Answer: <u>"A. Just-in-time inventory"</u> is a system for managing demand-dependent inventories that minimizes the inventory holdings of the firm at any given time.
Explanation: The Just in time system is an inventory maintenance policy at the lowest possible level where suppliers deliver just what is necessary at the time necessary to complete the production process. In this way, we seek to reduce the costs of maintaining higher inventories, purchasing costs, financing of purchases and storage.
Answer:
The correct answer for option (a) is $3,080 and for option (b) is $2,141.
Explanation:
(a). Current pay = $44
After 40 hours, Pay = $44 × 1.5 = $66
So, we can calculate the gross pay by using following formula:
Gross pay = (40 hours × $44 ) + (20 hours × $66)
= $1,760 + $1,320
= $3,080
(b).
Security Tax = Gross pay × 6% = $3,080 × 6% = $184.8
Medicare Tax = Gross pay × 1.5% = $3,080 × 1.5% = $46.2
Federal Income Tax = $708
So, we can calculate the net pay by using following formula:
Net Pay = $3,080 - $184.8 - $46.2 - $708
= $2,141
Answer:
Account Receivable Ratio = 10
Explanation:
Account Receivable Turnover Ratio:
The Account Receivable Turnover Ratio is an accounting measure that indicates the effectiveness of company's ability to collect its receivables from its customers.
A high turnover ratio represents good credit policy and aggressive collections department with good portfolio of customers.
A low turnover ratio indicates excess amount of old receivables being tied up in working capital.
Formula: Net Credit Sales ÷ (Opening receivable + closing receivable/2)
Receivable Turnover Ratio = $ 1,450,000 ÷ ( $200,000+$90,000/2)
=$1,450,000 ÷ $145,000
= 10
Answer:
=5, 011.46
Explanation:
cost of materials : $ 2,415
cost of labor: $ 1,832
Total cost; ( $ 2,415+$ 1,832)= $ 4,247
Add 18 percent mark-up = 4247*1.18
=5, 011.46
