Instruction: Identify the following:1 The ameontinouct.Id foMIC cIu ..7. Direct Materials plus direct labor plus factory overhead.8. Goods acquired for production but not yet requisitioned to be put intoprocess.9. Prime Costs plus Conversion Costs.10. Direct Labor plus Factory Burden.\11. The basic document to accumulate the cost of each order.12. System that collects the actual amounts of product costs.13. System that is often used by furniture manufacturers who produces varietyof products, because such producers need to keep track of each specific order toensure correct assignment of costs.14. Rate used in accumulation of factory overhead costs under normal costsystem.15. Other term for process cost system.

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Answered: Instruction: Identify the following: 1…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Net requirements =a) Gross requirements + Allocations - On-hand inventory+ Scheduled receipts.b) Gross requirements -Allocations - On-hand inventoryScheduledreceipts.c) Gross requirements - Allocations - On-hand inventory+ Scheduled receipts.d) Gross requirements + Allocations - On-hand inventory -Scheduled receipts
Direct labor costs area. nonmanufacturing costs.b. period costs.c. conversion costs.d. overhead cost
PROBLEM 3-1 Analyzing transactions into debit and credit parts Joan Weber owns a business called Lawns Plus. Lawns Plus uses the following accounts: Joan Weber, Drawing Sales Advertising Expense Miscellaneous Expense Rent Expense Repair Expense Utilities Expense Cash Accounts Receivable-Central Properties Accounts Receivable-Clifton Care Center Supplies Prepaid Insurance Accounts Payable-Davis Office Supplies Accounts Payable-Huff Supplies Joan Weber, Capital Instructions: Use the forms given in the Extra Problems Working Papers. 1. Prepare a T account for each account. 2. Analyze each transaction into its debit and credit parts. Write the debit and credit amounts in the proper T accounts to show how each transaction changes account balances. Write the date of the transaction in parentheses before each amount. Transactions: June 1. Joan Weber invested $8,000.00 cash in the business. 2. Bought supplies and paid $ 120.00 cash. 3. Paid cash for rent, $ 400.00. Sold services for cash, $…
14 Uncommitted inventory that is physically on-hand is called ______. a ready-to-buy b ready-to-sell c made-to-stock d available-to-promise 15 Which system calculates materials, subassemblies, and components required for end item production? a production planner b master production schedule c capacity requirements planning d materials requirements planning 16 What is the process that identifies which parent item has generated requirements for a component called? a where-used analysis b splitting c pegging d netting
Net requirements =a) Gross requirements + Allocations − On-hand inventory+ Scheduled receipts.b) Gross requirements − Allocations − On-hand inventory −Scheduled receipts.c) Gross requirements − Allocations − On-hand inventory+ Scheduled receipts.d) Gross requirements + Allocations − On-hand inventory −Scheduled receipts.
1. Inventory management for a tyre company? 2. Process management for a tyre company?
2.7 Which of the following help explain how the Reorder Point (ROP) works in conjunction with the Economic Order Quantity (Q), the number of orders (N) and the time between orders (T)? a) The Economic Order Quantity (Q) and the Annual Demand (D) are used to determine the number of Order (N) b) The number of orders (N) and the number of days that a firm works (W) are used to determine the time span between orders (T) c) Orders are placed every T days unless the inventory on hand fall to or below the Reorder Point d) Only a and b e) f) Only b and c All of a, b and c 2.8 The objective of Inventory Management is to balance inventory investment (cost) and customer service. a) TRUE b) False 2.9 The Economic Order Quantity (EOQ), the number of orders, the Reorder Point (ROP), the time between orders are important analytics in Inventory Management. a) TRUE b) FALSE 2.10 The number of working days for a firm is an important input in calculating the components of the Economic Order Quantity…
4.7 Complete the following table. Lead time for the part is two weeks. The lot size is 50. What is the projected available at the end of week 3? When is it planned to release an order? Week Gross Requirements Scheduled Receipts 1 2 3 4 30 25 10 10 10 50 Projected Available 10 Net Requirements Planned Order Receipt Planned Order Release
Q4) A manufacturer provides specialized microchips. During the next 3 months its sales, costs, and available time are shown in the table. Month 1 Month 2 Month 3 There are no chips in stock at the beginning of the first month. It takes 1.5 hr of production time to produce a chip and costs $5 to store a chip from one month to the next. Determine a production schedule that meets the demand requirements, does not exceed the monthly production time limitations, and minimizes cost. Note that no chips should be in stock at the end of the 3 months. Use fmincon. Chips required Cost regular time ($/chip) Cost overtime ($/chip) Regular operation time (hr) Overtime (hr) 1000 100 110 2500 100 120 2200 120 130 2400 2400 720 2400 720 720
Please do not give solution in image format thanku Opening Stock: 120 units Desired Closing Stock : 1200 units Back order Costs : $ 100/ unit In-house production costs : $ 60 per unit Subcontract Production costs : $ 81 per unit Inventory Holding costs : $ 15 / unit/ month Production Capacity: 30 units per month per worker There are currently 150 workers employed Hiring Costs 500$ per worker Firing Costs 1000$ per worker Month 1 2 3 4 5 6 Demand forecast 3780 5040 6720 5460 5040 4200 What is the cost for following Level, Chase and Subcontract strategies?
Please complete the sup part: e,f and g. 1.B&H needs to decide how to manage its inventory of cameras. The demand for cameras at B&H is 200 cameras per week. Each time that B&H places an order for a new shipment of cameras, it must pay $80 in fixed processing fees. A camera costs B&H $60 to purchase. The cost for B&H to hold a camera in its store for one week is $4. Assume that the lead time for the delivery of a camera is 0 weeks.a. Suppose that B&H places orders for cameras in quantities of 50 cameras at a time and places a new order for cameras each time that it runs out. Draw a graph showing the number of cameras that B&H has on-hand in inventory at each point in time up until the time when it places its fourth-order. Label the points in time at which B&H places a new order. Assume that B&H places its first order for 50 cameras on day 0.b. Suppose again that B&H places orders for 50 cameras at a time. What will be B&H’s average holding…
4. What role does inventory management play in an overall business plan and describe the benefits of just in time inventory management.

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