China Manufactured Goods Prove Deadly [manufacturingdata]

China Manufactured Goods Prove Deadly [manufacturingdata]

Managerial Accounting video (#22) After understanding how costs flow through accounts like work-in-process, finished goods and ultimately cost of goods sold, we are now able to complete a cost of goods manufactured statement. The COGSM statement includes 4 parts, Direct materials, Direct Labor, Manufacturing overhead and The Net change of work-in-process inventories. This gets our cost of goods manufactured number! If you want to do a COGSM problem, send one to me, OR just post in the comments below that you'd like to see one and I can probably find an example. Thanks for watching guys :) COMING SOON: www.ninjanotes.ca Facebook www.facebook.com Twitter: twitter.com

manufacturingdata.blogspot.com Cost of Goods Manufactured Statement - Management Accounting video 22

Factory orders went up 0.7 percent in May from April, the Commerce Department said; the increase is a welcome sign after two months of declines. Orders for US Manufactured Goods Increased in May

China has now become the world's workshop, turning raw materials into an avalanche of consumer goods. Numbers of new factories open daily across China. However, a large number of the Chinese-made products prove to be a serious threat to health.

From dangerous toys, contaminated pet food, bad toothpaste, poisoned baby milk, to unsafe seafood - the problematic list of Chinese imports continues to increase. The cost of Chinese products are low and the advantage of short production cycles, are a great draw card. After making products that come up to the buyer's specifications, innovations inside the factory turns to cutting costs, in ways that vary from unsavoury, to downright deadly.

Scott Wolfson, a spokesperson for the U.S. Consumer Product and Safety Commission said "Chinese-made products account for more than 60% of recalls during 2008, with a return of 338 products".

Many producers state that their products are completely safe, adamantly denying any responsibility.

The Chinese government has published a black list. A few of the offenders get caught but the cleverer ones manage to race ahead, by using products which have not yet been published on the prohibited list.

Many of the large, modern factories outsource their work to smaller, dirtier facilities, even though this means they must forgo the production benefits from economies of scale. The smaller outfits have a greater ability to bypass environmental controls and safety standards, both for the products and the workers.

A consultant for the growing number of Western companies in China, Mr Midler says "Many production problems are well-known within local manufacturing circles, but collusion is rampant and there are no rewards in China for whistle-blowing".

Seizing tons of candy, pickles, crackers and seafood tainted with formaldehyde, illegal dyes and industrial wax, China's food and drug safety inspectors state they shut down 180 food manufacturers in the first six months of 2008.

A ban has been placed on five types of Chinese farmed fish and seafood, by the U.S. Food and Drug Administration. They say they have found products containing traces of antifungal and antibiotic drugs that are potentially harmful to people.

Toothpaste made in China has tested to an ingredient used in antifreeze in the product. The chemical has been used as a low-cost, but sometimes deadly substitute for glycerin - a sweetener which is commonly used in drugs. 51 people died in Panama, after they ingested tainted cough medicine, with the same chemical in it.

A ban was placed, by Beijing officials, on the use of 10 types of drugs as a result of their makers' exaggerated and false claims that could not be proven in clinical tests.

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