Inventory Management
Cycle Inventories created when the firm _______ a quantity large enough to last until the next purchase or production period.
Which type of inventory is purchased in advance to guard against uncertainties in pricing?
The order quantity that will minimize the sum of the annual inventory holding cost and the annual order cost is known as ______ .
______ is a system in which each supply chain partner sequentially forecasts demand that invariably leads to the bullwhip effect
The actual cost of the items bought from suppliers is known as ______
The _____________ is the amount a firm would have to pay to acquire a replacement for an inventory item at that a particular time.
Single-echelon inventory systems
Inventory Days of Supply is an inventory performance measure that tells management how long inventory is held before it is sold.
Order fulfillment lead time is the the average time it takes from the submission of a customer’s purchase order until the company delivers the order
Which of the following is a predetermined estimate of what each item of manufactured inventory should cost based on past cost and planned production methods?
Inventory held in excess of a firm’s cycle stock to meet the expected increase in demand is known as
____________ is an example of a retailer whose merchandise mix is both wide and deep?
Assembly line layouts are examples of which of the following?
Maintenance, repair, and operating supplies is defined as purchased items consumed in-house or used to support _______ .
_______ is a programmable machine capable of storing machining steps for repetitively manufactured parts.
EOQ stands for _____ .
Dependent demand required to build end-items and are dependent on the ________ of the finished product .
For a bakery, flour would be considered _________________.
Which of the following is not a product cost?
Conventionally, accountants refer to the difference between sales and cost of goods sold as the ______________.
In Smoothing inventories inventories held to smooth out fluctuations in production
The procedure whereby a manufacturing firm charges the fixed production cost to the period rather than assigning it as a cost of the product is called ____________________.
it results in higher net income
________ measures of how well companies are creating good customer service while keeping inventories low.
________ measure of how frequently a business sells its inventory in a given time period
Setup costs the costs of setting up the machines or changing over production from one item to another
Which of the following concepts states that gains (or losses) caused by increases (or decreases) in the market value of assets should not appear in the income until a firm sells the particular assets?
A predetermined estimate of what each item of manufactured inventory should cost, based on past experience and planned production methods, is called the __________________.
Stored materials that will eventually become part of the goods to be produced are called _______.
Which of the following cost flow assumptions assigns the costs of the earliest units acquired to the withdrawals, and the costs of the most recent acquisitions to the ending inventory?
The term "JIT Inventory" means _________________.
Which of the following is the correct equation for determining the cost of goods sold?
The time from order receipt to delivery to the customer is known as _______
Anticipation Inventories can be met ______ of expected high demand
Money paid to an upstream supplier for materials or goods purchased Is known as
Machine shop layouts are examples of which of the following?
Which type of accountant works most closely with inventory?
The portion of merchandise that is available for sale or use and that is allocated to the current period's usage is called the _______________.
Cash-to-Cash Cycle Time indicating how ______ is tied up in the main cash- producing and cash- consuming area .
At the beginning of the year, XYZ reported balances in Work in Process Inventory and Finished Goods Inventory, respectively, of $174,000 and $102,000. During the year, materials, labor, and overhead costs totaling $678,000 were added to the production. Products costing $612,000 were transferred to finished goods during the year. At the end of the year, the balance in Finished Goods Inventory is $72,000.What amount should XYZ report as Cost of Goods Sold for the year?
The inventory that a company carries to satisfy its normal cycle of sales orders or production requirements is known as
Work-in-Process is an item in some intermediate stage of processing by
Which model assumes the purchase lead time to be constant; however, the time between orders would vary ?
Which of the following inventory cost flow assumptions is physically appropriate for liquid or other types of products for which distinguishing different lots is difficult?
The term "cycle counting" refers to ___________________.
Which of the following concepts states that if a firm uses a LIFO assumption in its income tax return, it must also use LIFO in its financial reports to shareholders?
In cash flow statements, reductions in inventory ___________________.
Which of the following is NOT a valid characteristic of variable costing (direct costing) for inventories for manufacturing firms?
This type of layout enables high-volume output while making standardized products:
The ______________________ is the estimated selling price of the inventory less any estimated costs for making the item ready for sale and actually selling it.