The cost of inventory reported on the balance sheet may include the cost of all the following EXCEPT: (Points :2) advertising wages of the plant supervisor depreciation of the factory equipment parts used in the manufacturing process
For a manufacturing company, what type of position (line or staff) is each of the following?
|Manager of a Data Processing Department||Manager of a Production Department|
____________ is an example of a line position. (Points :2) Controller for a merchandising company Chief financial officer of a merchandising company Store manager for Best Buy Human resources manager for a community college
Which of the following is NOT one of the three major customer value propositions discussed in the text? (Points :2) customer intimacy discount pricing operational excellence product leadership
Which of the folloiwng is NOT one of the five steps in the lean thinking model discussed in the text? (Points :2) Continuously pursue perfection in the business process. Identify value in specific products/services. Implement an enterprise system. Create a pull system that responds to customer orders.
One consequence of a change from a push to a properly implemented pull production system can be: (Points :2) an increase in work in process inventories. an extremely difficult cultural change due to enforced idleness when demand falls below production capacity. an increased mismatch between what is produced and what is demanded by customers. an increase in raw materials inventories.
All of the following are characteristics of a pull production system EXCEPT: (Points :2) Inventories are reduced to a minimum by purchasing raw materials and producing units only as needed to meet consumer demand. Raw materials are released to a production far in advance of being needed to ensure no interruptions in work flows due to shortages of raw materials. Products are completed just in time to be shipped to customers. Manufactured parts are completed just in time to be assembled into products.
The five step framework used to guide Six Sigma improvement efforts includes all of the following EXCEPT: (Points :2) Analyze. Control. Digitize. Measure.
The Sarbanes-Oxley Act of 2002 contains all of the following provisions EXCEPT: (Points :2) The audit committee of the board of directors of a company must hire, compensate, and terminate the public accounting firm that audits the company’s financial reports. Financial statements must be audited once every three years by the Government Accounting Office. Both the CEO and CFO must certify in writing that their company’s financial statements and accompanying disclosures fairly represent the results of operations. A company’s annual report must contain an internal control report.
The one cost that would be classified as part of both prime cost and conversion cost would be: (Points :2) indirect material direct labor direct material indirect labor
Which of the following is NOT a period cost? (Points :2) Monthly depreciation of the equipment in a fitness room used by factory workers. Salary of a billing clerk. Insurance on a company showroom, where current and potential customers can view new products. Cost of a seminar concerning tax law updates that was attended by the company’s controller.
Shown below are a number of costs incurred last year at Mecca Publishing Co., a manufacturer of elementary school textbooks: Solvents and cleaners used by the custodians to clean the textbook printing presses $500 Depreciation on the automobiles used by sales representatives $4,200 Fire insurance on factory building $2,000 Shipping costs on textbooks sold $3,700 What is the total of the manufacturing overhead costs above? (Points :2) $500 $2,500 $6,200 $6,700
The information below relates to Derby Manufacturing Company’s operations for a recent month. (Assume that all raw materials are direct materials.): Purchases of raw materials $91,000 Direct labor cost $122,000 Selling costs (total) $42,000 Administrative costs (total) $56,000 Manufacturing overhead costs (total) $340,000 Raw materials inventory, beginning $22,000 Work in process inventory, beginning $27,000 Finished goods inventory, beginning $42,000 Raw materials inventory, ending $7,000 Work in process inventory, ending $35,000 Finished goods inventory, ending $15,000 What was Derby’s cost of goods manufactured for the month? (Points :2) $545,000 $560,000 $568,000 $587,000
19. Consider the following costs incurred in a recent period: Direct materials $33,000 Depreciation on factory equipment $12,000 Factory janitor’s salary $23,000 Direct labor $28,000 Utilities for factory $9,000 Selling expense $16,000 Production supervisor’s salary $34,000 Administrative expenses $21,000 What was the total amount of the period costs listed above for the period? (Points :2) $78,000 $71,000 $46,000 $37,000
20. The following data are for a recent period’s operations: Beginning finished goods inventory $150,475 Ending finished goods inventory $145,750 Sales $400,000 Gross margin $120,000 The cost of goods manufactured was: (Points :2) $115,275 $284,725 $275,275 $124,725