In the study of cellular biology, understanding the role of the endoplasmic reticulum is essential. The endoplasmic reticulum (ER) is a network of membranes involved in protein and lipid synthesis. There are two types of ER: rough ER, which is studded with ribosomes, and smooth ER, which lacks ribosomes. Which of the following statements correctly describes the functions of the smooth endoplasmic reticulum?