murderer, Jean, found the most beautiful scent came from the natural smell of virgin. So he killed 13 virgins and took off their clothes to purity their scent. After each murder, the girl’s corpus would be found naked.As a consequence, the violation of Costume can not be avoided. In the Production Code of Costume, it claimed that complete nudity is never permitted and undressing scenes should be avoided. Nevertheless, these scenes were all projected in Perfume. Moreover, the scene mentioned before about the group sex also conflict the Production Code of Costume. As a n R rated film, Perfume exactly contains various restricted scenes. Except the violations mentioned before, there are also scenes counter the Production Code.For example, Jean used a cat for experiment and put it into the distillation furnace, which can be considered as apparent cruelty to animal; as well as the violence and expletives. A movie like this apparently can not get PCA approval to be released. Nevertheless, the film can be played in theaters today without any cut and edit, even though it was rated R and could just be watched by portion of people. It witnessed that social standards of motion picture has changed a lot over time.

What Are The Two Major Uses Of Managerial Accounting...

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Human Nature And How Social Surroundings Play A Large Role...

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Analysis Of The Poem Comedia - 947 Words

In his life Dante, Alighieri was a famed author, poet, and statesman. Over the course of his life the esteemed thirteenth century Italian wrote a handful of successful works. However, Dante is undoubtedly best known for his critically acclaimed epic poem, Comedà ¬a, which would later be called The Divine Comedy. Comedà ¬a has 3 parts: Inferno, Purgatorio, and Paradiso. The first installment, Inferno, may currently be the most well known of the three poems, spawning countless reprints, several movies and even a video game. Despite being known as a comedy, anyone who has read Inferno realizes that the story is full of symbolism, double entendres, political messages, allusions, religious undertones†¦ the list goes on. However, there are several comedic elements in the story that distinguish it from other epic poems such as The Odyssey and Beowulf. Dante, unlike most other poets of the time, intended for his poem to have a parodic style, oftentimes poking fun at Christianity and i ts beliefs. Some of these comedic elements will be addressed and analyzed in this essay, supporting the statement that, despite its deeper meaning, Inferno is a work of humor. â€Å"Mappa dell’Inferno,† Botticelli The story of Inferno revolves around Dante Alighieri’s decent into Hell, accompanied by an Angel named Virgil, who was sent from Heaven to assure Dante’s safe journey. The premise of the story alone carries heavy religious symbolism, but careful observation reveals even more religious meaning thanShow MoreRelatedThe Inferno And What Dante1374 Words   |  6 PagesIntroduction This paper critically analyzes the character Dante in the Comedia. The paper analyzes the nature of the journey in the Inferno and what Dante needed to learn from it. The changes that were experienced have been analyzed in addition to the important parts of the text that are related to the changes. Moreover, the discussion has been keen to provide relevant illustrations as the case may be in order to emphasize on the character and the changes that are being addressed. Discussion TheRead MorePolitical and Religious Motivations in Dante Alighieri’s Divine Comedia 3036 Words   |  12 PagesI: Introduction For many years Dante Alighieri’s epic poem the Divine Comedia has been known as a work born from his religious perspective and internal conflict of faith. Many have suggested that he wrote the text to share his perspective of Christianity with the world. However, beyond religious implications, Dante sought just as equally, if not more so, to share his political philosophy and the agony inspired by some of the political occurrences in his life with the world. It is important, thenRead MoreModernist Elements in the Hollow Men7051 Words   |  29 Pagestendency, and many other attitudes that typify modernist writings, are present in Eliot’s works. This short paper intends to highlight some modernist elements in Eliot’s The Hollow Men as a poem representative of his new innovative poetry and of the spirit of modernism as a whole. I will look at how the poem reflects this newly new literary movement in terms of both thematic matter and style. This latter, of course, shouldn’t be viewed as constant for there is a permanent quest for a style that isRead More Adult Arts Learning Essay2217 Words   |  9 Pagesimagination in developing new perspectives; they view the arts as a way of engaging adults in imaginative exploration of themselves and their relationship to the world (Dirkx 