Answer the following statements true (T) or false (F)
1) A sourcing strategy for items in the bottleneck quadrant will be to narrow the specifications to allow for more product options.
2) A sourcing strategy for items in the leverage quadrant will be to build long-term alliances with a few suppliers.
3) A sourcing strategy for items in the critical quadrant will be to prepare contingency plans to protect against unforeseen risks.
4) A sourcing strategy for items in the routine quadrant will be to simplify the acquisition process.
5) The spend on any item that supports the operation of the firm is categorized within the direct spend category.
1) FALSE
2) FALSE
3) TRUE
4) TRUE
5) FALSE
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With the retail inventory method, how is the total beginning inventory value used in the calculation of the cost-to-retail ratio for the current period under the following cost flow assumptions? FIFO Average Cost LIFO I. Include Include Exclude II. Include Exclude Exclude III. Exclude Exclude Exclude IV. Exclude Include Exclude
A) I B) II C) III D) IV
According to the theory of the wisdom of crowds, companies that make some of their products available for free are actually able to generate more revenue than companies that charge for all of their products
Indicate whether the statement is true or false
A buyer of $7,000 in merchandise inventory failed to take advantage of the vendor's credit terms of 2/15, n/45, and instead paid the invoice in full at the end of 45 days. By not taking advantage of the cash discount, the buyer lost the discount of:
A. $1,050. B. $140. C. $100. D. $700. E. $70.
A company has 90 employees and a weekly payroll of $117,000. The FICA-social security tax withheld totals $7,254 and the FICA-Medicare tax withheld totals $1,696.50. The total withholding for federal income tax is $16,500. Prepare the journal entry to accrue this week's salaries expense and withholdings.
What will be an ideal response?