Ideally, raw materials are received just in time to go into production when a JET system is in place. Procedures inherent in the Theory of Constraints include, but are not limited to the following: identify the weakest (rather than the strongest) link, do not place a greater strain on the system that the weakest link (rather than the strongest link) can handle, and concentrate improvement efforts on Strengthening the weakest (rather than the strongest) link. To be effective, improvement efforts must be focused on the constraint.
Six Sigma is a process improvement method that relies on customer feedback and fact-based data gathering and analysis techniques to drive process improvement. The Imam’s Statement of Ethical Professional Practice includes all of the following broad categories: competence, confidentiality, and integrity. The Serbians-Solely Act of 2002 requires that the CEO and SCOFF (rather than the SCOFF and the Controller) certify in writing that their company’s financial statements and accompanying disclosures fairly represent the results of operations.
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Which of the following statements about corporate social responsibility (CARS) is correct? CARS is a concept whereby organizations consider the needs of all stakeholders when making decisions. CARS extends beyond legal compliance. CARS includes voluntary actions that satisfy the expectations of customers, employees, suppliers, communities, and environmental and human rights advocates.
The major activities of managers include planning directing and motivating, and controlling: planning, directing and motivating, and controlling. The wages of materials handling personnel cannot be physically traced to the reaction of products or can be traced only at great cost and inconvenience. Labor costs that cannot be physically traced to the creation of products, or that can be traced only at great cost and inconvenience, are referred to as indirect labor and treated as part of manufacturing overhead.
The cost of goods sold for a manufacturing company is determined as follows: Cost of goods sold = Beginning finished goods inventory + Cost of goods manufactured – Ending finished goods inventory. If the cost of goods manufactured is greater than the cost of goods sold (as stated in the question), then the ending finished goods inventory (which is subtracted) must be greater than the beginning finished goods inventory (which is added); as such, the finished goods inventory must have increased during the period.
The cost of the raw materials used in production during the year is determined as follows: The cost of goods manufactured (finished) during the year is determined as follows: The cost of goods sold for the year is determined as follows: The net income for the year is determined as follows: The relevant range is the range of activity within which the assumptions bout variable and fixed costs are valid. Within the relevant range, the following assumptions are made about variable and fixed costs.
A variable cost is a cost that varies, in total, in direct proportion to changes in the level of activity; as such, a variable cost is constant when expressed on a per unit basis. A fixed cost is a cost that remains constant, in total, regardless of changes in the level of activity; as such, when expressed on a per unit basis, a fixed cost per unit increases and decreases inversely with changes in activity. An opportunity cost is the potential benefit that is given up when one alternative is selected over another.