Record transactions using journal entries: Suppose Mask, Inc. identified the following transactions during January 2018:

1/1/18: Purchased inventory worth $11,300 on account.

1/3/18: Sold inventory, which originally cost $2,750, for $3,180 on account to customers.

1/15/18: Paid $5,000 cash to suppliers from transaction a.

1/20/18: Received $1,700 cash payment from customers in transaction b.

1/31/18: Paid $2,250 cash for January wages.

Record all of the above transactions using journal entries (HINT: there will be two separate entries to record for transaction b.). I have completed transaction a. for you as an example. Assume Mask, Inc, uses the following accounts: Cash, A/R, Inventory, A/P, Sales Revenue, Cost of Goods Sold (COGS), Wages Expense.

1/1/18                                                       DEBIT             CREDIT

            Inventory                                             $11,300

                        Accounts Payable (A/P)                                  $11,300

            To record purchase of inventory on account.

T-accounts: Below is the T-account for Accounts Receivable (A/R) for She’s A Star, Ltd.:

                                                   Accounts Receivable (A/R)

                    Beginning balance $135,000

                              (transaction 1) $21,800           $12,500 (transaction 2)

                                                                        $XX,XXX (transaction 3)

                      Ending balance      $126,560

What is the missing value $XX,XXX for transaction 3?

Give one example of a transaction that would have resulted in the posting of transaction 1 to the A/R account.

Give one example of a transaction that would have resulted in the posting of transaction 2 to the A/R account.

Comparative balance sheets for 2018 and 2017, a statement of income for 2018, and additional information from the accounting records of Red, Inc., are provided below.

Additional information from the accounting records:

1. During 2018, $231 million of equipment was purchased to replace $180 million of equipment (90% depreciated) sold at book value.
2. In order to maintain the usual policy of paying cash dividends of $51 million, it was necessary for Red to borrow $51 million from its bank.

Required:
Prepare the statement of cash flows of Red, Inc. using the indirect method to report operating activities. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).)

Suppose a marketing company wants to determine the current proportion of customers who click on ads on their smartphones. It was estimated that the current proportion of customers who click on ads on their smartphones is 0.65. How many customers should the company survey in order to be 94% confident that the margin of error is 0.22 for the confidence interval of true proportion of customers who click on ads on their smartphones? Answer: (Round up your answer to nearest whole number,do not include any decimals)   

Learning Outcome:

1. Demonstrate an understanding of how global competitive environments are changing supply chain management and logistics practice.

2. Apply essential elements of core logistic and supply chain management principles.

3. Analyze and identify challenges and issues pertaining to logistical processes.

Assignment Workload:

This assignment is an individual assignment.

Critical Thinking

The global marketplace has witnessed an increased pressure from customers and competitors in manufacturing as well as service sector (Basu, 2001; George, 2002). Due to the rapidly changing global marketplace only those companies will be able to survive that will deliver products of good quality at cheaper rate and to achieve their goal companies try to improve performance by focusing on cost cutting, increasing productivity levels, quality and guaranteeing deliveries in order to satisfy customers (Raouf, 1994).

Increased global competition leads the industry to increasing efficiency by means of economies of scale and internal specialization so as to meet market conditions in terms of flexibility, delivery performance and quality (Yamashina, 1995). The changes in the present competitive business environment are characterized by profound competition on the supply side and keen indecisive in customer requirements on the demand side. These changes have left their distinctive marks on the different aspect of the manufacturing organizations (Gomes et al., 2006). With this increasing global economy, cost effective manufacturing has become a requirement to remain competitive.

To meet all the challenges organizations try to introduce different manufacturing and supply techniques. Management of organizations devotes its efforts to reduce the manufacturing costs and to improve the quality of product. To achieve this goal, different manufacturing and supply techniques have been employed. The last quarter of the 20th century witnessed the adoption of world-class, lean and integrated manufacturing strategies that have drastically changed the way manufacturing firm’s leads to improvement of manufacturing performance (Fullerton and McWatters, 2002).

Consult chapter 7 of your text book or secondary available data on internet and answer the following questions.

Question:

1. Why Companies adopted Lean Thinking and JIT model?
2. Discuss major types of Waste, companies has to keep in mind during production.
3. Assess the reasons for using lean thinking (suitable examples), what are the benefits from Suppliers to end users?
4. Due to COVID 19 emergency do you think agile supply chain is the right concept in this kind of situation? Give reason with example.

The Answer should be within 4- 5 pages.

The Answer must follow the outline points below:

• Lean Thinking and JIT Concept
• Agile Supply chain
• Their Main functions
• Reasons with suitable Examples
• Reference

Ans 1:

Ans 2:

Ans 3:

Ans 4:

Please Use your keyboard (Don't use handwriting)

MGT 322

I need new and unique answers, please. (Use your own words, don't copy and paste)

Critical Thinking

The global marketplace has witnessed an increased pressure from customers and competitors in manufacturing as well as service sector (Basu, 2001; George, 2002). Due to the rapidly changing global marketplace only those companies will be able to survive that will deliver products of good quality at cheaper rate and to achieve their goal companies try to improve performance by focusing on cost cutting, increasing productivity levels, quality and guaranteeing deliveries in order to satisfy customers (Raouf, 1994).

