The use of quick response inventory planning, electronic data interchange, and logistics planning by supermarkets is referred to as _____
a. supermarket logistics
b. efficient inventory management
c. efficient consumer response
d. effective inventory management
c
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The merchandise costing method that matches the most current cost of items purchased against the current sales revenue is called the
a. last-in, first-out method. b. first-in, first-out method. c. specific identification method. d. weighted-average method.
Consider Figure 5.1. Suppose the Mexican government provides a subsidy of $200 per ton to its steel producers, as indicated by the supply schedule SM (with subsidy). The quantity of imports equals
a. 1 ton. b. 2 tons. c. 3 tons. d. 4 tons.
When input prices are increasing, companies that use the LIFO method of accounting for inventory will report
a. Lower cost of goods sold amounts in comparison to the FIFO method b. Higher sales amounts in comparison to the FIFO method c. Higher ending inventory amounts in comparison to the FIFO method d. Lower gross profit margins in comparison to the FIFO method
Of the following budgets, which one is least likely to be determined by the dictates of top management?
a. sales b. material usage c. revenues d. general and administrative