Metlock Company signed a long-term noncancelable purchase commitment with a major supplier to purchase raw materials in 2021 at
a cost of $902,900. At December 31, 2021, the raw materials to be purchased have a market value of $853,000. Prepare any necessary December 31, 2021 entry.
<span>The United States Consumer Product Safety Commission, also known as CPSC, would be responsible for enforcing the recall on a defective vehicle. This is an independent federal agency that is responsible for protecting the people from risks or injuries that are unnecessary and could be prevented when it comes to consumer goods. This group was established by Congress in 1972.</span>
Explanation: Before taking any action in a production environment one must be able to identify and define the problem.
Problem identification and defining is first approach to solving problems as it gives a clear picture of what and how the problem is,when it started and the possible threats it pose to the business entity.
When a manager wants to address a problem, he should first identify the problem,carry out steps that will help him or her to define what the problem is,through this he or she can be able to develop possible solutions.
