MATCHING Complete the Following Using the Terms Listed

question 94

Multiple Choice

MATCHING
Complete the following using the terms listed.
-_____ outlines a set of procedures for coordinating people,materials,and machinery in the most efficient manner possible.

• A)production
• B)computer-aided design (CAD)
• C)quality control
• D)production and operations management
• E)inventory control
• F)quality
• G)computer-aided manufacturing (CAM)
• H)benchmarking
• I)utility
• J)production control
• K)materials requirement planning
• L)make,buy,or lease decision
• M)just-in-time (JIT)system

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Definitions:

Product Cost

Product cost encompasses all costs directly involved in manufacturing a product, including raw materials, labor, and manufacturing overhead.

Absorption Costing

A method of product costing that includes all manufacturing costs, both fixed and variable, in the cost of a product.

Total Product Cost

The complete cost of producing a product, including direct materials, direct labor, and both variable and fixed overhead.

Cost-Volume-Profit Analysis

An accounting technique used to determine how changes in costs and volume affect a company's operating income and net income.