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3 years ago

Because manufacturers with jit systems produce merchandise closer to the time of sale, they can

1 answer:

8 0

These companies are able to reduce the inventories required to satisfy the demand of the retailers. With a JIT system, the company does not have to worry as much about waste product or overproducing, since the final item is being manufactured just before the deadline. This allows the company to run on a much tighter production schedule and lessens waste.

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Esquire Inc. uses the LIFO method to report its inventory. Inventory at January 1, 2021, was $888,000 (37,000 units at $24 each)

kvv77 [185]

Answer:

the ending inventory and cost of goods sold for 2021 based on a periodic inventory system is $816,000 and $3,378,000 respectively

Explanation:

The computation is shown below

Cost of goods sold is

= (117,000 units - 114,000 units) × $24 + 114,000 units × $29

= 3,000 units × $24 + 114,000 units × $29

= $72,000 + $3,306,000

= $3,378,000

And, the ending inventory is

= (37,000 units - 3,000 units) × $24

= $816,000

Hence, the ending inventory and cost of goods sold for 2021 based on a periodic inventory system is $816,000 and $3,378,000 respectively

7 0

3 years ago

As it places its order for truck tires with Michelin, South Side Industrial Supply realizes that it must also place an order for

Dovator [93]

Answer:

The correct word for the blank space is: joint.

Explanation:

Joint demand refers to the demand for products and services that are dependent on each other. In such cases, those goods are complementary but they can be acquired separately if necessary. An example of goods with joint demand would be tea and sugar or a printer and ink.

8 0

3 years ago

The following account balances were taken from the adjusted trial balance of Kendall Company: Revenues $ 22,400 Operating Expens

dsp73

Answer:

Retained earnings-Closing = $19,900

Explanation:

Given that,

Revenues = $22,400

Operating Expenses = $15,000

Dividends = $4,500

Retained Earnings(opening) = $17,000

Net Income = Revenues - Operating expenses

= $ 22,400 - $15,000

= $7,400

Statement of Retained Earnings:

Retained earnings-Closing:

= Retained earnings -opening + Net Income - Dividends

= $17,000 + $7,400 - $4,500

= $19,900

7 0

3 years ago

Bellue Incorporated manufactures a single product. Variable costing net operating income was $92,400 last year and its inventory

s2008m [1.1K]

Answer:

6,000

Explanation:

Bellue incorporated manufactures a single product

The variable costing net operating income is $92,400

The inventory is 3100 units

The fixed manufacturing overhead cost is $1

Therefore the absorption cost can be calculated as follows

= 9200-1 x3200

= 9200- 3200

= 6000

Hence the absorption cos is $6,000

7 0

3 years ago

QUESTION 25 A perfectly competitive firm faces a __________ demand curve. a. downward-sloping b. unit-elastic c. nonlinear d. pe

Alexus [3.1K]

Answer:

The correct answer is letter "D": perfectly elastic.

Explanation:

Perfect Competition is a theoretical market system where competition is at its highest level as possible. Perfectly competitive markets are characterized by:

All companies offer an equivalent product.
All companies are price takers.
All companies have a fairly small market share.
Buyers have full quality and pricing knowledge.
The company has low barriers or no barriers to entering and leaving an industry .

Plotted in a graph, perfectly competitive goods have a horizontal curve. This is because at any given price any quantity can be demanded. Thus, the curve of perfectly competitive firms is perfectly elastic.

5 0

3 years ago