2000; Kazemek and Rigg 1997). In adult literacy education, analysis of paintings and poems can be a means of developing visual and linguistic acuity, critical thinking, and aesthetic judgment (Dreybus 2000; Kazemek and Rigg 1997). Greene (in Elias, Jones, and Normie 1995) speaks of aesthetic education as a form of critical literacyRead MoreThe Great Divorce and The Divine Comedy3095 Words   |  13 Pagesacknowledge that though the structures may differ in their overall thematic constructions, Dante’s work determines the arrangement of Lewis’s. In fact scholar Joe R. Christopher argues that, â€Å"The Great Divorce is heavily influenced in structure by Dante’s poem—but in a complicated way. A background of the settings will be helpful for the basic discussion, before one considers the structure† (1). Dante’s work is divided into three distinct sections the â€Å"Inferno†, â€Å"Purgatory† and â€Å"Paradise†, with each section

The Beauty of the Fictional World in Nabokov’s Bend Sinister Free Essays

Since the writer himself claims that Bend Sinister is neither â€Å"serious fiction† nor â€Å"literature of social comment,† I will refrain from making something out of nothing (for, though Nabokov does this through his fiction, I would not wish to offend him, even if he cannot socially comment on my offense, just as Karl Marx perhaps disliked the ruin of his own piece). Rather, I shall make the argument that literature to Nabokov is like beauty to life. It is not the story that matters, but instead â€Å"it is for the sake of the pages about David and his father that the book was written and should be read† (xiv). We will write a custom essay sample on The Beauty of the Fictional World in Nabokov’s Bend Sinister or any similar topic only for you Order Now Hence, let us examine what makes Nabokov’s novel so beautiful: What begins as â€Å"An oblong puddle inset in the coarse asphalt† transforms into Padukgrad, a fictional and totalitarian state somewhere in Europe that hosts two men of differing philosophies yet similar power (1). Krug, the protagonist, immediately surfaces as a danger to the Ekwilist society, which Paduk rules as dictator. Although there is a tendency to classify Padukgrad as a dystopia, one must note that Nabokov was highly critical of â€Å"Orwell’s cliches,† calling him a â€Å"mediocre English [writer]† (2).Nabokov argues that he is â€Å"neither a didacticist nor an allegorizer,† both of which could describe Orwell’s anti-totalitarian voice in 1984 (2). Rather, Vladamir Nabokov’s first American novel, Bend Sinister, presents his fictional dictatorship not as an entity on a path to Armageddon, but as a metaphorical chess game, wherein the main character can be interpreted as the White King and the antagonist as the Black King. Eventually, Krug learns that he is in fact playing a live game of chess, and that—ironically—he is the White King in an Armageddon-style chess match for his life. For Krug, a philosopher and professor, there is no draw.Nabokov conscientiously places Krug in Padukgrad, for it is with precision that chess players both set and move their pieces. Whereas a king piece is safest in its initial location, beside the queen and behind a row of pawns, Bend Sinister begins with Krug’s observing â€Å"a fancy footprint filled to the brim with quicksilver . . . from a hospital window† (1-2). Nabokov details a rather wonderful scene of a puddle in November. Beauty, I argue, and the hospital are places of sanctuary, a place where one can reflect on â€Å"the beating of [his] loving heart† (xiv). The beauty ends, however.It becomes known that â€Å"the operation has not been successful and [Krug’s] wife will die† (2). In the first chapter, to alight on the metaphor of chess, Krug essentially loses his queen and is subsequently forced to play the rest of the game without what is generally the most powerful piece. Also, it is interesting that he loses his queen in the first person. Throughout most of the novel, Krug is written in the third-person-omniscient voice, and only when the writer intends to remind the reader that Bend Sinister is not a contemporary novel, that it is truly an apocryphal work meant for beauty, does he switch his point of view.Perhaps, Nabokov is presenting the dramatic moment (of the chess game) through Krug’s (the king’s) eyes to convey the move’s gravity. However, Nabokov again shifts to the first person perspective on the second to last page, just after â€Å"another and better bullet hit† Krug (240). In this sense, Nabokov utilizes the third person to communicate his story and the first person to denote the loss of White’s two most impo rtant pieces—the King and queen, respectively. It is also this style that categorizes Bend Sinister as post-post-modernism literature, for Nabokov clarifies that, â€Å"among the chaos of written and rewritten pages . . a big moth was clinging with furry feet† to his [the metafictional writer’s] window (240). Moreover, I shall use this