If you are the TM of a shipper of cooking oil the sales department wants to be competitive with the lowest price. The question of pallets comes up and who is going to pay for the cost of the pallets when you ship the goods. If your company absorbs the cost, how do you get the pallets back?
When the company is responsible for the cost of the pallets, we can make a deal with the customer that when they unload the material safely, they need to return the pallets to the truck that takes them the load so that it can be returned to our company. This will help them in getting the material safely without bearing the cost of the pallets and it will also help us in controlling the costs of pallets.
If you are the TM of a shipper of cooking oil the sales department wants to...
"are pallets important to the TM" The article is five years old, but he topic is still very relevant. Why? Everyone in the trucking industry likes the convenience of rapid loading and unloading offered by loading product on pallets. THE BASIC QUESTION IS WHO PAYS FOR THE PALLETS? The shipper? The receiver? The Trucking company? The shipper needs good wood to load the product so there is no contamination of the product. So, when the carrier comes in to load,...
Regarding Sales Discount & Sales Returns & Allowances: Which of the following is true? Question 1 options: For the potential sales returns occurring in the near future, we created the account "Refunds Payable" to capture the estimated amount of cost of inventory that will be returned in the near future. When the actual return happens, we Debit "Refunds Payable" to decrease it in one journal entry, and in another journal entry we Credit "Estimated Returns Inventory" to increase it. If...
Use this scenario to answer the following questions. You work in the order confirmation department of at the L.L. Bean catalog company. Part of your job responsibility is to call suppliers to confirm the ship dates for ordered goods. You spend your entire day on the telephone and for the most part enjoy your job because you speak with people from all over the world. Your only real frustration is when you call a few of your customers to clear...
Wildhorse Drilling Company has leased property on which oil has been discovered. The oil wells on this property produced 16,300 barrels of oil during the past year that sold at an average sales price of $61 per barrel. Total oil resources of this property are estimated to be 272,000 barrels.The lease provided for an outright payment of $557,600 to the lessor (owner) before drilling could be commenced and an annual rental of $27,710. A premium of 5% of the sales price of every barrel of oil removed is...
Multiple Choice Questions: Regarding Sales Discount & Sales Returns & Allowances, which of the following is true? Question 1 options: For the potential sales returns occurring in the near future, we created the account "Refunds Payable" to capture the estimated amount of cost of inventory that will be returned in the near future. When the actual return happens, we Debit "Refunds Payable" to decrease it in one journal entry, and in another journal entry we Credit "Estimated Returns Inventory" to...
Revenue in a cosmetics company comes mostly from their hair products' sales. The marketing department wants to estimate the proportion of customers who buy shampoo. How many customers do they need to sample to get a confidence interval for the true mean at 98% confidence level, with an error of +/- 0.02? 1. A heating and cooling company advertises that any customer buying an air conditioner during the first 16 days of July will receive a 25 percent discount if...
Use this scenario to answer the following questions. You work in the order confirmation department of at the L.L. Bean catalog company. Part of your job responsibility is to call suppliers to confirm the ship dates for ordered goods. You spend your entire day on the telephone and for the most part enjoy your job because you speak with people from all over the world. Your only real frustration is when you call a few of your customers to clear...
How do you write out this C++ program and zip the files?
A local department store is having a BoGoHo (Buy One, Get One Half Off) sale. The store manager wants a program that allows the salesclerk to enter the prices of two items. The program should calculate and display the total amount the customer owes. The half-off should always be taken on the item having the lowest price. For example, if the items cost $24.99 and $10, the half-off...
Current Attempt in Progress Matthew Young, an auditor with Knapp CPAS, is performing a review of Sheffield Company's inventory account. Sheffield did not have a good year, and top management is under pressure to boost reported income. According to its records, the inventory balance at year-end was $644,000. However, the following information was not considered when determining that amount. 1. Included in the company's count were goods with a cost of $200,000 that the company is holding on consignment. The...
You are a manager in your department with hiring responsibilities. You have a friend from college who was recently promoted into a hiring role in her new company. She has never interviewed someone for a position before and asks for your advice. She also wants to know how you would determine a competitive compensation and benefits package for a junior sales position at health food company that produces retail shakes and nutrition bars. Her company is located in Atlanta, Georgia....