Which of the Following Organizations Makes Use of Six Sigma

question 45

Multiple Choice

Which of the following organizations makes use of Six Sigma programs to improve quality and strategy execution?

• A)La Tagliata Boutiques offers a different range of products at different outlets across London.
• B)LG Electronics reengineers its value chain activities by creating cross-functional teams.
• C)Memphis & Company applies advanced statistical methods to identify and remove the causes of defects.
• D)Milwaukee Hospital improves the accuracy of administering the proper drug doses to patients.
• E)Amtrak replaces its train repair facility in Beech Grove,Indiana,with mobile repair vans to cut operational costs by 40 percent.

Develop skills in the preparation of journal entries related to the job order cost accounting cycle, including transactions for materials, labor, overhead, and the sale of completed jobs.

Learn to compute and adjust for over- or underapplied overhead and its implications on financial reporting.

Gain insights into the use of a web-based general ledger system in maintaining financial records and applying overhead in job order costing.

Understand the role of raw material, work in process, and finished goods inventories in job order cost accounting.

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Definitions:

Gross Profit

Gross profit is the financial measure calculated by subtracting the cost of goods sold from revenue, indicating the efficiency in production and pricing.

LIFO Method

An inventory valuation method that assumes the last items placed in inventory are the first sold, known as Last-In, First-Out.

FIFO Method

A method of inventory valuation where the first items purchased are the first ones to be sold, standing for First In, First Out.

Inventory Valuation

The method or process by which the total value of a company's inventory is determined, based on the cost of goods, market value, or an agreed-upon valuation mechanism.