style to make my own points: Orwell’s dystopic world is made real—Nabokov’s world is made fictionally.This is the greatest distinction between the two books. Bend Sinister remains very much a board of pieces that move according to the novelist. And his characters, in turn, are â€Å"absurd images† and â€Å"illusions† both to himself and â€Å"to Krug† (xiv). In essence, the writer is calling the shots—the balls and strikes, and they ‘ain’t nothing till he calls them. By this, Nabokov creates Padukgrad, and in it, Krug and Paduk. Interestingly, Padukgrad’s Ekwilist philosophy of the everyman wishes to create a homogenous, clone-like society wherein each individual is equal and outliers are either integrated or removed. This society, like many totalitarian states, seeks unity through similarity. Thus, Nabokov presents Krug as the counterpart to Paduk—White King versus Black King, good versus evil. For example, Adam Krug is depicted as a â€Å"philosopher . . . ith untidy, dusty, or faintly grizzled locks . . . suggestive of the uncouth chess master or of the morose composer, but more intelligent† and Paduk as someone who â€Å"never got over superficial neatness† (46, 80). This is important not only because of Nabokov’s explicit metaphor, but also because the Ekwilist philosophy preaches â€Å"a remoulding of human individuals in conformity with a well-balanced pattern,† the opposite philosophy of Krug [and Nabokov]. The duality is thusly created by Nabokov through philosophy—another ironic attribute.One pleasure of the book, as the writer would agree, is the humor. For instance, Paduk institutes â€Å"the Party of the Average Man as based on Skotoma’s book,† which argues that â€Å"a certain computable amount of human consciousness [is] distributed throughout the population of the world† and that â€Å"the proudest intellect and the humblest stupidity depended entirely upon the degree of â€Å"world consciousness† (75-76). In this, I find that philosophy kills philosophy, king kills king, and the entire purpose of this book arises.That is, if the sake of the pages are for David and his father (Krug), then the genesis of the Ekwilist philosophy and of Padukgrad are highly significant. David is, after all, killed by both. Nabokov includes in Bend Sinister, after describing the origins of Ekwilism, that Skotoma â€Å"omitted to define both the practical method to be pursued and the kind of person or persons responsible for planning and directing the process† (76). I find this quite humorous for several reasons other than those listed afore. First, Paduk breaks Nabokov’s first rule. Paduk not only takes Skotoma’s book to be â€Å"serious literature,† but then he also misinterprets it. To note, this is why I refrain in my introductory paragraph from making something out of nothing and why I mention Marx, whose philosophy like Skotoma’s is essentially ruined by a lesser, more common man. It is also a reason perhaps for Nabokov’s distaste of George Orwell. Second, it is ironic that the â€Å"kind of person† who instills this philosophy in Paduk is actually Krug, for Krug drives Paduk in their youth to this uniform extreme.On page 36, for example, Nabokov reveals that Paduk, â€Å"the Ruler, colloquially known as the toad, had been a schoolmate† of Krug’s. Then later, on page 50, Krug reveals to his scholarly peers at the University that he â€Å"was something of a bully† and â€Å"used to trip [Paduk] up and sit upon his face . . . every blessed day for about five school years. † This treatment of Paduk eventually leads him to favor the Ekwilist philosophy and form a totalitarian state. It also leads the reader to understand Krug’s and Paduk’s duality, their chess match, and the way in which the White King is losing.Moreover, on the topic of irony and humor (which is beautiful), Bend Sinister is a reflection of Nabokov. One might draw comparison to heraldry whereby the novel derives its name. A sinister is in fact a colored band running from the upper right side of a shield to the lower left side; its opposite is the bend sinister, which runs from left top to right bottom. In the novel, Paduk represents the bend sinister of the shield and Krug represents the sinister, in that the Ekwilist philosophy (the extreme of socialism if you will) is a sinister (evil) bend to the left.Also worthwhile to point out is the name of the shield’s surface—the field. A chess match is a battle of kings and pawns on a battlefield. I make my final and daring argument here, as I still wish not to make something out of nothing, but I wish more to make something rather than nothing: Adam Krug is the metaphorical bend sinister to Nabokov. For instance, Adam Krug is â€Å"a non-smoker,† whereas Nabokov admits that his â€Å"daily consumption of cigarettes had reached the four-package mark† (36, xi). Also, the voice of the novel switches between the writer’s conscious thoughts and Krug’s story.In this way, Krug is Nabokov and Nabokov is Krug, but