Submitted by: Submitted by paperboy11
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Pages: 7
Category: Business and Industry
Date Submitted: 11/27/2015 12:18 AM
Problems 14.1
No. Term Definitions
1 Bill of materials c. A list of the raw materials used to create a finished product
2 Operations list k. A document that lists the steps required to manufacture a finished goods
3 Master production schedule i. i. A document that tracks transfer of inventory form one work center to another
4 Lean manufacturing m. A production planning technique that is an extension of the just in time inventory control method
5 Production order j. A document that authorizes manufacture of a finished goods
6 Material requisition d. A document used to authorize removal of raw materials form inventory
7 Move ticket i. i. A document that tracks transfer of inventory form one work center to another
8 Job-time ticket h. A document that reocrds labor costs associated with manufacturing a product
9 Job-order costing f. A cost accounting method assigns costs to specific batches or production runs and is used when the product or service consists of uniquely identifiable items
10 Cost driver a. a. A factor that causes costs to change
11 Throughput b. b. A measure of the number of good units produced in a period of time
12 Computer-integrated manufacturing c. c. A lists of the raw materials used to create a finished product
Problems 14.2
No Problem Internal Control
1 A Production order was initiated for a product that was already overstocked in the company warehouse • production planning systems
• Review and approval of production schedules and orders
• Restriction of access to production orders and production schedules
2 A Production employee stole items of work in process inventory • Physical access control
• Documentation of all inventory management
• Segregation of duties, custody of assets from recording and of removal
3 The rush order tag on a partially completed production job became detached from the materials and lost, resulting in a costly delay • Production planning systems
• Review and approval of production...