Increased global competition leads the industry to increasing efficiency by means of economies of scale and internal specialization so as to meet market conditions in terms of flexibility, delivery performance and quality (Yamashina, 1995). The changes in the present competitive business environment are characterized by profound competition on the supply side and keen indecisive in customer requirements on the demand side. These changes have left their distinctive marks on the different aspect of the manufacturing organizations (Gomes et al., 2006). With this increasing global economy, cost effective manufacturing has become a requirement to remain competitive.

To meet all the challenges organizations try to introduce different manufacturing and supply techniques. Management of organizations devotes its efforts to reduce the manufacturing costs and to improve the quality of product. To achieve this goal, different manufacturing and supply techniques have been employed. The last quarter of the 20th century witnessed the adoption of world-class, lean and integrated manufacturing strategies that have drastically changed the way manufacturing firm’s leads to improvement of manufacturing performance (Fullerton and McWatters, 2002).

Consult chapter 7 of your text book or secondary available data on internet and answer the following questions.

Question:

1. Why Companies adopted Lean Thinking and JIT model?
2. Discuss major types of Waste, companies has to keep in mind during production.
3. Assess the reasons for using lean thinking (suitable examples), what are the benefits from Suppliers to end users?
4. Due to COVID 19 emergency do you think agile supply chain is the right concept in this kind of situation? Give reason with example.

The Answer should be within 4- 5 pages.

The Answer must follow the outline points below:

• Lean Thinking and JIT Concept
• Agile Supply chain
• Their Main functions
• Reasons with suitable Examples
• Reference

Right for the Customer or Right for the Salesperson?

Introduction

This case abstract is representative of a real-world scenario. Jack was a very successful salesperson for International Business Machines (IBM), a major computer company, and was considered by his peers and customers to maintain the highest level of ethical behaviors. IBM has a highly regarded reputation in the computer industry for ethical behaviors toward customers. The company has a strict code of conduct policy regarding employee behaviors related to customer and takes steps to insure employees are aware of the code of conduct and comply with the code. This awareness by employees, especially salespeople, should insure a commitment on the part of salespeople to interface ethically with customers.

Research suggests that such codes, ethical cultures, and ethical expectations contribute to a social network in which each member (salespeople and customers) are committed to acting in the best interest (at least not acting in a harmful way) of other members in the social network. In his first five years in a sales territory, Jack had consistently exceeded his year sales quotas, earned high compensation bonuses for his sales attainment, and had qualified for sales recognition events by the company each year. In his sixth year in the sales territory, however, Jack was faced with an unusual customer situation that had implications for the customer’s ultimate satisfaction with both the product Jack was selling and with Jack’s company.

Scenario

Toward the end of the year, Jack had exceeded his annual sales goals to the extent that he qualified for a level of compensation bonuses tied to his annual sales attainment. During the latter part of September, a salesperson from a computer forms company let Jack know that one of the computer-forms salesperson’s customers was getting ready to purchase a business computer system from a competitor of Jack’s company. Jack immediately called the prospect and set up an appointment.

During the first appointment with the owner in late September, Jack found that the prospect was getting ready to purchase the competitor’s system, but before doing so, wanted to see Jack’s proposal. Jack also discovered that the competitive system with necessary software was priced around $30,000, which the owner indicated was his company’s budget for the automation project. Jack was somewhat discouraged in that he could not offer a system for that price, but did come back the next day to complete a survey of the prospect’s automation needs. Based on the survey, Jack thought that the prospect would need a small central computer with five attached workstations; three displays/keyboards and two desktop printers. The three workstations would be placed in accounting, the order department, and in the warehouse. One printer would be in the accounting office for daily bookkeeping and one printer would be in the order department/warehouse. Additionally, Jack found that the prospect was projecting additional growth in the business around 100 percent over the next two years. A major factor in the prospect’s decision was that the computer network had to be delivered and installed by the end of the year. Jacks major concern was not only the prospect’s low budget, but also the required delivery timeframe that Jack could not meet with any of his company’s current products.

Jack’s Actions

During the week, as Jack was about the give up on the prospect due to the prospect’s low budget and delivery requirement, Jack’s company announced a new business computer that seemed to meet Jack’s prospect’s requirements. The new computer consisted of a small, limited capacity computer that would accommodate up to five workstations in any combination of displays/keyboards and desktop printers, had a price under $30,000 and could be delivered in two months. Jack immediately configured a product solution for the prospect consisting of the business computer, three workstations, and two desktop printers that had a total price of around $32,000 including the application software for the prospect’s business. Jack realized that his proposed business computer fit the prospect’s current business requirements, but would not be able to accommodate any future growth. Jack, however, decided to go ahead and present the proposal to the prospect but not inform the prospect that the proposed product solution was limited to only current needs.

