Cost Accounting (15th Edition)
15th Edition
ISBN: 9780133428704
Author: Charles T. Horngren, Srikant M. Datar, Madhav V. Rajan
Publisher: PEARSON
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Chapter 20, Problem 20.13Q
Distinguish inventory-costing systems using sequential tracking from those using backflush costing.
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Define inventory costing system.
Which one of the following inventory management approaches determines the finished goods inventory level and then works backward until the raw material needs are determined?
A. Just-in-time
B. Extended EOQ
C. Materials requirements planning
D. Economic order quantity
Annan’s statement regarding the perpetual and periodic inventory systems is most significant when which of the following costing systems is used?A. LIFO.B. FIFO.C. Specific identification
Chapter 20 Solutions
Cost Accounting (15th Edition)
Ch. 20 - Why do better decisions regarding the purchasing...Ch. 20 - Name six cost categories that are important in...Ch. 20 - What assumptions are made when using the simplest...Ch. 20 - Give examples of costs included in annual carrying...Ch. 20 - Give three examples of opportunity costs that...Ch. 20 - What are the steps in computing the cost of a...Ch. 20 - Why might goal-congruence issues arise when...Ch. 20 - JIT purchasing has many benefits but also some...Ch. 20 - What are three factors causing reductions in the...Ch. 20 - You should always choose the supplier who offers...
Ch. 20 - Prob. 20.11QCh. 20 - What are the main features of JIT production, and...Ch. 20 - Distinguish inventory-costing systems using...Ch. 20 - Describe three different versions of backflush...Ch. 20 - Discuss the differences between lean accounting...Ch. 20 - Prob. 20.16ECh. 20 - Prob. 20.17ECh. 20 - Prob. 20.18ECh. 20 - Prob. 20.19ECh. 20 - Prob. 20.20ECh. 20 - Prob. 20.21ECh. 20 - Prob. 20.22ECh. 20 - Prob. 20.23ECh. 20 - Prob. 20.24ECh. 20 - Prob. 20.25PCh. 20 - Prob. 20.26PCh. 20 - Prob. 20.27PCh. 20 - Prob. 20.28PCh. 20 - Prob. 20.29PCh. 20 - Supply-chain effects on total relevant inventory...Ch. 20 - Prob. 20.31PCh. 20 - Prob. 20.32PCh. 20 - Prob. 20.33PCh. 20 - Prob. 20.34PCh. 20 - Lean accounting. Reliable Security Devices (RSD)...Ch. 20 - Prob. 20.36P
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Write out the formula for the total costs of carrying and ordering inventory, and then use the formula to derive the EOQ model.arrow_forwardA cost accounting system uses which of the following inventory systems? a.perpetual system b.periodic system c.a hands-on system d.both a periodic and perpetual systemarrow_forwardDescribe costing inventory using weighted average. Address the different treatment, if any, that must be given for periodic and perpetual inventory updating.arrow_forward
- Refer to Supply Chain systems. What is the difference between Push and Pull systems to replenish inventory?arrow_forwardA basis for allocating overhead to inventory is also called a cost driver True Falsearrow_forwardWrite out the formula for the total costs of carrying and ordering inventory, and then use theformula to derive the EOQ model.arrow_forward
- When is an activity-based costing system better than a traditional allocation system?arrow_forwardWhat advantage does the FIFO cost method have over the average cost method relative to providing information for cost control?arrow_forwardExplain the difference between the flow of cost and the flow of goods as it relates to inventory.arrow_forward
- For each cost pool, identify an appropriate cost driver. A. order department B. accounts receivable processing C. catering D. raw material inventoryarrow_forwardWhat is meant by the term gross margin? Describe costing inventory using first-in, first-out. Address the different treatment, if any, that must be given for periodic and perpetual inventory updating.arrow_forwardThe First- In- First- Out method, which is mainly utilized to assign the average cost of production to a given product, is most commonly employed when inventory items are so intertwined that it becomes difficult to assign a specific cost to an individual unit. Select one: O True O Falsearrow_forward
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Inventory management; Author: The Finance Storyteller;https://www.youtube.com/watch?v=DZhHSR4_9B4;License: Standard Youtube License