Match Each of the Following Terms with the Appropriate Definitions

question 128

Multiple Choice

Match each of the following terms with the appropriate definitions.

-Hybrid manufacturing system

• A)Costing system to determine the cost of producing each job or job lot.
• B)Document that summarizes the materials a department uses during a reporting period; replaces materials requisition.
• C)Report of costs charged to a department, its equivalent units of production achieved, even the costs assigned to its output.
• D)A manufacturing system that contains features of both process and job order systems.
• E)Number of units that would be completed if all effort during a period had been applied to units that were started and finished.
• F)System of assigning direct materials, direct labor, and overhead to specific processes; total costs associated with each process are then divided by the number of units passing through that process to determine cost per equivalent unit.
• G)Process of products in a continuous flow of steps.

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Definitions:

Demand Increase

A situation where consumers are willing and able to purchase more of a product or service at each price level, often caused by changes in tastes, income, or prices of related goods.

Consumer Surplus

The separation in monetary terms between what consumers are willing to pay for a good or service and their final payment amount.

Cost of Producing Chairs

The total expenses incurred in the manufacturing of chairs, including materials, labor, and overhead costs.

Consumer Surplus

The variance between the sum consumers are willing to pay for a good or service and the amount they truly pay.