Why is a raw and in process inventory account used by just-in-time manufacturers, rather than separately reporting

Question:

Why is a “raw and in process inventory” account used by just-in-time manufacturers, rather than separately reporting materials and work in process?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Managerial Accounting

ISBN: b010ikdqzm

10th Edition

Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac

See More Books

Question Posted: May 23, 2012 07:24 AM

See More Questions

The Scottsville Manufacturing Company uses a raw and in process (RIP) inventory account and expenses all conversion costs to the cost of goods sold account. At the end of each month, all inventories...
The Waynesboro Manufacturing Company uses a raw and in process (RIP) inventory account and expenses all conversion costs to the cost of goods sold account. At the end of each month, all inventories...
Santana Companys ending Goods in Process Inventory account consists of 10,000 units of partially completed product, and its Finished Goods Inventory account consists of 12,000 units of product. The...
The banker's acceptance and the commercial letter of credit involve four principal parties. Which of the following is not one of those parties? The importer The exporter O The receiving country's...
What is tactical planning? What is operational planning? What are the similarities and differences between them?
The wheel rolls without slipping with the constant clockwise angular velocity of 0.8 rad/s, as end B of bar AB slides on the ground. Find omega AB, alpha AB, and the acceleration of B in the position...
Use stepwise regression to build a model for the home rental prices and home sales data in Table B.24. Perform a residual analysis on the final model. Compare this model to the all possible...
The city of Morristown operates a printing shop through an Internal Service Fund to provide printing services for all departments. The Central Printing Fund was established by a contribution of...
Clark Bell started a personal financial planning business when he accepted $53,000 cash as advance payment for managing the financial assets of a large estate. Bell agreed to manage the estate for a...
The man has weight W and stands at the center of the plank. If the planes at A and B are smooth, determine the tension in the cord in terms of W and . B
Why does accounting in a just-in-time environment result in fewer transactions?
Why is the direct labor cost category eliminated in many just-in-time environments?
In the three-bidder auction, suppose that bidders two and three collude or merge. What is the expected effect of the merger?
Will Karou end up paying more or less in total interest charges as a result of combining the auto purchase with the refinance of her equity loan? What is the difference in interest charges?
Discuss (not just list) which groups of people currently experience many roadblocks in the pursuit of high-quality health care? Explain in detail why, at the macro level, patient handoff is a time of...
Discussion topics: "SHELL gas company" i. What are the drivers of sales? ii. What are the drivers of operating income? iii. Are sales and income increasing/decreasing and why? iv. Most profitable...
Detail three errors that affect the trial balance and three errors that do not affect the trial balance. maximum 200 words and make references
Your suppliers provide you with credit terms of 21 days. Is it good business practice to pay within 7 days? Why or why not?
Should the statutory auditor examine the accounts already checked by the internal auditor?
Troy is a qualified radiologist who operates a successful radiology practice from purpose- built rooms attached to his house. Troy works in the practice three days a week, and the other two days he...
Golfer Judy Robinson hit a golf ball on the planet Priplanus with an initial speed of 50 m/s at an angle of 40. It landed exactly 2 km away. What is the acceleration due to gravity on Priplanus?
The following selected transactions were taken from the records of Kemper Company for the year ending December 31, 2008: Feb. 2 Wrote off account of L. Armstrong, $7,250. May 10 Received $4,150 as...
Baron Company, which operates a chain of 30 electronics supply stores, has just completed its fourth year of operations. The direct write-off method of recording bad debt expense has been used during...
Best Buy is a specialty retailer of consumer electronics, including personal computers, entertainment software, and appliances. Best Buy operates retail stores in addition to the Best Buy, Media...
The highest WACC is 11%, the baseline WACC is 7.4% and lowest WACCS is 2.8%. To derive a WACC that better accounts for extreme scenarios, you decide to assign the following probability weights: High-...
Give 2 examples of the ff: Statutory law Regulatory law Common law Include the title of each example and explain why you chose these examples ( 1 to 2 sentences ) . Note: Write your reference ( s )
The Adams family includes a financially well-informed couple, both aged 36, and two children aged 4 and 6. The family is financially sound but suffered badly during the tech meltdown in 2000. The...

Why is a raw and in process inventory account used by just-in-time manufacturers, rather than separately reporting

Question:

Step by Step Answer:

The raw and in process inventory account combines the materials ...View the full answer

Managerial Accounting

Students also viewed these Managerial Accounting questions