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Chapter 16: Q22E (page 892)

Understanding today’s business environment

Match the following terms to the appropriate statement. Some terms may be used more than once, and some terms may not be used at all.

E-commerce Just-in-time management (JIT)

Enterprise resource planning (ERP) Total quality management (TQM)

a. A management system that focuses on maintaining lean inventories while producing products as needed by the customer.

b. A philosophy designed to integrate all organizational areas in order to provide customers with superior products and services while meeting organizational objectives.

c. Integrates all of a company’s functions, departments, and data into a single system.

d. Adopted by firms to conduct business on the Internet

Short Answer

Expert verified

The business environment includes all internal and external factors and matching is done as required.

Step by step solution

01

Step-by-Step SolutionStep 1: Definition of the business environment

The business environment is defined as the sum or collection of all internal or external factors such as employees and customers.

02

Matching

Statements

Terms

A

Just-in-Time Management (JIT)

B

Total Quality Management (TQM)

C

Enterprise Resource Planning (ERP)

D

E-Commerce

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Most popular questions from this chapter

Calculating cost of goods sold for merchandising and manufacturing companies

Below are data for two companies:

Company 1 Company 2

Beginning balances:

Merchandise Inventory \( 11,600

Finished Goods Inventory \) 15,400

Ending balances:

Merchandise Inventory 12,400

Finished Goods Inventory 11,300

Net Purchases 152,500

Cost of Goods Manufactured 214,500

Requirements

1. Define the three business types: service, merchandising, and manufacturing.

2. Based on the data given for the two companies, determine the business type of each one.

3. Calculate the cost of goods sold for each company

Preparing a schedule of cost of goods manufactured and an income statement for a manufacturing company

Certain item descriptions and amounts are missing from the monthly schedule of cost of goods manufactured and income statement of Elly Manufacturing Company. Fill in the blanks with the missing words, and replace the Xs with the correct amounts.

Beginning Direct Ending Direct Direct Manufacturing Overhead Total Total Ending Direct Materials Beginning Direct Materials Purchases of Direct Materials \( 27,000 \) X \( X X X (25,000) 180,000 44,000 \) X 56,000 84,000 (20,000) ELLY MANUFACTURING COMPANY

Net Sales Revenue Cost of Goods Sold Total Income Cost of Goods Sold: Gross Profit Expenses: Selling Expenses Administrative Expenses Cost of Goods Ending Beginning \( X \) X 232,000 258,000 X 160,000 98,000 $ 110,000 X X X E

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Explain the difference between line positions and staff positions.

Computing direct materials used

Tuscany, Inc. has compiled the following data:

Purchases of Direct Materials $ 6,300

Freight In 400

Property Taxes 800

Ending Direct Materials 1,300

Beginning Direct Materials 4,100

Compute the amount of direct materials used.
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