A furniture company using accrual accounting purchased 20 sofas in November 2011. In December 2011, 8 of the 20 sofas were sold to customers. The customers all signed contracts agreeing to pay half the amount owed in February 2012 and the remaining half in March 2012. At the time of sale, the company was reasonably sure the customers would pay the amount owed.The furniture company pays its salespeople a commission on each sofa sold, with commissions for December 2011 sales paid in January 2012.The furniture company paid $3,000 for advertising that ran in the local newspaper in November 2011.In which month should advertising costs be expensed? February 2012 January 2012 December 2011 November 2011

Furniture Co manufactures furniture and incurred the following costs during January:Timber$    25,000Paint$      5,000Wages—assembly personnel DL$    20,000Wages—factory supervisor DL$      3,500Factory cleaner's wages MOH$      2,000Sales commissions$    10,000Administrative staff salaries$      4,000Depreciation—factory equipment MOH$      3,000Depreciation—sales office equipment$      1,000Utilities, insurance—factory MOH$      6,000Utilities, insurance—sales office$      2,000Advertising$      8,000Total costs$    89,500The conversion costs are:

Assume Logan agrees on September 5 to sell 100 units of wooden chairs to a furniture shop, to be delivered on December 10 for $50 per unit. However, Logan refuses to deliver the contracted chairs because the market price on December 10 was $80 per unit. If true, the furniture shop can recover _______ in damages from Logan.Multiple choice question.$1000$3000$50$80

26 Enter the following transactions in the Purchases Book of Bharat Furniture House, Delhi: Feb 3 Bought goods from Rajat Furniture House, Delhi vide Invoice No. 053 25 Chairs @ 400 each 20 Tables @ 800 each Less: 10% Trade Discount Feb 9 Purchased from Jasmine Furniture's, Rohtak 5 Sofa sets @ 4,000 each 5 Centre Tables @ 2,000 each Less: 15% Trade Discount. Feb 21 Purchased delivery van for ₹1,50,000 from Mahindra Sons on two month credit. Feb 25 Bought goods from Goyal Furniture House vide cash memo no. 103 30 Almirahs @ 5,000 each.

Required informationSkip to questionScaling-Up an Up-Scale Customer Furniture Business This activity is important because there are many different types of businesses that must consider how to manage their operations. This activity highlights the challenges faced by a small customer furniture business in trying to produce enough supply to meet the growing customer demand. Supply is defined as the number of products that businesses are willing to sell at different prices at a specific time. Demand represents the number of goods and services that consumers are willing to buy at different prices at a specific time. In this example, the demand for a product has surpassed a company’s ability to supply the product, and the owner must decide how to manage operations to produce more supply. The goal of this exercise is to demonstrate your understanding of operations management, including planning operations systems and managing the supply chain. Read the case and then answer the questions that follow. Bruce could only attribute his company’s success to luck. His business started as a side project to sell handmade dining room sets at a local farmer’s market. He had created a special finish made from a mixture of varnish and oils and finished in a high temperature in a special industrial oven. The furniture had a unique look, and he originally pursued the business in his spare time. Partially due to Bruce’s gregarious personality, and partially due to a featured article in a local design magazine, Bruce’s furniture was in high-demand by regional customers and was starting to get requests from national and international designers. He could charge more and service custom orders for international clients, but he also wanted to be able to provide affordable furniture to local customers. After all, it was the loyalty of local customers and designers that built his business, and he wanted to be able to continue to fulfill their needs. He found himself embarrassingly behind in order fulfillment. That is, during the summer months when there were frequent orders from individuals seeing his work at the Farmer’s Market, he hated to turn down business. He found himself taking as many orders as he could, then being unable to deliver on his estimated times for completion. Bruce hired a team of craftsman so that he could produce more furniture, but still found himself unable to meet demand. The craftsman were in short supply – he needed individuals who were able to lift heavy equipment and pieces, but also able to do the delicate work necessary to complete the furniture. While he was able to find capable people, many of them needed extensive training in carpentry and woodwork, especially to complete the breadth of tasks necessary to see a piece of furniture built from beginning to end. In addition, Bruce felt like he had to have complete oversight of the purchasing process. For the process to work, it was necessary that the right types of varnishes be paired with the accurate types of wood. Bruce had trouble making sure that he had the supplies he needed so that his craftsman could move quickly on fulfilling orders. Bruce was grateful for the popularity of the furniture he produced but struggled with how to create enough supply to meet his customers' demand.Bruce noticed that the new craftsmen were beginning to understand how to do each process but appeared to be unsure of the order of the processes for different types of furniture. Bruce should engage in which of the following components of operations management?Multiple Choiceschedulingstandardizationroutingcustomizationjust-in-time inventory planning

Jan entered into a contract with Rentals-R-Us, a store which rents out furniture to customers for a rental fee. Jan signed the contract which allowed her to rent living room furniture for the fee of $200 per month. Such a contract is known as a(n): Blank______.Multiple choice question.lease contractcontract for the sale of goodsmixed goods and services contractcommon law contract for the sale of goods