not use ai please don't EXTRA CREDIT: Match the descriptions that follow with thecorresponding terms.Descriptions:Terms:Inventory system in which goods are manufactured orpurchased just as they are needed for sale.A method of allocating overhead based on eachproduct's use of activities in making the product.Systems that are especially important to firmsadopting just-in-time inventory methods.Part of the value chain for a manufacturing company.The U.S. economy is trending toward this.A performance-measurement approach that uses bothfinancial and nonfinancial measures, tied to companyobjectives, to evaluate a company's operations in anintegrated fashion.Requires that top managers certify that the companymaintains an adequate system of internal controls overfinancial reporting.Activity-based costing.Balanced scorecard.Total quality management (TQM).Research and development, and product design.Service industries.Just-in-time (JIT) inventory.Sarbanes-Oxley Act (SOX).

JIT inventory is a system where goods are manufactured or purchased just as they are needed for…

Answered: EXTRA CREDIT: Match the descriptions…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter1: Accounting As A Tool For Managers

Section: Chapter Questions

Problem 26MC: An inventory system that organizations use to increase efficiency and decrease waste is...

See similar textbooks

Similar questions

In operations management, 'make-to-order' production strategy is characterized by: a) Producing goods based on customer orders b) Producing goods for inventory c) Producing goods based on sales forecasts d) Producing goods continuously (step by step solution ad Final answer)
The raw material purchasing reports can provide management with insight into how to improve processes. Additional raw materials purchasing analytics can be used for decision making and dashboards. Which raw material purchasing analytic calculates purchasing ratios, such as accounts payable turnover days, purchasing to sales, and purchases growth to sales growth? O Vendor performance O Vendor prices O Financial ratios Receiving reconciliation
. A company that uses a just in time inventory system: A) has finished goods inventory on hand at all times in order to speed up shipments of customer orders. B) may find that having less inventory actually leads to increased customer satisfaction. C) assesses its value chain to create new value-added activities. D) adopts a systematic, problem-solving attitude
Value chain classifications Match each of the following cost items with the value chain business function where you would expect the cost to be incurred: Business Function Cost Item Answera. Research and development 1. Purchase of raw materialsb. Design 2. Advertisingc. Production 3. Salary of research scientistsd. Marketing 4. Shipping expensese. Distribution 5. Reengineering of product assembly processf. Customer service 6. Replacement parts for warranty repairs7. Manufacturing supplies8. Sales commissions9. Purchase of CAD (computer-aideddesign) software10. Salary of website designer
Value chain classifications Match each of the following cost items with the value chain business function where you would expect the cost to be incurred: Cost Item Answer Business Function a. Research and development b. Design c. Production d. Marketing e. Distribution t Customer service 1. Labor time to repair products under warranty 2. TV commercial spots 3. Labor costs of filling customer orders 4. Testing of competitor's product 5. Direct manufacturing labor costs 6. Development of order tracking system for the Internet 7. Printing cost of new product brochures 8. Hours spent designing childproof bottles 9. Training costs for representatives to staff the customer call center 10. Installation of robotics equipment in manufacturing plant
Which of the following is not a revenue driver factor which affects sales volume for a manufacturing firm? Multiple Choice Price changes. Customer service. Delivery dates. Productivity. Discounts.
Manufacturing firms must calculate their cost of goods sold based on how much they manufacture and how much it costs them to manufacture those goods. This requires manufacturing firms to prepare an additional statement before they can prepare their income statement. This additional statement is the Cost of Goods Manufactured statement. Once the cost of goods manufactured is calculated, the cost is then incorporated into the manufacturing firm’s income statement to calculate its cost of goods sold. One thing manufacturing firms must consider in their cost of goods manufactured is that, at any given time, they have products at varying levels of production: some are finished and others are still process. The cost of goods manufactured statement measures the cost of the goods actually finished during the period, whether or not they were started during that period. True / False Even though the income statements for the merchandising firm and the manufacturing firm appear very similar at…
What is a good response to... Balancing inventory levels with production capacity is a critical aspect of operational management that directly impacts a company's efficiency and profitability. Achieving this balance requires careful consideration of various factors, including demand forecasting, supply chain reliability, and resource utilization. Companies must navigate these complexities to ensure that they can meet customer demand without incurring unnecessary costs or tying up capital in excess inventory. One of the key challenges in optimizing inventory and capacity is accurate demand forecasting. Inaccurate forecasts can lead to either overproduction, resulting in excess inventory and increased holding costs, or underproduction, leading to stockouts and lost sales. Companies can address this challenge by investing in advanced forecasting tools that leverage historical data and predictive analytics, providing more accurate demand predictions. Supply chain disruptions pose another…
Why is the level of and movement in the operating expense percentage an important indicator of financial risk? which answer is it below? a. It provides important insight into management integrity b It is an indicator of production efficiency. c. It reveals the success of the business's Inventory procurement strategies d. It is a measure of expense management, exclusive of production and financing costs. .
Discuss cost functions and assess the importance of causality in estimating cost functions/relationships. Imagine that you are the managerial accounting manager at General Motors. Management of Tesla has approached you about buying GM. Describe the elements needed to establish a target price that meets the intent of Tesla.
Final Price and Profit Equations This exercise will help you identify and understand what goes into determining both the final price for a purchased product as well as the equation for the profit on a product. Among all marketing and operations factors in a business firm, price has a unique role. It is the place where all other business decisions come together. The price must be "right"—in the sense that customers must be willing to pay it; it must generate enough sales dollars to pay for the cost of developing, producing, and marketing the product; and it must earn a profit for the company. Small changes in price can have big effects on both the number of units sold and company profit. Read the case below and answer the questions that follow. You are shopping for a new printer to take back to college with you. You decide on the PIXMA iP100 due to its superior photo print quality and are now looking for the best price. Different stores have different deals, plus the…
Final Price and Profit Equations This exercise will help you identify and understand what goes into determining both the final price for a purchased product as well as the equation for the profit on a product. Among all marketing and operations factors in a business firm, price has a unique role. It is the place where all other business decisions come together. The price must be "right"—in the sense that customers must be willing to pay it; it must generate enough sales dollars to pay for the cost of developing, producing, and marketing the product; and it must earn a profit for the company. Small changes in price can have big effects on both the number of units sold and company profit. Read the case below and answer the questions that follow. You are shopping for a new printer to take back to college with you. You decide on the PIXMA iP100 due to its superior photo print quality and are now looking for the best price. Different stores have different deals, plus the…

