The generic strategy in which an organization's advantage comes from being able to sell products at lower prices than its competitors is referred to as a low cost strategy.
<h3>What is low cost strategy?</h3>
Low-cost strategy is a pricing strategy characterized by low prices of goods and services using various saving methods. In a low cost strategy, the true winner is the company with the actual lowest cost in the market place.
The company here reduces real costs, which contributes to more customers and thus increases its sales.
Hence, the generic strategy in which an organization's advantage comes from being able to sell products at lower prices than its competitors is referred to as a low cost strategy.
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This would be the maturity and decline stages of the technology cycle.
Answer and Explanation:
The journal entry is given below:
a. Work in process ($4,850 + $2,420 + $1,910 + $3,570) $12,750
Factory overhead $1,660
To wages payable $14,410
(being the factory labor cost is recorded)
b. Work in process Dr ($12,750 ÷ $17 × $28) $21,000
To factory overhead $21,000
(being the factory overhead is applied)
These two entries should be recorded for an individual parts
Answer:
1. Average
2. Average
3. Decline
4. Much faster than average
Explanation:
Got it right on edge 2021
Answer:
C. adjust the balance in the firm's checkbook to reflect the data that appears in the bank's records.
Explanation:
The bank reconciliation statement is prepared by the firm to reconcile the balance stated by the bank and that recorded in the firm's books. The bank balance in the firms books may differ from that recorded by the bank. The reasons for this is usually due to the recognition of some transaction by the firm that are yet to be recognized by the bank or transactions recorded by the bank, yet to be recognized in the firm's book.
Examples of such are unpresented cheques, uncredited lodgements etc. The difference are usually said to have arising as a result of a timing difference in recognition of transactions impacting the firm's account with the bank by both parties.
Considering the options;
A. is not right as the cheque has been returned. This will result in a difference between the book balance and the bank balance as the bank would not record the cheque but this would have been recorded by the firm.
B. The bank must have had a legitimate reason for returning the cheque. As such the cheque has to be honored first by the bank before being recognized. In light of this, option B is not right as the difference in balance per bank and per the firm would not have been corrected
D. Since the cheque has been returned by the bank, it is no longer outstanding as the cheque is no longer with the bank and as such it is known to the firm that the transaction for the cheque has failed to pull through.
C. With the cheque returned already, meaning it is no longer issued, necessay adjustments should be made in the firm's checkbook to reflect the data that appears in the bank's records.
Hence Option C is the appropriate action to be taken by the firm.