Consider an inventory process flow in which shipments of 10,000 items arrive every 50 days, and customers demand 200 units every day. Assume customers order continuously and smoothly throughout each day. In addition, assume 350 days per year. 1. (a) Assume that INV(0)=0. Draw INV(t) over time, this is often called a "zig-zag" or "saw-tooth" diagram when done for an inventory process flow. (b) Suppose the firm incurs a $40,000 delivery charge every time a shipment is received. What is the total annual cost of deliveries. (c) Suppose it costs $0.25 per day per unit held in inventory. What is the total annual cost of holding inventory?

Identify the accounting assumption or principle that is described below. (a) select the accounting assumption or principle is the rationale for why plant assets are not reported at liquidation value. (note: do not use the historical cost principle.) (b) select the accounting assumption or principle indicates that personal and business record-keeping should be separately maintained. (c) select the accounting assumption or principle assumes that the dollar is the "measuring stick" used to report on financial performance. (d) select the accounting assumption or principle separates financial information into time periods for reporting purposes. (e) select the accounting assumption or principle measurement basis used when a reliable estimate of fair value is not available. (f) select the accounting assumption or principle dictates that companies should disclose all circumstances and events that make a difference to financial statement users.

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Sye chase started and operated a small family architectural firm in 2016. the firm was affected by two events: (1) chase provided $25,000 of services on account, and (2) he purchased $2,800 of supplies on account. there were $250 of supplies on hand as of december 31, 2016. record the two transactions in the accounts. record the required year-end adjusting entry to reflect the use of supplies and the required closing entries. post the entries in the t-accounts and prepare a post-closing trial balance.