What is collaborative engineering?
A. Applies technology to the activities in the order life cycle from inquiry to sale.
B. Allows an organization to reduce the cost and time required during the design process of a product.
C. Helps organizations reduce their investment in inventory while improving customer satisfaction through product availability.
D. Enables an organization to react more quickly to resolve supply chain issues.
Answer: B
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Under the perpetual inventory system, the Cost of Goods Sold account is updated continually throughout the period
Indicate whether the statement is true or false
A primary purpose of a balanced scorecard is to give
a. managers a way to judge past performance. b. stockholders a way to judge current performance. c. managers a way to forecast future performance. d. stockholders a way to tie strategy to profitability.
Flagg records adjusting entries at its December 31 year-end. At December 31, employees had earned $12,000 of unpaid and unrecorded salaries. The next payday is January 3, at which time $30,000 will be paid. Prepare the journal entry on January 3 to record payment assuming the adjusting and reversing entries were made on December 31 and January 1.
A. Debit Salaries expense $18,000, debit Salaries payable $12,000; credit Cash $30,000. B. Debit Salaries payable $30,000; credit Cash $30,000. C. Debit Salaries expense $30,000; credit Cash $30,000. D. Debit Salaries expense $12,000; debit Salaries payable $18,000; credit Cash $30,000. E. Debit Salaries expense $18,000; credit Cash $18,000.
Premium Seed Sales, Inc expects to generate sales of $22,000,000 in the coming year. All sales are done on a
credit basis, net 45 days. Premium Seed has estimated that it takes an average of three days for payments to reach their central office and an additional two days to process the payments. What is the opportunity cost of the funds tied up in the mail and processing? Premium Seed uses a 360-day year in all calculations and can invest free funds at 6.5%.