they are not entirely the same. They are the duality of the writer. Just as the protagonist is the king of the book, so too is the novelist. But because Krug is the non-conscientious half, at least in reality, he is the bend sinister of what is good. Literature is often taken out of context or made to be something out of nothing, and Nabokov hated this fact. I have drawn references to Orwell throughout because he, to the abhorrence of Nabokov, wrote in protest to leftist totalitarian states.By doing this, Orwell is upholding the greatest mistake of making something out of nothing because all totalitarian states, like Padukgrad with Ekwilism, take literature or philosophy out of context, and thus, to make a story from nothing results in nothing. Nabokov, a man of true genius, does not present Krug as one. For, although Krug is the greatest thinker in his own world, the fictional world is not real. The fictional world is merely aesthetics for the ‘real world. ’ And the sake of his presentation is merely for â€Å"David and his father,† Nabokov’s beautiful creations. How to cite The Beauty of the Fictional World in Nabokov’s Bend Sinister, Papers

Evaluation of the Effects of Tax for the Wages-Free-Samples

Questions: 1.Can Robyn be taxed on any part of her salary, from Victoria University, in Australia for the 2016/17 tax year and any other years she acts as coordinator in Calcutta. Fully explain your answer. Ignorer the operation of double tax agreements. 2.Determine what amounts will form part of Pauls assessable income for the 2016/17 taxation year. Fully explain your answer. Answers: 1.Issues: The issue which is discussed below depends on the evaluation of the effects of tax for the wages or the salary which were derived by a resident of Australia who is working overseas and for taxation purposes, has to leave the country. Legislation: C. of T. v. Jenkins 82 ATC 4098 C. of T. v. Applegate(1979) 9 ATR 899 Henderson v. Henderson [1965] 1 All E.R.179 Subsection 6 (1) of income tax assessment act 1936 Taxation rulings of IT 2650 Application: This particular study considers the tax treatment of the salary which have been ascertained by Can Robyn from the Indian Subcontinent in the form of an employment overseas in order to work as an arranger for the University of Calcutta. The requirements for working as a co-ordinator were lengthy, because Can Robyn desired to work for so long as there would be the existence of the course in the University of Calcutta. According to the taxation rulings of IT 2650 the guidelines aim to be laid for ascertaining whether a particular person who leaves the country Australia, to reside overseas temporarily due to work assignments ceases to remain an Australian resident due to the reason of income tax during their stay outside the Country of Australia. [1] In accordance with the subsection 6 (1) of income tax assessment act 1936 individuals having domicile in Australia as given by the commissioner remains satisfied by their abode being outside of the country Australia[2]. According to the statement under subsection 6 (1) an individual residing in Australia, for more than half of the entire year of income will be considered as a resident of Australia unless there is contentment within the commissioner that the individual does not intend to stay in Australia for a permanent period of time. Regarding the subsection 6 (1) of the ITAA 1936 it can be stated that Can Robyn would be considered as a resident of Australia as she has stayed in Australia for not less than half of the entire year of income before leaving the country[3]. Evidently, a flat was under the ownership of Can Robyn, and it was not abandoned by her. There is a possibility that the flat owned by Can Robyn was on mortgage and the amount of mortgage was paid from the income of employment which was received in the bank account in Australia. According to the statement in Henderson v. Henderson [1965] 1 All E.R.179 the own origin of a persons domicile is maintained unless the particular individual acquires their own choice of domicile in a different state by the law operations[4]. From the current study it can be stated that Can Robyn has kept her Melbourne flat retained, and it is her intention to return to Australia clearly which foreseen as well as expected, as also the contingency after the end of her employment in Calcutta University. Based on the liability of Tax, on the segment of income which is assessable in the bank account in Australia, the tax liability originates in the connected to the taxation ruling of IT 2650 the residence of the taxpayers must be considered after putting the rulings discussed above[5]. In case the references F.C. of T. v. Applegate(1979) 9 ATR 899 the question of the utmost importance is the residential status of an individual organisation leaving the Australian country for the tax purpose. In general the particular individual leaving Australia permanently would be