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A)

The Just-In-Time concept means that purchase of raw materials and component parts arrive just in time for use in the manufacturing process-often within a few hours of the time they are schedule for use. A second application of the just-in-time concept is completing the manufacturing process just in time to ship the finished goods to customers.

An advantage of just-in-time system reduce the size of a company's inventories, it does not eliminate them entirely. The just-in-time concept actually involves much more than minimizing the size of inventories.

B)

The primary reason for this procedure of "Taking inventory" is to adjust the perpetual inventory records for unrecorded shrinkage losses, such as theft, spoilage, or breakage. The physical inventory usually is taken at (or near) the end of the company's fiscal year. The reason for taking a physical inventory near year-end is to ensure that any shrinkage losses are reflected in the annual financial statements such as income statement and balance sheet. Thus, the balance sheet reflects the correct amount of inventory and the income statement will reflect the shrinkage losses.

C)

If the inventory has become obsolete or is otherwise unsalable its carrying value in the accounting records should be written down to zero (or to its "scrap value"). A write-down of inventory reduces both the carrying amount of the inventory in the balance sheet and the net income of the current period. The reduction in income is handled in the same manner as a shrinkage loss.