The Main Aim of Flexible Manufacturing Is to

question 39

Multiple Choice

The main aim of flexible manufacturing is to

• A)create products that can be modified easily.
• B)create a standard range of products.
• C)set up large workforces.
• D)improve an organization's management systems.
• E)reduce the time required to set up production equipment.

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Definitions:

Work In Process

Inventory that is in the production process and is not yet complete; it includes raw materials, labor, and overhead costs incurred for products that are at various stages of production.

Direct Materials

Raw materials that are directly used in the production of a product and can be easily traced to the finished product.

Conversion Costs

Sum of labor costs and overhead expenses associated with the transformation of raw materials into finished goods.

First-In

Typically part of the phrase "First-In, First-Out" (FIFO), a method used to assign costs to inventory on the basis that the first items entered into inventory are the first sold.