Answer:
B. In JIT purchasing, raw materials (or goods) are purchased so that products are delivered just as needed for production or sales.
Explanation:
JIT stands for Just in time management. It is an inventory management approach that advocates for the purchase of materials just when they are needed for production. In JIT, there is no storing of materials for use for future production. The purchase of materials is aligned with the production process.
The success of JIT is dependent on management ability to forecast sales volumes accurately. Management must work with reliable suppliers to ensure that materials are available when required. JIT lower's the cost of inventory management by eliminating the need to store huge quantities of materials. It reduces wastage by doing away with losses that arise due to the storage of bulk materials.
The simple circular flow model shows that workers, landowners, and owners of capital offer their services through resource(or Factor) markets. Thus, option (b) is correct.
What is circular flow model?
An economic model that depicts how money moves across the economy is the circular flow model. Businesses need resources to generate the goods and services that households and households buy.
The circular flow model is the based on the business and the households. The four factors of the recourses to the labor, entrepreneurship, land, and capital) these are the mainly used in the business to manufacturer their goods and produces the services.
As a result, the circular flow model are resource (or Factor) markets. Therefore, option (b) is correct.
Learn more about on circular flow model, here:
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Your question is incomplete, but most probably the full question was.
a) Product markets.
b) Resource(or Factor) markets.
c) Employment Agencies.
d) Business Firms.
Companies often do work on a cost-reimbursement basis. That is, Company B reimburses Company A for the cost of doing work for Company B. Suppose your company has a contract that calls for reimbursement of direct materials and direct labor, but not overhead. Following are costs that various organizations incur; they fall into three categories: direct materials (DM), direct labor (DL), or overhead (OH). Classify each of these items as direct materials, direct labor, or overhead.
Answer:
FV= $46,031.45
Explanation:
Giving the following information:
Monthly deposit= $450
Number of months= 59
Interest rate= 0.21/12= 0.0175
To calculate the final value, we need to use the following formula:
FV= {A*[(1+i)^n-1]}/i
A= monthly deposit
FV= {450*[(1.0175^59) - 1]} / 0.0175 + 450
FV= $46,031.45
Answer:
The amount collected from customers on accounts receivable during year 3 is $535,000.
Explanation:
Cash received from accounts receivable = Opening balance of AR + Credit Sales - Bad debts written off - Closing balance of AR.
- The opening balance for year 3 account receivables was 150000.
- Credit Sales = 600000
- Bad debts = 40000
- Closing Balance = 175000
We can solve this question either by making a T account for accounts receivable or using the equation given above.
Cash = 150000 + 600000 - 40000 - 175000 = $535000
