Select the person who has the primary role in each of the following activities a

Question

Select the person who has the primary role in each of the following activities associated with developing standards. a. Purchasing manager. b. Industrial engineer. c. Managerial accountant. show less Establishing the labor rate standard based on the type of labor required. Determining if the company should take advantage of price reduction available through economic order size. Establishing the standard cost for material required by the bill of materials. Obtaining the data regarding the availability of materials. Reviewing all the information regarding standards received from all the departments. Converting physical standards such as hours and quantities to monetary equivalents. Participating in time studies and test runs to establish time standards. Determining the application rates for indirect costs. Establishing, in conjunction with the production supervisor, any allowances for scrap, shrinkage and waste Preparing the bill of materials that specifies the types and quantities of material required.

Explanation / Answer

1) Establishing labour rate standard based on the type of labor required. Industrial engineer 2) Determining if the company should take advantage of price reduction available through economic order size. Managerial accountant 3) Establishing the standard cost for material required by the bill of material Industrial engineer 4) obtaining the data regarding the avaibility of materials Purchase manager 5) Reviewing all the information regarding standards receved from all departments Managerial accountant 6) Converting physical standards such as hours and quantities to monetary equivalent. Managerial accountant 7) Participating in time studies and test runs to establish time standards Industrial engineer 8) Determining the application rates for indirect cost. Managerial accountant 9) Establishing, in conjuction with production supervisor, any allowances for scrap, shrinkage and waste. Industrial engineer 10) Preparing the bill of materials that specifies the types and quantities of material required. Purchase manager

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