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kifflom [539]
2 years ago
13

Many organizations use the same process capability standard for all their products or services (e.g., 1.33), but some companies

use multiple standards: different standards for different products or services (e.g., 1.00, 1.20, 1.33, and 1.40). what reasons might there be for using a single measure, and what reasons might there be for using multiple standards
Business
1 answer:
Sloan [31]2 years ago
8 0

The reasons to use single measure and multiple standards are given below.

<h3>The reasons for using a single measure and multiple standards are:</h3>
  • The use of a single-item measure decreases the possibility of common method variance, which occurs when misleading correlations are seen due to the usage of the same response format rather than item content. Furthermore, the face validity of the single-item measure should not be overlooked.
  • Standards ensure the safety, quality, and dependability of products and services; they facilitate trade and safeguard our and the environment's health. Standards in business improve systems and processes by reducing waste, lowering costs, and ensuring uniformity.
  • Standards also help to rationalize and minimize production costs, which helps to meet consumer demands for low-cost services while retaining high quality.
  • Standards specify quality and minimum criteria and give accepted solutions for consumer, health, safety, and environmental protection.

Therefore, the reasons for using the single measures and multiple standards are given.

Know more about multiple standards here:

brainly.com/question/24553900

#SPJ4

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Match the terms in the left column with their appropriate definition in the right column. PROBLEMS Terms 1. Economic order quant
gogolik [260]

Answer: Please the terms do not match the definitions.

Please see below for the appropriate terms which match the given definitions.

Explanation:

A document that creates a legal obligation to buy and pay for goods or services ----Purchase order

A purchase order is defined as a contract or agreement between a buyer( buisness or company) and a seller who is usually a vendor to supply goods or services based on aggrement on the specific product or services, specific quantity for a specific price to be paid by the buyer when delivered .

b)The method used to maintain the cash balance in the petty cash account----- Imprest Fund

An imprest Fund is also known as Petty Cash fund which carries a fixed amount used by Buisnesyses to cover small routine expenses and are replaced or replenished to always maintain the fixed amount.

8 0
4 years ago
In determining the price for his company's new photo printer, Raymond is assessing the total cost of owning his printer as compa
yulyashka [42]

Answer:

Cost of ownership

Explanation:

The cost ownership includes other elements of cost associated with owning a product eg operating cost.

A common example that comes to mind is the ownership of a car, analysing the total cost of ownership would include cost of fueling and maintaining the car as compared to buying a new brand of car.

It takes someone with foresight to see the bigger picture and look at what the product's real value and cost is over time.

5 0
3 years ago
Read 2 more answers
The Bennett Company uses a​ job-costing system at its​Dover, Delaware, plant. The plant has a machining department and a finishi
zimovet [89]

Answer:

Explanation:

1) is attached below

2)  Budgeted manufacturing overhead rate :    

In Machining Department = Manufacturing overhead cost / Machine hrs  

= $9065000 /185,000 = $49 per machine hour    

In Finishing Department = Manufacturing overhead cost / Direct Manufacturing labor cost  

= $8,058000 / $3950,000 = 2.04    

3)  Machining Department overhead = $20 per machine hr * 100 hrs

= $2000    

Finishing Department overhead = $1400 * 204% = $2856    

Total manufacturing overhead = $4856    

4). Total costs of Job 431:    

Direct material - Machining Department = $14500    

                     - Finishing Department = $4000    

Direct manufacturing labor - Machining Department = $800    

                                     - Finishing Department = $1400    

Manufacturing overhead = $4856    

Total Cost = $25556    

Cost per unit = $25556 / 100 = $255.56    

5)    

Actual manufacturing overhead              machining                 finishing  

Actual manufacturing overhead              $12,010,000        $9,184,000  

Manufacturing overhead allocated      $11,760,000       $9,384,000  

                                                                    ($49×240,000) (204%×4600,000)  

Under allocated(over allocated)               $250,000           $(200,000.00)  

For plant as whole:    

(12,010,000+$9184,000)-(11760,000+$9384,000)    

50000 Under applied.    

6) In machining department main focal points is machines , so machine hours is selected for this.In finishing department, labor cost is key area.so it is selected by the company .In both department key area is different so different cost drivers are selected for both departments.  

6 0
3 years ago
[The following information applies to the questions displayed below.] The following information is available for Lock-Tite Compa
S_A_V [24]

Answer:

raw materials   210,000 debit

       cash                            210,000 credit

-- to record purchase of materials--

factory overhead  80,000 debit

WIP inventory      265,000 debit

           cash                                   345,000 credit

-- to record payment and allocationf of wages --

factory overhead  15,000 debit

WIP inventory      186,000 debit

           inventory                 201,000 credit

--to record use and allocationf of materials--

factory overhead   120,000 debit

     accoutns payable        120,000 credit

-- to record other overhead expenses--

WIP           185,500 debit

       factory overhead   185,500 credit

--to record applied overhead--

finished goods 625,400 debit

     WIP                             625,400 credit

--to record trasnferred-out goods--

cash          1,400,000 debit

       sales revenue        1,400,000 credit

--to record sales revenue--

COGS              652,800‬ debit

  inventory                   652,800 credit

--to record COGS for the period--

COGS      14,500 debit

  factory overhead      14,500 credit

--to record underapplied overhead--

Explanation:

for the use of materials:

Beginning Raw Materials 43,000

Purchases                       210,000

Ending Raw materials        (52,000)

Used:                              201,000

Indirect materials                 (15,000)

direct materials:                   186,000

applied overhead

265,000 direct labor x 70% = 185,500

transferred out:

Beginning WIP 10,200

cost added   <u>   636,500 </u>

total cost      646,700

ending WIP        (21,300)

COGM              625,400

COGS

63,000 + 625,400 - 35,600 =652.800‬

adjusmtent for overhead:

applied 185,500

actual overhead: 200,000

underapplied for 14,500

5 0
3 years ago
Let qa be the quantity demanded of good a, pa be the price of good a, pb be the price of good b, and m be income. let the demand
-BARSIC- [3]

Answer: Cross price elasticity is - 0.12

Explanation:

Cross price elasticity measures the responsiveness of quantity demanded of good a to a change in any of its related variable such as good b.

Qa=86-5Pa-4Pb+2M

Given,

Pa=6, Pb=3, and M=30,

Qa = 86 - 5(6) - 4(3) + 2(30)

Qa = 86 - 30 - 12 + 60

Qa=104

So, cross price elasticity is given by

e_{pb} = \frac{Change in Qa}{Change in Pb} * \frac{Pb}{Qa}

e_{pb} = -4 * \frac{3}{104}

e_{pb} = -0.1153

Since, cross price elasticity is negative it means that good a and good b are complements to each other.


4 0
4 years ago
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