16 the system attracts materials labor and overhead into production under a just in 4307811

16 the system attracts materials labor and overhead into production under a just in 4307811

16) The ________ system attracts materials, labor, and overhead into production under a just-in-time management system.

A) purchase-push

B) demand-push

C) purchase-pull

D) demand-pull

17) Which of the following is a disadvantage of just-in-time management system?

A) It results in a decrease in production space.

B) It increases the inventory cost.

C) The risk of the inventory becoming obsolete is very high.

D) The users of this system often lose sales because of little or no inventory buffers.

18) ________ is a costing system that starts with output that has been completed and then assigns manufacturing costs to units sold and to inventories.

A) Job costing

B) Batch costing

C) Backflush costing

D) Process costing

19) Just-in-time management systems use a combined account for Raw Materials Inventory and Work-in-Process Inventory known as the ________.

A) Raw Materials Inventory account

B) Work-in-Process Inventory account

C) Raw and In-Process Inventory account

D) Process account

20) Which of the following temporary accounts is typically used in just-in-time management systems to accumulate direct labor and manufacturing overhead costs?

A) Adjustments account

B) Conversion Costs account

C) Manufacturing Overhead account

D) Work-in-Process account

21) Which of the following is an attribute of traditional costing systems?

A) raw materials are ordered in large quantities

B) production is completed in self-contained work cells

C) suppliers make frequent deliveries of small quantities of raw materials

D) management works with suppliers to ensure defect-free raw materials

22) Under the just-in-time costing system, a credit purchase of raw materials is recorded by ________.

A) debiting the Raw Materials Inventory account

B) crediting the Conversion Costs account

C) debiting the Raw and In-Process Inventory account

D) crediting the Cash account

23) Agostino Inc. uses a just-in-time costing system. During the month, Agostino Inc. incurred $300,000 as direct labor and $9,000 as overhead. Which of the following is the correct journal entry to record the conversion costs?

A)

Conversion Costs

309,000

       Wages Payable, Accumulated Depreciation, etc.

309,000

B)

Conversion Costs

309,000

       Wages Payable

309,000

C)

Manufacturing Overhead

309,000

       Conversion Costs

309,000

D)

Conversion Costs

309,000

       Accounts payable

309,000

24) Under a just-in-time costing system, the journal entry that is recorded when the goods are completed and moved to Finished Goods Inventory is ________.

A)

Finished Goods Inventory

        Raw and In-Process Inventory

B)

Finished Goods Inventory

        Raw and In-Process Inventory

        Conversion Costs

C)

Finished Goods Inventory

        Conversion Costs

D)

Raw and In-Process Inventory

        Conversion Costs

        Finished Goods Inventory

25) Adriano Corp. sold 2,500 cell phones on account for $700 each. The standard direct material and conversion costs of each unit are $173.85 and $57.95, respectively. Record the journal entries for this transaction under the just-in-time costing system.

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