short essay 1consider a consulting firm that completes large software projects that 4313457

short essay 1consider a consulting firm that completes large software projects that 4313457

Short Essay

1Consider a consulting firm that completes large software projects that often take two or more years to complete. What is the nature of inventory for such a firm? How should it value this inventory?

2A restaurant converts inputs into substantially different outputs, a key characteristic of a manufacturing firm. Yet, most would classify a restaurant as a service firm. How would you classify a restaurant?  Why?

3Consider a firm such as U-Haul that supplies trucks that we could rent to move goods. (Ignore other aspects of U-Haul’s operations.) To meet demand, which is usually seasonal and focused on a few weeks each year, U-Haul keeps a large supply of trucks. Would you classify this firm as a service firm or as a merchandising firm? What conclusions do you draw about the distinctions between service and merchandising firms?

4List three reasons why a merchandising firm holds inventory.

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