Answer and Explanation:
The computation of the unit values for each of the product using the lower of cost or market (LCM) for ending inventory is shown below:
For Product 1
The Cost is $26
And, the market value = Selling price - selling cost - normal profit margin
= $46 - $8 - $11
= $27
So, the lower value would be $26
For Product 2
The Cost is $96
And, the market value = Selling price - selling cost
= $126 - $31
= $95
So, the lower value would be $95
For Product 3
The Cost is $56
And, the market value = Selling price - selling cost
= $63 - $14
= $49
So the lower value would be $49
As we can see that
In the product 2, the replacement cost is $91 and the market value without taking the normal profit margin is $36 that is lower than the replacement cost so we do not considered the normal profit margin in the computation part
This same method is applied for the product 3 as well
Answer: Price floor
Explanation:
A price floor is the legal minimum price control that is imposed by the government. It is binding when the equilibrium price is below the legal minimum price. At the price floor quantity supplied of a good is greater than its demand.Thus there is a surplus in the market at the price floor.
So, the lowest amount a manufacture can pay its factory workers is an example of a price floor.
Price ceiling is the maximum price that can be paid or charged for a good.
Answer:
Tactical Planning
Explanation:
The district managers, both because they are lower-level managers, and because they have set their plans for the next 6 to 24 months (a period relatively short when it comes to planning) are engaging in tactical planning.
Tactical plans are those made for the short-term, with very specific objectives, that are aimed at carrying out the higher-level strategic plans that usually have broader goals, a longer time span, and are devised by upper managers.
Answer:
The statements which are most accurate for operations management majors is:
b. acquire skills and knowledge that are valuable to firms in both the manufacturing and service sectors.
Explanation:
It has been mentioned here is that
their is a fisherman named Aaron who had not yet decided about his major. Exploring different job opportunities and majoring in operations management is his thinking of doing in the upcoming days.
So, the statement which is most accurate for the management operations in jobs will be:
b. acquire skills and knowledge that are valuable to firms in both the manufacturing and service sectors.
Operation management: It is a term which is used by various organisations.
It has been used by different firms and all organisations to reach a level of efficiency by carrying out better administration and functions.
Answer: The secondary source on a topic may be biased because the information is translated and the text and information could be altered
Explanation: