Elucidate the functions related to the production cycle.

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Answer 1

Question

Definition Definition System of assigning an estimated cost to the product (instead of the actual cost) so that the product cost can be determined well in advance and the pricing of the product can be done on time. Since the actual cost cannot be predicted at the initial stage of the production process, the estimated cost is recorded in the books. Any deviation of the estimated cost of the actual cost is adjusted in the books at the end of the period.

Chapter 9, Problem 1RC

To determine

Elucidate the functions related to the production cycle.

Expert Solution & Answer

Explanation of Solution

Production Cycle:

The process that accounts the conversion of raw materials to work-in-progress to finished goods through various production processes are known as production cycle. It also includes the calculation of the cost to be allocated to the produced items.

The functions in relation to production cycle are given below:-

Sales forecast: The first step to initiate the production process is to forecast sales based on the past year’s performance and various initiatives that were taken. This forecast helps to decide the type and quantity of product which will be produced.
Production planning: The purpose of production planning is to offer an arranged plan for manufacturing known as a production plan. This plan helps to acquire the required quantities for the product are available on time with low cost.
Production: After the formation of a production plan, it is shared with the appropriate members of sales/marketing, production departments for their approvals. The plan can be modified by such personnel’s to save errors.
Inventory control: Inventory control means accurate supply, storage, availability of items when needed. The inventory control obtains a material requisition note that authorizes the release of inventory and helps to record the same for proper accounting.
Cost accounting: After the completion of production, all the related records and documents are forwarded to the cost accounting department to determine the actual cost of the product. This department analyses actual cost per unit with standard cost and identifies variances. These variances are recorded in a variance register to be reviewed by the supervisors.

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Answer 2

Question

Definition Definition System of assigning an estimated cost to the product (instead of the actual cost) so that the product cost can be determined well in advance and the pricing of the product can be done on time. Since the actual cost cannot be predicted at the initial stage of the production process, the estimated cost is recorded in the books. Any deviation of the estimated cost of the actual cost is adjusted in the books at the end of the period.

Chapter 9, Problem 1RC

To determine

Elucidate the functions related to the production cycle.

Expert Solution & Answer

Explanation of Solution

Production Cycle:

The process that accounts the conversion of raw materials to work-in-progress to finished goods through various production processes are known as production cycle. It also includes the calculation of the cost to be allocated to the produced items.

The functions in relation to production cycle are given below:-

Sales forecast: The first step to initiate the production process is to forecast sales based on the past year’s performance and various initiatives that were taken. This forecast helps to decide the type and quantity of product which will be produced.
Production planning: The purpose of production planning is to offer an arranged plan for manufacturing known as a production plan. This plan helps to acquire the required quantities for the product are available on time with low cost.
Production: After the formation of a production plan, it is shared with the appropriate members of sales/marketing, production departments for their approvals. The plan can be modified by such personnel’s to save errors.
Inventory control: Inventory control means accurate supply, storage, availability of items when needed. The inventory control obtains a material requisition note that authorizes the release of inventory and helps to record the same for proper accounting.
Cost accounting: After the completion of production, all the related records and documents are forwarded to the cost accounting department to determine the actual cost of the product. This department analyses actual cost per unit with standard cost and identifies variances. These variances are recorded in a variance register to be reviewed by the supervisors.

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Answer 3

Question

Definition Definition System of assigning an estimated cost to the product (instead of the actual cost) so that the product cost can be determined well in advance and the pricing of the product can be done on time. Since the actual cost cannot be predicted at the initial stage of the production process, the estimated cost is recorded in the books. Any deviation of the estimated cost of the actual cost is adjusted in the books at the end of the period.

Chapter 9, Problem 1RC

To determine

Elucidate the functions related to the production cycle.

Expert Solution & Answer

Explanation of Solution

Production Cycle:

The process that accounts the conversion of raw materials to work-in-progress to finished goods through various production processes are known as production cycle. It also includes the calculation of the cost to be allocated to the produced items.

The functions in relation to production cycle are given below:-

Sales forecast: The first step to initiate the production process is to forecast sales based on the past year’s performance and various initiatives that were taken. This forecast helps to decide the type and quantity of product which will be produced.
Production planning: The purpose of production planning is to offer an arranged plan for manufacturing known as a production plan. This plan helps to acquire the required quantities for the product are available on time with low cost.
Production: After the formation of a production plan, it is shared with the appropriate members of sales/marketing, production departments for their approvals. The plan can be modified by such personnel’s to save errors.
Inventory control: Inventory control means accurate supply, storage, availability of items when needed. The inventory control obtains a material requisition note that authorizes the release of inventory and helps to record the same for proper accounting.
Cost accounting: After the completion of production, all the related records and documents are forwarded to the cost accounting department to determine the actual cost of the product. This department analyses actual cost per unit with standard cost and identifies variances. These variances are recorded in a variance register to be reviewed by the supervisors.

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Answer 4

Question

Definition Definition System of assigning an estimated cost to the product (instead of the actual cost) so that the product cost can be determined well in advance and the pricing of the product can be done on time. Since the actual cost cannot be predicted at the initial stage of the production process, the estimated cost is recorded in the books. Any deviation of the estimated cost of the actual cost is adjusted in the books at the end of the period.

