If Wolfgang Kitchens has always used the FIFO inventory costing method for both financial reporting and tax purposes. the journal entry at the beginning of 2024to record the change in accounting principle is: Debit, Retained earnings $30 million, Credit Inventory $30 million.
How to prepare the journal entry?If cost of goods sold increase by $7 million that year in which the cumulative net income for all years have been lower by the amount of $23 million , The appropriate journal entry to record the transaction is :
Wolfgang Kitchens Journal entry
Debit Retained earnings $30 million
Credit Inventory $30 million
($23 million + $7 million)
( To record the change in accounting principle)
Therefore the journal entry is Debit Retained earnings $30 million, Credit Inventory $30 million.
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The complete question is:
Wolfgang Kitchens has always used the FIFO inventory costing method for both financial reporting and tax purposes. At the beginning of 2024, Wolfgang decided to change to the LIFO method. Net income in 2024 was correctly stated as $90 million. If the company had used LIFO in 2023, its cost of goods sold would have been higher by $7 million that year. Company accountants are able to determine that the cumulative net income for all years prior to 2023 would have been lower by $23 million if LIFO had been used all along, but have insufficient information to determine specific effects of using LIFO in 2022. Last year, Wolfgang reported the following net income amounts in its comparative income statements:
($ in millions) 2021 2022 2023
Net income $90 $92 $94
Prepare the journal entry at the beginning of 2024to record the change in accounting principle. (Ignore income taxes.)
If sales are $1,000,000 and contribution margin is $250,000, the contribution margin ratio is % Contribution margin ratio __________ 81%
The required contribution margin ratio will be 0.25.
What is the contribution margin ratio?The contribution margin ratio is the ratio of the contribution margin to the sales.
Contribution margin ratio = Contribution margin ÷ Sales
As per the given question, the data will be as:
Sales = $1,000,000
Contribution margin = $250,000
Contribution margin ratio = Contribution margin ÷ Sales
Contribution margin ratio = $250,000 ÷ $1,000,000
Apply the division operation, and we get
Contribution margin ratio = 0.25
Thus, the required contribution margin ratio will be 0.25.
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the importance of preparing your home for sale is that it can make for a fast and financially favorable sale. True / False
Answer:
True
Explanation:
when it becomes difficult to fulfill family requirements because of time devoted to work, participation in work, or specific work behaviors, it is likely to
Work-family conflict is likely to be created in a situation where the individual is unable to meet family requirements due to time devoted to work.
What is a work-family conflict?It corresponds to a type of negative situation where problems begin to arise due to the lack of time management to fulfill the requirements of the family or work effectively, when for example the individual is more dedicated to work or more to the family.
It is necessary that in a case like the one in the question, where the individual dedicates more time to work and not to the family, there is an understanding of the reasons that are leading to this context, as a job that requires a lot of responsibility, so that then the individual develop the best solution to balance both.
Therefore, it is necessary to have time management to manage the family, work and leisure, in addition to communication and empathy, seeking specialized help from a psychologist if necessary to resolve the conflict.
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in 2015 an accounting gimmick gave Ireland a 26% growth rate in GDP. What does this event reflect about the nature of GDP?
a. Inputs to GDP are all qualitative, not quantitative.
b. Governments are required to change GDP calculations every five years.
c. If the measurement of economic activity evolves, GDP can change.
d. Because the GDP is official, its numbers are not subject to interpretation.
If the measurement of economic activity evolves, GDP can change. Thus option (C) is correct.
What is economics?The term Economics is the study of scarcity and its inferences for the use of resources, manufacture of goods and services, growth of production and welfare over time, and a great diverseness of other complex issues of vital concern to society.
Economic skillfulness is important because it grants businesses to reduce their costs and change their output. For consumers, economic efficiency leads to lower prices for goods and services. For the government, is a normative judgment. More efficient tautens and higher levels of productivity and worldly activity increase economic growth.
Therefore, option (C) is correct.
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Which of the following statements about liabilities is true? Multiple Choice O In part, liabilities are probabile, future sacrifices of economic benefits that result from past transactions or events Current abilities as obligations payable within one year from the balance sheet date or within the firm's operating cycle, whichever is shorter Libes ordinary are recorded at their maturity amounts In practice, payable after one year from the balance sheet date ordinarily are recorded at their maturity amounts
Liabilities are potential future losses of financial gains due to transactions or events in the past. Regarding liabilities, this remark is accurate. As a result, choice (A) is the best way to respond.
