purchase prices. The lowest bidder receives the order for the next quarter ( 90 working days). To make its bulb products, Bright Night requires 52,200 pounds of glass per quarter. Bright Night received two glass bids for the third quarter, as follows: - Central Glass Company: $22.00 per pound of glass. Delivery schedule: 52,200 (580 lbs. x90 days) pounds at the beginning of July to last for 3 months. - Ithaca Glass Company: $22.15 per pound of glass. Delivery schedule: 580 pounds per working day ( 90 days in the quarter). Bright Night accepted Central Glass Company's bid because it was the low-cost bid. a. Yes b. No Reason: a. The policy is effective as it lowers the cost of purchase. b. The policy considers the quoted price and the quality of the product is ignored. c. The policy of the company is not practically viable as it is not building long-term relationships with its suppliers. The reputation of the company may be affected. d. Supplier relationships are not required as the products are purchased for the quarter alone. Identify reason that supports the answer. a. Yes b. No Reason: a. The cost of storage, obsolescence, material management and wastages are ignored in this concept. b. The cost of storage, obsolescence, material management and wastages are included in the purchase cost computation. c. The cost related to quality can be compensated as the price of the material is low. d. The responsibility of the manager is to get the lowest bid for the product and all other information is irrelevant. a. The cost of storage, obsolescence, material management and wastages are ignored in this concept. b. The cost of storage, obsolescence, material management and wastages are included in the purchase cost computation. c. The cost related to quality can be compensated as the price of the material is low. d. The responsibility of the manager is to get the lowest bid for the product and all other information is irrelevant. interest charge, then divide by the number of pounds.) Round to the nearest cent. \& x per lb