Which of the following are basic inventories for a manufacturer? a. indirect materials, goods in process, and raw materials b. finished goods, raw materials, and direct materials c. raw materials, goods in process, and finished goods d. raw materials, factory overhead, and direct labor
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- 26. Who is responsible for following up the purchase order and ensuring that suppliers deliver the order on time to the store? a. The Purchase Department b. The Stores Department c. The Production Department d. The Accounts DepartmentNet 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 receiptsWhile other suppliers bidding for the contract brought bids with lower per unit costs, Orchard wanted to take delivery based on the fact that the components they were using were machined to their exacting 99.99999% of the time. Orcharf’s competitive priority was: Delivery Speed On-time delivery Top quality Consistent quality
- You are in charge of the store in a large organization. You have been assigned the task of reducing the movement of materials and associated costs. Which of the following would you perform to eliminate cross covers, long distances and back tracking? a. Check for the scarcity of materials. b. Analyze the type of materials. c. Check for the availability of materials. d. Draw the flow chart to visualize the direction of materials movement.Can the ABC principle be applied to manufacturing component inventories? Discuss.For a company that manufactures or sells physical goods, inventory includes everything that goes into those products such,h as raw materials, work-in-progress but excluding finished goods. TRUE or FALSE
- Match each inventory term to its best description. Non-Inventory Product A. Helps determine a product’s purchase price. Inventory Valuation B. May be needed for broken or spoiled products. Inventory Item C. An item specially ordered for a customer. Inventory Adjustment D. A product stocked, tracked, and sold to customers.in process costing, converting production to equivalent units results in: A. A more precise understanding of costs to account for. B. Better reflects the number of units in inventory, regardless of degree of completion. C. More accurate inventory valuations. D. A more accurate valuation of raw materials only.The question below is from the attached image of a video case file from Operations Management: Processes and Supply Chains (11th Edition) by by Krajewski, L. J., Malhotra, M. K. & Ritzman, L. P. 1. The Marker Maker product recently experienced an unexpected surge in demand and the supply chain’s agility was credited with helping to meet the crisis. We have discussed four ways to classify operational inventories by how they are created. Regarding the ways managers can use these inventories to satisfy demand, explain how Crayola can achieve the flexibility to adjust to unexpected demand surges.
- Genuine Reproductions (GR) plans on increasing nextyear’s sales by 20 percent while maintaining its same averageinventory in dollars of $250,000.(a) Calculate the expected inventory turnover for next year.(b) Calculate the expected weeks of supply.Will’s Welded Widgets (WWW) makes its Q Model from components R, S, and T. Component R is made from 2 units of component X and 2 unit of component Y. Component T is made from 1 unit of component V and 2 units of component Z. Calculate the gross requirements for each of the components when the company plans to build 70 of its Q Model if you have these inventories: 70 units of component T and 110 units of component R, using the given information: Item Usage per Parent Q - R 2 S 2 T 1 X 2 Y 2 V 1 Z 2 Q R S T X Y V Z Put the answers down into the table: (If answer is zero, please enter 0, do not leave any fields blank.) Product Gross Requirements Q…1. Net sales for the hosiery department in May wee $30,620. Book inventory at the end of the month showed that $97,831 should be on hand. Physical inventory showed $97,560. Determine shortage or overage percent. Present your answer with a percent sign, rounded to two decimal places (i.e. 19.64%). 2. Using the data below, determine the closing book inventory. Not all information given may be needed. Present your answer with a dollar sign, comma separator, rounded to the dollar. (i.e. $19,567) Opening inventory $89,760 Gross purchases $43,620 RTV $860 Cash discounts $320 Markdowns $5,246 Markdown cancellations $318 Employee discounts $784 Gross sales $49,318 Customer returns $2,945 Net markups $760 3. Calculate the shortage or overage percent, given the following information. Present your answer with a percent sign, rounded to two decimal places (i.e. 19.64%). NOTE. There is another question in this quiz using the same data. Opening inventory…