What are liabilities?A liability is defined in financial accounting as the future forfeitures of economic benefits that an entity must make to other entities as a result of previous transactions or other previous events, the resolution of which may result in the transfer or use of assets, the provision of services, or another future yielding of economic benefits.
Financial accounting liabilities do not always have to be based on legally enforceable duties; they can be based on constructive or equitable responsibilities.
Hence, option (A) is accurate.
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The Santa Fe Manufacturing Company has two divisions in Kansas, the Holton Division and the Derby Division. Currently, Derby buys a part (10,000 units) from Holton for $16 per unit. Holton has purchased new equipment and wants to increase the price to Derby to $18 per unit. The controller of Derby claims that she cannot afford to go that high, as it will decrease the division’s profit to near
zero. Derby can buy the part from an outside supplier for $16 per unit. The incremental costs per unit that Santa Fe incurs to produce each unit are Holton’s variable costs of $12. Fixed costs per unit for Holton with the recent purchase of equipment are $5.
Holton has no alternative uses for its facilities. Should Derby continue to buy from Holton or buy from the external supplier?
answer choices
Company as a whole Buy from external supplier
Derby Division only Buy from external supplier
Company as a whole Buy from external supplier
Derby Division only Buy from Holton Division
Company as a whole Buy from Holton Division
Option D. The option that Derby would have to make would be : Buy from Holton division : Buy from external supplier
How Derby would have to make the choiceThe cost to the company for the Holtan Division is $5 per unit. Whether or not the company produces parts in the Holtan Division, this cost is a fixed cost.
Now, the price per unit will be: $12 Variable Cost + $ 5 Fixed Cost = $ 17/ Unit if the material is produced in Holtan Division.
and the cost per unit will be: $ 16 Buying Cost + $ 5 Fixed Cost + $ 21/unit if the material is obtained from an outside buyer.
As a result, the company should create its own parts at the Holtan Division and sell them to Derby. Each unit will save $3 (21-17).
Second, just for the Derby Division
If buying through Holtan, the price per unit is $ 18 per unit.
Cost per unit, if bought from an outside source: $16 per unit
Therefore, if Derby division purchases from an outside supplier, they might save $2/unit. So, buy from external supplier.
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Complete question:
Check image
4. Infosys is hosting a conference in one of its Development Centers (DCs) which would be attended by delegates from various companies. Which of the following actions are NOT in compliance with the Infosys Security Policies
It is against the policy of the organization. Providing credentials in the hardcoded source mode is against the company policy.
What are Hardcoded credentials?
The process of embedding authentication data, such as user IDs and passwords, directly into the source code of a program or other executable object is known as "hard-coding credentials." This contrasts with getting the credentials from outside sources or creating them during runtime.
Thus, it is not acceptable for the credentials to be hardcoded in source mode. This contrasts with getting the credentials from outside sources or creating them during runtime.
Check each of the following that apply to the Classical theory. (check all that apply) Became popular following "The General Theory in 1936 was advocated for by Milton Friedman was advocated for by Adam Smith no self-correcting economy has a horizontal AS curve supply-side economics Say's Law 2 Check all of the following that pertain to fiscal policy. (check all that apply) Federal Reserve Tax rates Tax revenue President and Congress Government regulations Check all of the following that are supply-side factors of economic growth. (check all that apply) lower taxes less government regulation free trade availability of savings for investment
The true statement that applies to the Classical theory was that its became popular in America in 1776. The Option A is correct.
What is a Classical theory?It is a theory that implies every complex concept has a classical analysis, where a classical analysis of a concept is a proposition giving metaphysically necessary and jointly sufficient conditions for being in the extension across possible worlds for that concept.
The statement that pertain to fiscal policy is that an Increasing T and decreasing G in an overheated economy. The Option C is correct.
What Is Fiscal Policy?In economics, a fiscal policy means the use of government spending and tax policies to influence economic conditions, most especially macroeconomic conditions. These could include an aggregate demand for goods and services, employment, inflation, and economic growth.
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Alana has just joined a chapter of FBLA-PBL. Which of the following skills will she most likely gain with FBLA-PBL?
A. Cooking skills
B. Writing skills
C. Athletic skills
D. Public speaking skills
Public speaking skills will she most likely gain with FBLA-PBL. Thus option (D) is correct.
What are skills?A skill is the acquired capacity to move with deliberate intent and good execution, frequently in a pre-determined window of time or energy or both. Domain-general and domain-specific skills are two common categories of skills.
