Select the best answer from the five listed below to fill in the blank. costing is used to describe the way in which we identify the full cost per unit of output where the units of output differ. O a. Marginal O b. Batch O c. Full O d. Job O e. Process
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- 5. What are the characteristics of a company that would be more likely to use process costing than job order costing?Define the term Independent Demand and explain how it relates to the salesand marketing activity of firms. Explain the benefits of accurate estimationof future Demand within the context generating a reliable production plan13/Which cost compels the managers to examine the long- term financial implications of the strategic decisions they are making in an organization? a. Life cycle cost b. All of these c. Activity based costing d. Targeting costing
- Which of the following is not a strategy for managing demand? Select one: A) Shifting demand into other time periods with incentives, sales promotions and advertising campaigns. B) All of the choices C) None of the choices D) Offering products or services with counter-cyclical demand patterns. E) Increasing inventories and laying off workers when demand is low.Which of the following is NOT an objective of sales and operations planning? Establish greater accountability for individual plans developed by the various functional groups. Coordinate supply chain partners. Develop a maximum cost strategy for effectively meeting demands. Establish communication among various stakeholders, including finance, marketing, production, and suppliers.Lovely Apparel must decide how many sets of assorted summer wear to order for its three stores. Information on pricing, sales, and inventory costs has led to the following payoff table, in thousands. Demand Order Size Low Medium High 1 set 12 15 15 2 sets 9 25 35 3 sets 6 35 60 What decision should be made by the optimist? What decision should be made by the conservative? What decision should be made using minimax regret? NOTE: SHOW COMPLETE STEP-BY-STEP SOLUTION
- suppose your business is rental cloth collection, explain specifically the markets competitive advantage in the market place and how it will compete against more established competitors.The annual demand for an automobile part is 3200 units. The unit cost is 60 OMR and inventory carrying charge is 25% of unit cost. Ordering cost is 20 OMR per order. (i) Determine the economic order point (ii) If you place an order for 110 units every time, is it profit or loss? How much and Why? (iii) Why demand forecasting is important for an organization? Compare qualitative and quantitative forecasting technique with an example.Mary Jones and Jack Smart have joined forces to start M&J Food Products, a processor of packaged shredded lettuce for institutional use. Jack has years of food processing experience, and Mary has extensive commercial food preparation experience. The process will consist of opening crates of lettuce and then sorting, washing, slicing, preserving, and finally packaging the prepared lettuce. Together, with help from vendors, they think they can adequately estimate demand, fixed costs, revenues, and variable cost per 5-pound bag of lettuce. They think a largely manual process will have monthly fixed cost of $50,000 and a variable cost of $2.50 per bag. They expect to sell 75,000 bags of lettuce per month. They expect to sell the shredded lettuce for $3.25 per 5-pound bag. Jack and Mary has been contacted by a vendor to consider a more mechanized process. This new process will have monthly fixed cost of $125,000 per month with a variable cost of $1.75 per bag. Based on the above…
- Lovely Apparel must decide how many sets of assorted summer wear to order for its three stores. Information on pricing, sales, and inventory costs has led to the following payoff table, in thousands. Demand Order Size Low Medium High 1 set 12 15 15 2 sets 9 25 35 3 sets 6 35 60 What decision should be made by the optimist? What decision should be made by the conservative? What decision should be made using minimax regret?1) Which of the following translates business plan into productionplanningAPPMPSMRPNone of the Above2) Master production schedule is a medium-range planning and it isused for quantity and timing ofcomponents and raw materialFinished goodsBoth A & B3) The manufacturing strategy which deploys hiring and laying ofworkers in order to match its production rate to demand is calledLevel Production StrategyChase Production StartegyHybrid StrategyNone of the above4) "In a level production strategy, if the firm makes annual 120,00units per annum, the permonth production can be estimatted by""120,00 /12""120,00 / 365"The information is not complete5) The Bill of material is an engineering documments that showsinclusive listing and sub-components to be used for end productTRUEFALSE6) A lead capacity usually increases or decreases its capacity in anticipation of demand, this is known as "Match strategyLead Capacity StrategyLag capacity strategy7) The most important output of MRP isBOMPlanned…The following lots of a particular commodity were available for sale during the year Beginning inventory 7 units at $49.00 First purchase 18 units at $54.00 Second purchase 25 units at $59.00 Third purchase 14 units at $59.00 The firm uses the periodic system, and there are 23 units of the commodity on hand at the end of the year. What is the amount of inventory at the end of the year according to the FIFO method? Select the correct answer. $1,127.00 $1,357.00 $3,616.00 $3,593.00