Troma Inc is a famous manufacturer of cookware that follows a traditional distributor-retailer system to distribute its products. The company abstains from the use of automated supply chain management (SCM) systems mainly due to the fear of unknown
However, rapidly escalating operational costs and inefficiencies have made it necessary for the company to implement an SCM system. The company goes for a big-bang installation of SCM system to become more competitive and cost effective. Identify the adopter group to which Troma belongs.
A) innovator
B) early adopter
C) early majority
D) laggard
E) late majority
D
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Which of the following statements is not true concerning the monthly income and expense plan?
A) Each month's expenses are planned not to exceed the month's income. B) The year's expenses and income are detailed by each month. C) Some monthly allocations are made by simply dividing the annual estimate by 12. D) It may indicate the need for effective cash management.
Ocean Auto Parts Company uses the direct method to prepare its statement of cash flows
Refer to the following information reported for 2017: 1. Sales Revenue, $520,000 2. Accounts Receivable, beginning balance, $99,000 3. Accounts Receivable, ending balance, $62,000 Compute the collections from customers. A) $557,000 B) $458,000 C) $161,000 D) $359,000
Kellems Corporation manufactures one product. It does not maintain any beginning or ending Work in Process inventories. The company uses a standard cost system in which inventories are recorded at their standard costs and any variances are closed directly to Cost of Goods Sold. The company has provided the following information: Actual sales 17,100unitsActual selling price$26.60per unitStandard cost$21.20per unitActual selling and administrative expenses$60,000 The company does not have any variable manufacturing overhead costs and it recorded the following variances during the year: Materials price variance$2,340FMaterials quantity variance$500ULabor rate variance$942FLabor efficiency variance$6,300FFixed manufacturing overhead budget variance$16,600FFixed manufacturing
overhead volume variance$7,980UThe adjusted Cost of Goods Sold after closing all of the variances to Cost of Goods Sold will be closest to: A. $380,222 B. $344,818 C. $472,562 D. $362,520
How does a debit balance in the wages and salaries expense account affect a firm's income statement?
A) A debit balance will increase the expenses of the firm's income statement. This will increase the total expenses of the firm and decrease the net income of the firm. B) A debit balance will decrease the expenses of the firm's income statement. This will increase the total incomes of the firm and decrease the net income of the firm. C) A debit balance will increase the expenses of the firm's income statement. This will decrease the total expenses of the firm and increase the net income of the firm. D) A debit balance will increase the income of the firm's income statement. This will increase the total expenses of the firm and increase the net income of the firm.