Through creative leadership and professional development programs, FBLA-PBL aims to foster a productive working partnership between business and education. Career exploration, community service, economic education, and the development of technical skills are all examples of extracurricular activities.
Therefore, Thus option (D) is correct.
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a(an) ________ locus of control is the belief that our outcomes are outside of our control; an ________ locus of control is the belief that we control our own outcomes.
Answer:
a(an) external locus of control is the belief that our outcomes are outside of our control;
an internal locus of control is the belief that we control our outcomes
Controls allow top management to decentralize decision making at lower levels within the organization and to encourage employees to work together in teams. True / False
Controls allow top management to decentralize decision making at lower levels within the organization and to encourage employees to work together in teams. The given statement is true.
What do you mean by the top management?Top management is made up of those who control an organization's resources, authority, and ability to make decisions. They also have control over how the organization changes.
The organization's top management is in charge of setting policies, rules, and strategic goals as well as giving leadership and guidance for quality management.
Additionally, it ought to identify persons in charge and keep them answerable for a variety of management system procedures.
Therefore, controls allow top management to decentralize decision making at lower levels within the organization and to encourage employees to work together in teams. The given statement is true.
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Determining the Beginning and Ending Inventory from a Partial Spreadsheet: Periodic Inventory System
From the following partial spreadsheet, indicate the dollar amount of beginning and ending merchandise inventory to be used to compute cost of goods sold.
ACCOUNT TITLE
Merchandise Inventory
Estimated Returns Inventory
Supplies
Prepaid Insurance
Customer Refunds Payable
Income Summary
Sales
Sales Returns and Allowances
Beginning inventory
Ending inventory
Feedback
T Chack My Word
ADJUSTMENTS
DEBIT
X
60,000.00
6,000.00
55,000.00
5,500.00
2,200.00
CREDIT
55,000.00
5,500.00
4,700.00
1,600.00
2,200.00
60,000.00
6,000.00
ADJUSTED TRIAL BALANCE
DEBIT
60,000.00
6,000.00
3,300.00
3,800.00
55,000.00
5,500.00
16,700.00
CREDIT
7,200.00
60,000.00
6,000.00
525,140.00
The indication of the dollar amounts of beginning and ending merchandise inventory, which will be used to compute the cost of goods sold, is as follows:
Beginning inventory = $60,500Ending inventory = $66,000.What is the cost of goods sold?The cost of goods sold is the sum of the beginning inventory and purchases minus the ending inventory.
The cost of goods sold can also be computed by subtracting the ending inventory from the cost of goods available for sale under the periodic inventory system.
Under the periodic inventory system, the cost of goods sold is determined at the end of the period and not during the inventory transactions.
ACCOUNT TITLE Adjustments Adjusted Trial Balance
Debit Credit Debit Credit
Merchandise Inventory 60,000 55,000 60,000
Estimated Returns Inventory 6,000 5,500 6,000
Supplies 4,700 3,300
Prepaid Insurance 1,600 3,800
Customer Refunds Payable 2,200 7,200
Income Summary 55,000 60,000 55,000 60,000
5,500 6,000 5,500 6,000
Sales 525,140
Sales Returns and Allowances 2,200 16,700
Beginning inventory = $60,500 ($55,000 + $5,500)
Ending inventory = $66,000 ($60,000 + $6,000)
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which phase of the product life cycle is marked by slow sales growth, heavy investment, no profits, and few competitors?
The phase of the product life cycle which is marked by slow sales growth, heavy investment, no profits, and few competitors is: B. Introduction.
What is a product life cycle?A product life cycle can be defined as all of the phases or stages that a specific product moves through, primarily from the point (period) it was introduced by the manufacturer (producer) into the market to the point (period) when it is eventually revoked and moved from the market.
Generally speaking, there are four (4) main stages in the product life cycle and these including the following;
Introduction.Growth.Maturity.DeclineIn conclusion, we can reasonably infer and logically deduce that businesses experience no profits, slow sales growths, few competitors, with heavy investment and expenses at the introduction stage of a product.
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Complete Question:
Which phase of the product life cycle is marked by slow sales growth, heavy investment, no profits, and few competitors?
A. Product Development
B. Introduction
C. Growth
D. Maturity
E. Decline
Which of the following assets is NOT considered to be an ordinary asset?
Inventory in taxpayer's business
Equipment owned for six months and used in taxpayer's business
Accounts receivable in taxpayer's business
Corporate stock in taxpayer's investment portfolio
Option 4. Corporate stock in taxpayer's investment portfolio is NOT considered to be an ordinary asset.
