Magnus, an Industrial Engineer in a Garment Manufacturing Company, Introduced

question 38

Multiple Choice

Magnus, an industrial engineer in a garment manufacturing company, introduced small procedures to detect errors in the production process. These procedures help workers spot mistakes in the garments before they are moved to the next stage. In the given scenario, Magnus most likely introduced _____.

• A) green practices
• B) artifacts
• C) poka-yokes
• D) the Kaizen system

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Definitions:

LIFO

Last In, First Out, an inventory costing method where the last items added to inventory are the first to be used or sold.

FIFO

"First In, First Out," an inventory valuation method where the cost of the earliest goods purchased or produced are the first to be charged against income when those goods are sold.

Lower-Of-Cost-Or-Market

A conservative approach to valuing and reporting assets, where the value reported is the lower of either the cost to buy or produce the asset, or its market value.

Specific Identification

An inventory costing method where the costs associated with individual units of inventory are tracked specifically.