ACIS_2116_Chapter_3_Slides_with_Blanks

ACIS_2116_Chapter_3_Slides_with_Blanks - 1 ACIS 2116...

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Unformatted text preview: 1 ACIS 2116 Chapter Three Product Costing: Manufacturing Processes, Cost Terminology, and Cost Flows 2 Merchandising Firm vs. Manufacturing Firm Merchandisers . . . • Buy _______ goods. • Sell finished goods. Manufacturers . . . • Buy ___ ________. • Produce and sell finished goods. MegaLoMart 3 Balance Sheet Merchandiser Current assets Cash Receivables Prepaid Expenses _________ Inventory Manufacturer Current Assets ◆ Cash ◆ Receivables ◆ Prepaid Expenses ◆ Inventories ___ _________ Work in Process _______ _____ 4 Inventory • Raw Materials – used to make a _______ • Work in Process – _______ complete products • Finished Goods – completed products awaiting sale 5 Service Firm Service Firm . . . • Perform a service for a customer Inventory is not significant 6 Manufacturer - Traditional • Similar machines grouped together. • Inventory “_______” from area to area. • Inventory buffers ________. • Inventory handled & moved a lot. • Difficult to switch to a different product (high setup time). 7 Lean Production and JIT • Lean production • Eliminate waste • Manage ________ • JIT • Starts with customer order • Products are “_______” • Rely on dependable, quick suppliers 8 The Product The Product Direct ________ Direct _____ Manufacturing _________ Manufacturing Costs 9 Cannot be ______ ______ to specific units produced. Manufacturing Overhead Examples: Indirect labor and indirect materials Examples: maintenance workers, janitors and security guards. Examples: lubricants and cleaning supplies used in the automobile assembly plant....
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ACIS_2116_Chapter_3_Slides_with_Blanks - 1 ACIS 2116...

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