What is an ordinary asset?Ordinary assets, such as stock or property held for sale, like inventories, are typically employed in the regular course of the taxpayer's business or trade.
Contrarily, ordinary assets are possessions that the taxpayer uses in the course of their business or trades or that they hold in order to sell to customers.
Any real estate held by a taxpayer that is not included in the list of real estate that is deemed to be ordinary assets under Section 39(A)(1) of the Code is referred to as capital assets, regardless of whether it is related to the taxpayer's trade or business. 4. Real estate used by the taxpayer in their trade or company.
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If employees come in to start work early, or stay beyond scheduled hours, or come in to work on days off,
A. the extra time put in on the job could be used to re-classify those employees from non-exempt to exempt
B. the extra time put in on the job could qualify those employees for overtime pay
C. under the FLSA, they have volunteered their services for that extra time
D. none of these
If employees come in to start work early, or stay beyond scheduled hours, or come in to work on days off, B. the extra time put in on the job could qualify those employees for overtime pay.
What is Overtime Compensation?In a case whereby a worker has to work more than the fixed normal working hours, can be considered as an overtime however there is no statutory provision on the overtime work limit and overtime pay.
It should be noted that Overtime can be seen as the amount of time someone works beyond normal working hours , hence theterm is also used for the pay received for this time.
In conclusion, If employees come in to start work early, or stay beyond scheduled hours, then the extra time put in on the job can be seen as one that make the employees to be eligible for overtime pay.
Therefore, option B is correct.
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the constitution explicitly limits state authority from all of the following except:____.
A)making treaties with foreign nations.
B)coining money.
C)creating bills of attainder.
D)collecting taxes.
The constitution explicitly limits state authority from all of the following except: D)collecting taxes.
What is tax?
Tax can be defined as the amount that a person is expected to remit to the federal or state government and this tax money is a source of revenue for the government.
The constitution gave the state authority to collect tax amount from individual who file tax return but prohibit them form doing the following:
Making treaties with foreign nations.Coining money.Creating bills of attainder.Therefore the correct option is D.
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Which 3 of these can you do when you select the Pencil icon on the bank account tile in the Banking center?
The three (3) activities that can be done when one select the Pencil icon on the bank account tile in the Banking center are the following:
reorder the accountsDrag and drop the bank/credit card accounts to the right place, and then hit Save.What is the Pencil icon on the bank account tile in the Banking center?The pencil icon is a digital tool for editing. Perhaps, one may wish to have a different name or perceived a different name to be better fitting or need to correct a wrong name, one can easily rename or correct it by clicking the pencil icon to the right of the title and enter a new name.
Therefore, the correct answer is as given above.
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The complete question goes thus:
Which 3 of these can you do when you select the Pencil icon on the bank account tile in the Banking center?
reorder the accounts
Drag and drop the bank/credit card accounts to the right place, and
Save
setting
1. Concave Systems presently has earning interest and taxes of
$6 million. Its interest expenses are $1,000,000 a year, and it
pays $600,000 in annual dividends to its shareholders. Concave
has 300, 000 common shares outstanding, and its tax rate is 40
percent. Its annual capital expenditures are $900,000. Concave's
present priceto-earning ratio is 8.
a. Calculate the company's earnings per share and interpret.
b. Calculate the company's dividend payout ratio and interpret. 目
c. Calculate the company's dividend yield and interpret.
The company's earnings per share is 20, dividend payout ratio is 0.1 and dividend yield is 1.25.
What is Dividend payout?The dividend payout is the ratio between dividend per equity share and earning per equity share.
Earning per share = Earning net interest and tax/ Number of shares outstanding
= $6,000,000/3,00,000
= 20
Dividend per share = Total Dividend/ No of shares
= $600,000/300,000
= $2
Dividend payout ratio = Dividend per share/Earning Per Share
= $2/20
= 0.1
Market value per share = P/E Ratio × Earning per share
= 8 × 20
= $160
Dividend Yield = Dividend per share/ Market Value Per Share
= $2/$160×100 = 1.25
Therefore the earning per share indicates the earnings of the company is attributable to the equity shareholders. The company's dividend payout ratio and dividend yield ratio indicate the percentage of earnings paid to shareholders via dividends.
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check all of the following that are true about the response to the financial crisis of 2009.
