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maw [93]
3 years ago
12

Many fast-food restaurants compete on lean business concepts. Match each of the following activities at a fast-food restaurant w

ith the lean business concept it strives to achieve. Some activities might relate to more than one lean business concept.
a. Just-in-time (JIT)
b. Continuous improvement (CI)
c. Total quality management (TQM)
1. Courteous employees
2. Food produced to order
3. Clean tables and floors
4. Orders filled within three minutes
5. Standardized food making processes
6. New product development
7. Customer satisfaction surveys
8. Standardized menus from location to location
9. Drive-through windows
10. Continually changing menus
Business
1 answer:
riadik2000 [5.3K]3 years ago
8 0

Answer:

1. C

2. A

3. C

4. A

5. C

6. B

7. B and C

8. C

9. A and B

10. B

Explanation:

A lean business is a business concept used by organizations to eliminate waste and maximize value for growth and development. The lean business concept include the following;

  • <em>A total quality management (TQM) is a management framework that is focused on achieving long-term success through the satisfaction of your customers by the efforts of all the member of staff in an organization.</em>
  • <em>Just-in-time (JIT) is a management framework that is focused on cutting manufacturing costs and increase efficiency between suppliers and consumers through the use of a proper inventory system.</em>
  • <em>A continuous improvement (CI) is a management technique that is focused on improving manufacturing processes, products and services through the elimination of redundancy and time-wasting activities in an organization.</em>

1. Total quality management (TQM): Courteous employees

2. Just-in-time (JIT): Food produced to order

3. Total quality management (TQM): Clean tables and floors

4. Just-in-time (JIT): Orders filled within three minutes

5. Total quality management (TQM): Standardized food making processes

6. Continuous improvement (CI): New product development

7. Total quality management (TQM) and Continuous improvement (CI): Customer satisfaction surveys

8. Total quality management (TQM): Standardized menus from location to location.

9. Continuous improvement (CI) and Just-in-time (JIT): Drive-through windows.

10. Continuous improvement (CI): Continually changing menus.

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Economic efficiency is
Gnoma [55]

Answer: Option (A) is correct.

Explanation:

In a competitive market, when the demand curve i.e. the marginal benefit curve is exactly equal to the supply curve i.e. marginal cost curve and at this point the sum of consumer and producer surplus is maximized then an equilibrium is set in an economy and economic efficiency is obtained.

Inefficiency occurs at a point where there is a disequilibrium in an economy which means that competitive equilibrium is not achieved by the economy.

6 0
3 years ago
Kelly’s Jewelry has the following transactions during the year: total jewelry sales = $640,000; sales discounts = $14,500; sales
pochemuha

Answer:

$559,020

Explanation:

The computation of net sales is shown below:-

Total sales = $640,000

Sales discount = $14,500 + $1,450

= $15,950

Sales return = $39,000 + $4,680

= $43,680

Sales allowance = $19,000 + $2,530

= $21,350

So,

Net sales = Total sales - Sales discount - Sales return - Sales allowance

= $640,000 - $15,950 - $43,680 - $21,350

= $559,020

Therefore for computing the net sales we simply applied the above formula.

8 0
3 years ago
One difference between a monopoly and a competitive firm is that A. a monopoly faces a downward sloping demand curve. B. a monop
AnnZ [28]

Answer:

A. a monopoly faces a downward sloping demand curve.

Explanation:

In business, it is seen to occur because they have no competition, monopolists have no incentive to improve their products. A lot of their focus is instead placed on maintaining monopolistic conditions through bribing their way and other tactics that dissuade competitors from entering the market.

 Demand curve slopes downward, this is said to decreases with each unit of production beyond the profit maximizing quantity and in the eyes of the monopolist, cash is lost with each additional unit been produced, causing marginal cost exceeds marginal revenue. This causes the restricted output and higher costs that characterize products produced by monopolists.

