29 Jun Question 1. The “just-in-time” concept of inve
Question
1. The “just-in-time” concept of inventory management is best illustrated by:
Answer
A) A clothing manufacturer that sells all of its finished goods before they go out of style.
B) A defense contractor that completes its projects within the deadlines set by its customer (the federal government).
C) A pharmaceutical firm that consistently brings new products to market ahead of its competitors.
D) A homebuilder who has its suppliers deliver lumber and other building materials to the building site the night before these materials will be used by the company’s construction crews.
3.812 points
Question 2
Use the following to answer questions 2 – 3:
At year-end, the perpetual inventory records of Williams Co. indicate 60 units of a particular product in inventory, acquired at the following dates and unit costs:
Purchased in August: 30 units at $900 per unit
Purchased in November: 30 units at $950 per unit
However, a complete physical inventory taken at year-end indicates only 50 units of this product actually are on hand.
13. Refer to the above data. Assuming that Williams uses the LIFO flow assumption, it should record this inventory shrinkage by:
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