CMA Cost 6 assignment
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1-The benefits of a just-in-time system for raw materials usually include *
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G2020-8-1-1
Answer (A) is correct.Non value-adding activities are those that do not add to customer value or satisfy an organizational need. Inventory activities are inherently non value-adding. Thus, a system, such as JIT, that promotes lean production and reduces inventory and its attendant procedures (storage, handling, etc.) also reduces non value-adding activities.
Answer (A) is correct.Non value-adding activities are those that do not add to customer value or satisfy an organizational need. Inventory activities are inherently non value-adding. Thus, a system, such as JIT, that promotes lean production and reduces inventory and its attendant procedures (storage, handling, etc.) also reduces non value-adding activities.
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2- The effectiveness of a JIT system is often facilitated by the elimination of some common forms of internal control. The elimination of which internal control is usually acceptable with a JIT system? *
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Answer (A) is correct.Receiving departments are often eliminated with a JIT system so receiving reports are not needed.Also, the quantity received should be exactly equal to immediate production needs.
Answer (A) is correct.Receiving departments are often eliminated with a JIT system so receiving reports are not needed.Also, the quantity received should be exactly equal to immediate production needs.
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3- Just-in-time manufacturing practices are based in part on the belief that *
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Answer (C) is correct.Just-in-time (JIT) manufacturing is a pull system; items are pulled through production by current demand, not pushed through by anticipated demand as in traditional manufacturing setups.
Answer (C) is correct.Just-in-time (JIT) manufacturing is a pull system; items are pulled through production by current demand, not pushed through by anticipated demand as in traditional manufacturing setups.
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4-Companies that adopt just-in-time purchasing systems often experience *
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5- Just-in-time production is also called *
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Answer (B) is correct.
Lean manufacturing, or lean processes, expands the concept of just-in-time. The central focus is on accomplishing more with less resources.
Answer (B) is correct.
Lean manufacturing, or lean processes, expands the concept of just-in-time. The central focus is on accomplishing more with less resources.
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6- Which of the following is not a benefit of lean production? *
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Answer (C) is correct.Since every worker in a manufacturing cell must be able to operate every piece of machinery in the cell, reduced training costs do not necessarily accompany the deployment of lean production.
Answer (C) is correct.Since every worker in a manufacturing cell must be able to operate every piece of machinery in the cell, reduced training costs do not necessarily accompany the deployment of lean production.
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7- Which of the following internal controls is not one typically eliminated when a just-in- time inventory system is introduced? *
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8- The physical reconfiguration of equipment that often accompanies the institution of a just-in-time manufacturing regime is described as the creation of *
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9- Which of the following terms is not connected with the employment of just-in-time (JIT)manufacturing? *
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Answer (D) is correct.Safety stock involves always keeping enough raw materials on hand to overcome the effects of an interruption in supply. In a JIT system, manufacturers are completely dependent upon the reliability oftheir suppliers in delivering raw materials as they are needed. Keeping safety stock undercuts the entire philosophy of JIT.
Answer (D) is correct.Safety stock involves always keeping enough raw materials on hand to overcome the effects of an interruption in supply. In a JIT system, manufacturers are completely dependent upon the reliability oftheir suppliers in delivering raw materials as they are needed. Keeping safety stock undercuts the entire philosophy of JIT.
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10- A company manufactures its products in a highly automated, just-in-time environment and uses a standard cost system. The variance that would cause the most concern would be a *
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11- Which one of the following is not an expected benefit of implementing a just-in-time (JIT)production system? *
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12- A company is planning to implement a just-in-time (JIT) inventory management system. All of the following are benefits expected from implementing JIT except *
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Answer (D) is correct.A company’s demand for its products is unaffected by its inventory management method.
Answer (D) is correct.A company’s demand for its products is unaffected by its inventory management method.
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13- In contrast to just-in-time manufacturing, materials requirements planning is a(n) *
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Answer (A) is correct. MRP is a push system, that is, the demand for raw materials is driven by the forecasted demand for the final product, which can be programmed into the computer. This is in contrast with just-in-time manufacturing, which is a pull system, meaning items are pulled through production by current demand, not pushed through by anticipated demand.
Answer (A) is correct. MRP is a push system, that is, the demand for raw materials is driven by the forecasted demand for the final product, which can be programmed into the computer. This is in contrast with just-in-time manufacturing, which is a pull system, meaning items are pulled through production by current demand, not pushed through by anticipated demand.
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14- Materials requirements planning (MRP) sometimes results in *
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Answer (D) is correct.
Among the benefits of MRP are reduced idle time, lower setup costs, lower inventory carrying costs, and increased flexibility in responding to market changes.
Answer (D) is correct.
Among the benefits of MRP are reduced idle time, lower setup costs, lower inventory carrying costs, and increased flexibility in responding to market changes.
