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 Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter2: Accounting For Materials

Section: Chapter Questions

Problem 2MC

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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
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.
please answer in detail with complete explanation
What are the most important factors tor instolling a cost accounting system? O The Industry in which business is operating. O Obtaining the complete knowiedge of the production process. O The lowest installation price is a good reoson tor installing the cost accounting system. O Inatypical business organisation accounts department needs to satisty bank requirements while installing o cost system. O Cost apportionment can be done on the basis that can be easily changed to save the cost. O Costing system should fultil the requirement of difforent level of manogement. O Nature of product determines the type of costing system to be implemented. O The costing system should repeat the same system as the mojor competitor has.
APPLY THE CONCEPTS: Target income (sales revenue) Another useful method for figuring out the type of performance your company will need to reach a target income is by using sales revenue. Rather than using the number of units, this method uses total sales revenue. In companies for which the total set of goods produced and sold is more varied, this would be the preferred method, as opposed to a business in which only one product is sold. Assume a company has pricing and cost information as follows: Price and Cost Information Amount Selling Price per Unit $30 Variable Cost per Unit $15 Total Fixed Cost $15,000 For the upcoming period, the company wishes to generate operating income of $40,000. Given the cost and pricing structure for the company’s product, how much sales revenue must it generate to attain its target income? Step 1: Calculate the contribution margin ratio: The contribution margin ratio is the contribution margin in proportion to the selling price on a…
Cost accounting systems used by manufacturing companies are based on the: A. LIFO inventory system. B. Perpetual inventory system. C. Finished goods inventories. D. Weighted average inventories. E. Periodic inventory system. Reset Selection
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…
A large manufacturing firm is attempting to simultaneously improve quality and productivity. Which current trend in managerial accounting will inform this firm's decision-making process? A. Balanced Scorecard B Just-in-time Inventory c. Lean Manufacturing D. Economic order Quantity
18. Which branch of accounting is developed due to industrial revolution? a.Intermediate accounting b.Cost accounting c.Management accounting d.Financial accounting 19. In which technique of material control, materials constitute small percentage of total items, but their value is high? a.ABC analysis technique b.Reorder level technique c.EOQ technique d.JIT technique
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.
1.) Explain one difference between manufacturing and merchandising business.2.) Why is it that product costs are distinguished from period costs? 3.) Explain why financial statement analysis is important.
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…

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