regarded as upholding the Australian Domicile omitting the individual gets a different place to stay based on the law operations[6]. According to the present situation, Can Robyn will be considered to have kept her Australian Citizenship due to the maintenance of her bank account in Australia such that it becomes possible for her to pay for her mortgage flat from the remuneration amount provided to her in her bank account in Australia. Thus, a Visa in working condition for a significant period of time would not be thought of as sufficient evidence of attaining a new domicile for Can Robyn. Determining the consequences of tax, the salary received by Can in her bank account would be considered as foreign employment of income. The foreign employment and its income, can be defined as that income of a particular individual who is an Australian resident working as an employee overseas. Any resident of Australia, is usually taxed on the basis of income which is obtained in every quarter of the world. In connection to the present scenario, Can Robyns income amount obtained from the Australian bank account belonging to her would be treated as assessable income. It is to be understood that the a payment given in Australia can still qualify for foreign income even if the amount is not derived by a person working outside the country anywhere overseas. With regard to F.C. of T. v. Jenkins 82 ATC 4098 the foreign employment obtained from the Indian subcontinent, would attract the liability of tax and is likely to comprise a segment of the assessable income in the form of overseas em ployment income[7]. 2.Issues: The present issue depends on the determination of taxable income of the payer of tax which has the personal business of the Teacher of Golf. Legislation: Barratt v. FC of T92 ATC Henderson v. FC of T(1970) Taxation Rulings TR 93/11 Subsection 6-5 (2) and (3) of the Income Tax Assessment Act 1997 Subsection 25 (1) Application: In compliance with subsection 6-5 (2) and (3) of the Income Tax Assessment Act 1997 it is compulsory for each of the taxpayers to take account of the income which is taxable in the gross or total income which they generate[8]. As mentioned in subsections 6-5 (2) and (3) an income ascertained at the time of the income year but obtained from another income year was thought of as a topic of speculation by the taxpayers. It is crucial for the taxpayers to apply the suitable method of ascertaining the earnings applied in a particular year of income[9]. As defined in taxation rulings of TR 93/11 it is important for each individual to apply one of the two processes namely the earning process or receipt process of the accounting tax in order to determine the assessable income. Based on the TR 93/11 the fee income receipt, under the subsection 25 (1) will be regarded as connected to the ordinary conceptions of ITAA 1936 for experts or professionals whose income is to be assessed under the accrual basis[10]. As is clear from the scenario discussed, which was received by Paul, he received a free earning from the golfs private lessons from his clients. This gave the introduction to the concepts discussed under subsection 25 (1) of the ITAA[11]. This needs to be ascertained from the current study on Paul with regard to the contract that Paul entered. It has also been determined that the Paul was given a fee by Doreen, after imparting five years of golf lessons. This resulted in the recoverable debt establishment in case the professional person is not required to perform any actions before the debt is entitled to be paid. There is the possibility of recovering the fees if the time for reimbursement has been sanctioned. In the case of Henderson v. FC of T(1970) assessable income in terms of accrual basis is ascertained under the subsection 25 (1) of the ITAA where a recoverable debt is formed. Along with this particular development, an individual who is extremely professional receives the fee income beforehand and an arrangement has been created between the client and the professionals fee income, which is generated becomes connected either entirely or partially for which the person completes the work[12]. From the current scenario it is evident that the derivable fee income by Paul, is thought of as a part of his assessable income will be considered at the time of considering the determination of tax liability. From the current study of Paul, the fee income receipt by Doreen would be considered as a segment of assessable income. The amount of fees that Paul received would be regarded as the assessable income. This is because, the fee receipt would be considered as assessable income for the lesson he provided to his client[13]. During the time of ascertaining the assessable income belonging to Paul, receipt of sum $6,000 and $28,000 from the lessons on Golf, would be considered as taxable income. As in the case of Barratt v. FC of T92 ATC the court of Australia has also taken the