The Accountant for Soybean Products Gathered the Following Information from the Accounting

question 99

Essay

The accountant for Soybean Products gathered the following information from the accounting records for the year ended December 31,2017:
*Relates solely to the purchase of inventory
Calculate the following:
a.Sales
b.Cost of goods sold
c.Salary expense
d.Insurance expense

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Definitions:

Push Model

A business model in which the production process begins with a forecast, which predicts the products that customers will want as well as the quantity of each product. The company then produces the amount of products in the forecast, typically by using mass production, and sells, or “pushes,” those products to consumers.

Make-to-stock

A production strategy where items are manufactured for stock based on demand forecasts, rather than made to order.

Production Process

A cross-functional business process in which a company produces physical goods.

Pull Model

A business model in which the production process begins with a customer order and companies make only what customers want, a process closely aligned with mass customization.