SEE MORE QUESTIONS

Recommended textbooks for you

Principles of Accounting Volume 2

Accounting

ISBN:

9781947172609

Author:

OpenStax

Publisher:

OpenStax College

Principles of Cost Accounting

Accounting

ISBN:

9781305087408

Author:

Edward J. Vanderbeck, Maria R. Mitchell

Publisher:

Cengage Learning

Cornerstones of Cost Management (Cornerstones Ser…

Accounting

ISBN:

9781305970663

Author:

Don R. Hansen, Maryanne M. Mowen

Publisher:

Cengage Learning

Principles of Accounting Volume 2

Accounting

ISBN:

9781947172609

Author:

OpenStax

Publisher:

OpenStax College

Principles of Cost Accounting

Accounting

ISBN:

9781305087408

Author:

Edward J. Vanderbeck, Maria R. Mitchell

Publisher:

Cengage Learning

Cornerstones of Cost Management (Cornerstones Ser…

Accounting

ISBN:

9781305970663

Author:

Don R. Hansen, Maryanne M. Mowen

Publisher:

Cengage Learning

Century 21 Accounting General Journal

Accounting

ISBN:

9781337680059

Author:

Gilbertson

Publisher:

Cengage

Managerial Accounting

Accounting

ISBN:

9781337912020

Author:

Carl Warren, Ph.d. Cma William B. Tayler

Publisher:

South-Western College Pub

Managerial Accounting: The Cornerstone of Busines…

Accounting

ISBN:

9781337115773

Author:

Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS