Completion Statements Fill in the blank(s) to complete each statement. 1. Which
ID: 2418136 • Letter: C
Question
Completion Statements
Fill in the blank(s) to complete each statement.
1. Which six categories of costs pertaining to inventory are distinguished for management purposes?
_______________________________________
_______________________________________
______________________________________.
2. Which two of the cost categories in the preceding answer are considered in the EOQ model? _______________________________________ and ___________________________________
3. What do each of the letters in the EOQ model stand for?
D =
P =
C =
4. In purchasing materials or goods, ordering costs are equivalent to ______________ costs for a production run.
5. A system of production that manufacturers each component in a production line as soon as, and only when, needed by the next step in the production line is called ______________________ ______________________________________.
6. Traditional normal and standard costing record the journal entries in the same order as actual purchases and progress in production occurs, which is called __________________________ ________________.
7. _________________________________ omits recording some of the journal entries relating to the stages from purchase of direct materials to the sale of finished goods; it then uses normal or standard costs to work backward to assign manufacturing costs to units produced and/or sold.
8. A stage in the cycle, from purchase of direct materials to sale of finished goods, at which journal entries are recorded in the accounting system is called a ________________________________.
Explanation / Answer
Answer: 1
Answer: 2
Answer: 3
Answer: 4
In purchasing materials or goods, ordering costs are equivalent to Set Up Cost costs for a production run.
Answer: 5
A system of production that manufacturers each component in a production line as soon as, and only when, needed by the next step in the production line is called Just in Time Production.
Answer: 6
Traditional normal and standard costing record the journal entries in the same order as actual purchases and progress in production occurs, which is called Sequential Tracking
Answer: 7
Back Flush Costing omits recording some of the journal entries relating to the stages from purchase of direct materials to the sale of finished goods; it then uses normal or standard costs to work backward to assign manufacturing costs to units produced and/or sold.
Answer:8
A stage in the cycle, from purchase of direct materials to sale of finished goods, at which journal entries are recorded in the accounting system is called a Trigger Point.
1 Purchase Cost 2 Ordering Cost 3 Carrying Cost 4 Stock out cost 5 Cost of Quality 6 Shrinkage CostRelated Questions
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