Chapter 9, Problem 1RC

To determine

Elucidate the functions related to the production cycle.

Expert Solution & Answer

Explanation of Solution

Production Cycle:

The process that accounts the conversion of raw materials to work-in-progress to finished goods through various production processes are known as production cycle. It also includes the calculation of the cost to be allocated to the produced items.

The functions in relation to production cycle are given below:-

Sales forecast: The first step to initiate the production process is to forecast sales based on the past year’s performance and various initiatives that were taken. This forecast helps to decide the type and quantity of product which will be produced.
Production planning: The purpose of production planning is to offer an arranged plan for manufacturing known as a production plan. This plan helps to acquire the required quantities for the product are available on time with low cost.
Production: After the formation of a production plan, it is shared with the appropriate members of sales/marketing, production departments for their approvals. The plan can be modified by such personnel’s to save errors.
Inventory control: Inventory control means accurate supply, storage, availability of items when needed. The inventory control obtains a material requisition note that authorizes the release of inventory and helps to record the same for proper accounting.
Cost accounting: After the completion of production, all the related records and documents are forwarded to the cost accounting department to determine the actual cost of the product. This department analyses actual cost per unit with standard cost and identifies variances. These variances are recorded in a variance register to be reviewed by the supervisors.

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Answer 5

Chapter 9, Problem 1RC

To determine

Elucidate the functions related to the production cycle.

Expert Solution & Answer

Explanation of Solution

Production Cycle:

The process that accounts the conversion of raw materials to work-in-progress to finished goods through various production processes are known as production cycle. It also includes the calculation of the cost to be allocated to the produced items.

The functions in relation to production cycle are given below:-

Sales forecast: The first step to initiate the production process is to forecast sales based on the past year’s performance and various initiatives that were taken. This forecast helps to decide the type and quantity of product which will be produced.
Production planning: The purpose of production planning is to offer an arranged plan for manufacturing known as a production plan. This plan helps to acquire the required quantities for the product are available on time with low cost.
Production: After the formation of a production plan, it is shared with the appropriate members of sales/marketing, production departments for their approvals. The plan can be modified by such personnel’s to save errors.
Inventory control: Inventory control means accurate supply, storage, availability of items when needed. The inventory control obtains a material requisition note that authorizes the release of inventory and helps to record the same for proper accounting.
Cost accounting: After the completion of production, all the related records and documents are forwarded to the cost accounting department to determine the actual cost of the product. This department analyses actual cost per unit with standard cost and identifies variances. These variances are recorded in a variance register to be reviewed by the supervisors.

Answer 6

Chapter 9, Problem 1RC

To determine

Elucidate the functions related to the production cycle.

Expert Solution & Answer

Explanation of Solution

Production Cycle:

The process that accounts the conversion of raw materials to work-in-progress to finished goods through various production processes are known as production cycle. It also includes the calculation of the cost to be allocated to the produced items.

The functions in relation to production cycle are given below:-

Sales forecast: The first step to initiate the production process is to forecast sales based on the past year’s performance and various initiatives that were taken. This forecast helps to decide the type and quantity of product which will be produced.
Production planning: The purpose of production planning is to offer an arranged plan for manufacturing known as a production plan. This plan helps to acquire the required quantities for the product are available on time with low cost.
Production: After the formation of a production plan, it is shared with the appropriate members of sales/marketing, production departments for their approvals. The plan can be modified by such personnel’s to save errors.
Inventory control: Inventory control means accurate supply, storage, availability of items when needed. The inventory control obtains a material requisition note that authorizes the release of inventory and helps to record the same for proper accounting.
Cost accounting: After the completion of production, all the related records and documents are forwarded to the cost accounting department to determine the actual cost of the product. This department analyses actual cost per unit with standard cost and identifies variances. These variances are recorded in a variance register to be reviewed by the supervisors.

Answer 7

Chapter 9, Problem 1RC

To determine

Elucidate the functions related to the production cycle.

Answer 8

Expert Solution & Answer

Explanation of Solution

Production Cycle:

The process that accounts the conversion of raw materials to work-in-progress to finished goods through various production processes are known as production cycle. It also includes the calculation of the cost to be allocated to the produced items.

The functions in relation to production cycle are given below:-

Sales forecast: The first step to initiate the production process is to forecast sales based on the past year’s performance and various initiatives that were taken. This forecast helps to decide the type and quantity of product which will be produced.
Production planning: The purpose of production planning is to offer an arranged plan for manufacturing known as a production plan. This plan helps to acquire the required quantities for the product are available on time with low cost.
Production: After the formation of a production plan, it is shared with the appropriate members of sales/marketing, production departments for their approvals. The plan can be modified by such personnel’s to save errors.
Inventory control: Inventory control means accurate supply, storage, availability of items when needed. The inventory control obtains a material requisition note that authorizes the release of inventory and helps to record the same for proper accounting.
Cost accounting: After the completion of production, all the related records and documents are forwarded to the cost accounting department to determine the actual cost of the product. This department analyses actual cost per unit with standard cost and identifies variances. These variances are recorded in a variance register to be reviewed by the supervisors.