please help with this question due on Friday.the requirements is attached.

II. Inventory Management

Inventory management serves to minimize the cost to maintain inventory and maximize returns. In this section, the companys financial data will be reviewed in order to determine the optimal inventory management system.

A. Determine an optimal cost allocation method based on the relevant costs.

B. Describe how this method should be used by decision makers to fulfill their responsibilities. Support your response with examples.

C. What are the pros and cons of implementing the just-in-time (JIT) inventory system? Do the pros outweigh the cons for this company?

D. Explain how the just-in-time (JIT) inventory system can benefit this organization. Defend your response.

E. Identify the inventory management method you recommend, and explain why this method will benefit the company.

III. Benchmarking

In this section, benchmarking will be reviewed. Benchmarking can be implemented in various ways depending on a companys circumstances. Your company has decided to implement benchmarking and would like you to research and recommend the most effective approach.

A. What is the advantage to benchmarking in terms of improving companies performance? Support your response.

B. Identify possible approaches to benchmarking. Describe each.

C. Which benchmarking method should management adopt and why?

Section II: Inventory Management The information below represents the beginning and ending inventory amounts along with the production and sales for the month in umbrella units. Beginning Inventory: 0 Umbrellas Production: 80,000 Umbrellas Sales: 60,000 Umbrellas Ending Inventory: 20,000 Umbrellas Using the information provided above and the costs and sales information provided in Section I, complete the following in the Hampshire Company Spreadsheet in order to assist you in responding to all components of Section II: Prepare a variable costing income statement. Prepare an absorption costing income statement. Additionally, complete Parts A through E of Section II as outlined in the Final Project Guidelines and Rubric document. Section III: Benchmarking The management of the Hampshire Company would like to implement benchmarking. Standard costs have been established and are presented below. You will want to complete a variance analysis to include efficiency and price variances for materials (cloth and handle assemblies) and labor based on the following data: Units Produced = 80,000 Units Sold = 60,000 Direct Materials Purchased and Used Actual square yards of cloth purchased and used: 128,000 Actual price incurred per yard: $1.25 Actual handles purchased and used: 80,808 Actual price per handle/rib/stretcher assembly: $0.99 Direct Manufacturing Labor Used Actual direct labor hours used: 15,748 Actual price per hour: $7.62 Direct labor costs: $120,000 Standard Rates Standard labor hours per unit: 0.20 Standard labor price per hour: $7.50 Square yards material per unit: 1.50 Standard price per yard: $1.15 Handle/rib/stretcher assembly per unit: 1 Standard price per handle assembly: $1.05 Companies can use variance analysis and benchmarking to measure performance within their own company and against competitors. This can be done by setting standards/budgets and comparing a completed variance analysis to results from prior periods or comparing them to competitors' results. Using the information provided above, complete the following calculations (steps 1 and 2) in the Hampshire Company Spreadsheet. This will assist you in responding to all components of Section III. 1. Calculate price variances for material and labor and denote whether they are favorable or unfavorable. 2. Calculate efficiency variances for material and labor and denote whether they are favorable or unfavorable. In order to measure performance and make use of the variance analysis completed, management understands the need to compare results with their competitors. Following the steps outlined below, you will research benchmarking and propose the most effective approach for your company. Respond to Parts A through C of Section III as outlined in the Final Project Guidelines and Rubric document