____ Is Concerned with Doing the Activity Right the First

question 143

Multiple Choice

____ is concerned with doing the activity right the first time it is performed.

• A)Time
• B)Efficiency
• C)Quality
• D)Velocity
• E)none of these

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Definitions:

First-In, First-Out Method

A method of valuing inventory whereby the costs of the first items bought or manufactured are the first ones accounted for in the calculation of the cost of goods sold.

Cost Of Ending Work

The total cost related to the unfinished work or inventory at the end of an accounting period.

Assembly Department

A section within a manufacturing facility where components are put together to make a finished product.

Units Transferred Out

The completed units moved out of a production process or cost center to the next process, or finished goods inventory, during a period.