The Results

The prospect liked Jack’s proposal as compared to Jack’s competitor’s proposal, and placed an order for the business computer and software. Jack left the customer’s office very satisfied because the last minute sale put him in the next tier for bonuses for sales attainment. This sale represented an extra $1000 in commission on the sale. All went well. The business computer was delivered and installed in December. Then there was good news and bad news. The good news was that Jack’s product solution perfectly met the customer’s current needs and the customer was delighted. Then the bad news came. On the first business day of January, the customer called Jack, told him how happy he was with the product, and informed Jack that he wished to move up his anticipated growth schedule and immediately add additional workstations (displays/keyboards and printers). At this point, Jack panicked knowing that the product he had sold to the customer was at its maximum capacity and could not accommodate the customer’s growth plan, but thinking he had one or two years to address the additional growth with another product solution. The customer expects Jack to set up an appointment as soon as possible to place an order for the additional workstations.

The Issue

What should Jack do? Jack realized he could be in trouble with both the customer and with his company. The customer would probable realize the company had purchased a business system that could not expand to keep up as transaction volumes increased the business grew rapidly over the next few years. Jack’s company identified such sales behavior as violating the company’s policies and grounds for dismissal.

Questions for Discussion

1. Was Jack’s action ethical? Why or why not?

2. What factors (both internal and external) possibly led to Jack’s situation with the customer?

3. What actions do you think Jack should take? Should Jack discuss the situation with his immediate manger? How should Jack approach the customer?

The Cicero Italian Restaurant was founded by Anthony Tanaglia in 1947 in Cicero, Illinois, a suburb of Chicago. He built the business with his family from a small pizza and pasta restaurant to 10 locations in the Chicago area. Michael Tanaglia, Anthony’s grandson, moved to Arizona to escape the cold Chicago winters and opened a restaurant in the Chandler area. The Arizona restaurant gained momentum thanks to the Chicago-style pizza and quality Italian dishes. Anthony decided to expand operations in Arizona, adding a second location in Glendale. The Glendale location was managed by Michael’s son Tony.

After a year of operations, Michael had some concerns with the Glendale location. Michael does not want his family’s business to fail, and he wants his grandfather’s legacy to last. Michael also understands how important an operational evaluation can be to identify the strengths and weaknesses of a business. Michael confides his concerns to you and asks if you will do him a favor and use your quantitative analytic expertise to help him evaluate the Glendale location’s operations in three key areas: customer satisfaction, customer forecasting, and staff scheduling. As his friend, you agree – though his offer to treat you to the large pizza of your choice did not hurt.

First Evaluation

The first evaluation required an understanding of the factors that contribute to customer satisfaction and spending. Refer to the data Michael provided in the Excel spreadsheet “Benchmark Assignment - Data Analysis Case Study Data.” Identify which variables are significant to predicting overall satisfaction. Develop and interpret the prediction equation and the coefficient of determination. Based upon the data in this evaluation, what areas should Michael and Tony Tanaglia focus on to improve customer satisfaction?

Second Evaluation

The second evaluation requires a forecast of customers based upon demand. Michael reviewed data for the previous 11 months to better forecast restaurant customer volume.

Which method should, the business owner use to yield the lowest amount of error and what would be the forecast for December? Refer to the Excel spreadsheet “Benchmark Assignment - Data Analysis Case Study Template.”

Third Evaluation

The third evaluation concerns staff scheduling. Some of the customers have complained that service is slow. The restaurant is open from 11:00 a.m. to midnight every day of the week. Tony divided the workday into five shifts. The table below shows the minimum number of workers needed during the five shifts of time into which the workday is divided.

The owners must find the right number of staff to report at each start time to ensure that there is sufficient coverage. The organization is trying to keep costs low and balance the number of staff with the size of the restaurant, so the total number of workers is constrained to 15.

1-Based on these factors, recommend the staff for each shift to accommodate the minimum requirements for customer service.

2-Refer to the Excel spreadsheet “Benchmark Assignment - Data Analysis Case Study Linear Programming Template.”

3-Linear, integer, and mixed integer programming with constraints for times with slacks

4-Regression

5-Forecasting/ 4 period moving average/exponential smoothing/weighting moving average

We want to know whether delay status is dependent on the origin of the flight. Based on the information obtained from the table constructed, conduct an appropriate hypothesis test using the 10% level of significance. Use the critical value approach

beginning inventory, purchases and sales data for the month of august are as follows beginning inventory 10 units @ 25 august 5 sale 5 units august 10 purchase 18 units @ 27 august 12 sale 13 units August 27 purchase 10 units @ 30 assuming the business maintains a perpetual inventory system, calculate the cost of goods sold and Ending inventory using FIFO, LIFO , Weighted Average

17) On this worksheet, make an XY scatter plot linked to the following data:

18) Add trendline, regression equation and r squared to the plot.

Add this title. ("Scatterplot of X and Y Data")

19)