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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Missing information:
How much is the value of full costing ending inventory?
Answer:
$8,750
Explanation:
1,000 units were produced and 800 were sold, so ending inventory = 200 units
total production cost per unit (under full costing) = $35,000 / 800 = $43.75
ending inventory = $43.75 x 200 = $8,750
Full costing basically refers to absorption costing, which calculates COGS using both variable and fixed costs (total production costs).
Answer:
a. 300 units
b. $3,750
c. $3,750
d. 100 units
Explanation:
a. The computation of the economic order quantity is shown below:
= 
= 
= 300 units
b. For annual holding cost, first we have to find out the average inventory would equal to
= Economic order quantity ÷ 2
= 300 units ÷ 2
= 150 units
Now the Carrying cost = average inventory × carrying cost per unit
= 150 units × $25
= $3,750
c. For ordering cost, first we have to compute number of orders would be equal to
= Annual demand ÷ economic order quantity
= $15,000 ÷ 300 units
= 50 orders
Now Ordering cost = Number of orders × ordering cost per order
= 50 orders × $75
= $3,750
d. The computation of the reorder point is shown below:
= (Annual demand ÷ total number of days in a year ) × lead time
= (15,000 units ÷ 300 days) × 2 working days
= 100 units
Answer:
<u><em>Less likely to expand.</em></u>
Explanation:
When ever interest rates rise in an economy, the soul purpose of that is to control inflation by influencing the people to save more and consume/spend less.
Hence, when the interest rates will rise, Kathleen will be moving away from the expansion process as she will have to borrow the money at more cost than before, hence increasing the risk of return from the expansion process. Hence this will lead to the demand for loan-able funds to slope downwards.
Hope this helps you. Good Luck.
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