Functions of MES Programs Include: Compiling a Bill of Materials,resource

question 122

True/False

Functions of MES programs include: compiling a bill of materials,resource management and scheduling,preparing and dispatching production orders,and preparing WIP reports.

Grasp the methods for calculating margins and turnovers.

Interpret the implications of investment opportunities on ROI and residual income.

Recognize the impact of managerial decisions on divisional performance metrics.

Learn the calculation and application of the manufacturing cycle efficiency (MCE).

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Definitions:

Process Costing System

An accounting method used in manufacturing where costs are assigned to processes or departments, suitable for homogeneous products.

Labour and Overhead Costs

The combined costs of direct labour and all overhead expenses associated with the production of goods or services.

Materials Costs

The costs associated with the raw materials used in the manufacturing of products.

FIFO Method

A process costing method in which equivalent units and unit costs relate only to work done during the current period.