Just-in-time
A. is a patented Japanese process for quality control.
B. permits greater flexibility in Toyota's production schedule.
C. requires parts and materials arrive at a manufacturing plant at least one month in advance to avoid "stockouts."
D. requires materials and parts arrive at each point in the production process when they are needed.
Answer: D
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A feature which distinguishes commercial agents from distributors and nonagents is that commercial agents:
A. generally maintain their own inventory of goods unlike distributors. B. always bear the financial risk of nonpayment by the purchaser. C. often possess the authority to contract on behalf of their principals. D. are usually compensated through a straight salary when a sale is completed.
The U.S. Chamber of Commerce supports a change from to IFRS to GAAP, saying it will help the United States compete in the world economy.
Indicate whether the statement is true or false.
Financial measures are lagging indicators
Indicate whether the statement is true or false
During its first year of operations, Silverman Company paid $14,000 for direct materials and $19,000 for production workers' wages. Lease payments and utilities on the production facilities amounted to $17,000 while general, selling, and administrative expenses totaled $8,000. The company produced 5,000 units and sold 3,000 units at a price of $15.00 a unit.What is the amount of gross margin for the first year?
A. $15,000 B. $20,000 C. $45,000 D. $24,000