Similar to manufacturing, services use methods that add value to the raw materials required to make the finished product. JIT emphasizes the process rather than the end result. Therefore, it may be applied to any set of processes, whether they are involved in manufacturing or providing services.
In the context of the industrial and service industries, the Just in Time (JIT) system: Companies use just-in-time (JIT) inventory strategies to boost productivity and cut waste by only ordering products when they are actually needed for manufacturing, which lowers inventory expenses.
Between service and manufacturing organizations, there are five key differences: the tangible nature of their output; production on demand or for inventory; production tailored to the needs of a particular customer; labour-intensive or automated operations; and the requirement for a physical production location.
In reality, though, service and industrial firms have a lot in common. Many manufacturers have their own service departments, and both industries need trained workers to run a successful organization.
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Monetarists reject using discretionary monetary policy as an effective stabilization tool because they believe the Fed will miss its money supply targets and make the economy worse.
Monetary policy is the macroeconomic policy set by the central bank. It involves the management of the money supply and interest rates, and is the demand-side economic policy adopted by national governments to achieve macroeconomic goals such as inflation, consumption, growth and liquidity.
Monetary policy is the action and communication of the central bank that controls the money supply. Central banks use monetary policy to prevent inflation, reduce unemployment, and promote moderate long-term interest rates.
Monetary policy refers to the measures taken by a country's central bank to control the money supply in order to stabilize the economy.
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Answer:
Book value= $302,000
Explanation:
Giving the following information:
Purchase price= $460,000
Salvage value= $65,000
Useful life= 5 years
<u>First, we need to calculate the annual depreciation.</u>
Annual depreciation= (original cost - salvage value)/estimated life (years)
Annual depreciation= (460,000 - 65,000) / 5
Annual depreciation= $79,000
<u>Now, the accumulated depreciation after 2 full years:</u>
Accumulated depreciation= 79,000*2= $158,000
<u>Finally, the book value:</u>
Book value= purchase price - accumulated depreciation
Book value= 460,000 - 158,000
Book value= $302,000
