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inn [45]
2 years ago
11

TimTam Steel, a steel manufacturing company, recently adopted a new supply chain management system. By virtue of the new system,

the company is able to acquire raw materials from suppliers in a shorter period of time than its competitors. The supply chain management system may become outdated in the near future; however, it has presently drastically reduced costs associated with material procurement for TimTam Steel. In the given scenario, TimTam Steel has achieved _____.
Business
1 answer:
katen-ka-za [31]2 years ago
4 0

Answer:

<u>First mover advantage</u>

Explanation:

First mover advantage refers to the process wherein a company gains competitive advantage over it's competitors due to being the first in an industry for coming up with a product or service or being the first one to employ a certain management system or technique.

A first mover gains advantage since by the time other market participants enter the arena, such a firm has already reaped bulk of the advantage.

In the given case, the steel manufacturing company adopted a new supply chain management system courtesy of which it is able to reduce the procurement time of raw materials considerably thereby leading to efficient production. It has also lead to reduction of costs and thus, has increased profitability.

This represents a case of first mover advantage achieved by the company owing to which it has gained a competitive advantage currently.

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Answer:

$16.50

Explanation:

Note: The complete question is attached as picture below

We know that there is a total of 90 units of oil and 30 units is consumed in period 0.

So, in period 1, the consumption amount will be = 90-30=60 units.

So, Q1 = 192 - 8P

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3 years ago
Cantrell Company is required by law to collect and remit sales taxes to the state. If Cantrell has $6,500 of cash sales that are
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Answer:

Journal Entry

General Ledger                   Dr.          Cr.

Cash                                 $7,085

Sales Tax Payable                           $585

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Explanation:

Sales tax is the amount of tax collected by the business on the taxable sales from customers on behalf of government and pay it to government after that. Sales tax will be included in the cash received from the customer and recorded as the payable for the business.

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