Just-in-time production is a highly coordinated activity that delivers goods or services when they are needed.
Just-in-time management is a philosophy, not a method. If the "customer" is the eventual consumer of the product or a process further along the production line, the term originally referred to the manufacturing of goods to precisely fulfill customer demand in time, quality, and quantity.
By minimising the time and resources needed for production operations, JIT increases productivity. More rapid product production is possible thanks to manufacturers.
This simplified strategy can save costs and boost productivity while things are going as usual, but it is vulnerable to changes in supply and demand. JIT production can make manufacturers unable to meet demand when global supply networks are interrupted for a variety of reasons, deepening an economic downturn.
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Solution :
a). The sales revenue
Closing balance 2800
Add:cash collected from the customer 78,000
Less:opening balance (9800)
Sales revenue 71000
b). Cost of the goods sold
Cash pf payment for the purchase 58,000
Add:decrease in the inventory (6800-5800) 1000
Add:increase in the account payable (14,800-11,800) 3000
Cost of the good sold 62000
c). The insurance expenses = (4800 + 4800 - 7300) = 2300
d). the salaries and the wages expenses = 2800 + 9800 - 4800
= 7800
Journal entry
Accounts Debit Credit
Income summary account
sales revenue account
Cost of the goods sold 62000
insurance expenses 2300
Salaries & wages expenses 7800
Income summary account 72100
Answer:
Presently there will be 18 A’s, in accumulation there will be 43 B’s, this can create 43 ÷ 3 = 14.3 A’s.
Moreover the 50 C’s might create 50 ÷ 2 = 25 A’s.
Thus 35 D’s might create 35 A’s.
Now B is a restriction.
Consequently a determined of 14.3 A’s might be prepared with the existing stocks in hand.
Therefore the entire A’s that might be distributed at the beginning of following week is 18 + 14.3 = 32
.3
Answer:
c. Interest on notes receivable is recognized when it is earned, which is not necessarily when the interest is received in cash.
Explanation:
Accrual principle of accounting is applied when it comes to recording of interest on notes receivable.
Accrual principle states that revenue or expense is recognized when it incurs or occurs not when it is paid or received.
Thus, Interest on notes receivable is recognized when it is earned, which is <u>not necessarily when the interest is received in cash</u>.
