Question 1

Only manufacturers use the lean business model.

Accepted Answer

A) True 
 B)False

Question 2

Vista Company's has 32 days' payable outstanding based on the current year's cost of goods sold of $11,315.What is Vista's balance in accounts payable?

Accepted Answer

A)  $975
B)  $870
C)  $950
D)  $998
E)  $992F) C) and D)
G) B) and E)

Question 3

If accounts payable is $1,116 and cost of goods sold is $11,315,what is days' payable outstanding?

Accepted Answer

A)  30 days
B)  45 days
C)  36 days
D)  33 days
E)  40 daysF) A) and B)
G) B) and C)

Question 4

Work in process inventory reflects a delay in getting products to customers,which is considered wasteful by lean businesses.

Accepted Answer

A) True 
 B)False

Question 5

If work in process inventory is $900 and cost of goods sold is $16,425,what is days' sales in work in process inventory?

Accepted Answer

A)  21 days
B)  6 days
C)  5 days
D)  20 days
E)  18 daysF) C) and E)
G) A) and C)

Question 6

Value streams include all activities needed to create customer value.

Accepted Answer

A) True 
 B)False

Question 7

Haupt Inc.manufacturers water pumps.Each pump requires $155 of raw materials and $315 of conversion costs.Each pump is sold for $725.Last month Haupt produced and sold 69 pumps.The journal entry to apply conversion costs to production would include:

Accepted Answer

A)  Debit to work in process inventory of $21,735.
B)  Credit to sales of $21,735.
C)  Debit to cost of goods sold of $31,735.
D)  Credit to work in process inventory of $21,735.
E)  Debit to accounts payable of $31,735.F) A) and B)
G) All of the above

Question 8

Haupt Inc.manufacturers water pumps.Each pump requires $155 of raw materials and $315 of conversion costs.Each pump is sold for $725.Last month Haupt produced and sold 69 pumps.The journal entry to record cost of goods sold would include:

Accepted Answer

A)  Debit to accounts receivable of $32,430.
B)  Credit to sales of $32,430.
C)  Debit to cost of goods sold of $32,430.
D)  Credit to cost of goods sold of $50,025.
E)  Debit to sales of $50,025.F) A) and B)
G) A) and C)

Question 9

Beake Company has 15 days' sales in work in process inventory based on the current year's cost of goods sold of $11,315.What is Beake's work in process inventory?

Accepted Answer

A)  $310
B)  $470
C)  $350
D)  $465
E)  $510F) C) and E)
G) B) and C)

Question 10

Days' payable outstanding measures how long,on average,a company takes to pay its creditors.

Accepted Answer

A) True 
 B)False

Exam 27: Lean Principles and Accounting

Haupt Inc.manufacturers water pumps.Each pump requires $155 of raw materials and $315 of conversion costs.Each pump is sold for $725.Last month Haupt produced and sold 69 pumps.The journal entry to record cost of goods sold would include:

Correct Answer
verified

Vista Company's has 32 days' payable outstanding based on the current year's cost of goods sold of $11,315.What is Vista's balance in accounts payable?

Correct Answer
verified

Days' payable outstanding measures how long,on average,a company takes to pay its creditors.

Correct Answer
verified

Value streams include all activities needed to create customer value.

Correct Answer
verified

If accounts payable is $1,116 and cost of goods sold is $11,315,what is days' payable outstanding?

Correct Answer
verified

Work in process inventory reflects a delay in getting products to customers,which is considered wasteful by lean businesses.

Correct Answer
verified

Only manufacturers use the lean business model.

Correct Answer
verified

Haupt Inc.manufacturers water pumps.Each pump requires $155 of raw materials and $315 of conversion costs.Each pump is sold for $725.Last month Haupt produced and sold 69 pumps.The journal entry to apply conversion costs to production would include:

Correct Answer
verified

Beake Company has 15 days' sales in work in process inventory based on the current year's cost of goods sold of $11,315.What is Beake's work in process inventory?

Correct Answer
verified

If work in process inventory is $900 and cost of goods sold is $16,425,what is days' sales in work in process inventory?

Correct Answer
verified

Exam 27: Lean Principles and Accounting

Haupt Inc.manufacturers water pumps.Each pump requires $155 of raw materials and $315 of conversion costs.Each pump is sold for $725.Last month Haupt produced and sold 69 pumps.The journal entry to record cost of goods sold would include:

Correct AnswerverifiedShow Answer

Vista Company's has 32 days' payable outstanding based on the current year's cost of goods sold of $11,315.What is Vista's balance in accounts payable?

Correct AnswerverifiedShow Answer

Days' payable outstanding measures how long,on average,a company takes to pay its creditors.

Correct AnswerverifiedShow Answer

Value streams include all activities needed to create customer value.

Correct AnswerverifiedShow Answer

If accounts payable is $1,116 and cost of goods sold is $11,315,what is days' payable outstanding?

Correct AnswerverifiedShow Answer

Work in process inventory reflects a delay in getting products to customers,which is considered wasteful by lean businesses.

Correct AnswerverifiedShow Answer

Only manufacturers use the lean business model.

Correct AnswerverifiedShow Answer

Haupt Inc.manufacturers water pumps.Each pump requires $155 of raw materials and $315 of conversion costs.Each pump is sold for $725.Last month Haupt produced and sold 69 pumps.The journal entry to apply conversion costs to production would include:

Correct AnswerverifiedShow Answer

Beake Company has 15 days' sales in work in process inventory based on the current year's cost of goods sold of $11,315.What is Beake's work in process inventory?

Correct AnswerverifiedShow Answer

If work in process inventory is $900 and cost of goods sold is $16,425,what is days' sales in work in process inventory?

Correct AnswerverifiedShow Answer

Correct Answer
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