For Scoring Answers 17. The conversion cost of the 7,500 units in process at the

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For Scoring Answers 17. The conversion cost of the 7,500 units in process at the end of the period was The business philosophy that tocuses on reducing time and cost and eliminating poor quality within 18. manufacturing and nonmanufacturing 8. 19, an innovative manufacturing systems, processing tunctions are 9 combined into work centers, which are also known as 20, A measure of the ratio of the materials output quantity to the materials input quantity is . 21-24. Identity whether the process cost or job order cost system would be most appropriate for each of the tollowing businesses: 21. oil refinery 22. law fim 23. paper manufacturer 24. computer repair service . 21. 22. 23. 24,--

Explanation / Answer

Question 17 cannot be answered as related data is missing. Rest of the questions have been answered in the below mentioned table. I have included the explanation as and where possible (please refer to the explanation column).

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Answers Explanation 18 The business philosophy that focuses on reducing time and cost and eliminating poor quality within manufacturing and non-manufacturing
processes is Just in Time JIT (Just in Time) system involves performing a task as and when it is required. For instance, under JIT, inventory is procured only when it is needed. This helps in reducing inventory carrying costs (such as insurance, storage, etc.). Under this system, workers are cross trained to perform multi-tasks which helps the company in generating more productivity with same resources. 19 In Innovative manufacturing systems, processing functions are combined into work centers, which are also known as Manufacturing Cells Self-Explanatory 20 A measure of the ratio of the materials output quantity to the materials input quantity Yield Self-Explanatory 21-24 Identify whether the process cost or job order cost system would be most appropriate for each of the following businesses 21 Oil Refinery Process Cost System Process costing is used in industries where production of similar goods is undertaken on a large scale such as Oil Refinery and Paper Mill. Job costing, on the other hand, is used by industries where each product/service is treated as an individual job such as Law Firm and Computer Repair Serivce. In case of a law firm, each client may have different requirement and may require consultancy/legal services in different areas. Similar is the case with computer repair service. Because of this customization, it is not possible to use process costing in such industries 22 Law Firm Job Cost System 23 Paper Manufacturer Process Cost System 24 Computer Repair Service Job Cost System

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