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15- A company uses material requirements planning (MRP) and manufactures a product with the following product structure tree. *
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The company has just received an order for 100 units of X, the finished product. The company has 20 units of X, 100 units of B, and 50 units of E in inventory. How many units of E must the company purchase in order to fill the order?
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16- The following MRP (material requirements planning) diagram describes the assembly of FinishedGood A. *
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The current inventory levels are shown below.
A: 0 B: 50 C: 60 D: 100 E: 120
If the company has just received an order for 500 units of A, how many units of E must the company purchase?
A: 0 B: 50 C: 60 D: 100 E: 120
If the company has just received an order for 500 units of A, how many units of E must the company purchase?
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Answer (D) is correct.
Each unit of A requires 2 units of C, and in turn, each unit of C requires 3 units of E. Since there is no inventory of A, the company must assemble all 500 units from the order. These 500 units require a total of 1,000 units of C (500 units of A × 2 units of C). Since there are 60 units of C in the inventory, the company would need to assemble 940 units of C. These 940 units of C require 2,820 units of E (940 units of C × 3 units of E). Since there are 120 units of E in the inventory, the company only needs to purchase an additional 2,700 units of E (2,820 – 120).
Answer (D) is correct.
Each unit of A requires 2 units of C, and in turn, each unit of C requires 3 units of E. Since there is no inventory of A, the company must assemble all 500 units from the order. These 500 units require a total of 1,000 units of C (500 units of A × 2 units of C). Since there are 60 units of C in the inventory, the company would need to assemble 940 units of C. These 940 units of C require 2,820 units of E (940 units of C × 3 units of E). Since there are 120 units of E in the inventory, the company only needs to purchase an additional 2,700 units of E (2,820 – 120).
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17- A primary advantage of an ERP system is *
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Answer (D) is correct.An advantage of an ERP system is the elimination of data redundancy through the use of a central database. In principle, information about an item of data is stored once, and all functions have access to it. Thus, when the item (such as a price) is updated, the change is effectively made for all functions.The result is reliability (data integrity).
Answer (D) is correct.An advantage of an ERP system is the elimination of data redundancy through the use of a central database. In principle, information about an item of data is stored once, and all functions have access to it. Thus, when the item (such as a price) is updated, the change is effectively made for all functions.The result is reliability (data integrity).
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18- An enterprise-wide resource planning (ERP) system integrates the organization’s computerized subsystems and may also provide links to external parties. An advantage of ERP is that *
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19- Enterprise resource planning (ERP) belongs to which of the following categories of IT? *
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Answer (A) is correct.Applications are programs that perform specific tasks related to business process. ERP belongs to the category of applications.
Answer (A) is correct.Applications are programs that perform specific tasks related to business process. ERP belongs to the category of applications.
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20-Buy-side, sell-side, back-office, and enterprise resource planning (ERP) are subcategories of which layer of IT? *
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21- Define materials requirements planning (MRP) & Benefits – Limitations *
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•One of MRP benefits is lowering carrying amount costs be reducing the inventory level to the level needed to apply JIT production system.
•Limitation of MRP may appear if some materials delivery late to be delivered or not correct as quantity.
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It is an approach that uses computer software to help manage a manufacturing process. MRP is a “Push- through” system that manufactures finished goods for inventory on the basis of demand Forecasts
Benefits
1.Less coordination required between functional areas; everyone follows the bill of materials.
2.Scheduling improvements; levels load when demand is variable or relatively unpredictable.
3. Predictable raw material needs; can take advantage of bulk purchasing and other price breaks.
4. More efficient inventory control; schedules to use up raw materials or build finished goods.
5. Additional inventory on hand to cover orders should product be damaged or lost in transit to a customer.
6. Quick response to new customer demand; can supply new customers from existing inventory rather than building product after the order is received.
7. Better manufacturing process control; minimizes retooling and machine setup time.
8. Reduced idle time.
9. Lower setup costs.
10. Lower inventory carrying costs.
11. Increased flexibility in responding to market change
Limitations
The primary disadvantage of an MRP environment is potential inventory accumulation. Workstations may receive parts that they are not ready to process.
Benefits
1.Less coordination required between functional areas; everyone follows the bill of materials.
2.Scheduling improvements; levels load when demand is variable or relatively unpredictable.
3. Predictable raw material needs; can take advantage of bulk purchasing and other price breaks.
4. More efficient inventory control; schedules to use up raw materials or build finished goods.
5. Additional inventory on hand to cover orders should product be damaged or lost in transit to a customer.
6. Quick response to new customer demand; can supply new customers from existing inventory rather than building product after the order is received.
7. Better manufacturing process control; minimizes retooling and machine setup time.
8. Reduced idle time.
9. Lower setup costs.
10. Lower inventory carrying costs.
11. Increased flexibility in responding to market change
Limitations
The primary disadvantage of an MRP environment is potential inventory accumulation. Workstations may receive parts that they are not ready to process.
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