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Several Terms Related to Alternative Systems for Mass Production and Definitions.Match

Question 143

Matching

Several terms related to alternative systems for mass production and definitions.Match each term with the definition that best describes it. Each numbered item has only one correct answer. Each lettered item may be used once, more than once, or not at all.

Premises:
Process costing is used to the point of customization
Track costs using work orders for batches of products
Simplifies process costing because inventories are minimized
Units in each batch are identical and each batch goes through the same production process
Production costs managers expect to incur under operating plan assumptions
Provide a comparison benchmark for actual costs
Inventory units are received and delivered just as needed, so there is very little beginning or ending inventory
Direct costs are traced to each job as the job is customized
Allocated to units in a manner similar to FIFO process costing
Can lead to long-term price stability for direct materials
Responses:
Just-In-Time
Hybrid costing
Standard costs
Procurement contracts
None of the above
Operation costing

Correct Answer:

Process costing is used to the point of customization
Track costs using work orders for batches of products
Simplifies process costing because inventories are minimized
Units in each batch are identical and each batch goes through the same production process
Production costs managers expect to incur under operating plan assumptions
Provide a comparison benchmark for actual costs
Inventory units are received and delivered just as needed, so there is very little beginning or ending inventory
Direct costs are traced to each job as the job is customized
Allocated to units in a manner similar to FIFO process costing
Can lead to long-term price stability for direct materials
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