Ben Is Part of a New Project in His Company

question 58

Multiple Choice

Ben is part of a new project in his company. He is asked to complete a task within two days, but he is only able to finish it in three days. Since the task assigned to him is noncritical in nature, the extra day taken by Ben does not cause a delay in the project. In this scenario, the additional day taken by Ben is known as _____.

• A) flow time
• B) throughput
• C) slack
• D) critical time
• E) flowgrind

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Definitions:

Applied Factory Overhead

The portion of factory overhead costs that has been assigned to goods produced, often based on a predetermined rate.

Equivalent Units

A concept in cost accounting used to convert partially completed units into an equivalent number of fully completed units during a specific period for costing purposes.

Conversion Costs

The sum of labor and overhead costs that are necessary to convert raw materials into finished goods.

Weighted Average Method

A cost accounting method that calculates the cost of goods sold and ending inventory based on the weighted average cost of all items available for sale.