Need general account solutions The production process is in which a minimum of inventory is kept andparts, supplies, and other needs are delivered right when needed to go onthe assembly line. This process is called?a. Just-in-time Inventory Control.b. Supply Chain Management.c. Rapid Replenishment.d. Economies of Scale.

The correct answer is a. Just-in-time Inventory Control.Just-in-time (JIT) Inventory Control is a…

Answered: The production process is in which a…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter6: Activity-based, Variable, And Absorption Costing

Section: Chapter Questions

Problem 5Q: For each cost pool, identify an appropriate cost driver. A. order department B. accounts receivable...

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Which of the following best describes the activities of the production function?a. maintenance, inventory control, and production planningb. production planning, quality control, manufac-turing, and cost accountingc. quality control, production planning, manufac-turing, and payrolld. maintenance, production planning, storage, andquality controle. manufacturing, quality control, and maintenance
For each cost pool, identify an appropriate cost driver. A. order department B. accounts receivable processing C. catering D. raw material inventory
Appropriate base to allocate purchase department cost to different products is? A. Machine Hour B. Purchase Order C. Closing stock of Material D. Units of output
The appropriate cost accounting system to use when inventory items are produced on an assembly line is a. perpetual method. b. job-order costing. c. weighted average. d. process costing.
Which of the following best describes the activities of the materials management function?a. purchasing, receiving, and inventory controlb. receiving, sales, distribution, and purchasingc. receiving, storage, purchasing, and accountspayabled. purchasing, receiving, and storagee. purchasing, storage, and distribution
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
Label each of the following activities as unit-level batch-level, product-level, or facility-level activity. Determine one or more potential cost driver(s) for each activities. warehouse expense machine setup quality control engineering design production scheduling
Choose the best answer choice for each question 1. In a process cost system, the amount of work in process inventory at the end of a period is valued by a.summing the costs remaining in each department account at the end of the period. b.summing estimated costs budgeted for the inventory during the period. c.summing direct labor costs for the period. d.summing all actual costs that flowed through the department from the beginning to the end of the period. 2. What is the journal entry for the application of Factory Overhead to Work in Process if the driver is imprinted, the rate is $1.80 per imprint, and the imprint meter reads 1,780 at the start of the day and 2,890 at the end of the day? a. Work in Process1.80 Factory Overhead1.80 b. Work in Process1,998 Factory Overhead1,998 c. Work in Process1,998 Cash1,998 d. Work in Process1,998 Depreciation Expense1,998 3. The journal entry to record applied factory overhead includes a(n) a.decrease to Work in Process. b.increase to…
1. The materials requisition: a.informs the purchasing agent of the quantity and type of materials needed. b. contracts for quantities to be delivered. c. authorizes the storeroom to deliver types and quantities of materials to a given department. d. is the list of materials requirements for each step in the production cycle. 2. The purchase order: a. contracts for quantities to be delivered. b. authorizes the storeroom to deliver materials to a given department. c. is the list of materials requirements for each step in the production cycle. d. informs the purchasing agent of the quantity and kind of materials needed. 3. The receiving report: a.certifies quantities received and reports results of inspection and testing. b. is the list of materials needed for each step in the production cycle. c. contracts for quantities to be delivered. d. informs the purchasing agent of the quantity and…
How is activity-based cost allocation useful to management for control and evaluation of the performance of a department? List three points only and briefly discuss them. Why is it necessary for the cost accountant to determine the percentage of completion in the ending work in process inventory at the end of the period? Briefly explain.
The Work in Process Inventory account contains the costs of all products that have been sold. completed. started but not yet completed. completed and sold.
Arranging for a shipment of a number of different products to a customer is an example of an activity at which of the following levels? Multiple Choice Unit-level activity Batch-level activity Customer-level activity Organization sustaining activity

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The production process is in which a minimum of inventory is kept and parts, supplies, and other needs are delivered right when needed to go on the assembly line. This process is called? a. Just-in-time Inventory Control. b. Supply Chain Management. c. Rapid Replenishment. d. Economies of Scale.