What should management do to assess the potential benefits from implementing an ERP?
To assess benefits, management first needs to know what they want and need from the ERP. They should establish key performance measures such as reductions in inventory levels, inventory turnover, stockouts, and average order fulfillment time that reflect their expectations. To monitor performance in such key areas, they should establish an independent value assessment group that reports to top management.
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Describe each component of the ABC model
What will be an ideal response?
Andrews Corporation purchased 3,00 . gallons of raw materials for $9,200 . The standard price is $3.00 per gallon. If Andrews records the price variance at the earliest possible time, the entry to record the purchase of the material is:
a. Materials 9,200 Material purchase price variance 200 . Accounts payable 9,000 b. Materials 9,000 Accounts payable 9,000 c. Materials 9,000 Material purchase price variance 200 Accounts payable 9,200 d. Materials 9,200 Accounts payable 9,200
Jackson is making a sales call on Oceanic Enterprises tomorrow. This afternoon, he sent a box of chocolates to the firm's purchasing manager with a note that said, "Tomorrow is your lucky day." What kind of approach was Jackson using?
A. Opinion B. Product C. Curiosity D. Customer benefit E. SPIN
Preston Office Furniture uses the periodic inventory system and the gross method of accounting for sales. It had the following transactions during the month of May: May 3Sold merchandise to a customer on credit for $600, terms 2/10, n/30. The cost of the merchandise sold was $350.May 4Sold merchandise to a customer for cash of $425. The cost of the merchandise was $250.May 6Sold merchandise to a customer on credit for $1,300, terms 2/10, n/30. The cost of the merchandise sold was $750.May 8The customer from May 3 returned merchandise with a selling price of $100. The cost of the merchandise returned was $55.May 15The customer from May 6 paid the full amount due, less any appropriate discounts earned.May 31The customer from May 3 paid the full amount due, less any appropriate
discounts earned.Prepare the required journal entries that Preston Office Furniture must make to record these transactions. What will be an ideal response?