Answers
Answer:
Process flexibility.
Explanation:
The ease with which resources can be adjusted in response to changes in demand, technology, products and services, and resource availability is known as process flexibility.
Process flexibility simply refers to the ability of a firm or company to respond to changes in the production line or manufacturing process of goods to meet the needs of their customers.
For instance, when there is a new technology in the industry, the ability of a company to switch with ease is its process flexibility.
Related Questions
The following work-in-process inventory information is provided for a company: All direct materials are added at the beginning of the production process. Beginning inventory is 70% complete for conversion, and ending inventory is 40% complete for conversion. Units 8,000 Direct Materials Costs $11,000 $74,000 Conversion Costs $29,000 $161,000 Beginning work in process Cost added Ending work in process Units completed/transferred 12,000 33,000 What is the total production cost of the ending work in process using weighted average process costing?
Home Security Systems is analyzing the purchase of manufacturing equipment that will cost $38,000. The annual cash inflows for the next three years will be: Year Cash Flow 1 $ 19,000 2 17,000 3 12,000 Use Appendix B and Appendix D for an approximate answer but calculate your final answer using the financial calculator method. a. Determine the internal rate of return. (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.) b. With a cost of capital of 14 percent, should the equipment be purchased? No Yes
The following data (in millions) are taken from the financial statements of Tarrow Corporation: Recent Year Prior Year Revenue $386,972 $356,000 Operating expenses 326,634 303,000 Operating income $60,338 $53,000 a. For Tarrow Corporation, determine the amount of change in millions and the percent of change (round to one decimal place) from the prior year to the recent year for: Revenue Operating expenses Operating income Amount of Change (in millions) Percent of Change (round to 1 decimal place) Increase or Decrease 1. Revenue $fill in the blank 1 30,976 fill in the blank 2 % 2. Operating expenses fill in the blank 4 fill in the blank 5 3. Operating income fill in the blank 7 fill in the blank 8 b. During the recent year, revenue and operating expenses . As a result, operating income , from the prior year.
If he wanted the cash award of each of the five prizes to be $45,000 and his estate could earn 7% per year, how much would he need to fund his prizes
decreasing taxation
B)
increasing the discount rate
C)
increasing government spending
D)
decreasing the reserve requirement
Answers
B) increasing the discount rate
Answers
Answer:
jury of executive opinion.
Explanation:
The forecasting technique that pools the opinions of a group of experts or managers is known as jury of executive opinion.
For example, when XYZ manufacturing company decides to conduct a series of strategic meetings for its forecasting by involving its key employees such as directors, analysts, managers etc to discuss (gathering opinions, ideas, perspectives and views) before reaching a forecasting consensus. This is simply a jury of executive opinion.
Final answer:
The forecasting technique that combines the opinions of a group of experts or managers is known as the 'jury of executive opinion'. It leverages collective expertise for prediction in complex decision-making situations or when there's a lack of sufficient hard data.
Explanation:
The forecasting technique that gathers and combines the views and opinions of a group of experts or managers is called the Jury of executive opinion. This technique relies on the collective knowledge, experience, and intuition of a group of high-level managers to predict future events or outcomes. It's often used in situations where decision-making is complex, or when there aren't enough hard data available. For instance, a group of corporate executives could use their combined expertise to make forecasts about trends in their industry, the potential impact of significant new legislation, or the likely behavior of their competitors.
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Answers
Answer:
The standardization of the production process for higher output levels with fewer model changes
Explanation:
The standardization of production process has the potential to reduce the unit cost, though it may also reduce the flexibility necessary for the production of different products in a timely way. Consequently, this may reduce the product value on the part of customer.
Final answer:
A low-cost activity not suitable for a differentiator could be bulk purchasing of standard components as it may limit product uniqueness. Differentiation instead needs activities like design innovation, market research, and the use of costly, unique resources, possibly involving international trade and evaluating different parts of the value chain.
Explanation:
A low-cost activity that may not be appropriate for a differentiator could be bulk purchasing of standard components. While this approach can help a company minimize costs, it may prevent differentiation if the relied-upon components are standard and widely used, thereby limiting a product's uniqueness. Focusing on differentiation requires a company to focus on activities such as product differentiation, creating unique aspects of its product that allow it to stand out from competitors. These activities can be more expensive because they often involve design innovation, in-depth market research, and costly resources or materials. Particularly, when a company engages in international trade, differentiation may involve slicing up the value chain through tasks such as specialized manufacturing or tailoring marketing approaches to specific regional markets.
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Answers
Answer:
Instructions are below.
Explanation:
Giving the following information:
Direct material:
Standard= 7.40 pounds $ 2.60 per pound
Actual= 12,100 pounds of material were purchased for $2.50 per pound.
Direct labor:
Standard= 0.45 hours $ 8.00 per hour
Actual= 575 hours of direct labor time were recorded at a total labor cost of $5,750
Units produced= 1,500
To calculate the direct material price and quantity variance, we need to use the following formulas:
Direct material price variance= (standard price - actual price)*actual quantity
Direct material price variance= (2.6 - 2.5)*12,100
Direct material price variance= $1,210 favorable
Direct material quantity variance= (standard quantity - actual quantity)*standard price
standard quantity= 1,500*7.4= 11,100
Direct material quantity variance= (11,100 - 12,100)*2.6
Direct material quantity variance= $2,600 unfavorable
To calculate the direct labor efficiency and rate variance, we need to use the following formulas:
Direct labor time (efficiency) variance= (Standard Quantity - Actual Quantity)*standard rate
Standard quantity= 1,500*0.45= 675
Direct labor time (efficiency) variance= (675 - 575)*8
Direct labor time (efficiency) variance= $800 favorable
Direct labor rate variance= (Standard Rate - Actual Rate)*Actual Quantity
Actual rate= 5,750/575= $10
Direct labor rate variance= (8 - 10)*575
Direct labor rate variance= $1,150 unfavorable
Answers
Answer:
Originally pay for the stock = $8
Explanation:
Given:
Total return = 62.5%
Value of stock (after 1 year) = $12
Dividend during the year = $1
Originally pay for the stock = ?
Computation:
Originally pay for the stock = $8
b. Results in financial statements that are less useful to decision makers because many details have been omitted.
c. Justifies ignoring the matching principle or the realization principle in certain circumstances.
d. Treats as material only those items that are greater than 2% or 3% of net income.
Answers
Answer:
The correct answer is letter "C": Justifies ignoring the matching principle or the realization principle in certain circumstances.
Explanation:
The materiality accounting principle states that some of the Generally Accepted Accounting Principles can be omitted in the entry of an item while record-keeping a company's transactions only in the case the entry does not have any influence on the Financial Statements. Those principles could imply matching or realization principles.