A. greater government intervention into the economy was the hallmark of the incoming Obama administration and its “stimulus” package that passed through Congress in February 2009
B. although it included temporary payroll tax cuts, most of the package’s $831 billion was focused on government spending and therefore represented a Classical approach to countering a recession
C. with unemployment rising over the previous year to 7.6 percent, Obama asserted that the American Recovery and Reinvestment Act (ARRA) was necessary because the government “was the only entity left with the resources needed to jolt our economy” back to life
D. following the enactment of the stimulus package, the unemployment rate continued to rise, not only surpassing the eight percent estimate of the administration, but staying above eight percent for 43 consecutive months until late 2012
Option A and C. The following that are true about the response to the financial crisis of 2009
Less government intervention into the economy was the hallmark of the incoming Obama administration and its “stimulus” package that passed through Congress in February 2009 with unemployment rising over the previous year to 7.6 percent, Obama asserted that the American Recovery and Reinvestment Act (ARRA) was necessary because the government “was the only entity left with the resources needed to jolt our economy” back to lifeWhat was the financial crisis of 2009The economic slowdown from 2007 to 2009 that followed the collapse of the U.S. housing bubble and the world financial crisis is known as "The Great Recession." Since the Great Depression of the 1930s, the Great Recession was the country's worst economic downturn.
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hiring others to perform some of the noncore activities and decision making in a company's value chain, rather than having the company and its employees continue to perform those activities, is called
Hiring others to perform some of the noncore activities and decision making in a company's value chain, rather than having the company and its employees continue to perform those activities, is called Outsourcing.
What is Outsourcing?Outsourcingcan be described as the way tat a omany can seek for labor outside the company, this method is usually used when a firm is seeking for a cheap labor.
It should be noted that some comapany do outsource from outside the company while some do perform outsourcing within the country all for cheap labor.
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a firm that wanted to enable its employees to use and share data without allowing outsiders to gain access could do so by establishing an) internet internet. extranet. intranet.
A firm that wanted to enable its employees to use and share data without allowing outsiders to gain access could do so by establishing an) d. intranet.
What is intranet?Intranet can be defined as a type of private network that enables only people within an organization to be connected to the internet while on the other hand extranet is a public network as everyone can access it.
Most companies tend to make use of intranet so as to enables only their employees to have access to the company sensitive or confidential information they have store on their computer network.
Therefore the correct option is D.
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lean production requires that activities be __________________ to achieve production using minimal inventories.
Lean production requires that activities be integrated to achieve production using minimal inventories.
What is Lean production?Lean manufacturing can be described as the methodology which help to focuses on minimizing waste within manufacturing systems with the productivity been maximized.
It should be noted that the Waste to the customers are those things that the customer do not see as a value to the product and they will not pay for it.
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All of the following riders can increase the death benefit amount EXCEPT:_____.
a) Cost of living
b) Waiver of Premium
c) Accidental Death Rider
d) Guaranteed Insurability
Except for Accidental Death Rider, all of the following riders can raise the death benefit amount. Thus option (C) is correct.
What is the benefit?Discounted rates and other perks of a museum membership are examples of things that have positive or beneficial impacts or effects or that support well-being. The advantages of using the medicine exceed the hazards. taking advantage of the fruits of their labor.
If you drown while swimming, for example, an accidental death rider raises the amount to your life insurance beneficiaries. Because it has the potential to twice the amount of money your beneficiaries get, it is commonly referred to as a "double indemnity" rider.
Therefore, Thus option (C) is correct.
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In case where one consistent job evaluation plan is used to set pay throughout a firm or organization, women nearly always receive ______ wages relative to men.
In case where one consistent job evaluation plan is used to set pay throughout a firm or organization, women nearly always receive higher wages relative to men.
What does job evaluation plan mean?A job evaluation refers to a systematic way in which a company determines the value/worth of a job in relation to other jobs in an organization. This system make a comparison between jobs to assess their relative worth for the purpose of establishing a rational pay structure.
By using a job evaluation plan, this helps the company to determine the internal value of a job in order to assign the appropriate salary level. It also helps to defines the compensable factors used to assess the relativity of jobs within an organization.
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Which of the following will not cause the consumption schedule to shift? The expectation of a recession. A change in consumer incomes. Agrowing expectation that consumer durables will be in short supply A sharp increase in the amount of wealth held by households.
The consumption schedule won't change as a result of shifting consumer incomes. As a result, choice (B) is the appropriate approach.
What is the consumption schedule?The consumption schedule, also known as a consumption curve, depicts how much households want to consume at different levels of disposable income at a given time, assuming that the wealth, price level, expectations, debts, and taxes that are non-income determinants of consumption, do not change.