Because the demand curve slopes downward, marginal revenue decreases with each unit of production beyond the profit maximizing quantity. Thus, the monopolist loses money with each additional unit produced, as marginal cost exceeds marginal revenue.

6 0
3 years ago
Liang Company began operations in Year 1. During its first two years, the company completed a number of transactions involving s
vesna_86 [32]

Answer:

2016

a. Dr Account receivable $1,353,000

Cr Sales revenue $1,353,000

Dr Cost of goods sold $979,100

Cr Inventory $979,100

b Dr Allowance for doubtful accounts $20,900

Cr Account receivable $20,900

c Dr Cash $669,200

Cr Account receivable $669,200

d Dr Bad debt expense $33,495

Cr Allowance for doubtful accounts $33,495

2017

e Dr Account receivable $1,544,700

Cr Sales revenue $1,544,700

Dr Cost of goods sold $1,318,300

Cr Inventory $1,318,300

f Dr Allowance for doubtful accounts $27,000

Cr Account receivable $27,000

Dr Cash $1,194,200

Cr Account receivable $1,194,200

h Dr Bad debt expense $33,147

Cr Allowance for doubtful accounts $33,147

Explanation:

Preparation of the journal entries to record Liang's 2016 and 2017 summarized transactions and its year-end adjustments to record bad debts expense

2016

a. Dr Account receivable $1,353,000

Cr Sales revenue $1,353,000

Dr Cost of goods sold $979,100

Cr Inventory $979,100

b Dr Allowance for doubtful accounts $20,900

Cr Account receivable $20,900

c Dr Cash $669,200

Cr Account receivable $669,200

d Dr Bad debt expense $33,495

Cr Allowance for doubtful accounts $33,495

($1,353,000-$669,200-$20,900=$662,900)

($662,900*1.90%+$20,900)

($12,595+$20,900=$33,495)

2017

e Dr Account receivable $1,544,700

Cr Sales revenue $1,544,700

Dr Cost of goods sold $1,318,300

Cr Inventory $1,318,300

f Dr Allowance for doubtful accounts $27,000

Cr Account receivable $27,000

Dr Cash $1,194,200

Cr Account receivable $1,194,200

h Dr Bad debt expense $33,147

Cr Allowance for doubtful accounts $33,147

($1,544,700+$662,900-$1,194,200-$27,000=$986,400)

($986,400*1.90%=$18,742)

($18,742+$27,000-$12,595=$33,147)

5 0
2 years ago
The following information applies to the questions displayed belowWarnerwoods Company uses a perpetual inventory system. It ente
Vadim26 [7]

Answer:

Gross profit under LIFO = $40,570 - $26,340 = $14,230

Gross profit under FIFO = $40,570 - $24,520 = $16,050

Gross profit under average cost = $40,570 - $26,238.46 = $14,331.54

Gross profit under specific ID = $40,570 - $26,070 = $14,500

Explanation:

I divided the purchases and sales:

Mar. 1 Beginning 130 units $51.60 per unit

Mar. 5 Purchase 240 units $56.60 per unit

Mar. 18 Purchase 100 units $61.60 per unit

Mar. 25 Purchase 180 units $63.60 per unit

Totals 650 units, $37,900

Mar. 9 Sales 290 units $86.60 per unit

Mar. 29 Sales 160 units a $96.60 per unit

Totals 450 units. $40,570

COGS under LIFO:

(240 x $56.60) + (50 x $51.60) = $16,164

160 x $63.60 = $10,176

total = $26,340

COGS under FIFO:

(160 x $56.60) + (130 x $51.60) = $15,764

(110 x $56.60) + (50 x $61.60) = $8,756

total = $24,520

COGS under average cost:

($37,900 / 650) x (290 + 160) = $26,238.46

COGS under specific ID:

(80 x $51.60 ) + (210 x $56.60) = $16,014

(60 x $61.60) + (100 x $63.60) = $10,056

total = $26,070

3 0
3 years ago
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