The Maxit Corporation Has a Standard Costing System in Which

question 433

Multiple Choice

The Maxit Corporation has a standard costing system in which variable manufacturing overhead is assigned to production on the basis of standard machine-hours. The following data are available for July:Actual variable manufacturing overhead cost incurred: $11,310Actual machine-hours worked: 1,600 hoursVariable overhead rate variance: $1,710 UnfavorableTotal variable overhead spending variance: $2,310 Unfavorable The standard number of machine-hours allowed for July production is closest to:

• A) 1,600 hours
• B) 1,700 hours
• C) 1,300 hours
• D) 1,500 hours

Describe Vendor Managed Inventory (VMI) and its relation to outsourcing.

Understand the concept of keiretsu in supply chain management.

Evaluate strategies to reduce the "bullwhip" effect and improve supply chain efficiency.

Understand and explain the concept of simple and compound interest.

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Definitions:

Private Nuisance

A disturbance or inconvenience to an individual caused by the use of property in a way that unlawfully affects others.

Use and Enjoyment

The right of a property owner or tenant to occupy and use property without interference.

Land

A property or parcel of the earth's surface, including resources and physical environment, which can be owned or leased.

EIS

Environmental Impact Statement, a document required for major federal actions in the United States, outlining the effects on the environment of proposed projects.