The goal of a consumption schedule is to give a way to derive the consumption line by summarizing the fundamental consumption-income relation for the family sector. The Keynesian economics aggregate expenditures line is built upon the consumption line.
Hence, option (B) is the accurate one.
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"Which of the following statements regarding private health insurance plans is true?
a. In a traditional indemnity plan, the premium cost is low if it is a high-deductible plan.
b. In managed care plans, employers contract with the health care service provider.
c. In traditional indemnity plans, the insured pays 80% of the eligible health care expenses.
d. In fee-for-service plans, the health care provider is the same as the insurer.
e. Group health insurance is a contract between pharmaceutical companies and the health care provider. "
The true statements regarding private health insurance plans is that a. In a traditional indemnity plan, the premium cost is low if it is a high-deductible plan.
What is a Private health insurance?As a general insurance, a private health insurance means a health insurance plans marketed by the private health insurance industry as opposed to the government-run insurance programs. The health insurance currently covers a little more than half of the U.S. population.
Generally, this type of health insurance is obtained in two ways, either as an employment benefit or through direct purchase by an individual.
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Which of the following statements is true for a perfectly competitive firm but NOT true for a monopoly?
a) The firm's price is equal to its average revenue.
b) The firm cannot affect the market price for its good.
c) It is difficult for other firms to enter the industry.
d) The demand for the firm's product is unit elastic.
e) The firm must lower its price in order to sell more of its product.
The statement that is true for a perfectly competitive firm but not true for a monopoly is the firm cannot affect the market price for its good. (option b)
What is a perfect competition and a monopoly?A perfect competition is when there are numerous buyers and sellers of identical goods and services. Market prices are set by the forces of demand and supply. There are no barriers to entry or exit of firms into a perfectly competitive firm. The demand for the firm's product is perfectly elastic.
A monopoly is when there is only one firm operating in an industry. there are usually high barriers to entry of firms. The demand curve is downward sloping. it sets the price for its goods and services. An example of a monopoly is a utility company
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Option E. The answer that is true for the perfectly competitive firm but NOT true for a monopoly is The firm must lower its price in order to sell more of its product.
What is meant by the monopoly?A scenario known as monopoly occurs when there is only one seller in the market. The monopoly case is viewed as the polar opposite of perfect competition in conventional economic analysis. The industry's downward-sloping demand curve is, by definition, the demand curve that the monopolist faces.
a market arrangement in which there is just one seller and only one type of goods available. As the only vendor of the goods with no viable alternatives, the seller in a monopoly market has no rivals.
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a group that managers or nonmanagerial employees form to help achieve their own goals or meet their own needs is called a(n)
A group that managers or nonmanagerial employees form to help achieve their own goals or meet their own needs is called a(n) informal group.
What is an informal group?An informal group is one that has no organizational control over it and is typically created by its members out of a desire for social interaction.
There are folks that share rides, play together, eat lunch together, and possibly even work together. These unofficial groupings originate for a variety of reasons, including shared hobbies, a common language, or other interpersonal ties.
Formal Groups are those formed by the organization with the intention of carrying out a certain task. Informal Groups are those formed by employees only for their own benefit.
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Assess the potential areas of conflict between the purchasing and design functions, using examples to illustrate your answer.
The potential areas of conflict between the purchasing and design functions is based on their different need for example, The design function can be more focus on tasteful beauty of the product while the purchasing group are more focused on the cost-viability.
What connection exists between design and purchasing?The design function create a product based on the necessary technological requirements. After that, production planning receives a parts list. As a result, the purchasing department's sole responsibility is to find the defined components at the lowest possible cost.
The procurement cost issues that businesses report encounter are:
Not adhering to purchasing policy is the first issue.Second issue: rogue or fraudulent spending.Overspending is the third issue.Therefore, an AI-driven Insights in Purchasing Intelligence are the Solution to the problems.
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5. The process of production is complete
when...
A.goods of the right quality and
quantity reach the consumers.
B.the manufacturer produces a given
amount of goods.
C. retailers prepare goods for sale to consumers.
D. wholesalers buy goods from the
manufacturer.
The process of production is complete when retailers prepare goods for sale to consumers. Hence, Option C is correct.
What is the production process?Capital, labour, technology, land, and other resources are considered factors of production because they are utilised to produce output, which includes commodities and services.
One of the most crucial procedures in manufacturing is production, which is essential to understanding what it means to be a manufacturer. Without this activity, there would be nothing produced that could be sold to buyers as finished goods.
Therefore, Option C is correct.
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