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swat32
3 years ago
12

Which of the following statements is correct about planning a successful conversion to Lean/Just-in-time operations. Multiple ch

oice question. Management and employees must be convinced of benefit and receive training prior to conversion to avoid obstacles. Conversion should be accomplished quickly, not gradually, to realize the maximum benefit. When converting a production line, begin at the start and progress to the end of the line. Vendors should be converted to JIT delivering first, before implementing in the Buyer's organization.
Business
1 answer:
Dvinal [7]3 years ago
6 0

Answer:

Management and employees must be convinced of benefit and receive training prior to conversion to avoid obstacles.

Explanation:

A lean business is a business concept used by organizations to eliminate waste and maximize value for growth and development. The lean business concept include the following;

I. A total quality management (TQM): it is a management framework that is focused on achieving long-term success through the satisfaction of your customers by the efforts of all the member of staff in an organization.

II. A continuous improvement (CI): it is a management technique that is focused on improving manufacturing processes, products and services through the elimination of redundancy and time-wasting activities in an organization.

III. Just-in-time (JIT): it is a management framework that is focused on cutting manufacturing costs and increase efficiency between suppliers and consumers through the use of a proper inventory system.

Additionally, lean production is a manufacturing methodology that is focused on integrating activities that are designed to provide massive quantity with high quality production using minimal resources, raw materials, finished products and work-in-process features.

This ultimately implies that, lean production is basically a supply management process aimed at elimination of waste as much as possible and it requires a mutual agreement between the management and employees, as well as proper training of the employees (workers) before implementing the conversion.

Hence, the statement which is correct about planning a successful conversion to Lean/Just-in-time operations is that both management and employees must be convinced of benefit and receive training prior to conversion to avoid obstacles.

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Exercise 4-8 (part level submission) plevin company ended its fiscal year on july 31, 2017. the company’s adjusted trial balance
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Determine which of the statement(s) are correct if a petty cash account is not replenished at the end of the accounting period.
Vitek1552 [10]

If Petty Cash is not replenished at the end of the accounting period:

  • the balance sheet would show an overstated cash asset.
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<h3>What happens when petty cash is not replenished?</h3><h3 />

Because the cash that was meant to go to the petty cash was not taken from the cash account, this account will have more than it should (overstated).

The expenses which were incurred and recorded in the petty cash would not be accounted for which means that the income would be overstated as these expenses were not deducted from it.

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5 0
2 years ago
Gugenheim, Inc., has a bond outstanding with a coupon rate of 7.7 percent and annual payments. The yield to maturity is 8.9 perc
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Answer:

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Explanation:

Giving the following information:

Face value= $2,000

Number of periods= 17

Cupon rate= 0.077

YTM= 0.089

T<u>o calculate the price of the bond, we need to use the following formula:</u>

Bond Price​= cupon*{[1 - (1+i)^-n] / i} + [face value/(1+i)^n]

Bond Price​= 154*{[1 - (1.089^-17)] / 0.089} + [2,000/1.089^17)

Bond Price​= 1,324.21 + 469.41

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3 0
3 years ago
Dapple Company incurred the following costs while producing 480 ​units: direct​ materials, $ 13 per​ unit; direct​ labor, $ 26 p
Kipish [7]

Answer:

Operating Income       $32290  

Explanation:

<em>The difference between the variable and absorption costing is that the fixed costs are treated as period costs in variable costing and as product costs in absorptioon costing. In variable costing all variable costs are treated as product costs.</em>

Dapple Company

Income Statement

Variable Costing

Sales 430 units* $ 160 ​                                                    $ 68,800

Less

Variable Cost OF Goods Sold                                          ( 23650)  

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Direct​ labor, $ 26 per​ unit *430                    11180

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Overhead, $ 16 per​ unit *430                         6880            

<u>Less</u>

Variable selling and

<u> Administrative​ costs, $ 2 per​ unit *430                                 (860)  </u><u>  </u>

Contribution Margin                                                              44290

Less

Total Fixed Manufacturing overhead​ costs, $ 7, 680​;

<u>Total Fixed selling and administrative​ costs, $ 4,320                         </u>

<u>Operating Income                                                               $32290    </u>

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