ACCOUNTING CO-ORDINATOR: P Gopaul Siphesihle Secondary PRODUCTION COST STATEMENTS LO2: AS 2: MANAGERIAL ACCOUNTING Prepare ‚ present‚ analyse and report on cost information for a manufacturing Enterprise by compiling a production cost statement. 1. The financial statements of manufacturing enterprises The financial statements of the manufacturing enterprise differs very little from those of the merchandising enterprise. Account titles on the balance sheet of the manufacturer are similar to those
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mass production of PHB began after the 1990s because of the growing need for a environmentally friendly plastic alternative. Properties of PHB... The biodegradability of PHB gives it extraordinary appeal as a potential replacement for the widely used polymers derived from petrochemicals. These petrochemical products‚ such as polypropylene and polyethylene‚ are often used for packaging‚ but are a hazard to the environment because of the fact that when discarded they do not decompose and can cause
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INTRODUCTION TO PRODUCTION AND OPERATIONS MANAGEMENT Content of module: Introduction to production and operations management‚ definition of ‘production’ and ‘operations’ management‚ meaning‚ scope and history of evolution. INTRODUCTION TO PRODUCTION AND OPERATIONS MANAGEMENT Production is the process by which raw materials and other inputs are converted into finished products. Production and operations management (POM) is the management of an organization’s production system. A production system takes
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PRODUCTION & OPERATIONS MANAGEMENT Forecasting helps managers and businesses develop meaningful plans and reduce uncertainty of events in the future. Managers want to match supply with demand; therefore‚ it is essential for them to forecast how much space they need for supply to each demand. 1.1 QUANTITATIVE TECHNIQUES * LINEAR TREND Show steady‚ straight-line increases or decreases where the trend-line can go up or down and the angle may be steep or shallow
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MGMT 405 Operations and Production Management Answer set 2 (Reference chapter 2 – William J. Stevenson-2007‚ ninth edition) Problems and Solutions 1. Suppose that a company produced 300 standard bookcases last week using eight workers and produced 240 standard bookcases this week using six workers. In which was productivity higher? Explain. Ans: Productivitylast week = standard bookcases produced as output / labor= 300/8= 37.8 sbc/worker Productivity this week = standard bookcases produced
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Overview of Cost Classification and Material Management: Ans: Cost Classification: ( Introduction: In this assignment I will be discussing how costs incurred in any organization may be classified in a number of different ways for a number of different purposes. I will also be looking to find companies that use a variety of different costing techniques and methods. I will also be discussing the comparisons between marginal and absorption costing and how the concept of activity based costing can also be
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Challenges of Operation Manager There are many challenges faced by operation managers in the field of operation management. Operation managers should equip him or her with varies issues and knowledge cross all the business function‚ not just the operation. To be a good operation manager‚ they must be able to understand the whole business flows‚ the products‚ the customers‚ the operation‚ the people and the technology. Understanding of various issue can made them deal better with various support
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DETERMINING THE COST OF MATERIALS An important area of materials accounting is the costing of materials requisitioned from the storeroom for factory use. The unit cost of incoming materials is known at the time of purchase. The date of each purchase is also known‚ but the materials on hand typically include items purchased on different dates and at different prices. Items that look alike usually are commingled in the storeroom. As a result‚ it may be difficult or impossible to identify an issue
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What are the risks of an extended supply chain? In order to remain competitive‚ a company must offer superior quality goods or services at the lowest prices possible. Supply chain enables a company to reduce the cost while increasing the efficiency. However‚ there are risks that are associated with such benefits. These issues should be properly addressed when a company is trying to rely heavily on supply chain management in order to stay competitive within its industry. A company is exposed
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International Journal of Production Research Vol. 48‚ No. 10‚ 15 May 2010‚ 2975–2993 Managing lean manufacturing in material handling operations James C. Green‚ Jim Lee* and Theodore A. Kozman Engineering Management Program‚ Department of Mechanical Engineering‚ University of Louisiana at Lafayette‚ P.O. Box 44170‚ Room 244 CLR Hall‚ Lafayette‚ LA 70504-2250‚ USA (Received 17 July 2007; final version received 8 January 2009) The problem addressed by this research is to implement lean manufacturing
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