Exam 11: Conversion Processes

GAAP for financial reporting requires that a manufacturer's inventory on the balance sheet and cost of goods sold on the income statement consist of: ________, the cost of direct labor, and the cost of manufacturing overhead.

Traditional cost accounting assigns production costs differently, depending on the product or service. Which cost accounting method is made easier by the implementation of an ERP system?

Producing products to sell is the primary objective of a manufacturing business. Doing this successfully depends on an efficient and effective manufacturing conversion process. Manufacturing efficiency is a balance between three goals. These goals include: controlling the costs of resources, the rate of production, and what other goal?

Traditional cost accounting assigns production costs differently, depending on the product or service. Which cost accounting method would likely be used for a mass-produced frozen cookie mix?

Choose from the following selections the best definition of the Quality Management process.

RAM Manufacturing LLC is a rapidly growing manufacturer of parts for the automotive industry. Justin, the Chief Information Officer (CIO) of RAM Manufacturing, was recently tasked with leading the implementation of an Enterprise Resource Planning (ERP) system for RAM Manufacturing. One of the key areas of focus for the ERP project is the conversion process. Justin has assigned Maeve, a recently hired systems analyst, to lead the conversion process. What are some of the tables that should be considered by Maeve in the conversion process?

Choose from the following selections the best definition of the Production Scheduling process.

RAM Manufacturing LLC is a rapidly growing manufacturer of parts for the automotive industry. Justin, the Chief Financial Officer of RAM Manufacturing, recently read an article titled "Digital Manufacturing and the CFO" in the CMA's Strategic Finance magazine. Justin arranges a meeting with Maeve, head of manufacturing operations to discuss the article. After meeting and discussing digital manufacturing at RAM Manufacturing, they discuss some of the advantages RAM Manufacturing could realize from implementing this initiative. Briefly discuss some of the advantages RAM Manufacturing can expect from this initiative.

RAM Manufacturing LLC is a rapidly growing manufacturer of parts for the automotive industry. RAM Manufacturing is launching a new disc brake product. Maeve, a newly hired cost accountant, has been asked to assign a number of costs incurred in manufacturing the disc brakes to the appropriate cost category. To what product cost category would the salary of the CFO be assigned to?

RAM Manufacturing LLC is a rapidly growing manufacturer of parts for the automotive industry. Maeve, a recent college graduate, has been hired as a cost accountant. She will be working with a product development team on designing new car parts. She has had a few weeks of training in the department. She has been asked to describe a bill of materials (BOM). Please write a description.

RAM Manufacturing LLC is a rapidly growing manufacturer of parts for the automotive industry. Maeve is a newly hired cost accountant. RAM Manufacturing's has developed a new disc brake that lasts longer than brakes from their competitors. After calculating all the direct, indirect and overhead costs, Maeve assigns a cost of $44.50 per disc brake assembly. RAM Manufacturing has manufactured 100,000 of their new disc brake and sold 60,000 to their largest customer. Before shipping any brakes to customers, what is their finished goods inventory?

Production reports range from source documents to key metrics. Which is the best description of return items by reason?

Choose from the following selections the best definition of an operations list.

Production reports range from source documents to key metrics. Which is the best description of downtime causes?

A digital factory that is connected, networked, and fully integrated creates opportunities to minimize costs of downtime and underperformance in production and to enable the best output from factory assets and employees. What is a challenge that companies face when using digital manufacturing?

Producing products to sell is the primary objective of a manufacturing business. Doing this successfully depends on an efficient and effective manufacturing conversion process. Manufacturing efficiency is a balance between three goals. These goals include: controlling the costs of resources, the quality of finished goods, and what other goal?

What is the correct order for the Manufacturing Conversion Processes?

Choose from the following selections the best definition of a production schedule.

A digital factory that is connected, networked, and fully integrated creates opportunities to minimize costs of downtime and underperformance in production and to enable the best output from factory assets and employees. What is a challenge that companies face when using digital manufacturing?

Choose from the following selections the best definition of a materials requisition request.