Answer:
Collaborative Planning, Forecasting and Replenishment
Explanation:
Based on the information provided within the question it can be said that the procedure they are following is known as Collaborative Planning, Forecasting and Replenishment (CPFR). This is a concept whose main focus is enhancing supply chain integration by emphasizing joint practices. Which is what is being done in this situation as companies begin to work closely together with their customers and/or suppliers.
Answer:
Purchases= $26,550
Explanation:
Giving the following information:
Production:
January= 2,900 units
February= 3,600 units
Norton budgets $20 per unit for direct materials.
Beginning inventory raw materials= $38,650.
Desired ending inventory direct materials= 10% of the next month's direct materials needed for production.
To calculate the purchases of direct material, we need to use the following formula:
Purchases= production + desired ending inventory - beginning inventory
Purchases= 2,900*20 + (3,600*0.1)*20 - 38,650
Purchases= $26,550
WHATS THE REST OF THE QUESTION ?
Answer:
Please refer to the below for Journal entries
Explanation:
The journal entries are seen below
1. Cash A/c Dr $58,523
Discount on bond payable A/c Cr $4,477
To bonds payable A/c Cr $63,000
(Being the issuance of bond that is recorded)
2. Interest expense A/c Dr $2,048
To discount payable A/c Cr $158
To cash A/c Cr $1,890
(Being the first interest payment that is recorded)
Note:
Interest expense
= $58,523 × 7% × 6 months ÷ 12
= $2,048
Cash
= $63,000 × 6% × 6 months ÷ 12
= $1,890
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