Chapter 11 Quiz

Chapter 11 Quiz - Chapter 11 Quiz Submitted by rjt5008 on...

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Chapter 11 Quiz Submitted by rjt5008 on 3/19/2007 3:26:24 PM Points Awarded 10 Points Missed 0 Percentage 100% 1. Define excess (surplus) material. Points Earned: 3/3 Correct Answer: Inventory that is in excess of reasonable future requirements. The actual calculation (for each material) would be. .. TOTAL OF MATERIAL IN STOCK minus TOTAL OF ALL KNOWN FUTRE REQUIREMENTS Your Response: It is materal that is stock and is in excess of the requirement for the organization. Still considered quality and good stock but just exceedes the limit of the organization. 2. Define obsolete material. Points Earned: 3/3 Correct Answer: Material that you have no current need for (requirements) and you forsee no future need. Your Response: Obsolete material is material that is in excess and is most likely to not be used inside the organization. If there is a change in the production process or if another material is substituted in then obsolete material can arise. 3.
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Chapter 11 Quiz - Chapter 11 Quiz Submitted by rjt5008 on...

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