statutory impediment under consideration at the beginning of the proceedings of bad but recoverable debt[14]. Particular Amount Receipt 6000 Lessons from Golf 28000 Taxable income 34000 However, this does not put of the time of derived fee income under the subsection 25 (1) by the professional person, the income of whom would be treated for tax purpose under the accrual basis[15]. Conclusion: In terms of the conclusion of the stated case study, the situation of Paul, is thought of as the considered as the aftermath of income tax at the time of business. With regard to the sub-section 25 (1) of the Income Tax Assessment Act 1936 the amount which Paul received as his earnings, from the golf lessons imparted, are to be treated as assessable income and will be taken into consideration in the calculation of the assessable income. Reference List: Anderson, Colin, Jennifer Dickfos, and Catherine Brown. "The Australian Taxation Office-what role does it play in anti-phoenix activity?."INSOLVENCY LAW JOURNAL24.2 (2016): 127-140. Barkoczy, Stephen. "Foundations of Taxation Law 2016."OUP Catalogue(2016). Blakelock, Sarah, and Peter King. "Taxation law: The advance of ATO data matching."Proctor, The37.6 (2017): 18. Braithwaite, Valerie. "Responsive regulation and taxation: Introduction."Law Policy29.1 (2013): 3-10. Cao, Liangyue, et al. "Understanding the economy-wide efficiency and incidence of major Australian taxes."Treasury WP1 (2015). Davis, Angela K., et al. "Do socially responsible firms pay more taxes?."The Accounting Review91.1 (2015): 47-68. Fry, Martin. "Australian taxation of offshore hubs: an examination of the law on the ability of Australia to tax economic activity in offshore hubs and the position of the Australian Taxation Office."The APPEA Journal57.1 (2017): 49-63. Pinto, Dale. "State taxes."Australian Taxation Law. CCH Australia Limited, 2011. 1763-1762. ROBIN, H.AUSTRALIAN TAXATION LAW 2017. OXFORD University Press, 2017. Ross, Monique, Jarrod Walker, and John Walker. "Multinationals targeted down under."Taxation in Australia52.1 (2017): 22. Smith, Fiona, et al. "Reforms required to the Australian tax system to improve biodiversity conservation on private land."Environmental and planning law journal33.5 (2016): 443-450. Snape, John, and Jeremy De Souza.Environmental taxation law: policy, contexts and practice. Routledge, 2016. Tan, Lin Mei, Valerie Braithwaite, and Monika Reinhart. "Why do small business taxpayers stay with their practitioners? Trust, competence and aggressive advice."International Small Business Journal34.3 (2016): 329-344. Taylor, Grantley, and Grant Richardson. "The determinants of thinly capitalized tax avoidance structures: Evidence from Australian firms."Journal of International Accounting, Auditing and Taxation22.1 (2013): 12-25. Vann, Richard J. "Hybrid Entities in Australia: Resource Capital Fund III LP Case." (2016). Woellner, R. H., et al.Australian Taxation Law Select: Legislation and Commentary 2016. Oxford University Press, 2016. Pinto, Dale. "State taxes."Australian Taxation Law. CCH Australia Limited, 2011. 1763-1762. Woellner, R. H., et al.Australian Taxation Law Select: Legislation and Commentary 2016. Oxford University Press, 2016. ROBIN, H.AUSTRALIAN TAXATION LAW 2017. OXFORD University Press, 2017. Blakelock, Sarah, and Peter King. "Taxation law: The advance of ATO data matching."Proctor, The37.6 (2017): 18. Braithwaite, Valerie. "Responsive regulation and taxation: Introduction."Law Policy29.1 (2013): 3-10. Vann, Richard J. "Hybrid Entities in Australia: Resource Capital Fund III LP Case." (2016). Barkoczy, Stephen. "Foundations of Taxation Law 2016."OUP Catalogue(2016). Snape, John, and Jeremy De Souza.Environmental taxation law: policy, contexts and practice. Routledge, 2016. Cao, Liangyue, et al. "Understanding the economy-wide efficiency and incidence of major Australian taxes."Treasury WP1 (2015). Taylor, Grantley, and Grant Richardson. "The determinants of thinly capitalized tax avoidance structures: Evidence from Australian firms."Journal of International Accounting, Auditing and Taxation22.1 (2013): 12-25. Fry, Martin. "Australian taxation of offshore hubs: an examination of the law on the ability of Australia to tax economic activity in offshore hubs and the position of the Australian Taxation Office."The APPEA Journal57.1 (2017): 49-63. Ross, Monique, Jarrod Walker, and John Walker. "Multinationals targeted down under."Taxation in Australia52.1 (2017): 22. Anderson, Colin, Jennifer Dickfos, and Catherine Brown. "The Australian Taxation Office-what role does it play in anti-phoenix activity?."INSOLVENCY LAW JOURNAL24.2 (2016): 127-140. Davis, Angela K., et al. "Do socially responsible firms pay more taxes?."The Accounting Review91.1 (2015): 47-68. Smith, Fiona, et al. "Reforms required to the Australian tax system to improve biodiversity conservation on private land."Environmental and planning law journal33.5 (2016): 443-450.