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business
introduction to materials management

Questions and Answers of Introduction To Materials Management

Name and describe the four phases of quality. How do they interrelate? Who is responsible for quality?LO.1
What is quality?LO.1
Besides functional specifications, what three other specifications must be determined?Why is each important?LO.1
Describe the duties of the receiving department upon receipt of goods.LO.1
What are the responsibilities of the purchasing department in follow-up?LO.1
Describe the purposes, similarities, and differences among purchase requisitions, purchase orders, and requests for quotation.LO.1
List the seven steps in the purchasing cycle.LO.1
What are four objectives of purchasing?LO.1
Examine the annual usage distribution and group the items into A, B, and C groups based on percentage of annual usage? LO.1
Calculate the cumulative annual dollar usage and the cumulative percentage of items? LO.1
List the items according to their annual dollar usage? LO.1
Multiply the annual usage of each item by its cost to get its total annual dollar usage? LO.1
Determine the annual usage for each item? LO.1
When should an order be placed? LO.1
How much should be ordered at one time? LO.1
How are they to be controlled? LO.1
What is the importance of the inventory item? LO.1
a. If the owners’ equity is $1,000 and liabilities are $800, what are the assets?b. If the assets are $1,000 and liabilities are $600, what is the owners’ equity? LO.1
A company makes and sells a seasonal product. Based on a sales forecast of 2000, 3000, 6000, and 5000 per quarter, calculate a level production plan, quarterly ending inventory, and average quarterly
Risk costs. The risks in carrying inventory are:a. Obsolescence; loss of product value resulting from a model or style change or technological development.b. Damage; inventory damaged while being
Storage costs. Storing inventory requires space, workers, and equipment. As inventory increases, so do these costs? LO.1
Capital costs. Money invested in inventory is not available for other uses and as such represents a lost opportunity cost. The minimum cost would be the interest lost by not investing the money at
Transportation costs. Goods moved in small quantities cost more to move per unit than those moved in large quantities. However, moving large lots implies higher inventory? LO.1
Cost of placing orders. Lower inventories can be achieved by ordering smaller quantities more often, but this practice results in higher annual ordering costs? LO.1
Costs associated with changing production levels. Excess equipment capacity, overtime, hiring, training, and layoff costs will all be higher if production fluctuates with demand? LO.1
Customer service. The lower the inventory, the higher the likelihood of a stockout and the lower the level of customer service. The higher the inventory level, the higher customer service will be?
Chapter 2 discussed production planning for seasonal products in which demand is nonuniform throughout the year. One strategy discussed was to level production and build anticipation inventory for
Inventories allow operations with different rates of production to operate separately and more economically. If two or more operations in a sequence have different rates of output and are to be
Analyze the following data to produce an ABC classification based on annual dollar usage.Part Number Annual Unit Usage Unit Cost $ Annual $ Usage 1 200 10 2 15,000 4 3 60,000 6 4 15,000 15 5 1400 10
Over the past year, a company has sold the following ten items. The following table shows the annual sales in units and the cost of each item.a. Calculate the annual dollar usage of each item.b. List
A company has 600 units on hand and the annual usage is 7200 units. There are 240 working days in the year. What is the days of supply? LO.1
If the annual cost of goods sold is $30,000,000 and the average inventory is $10,000,000:a. What is the inventory turns ratio?b. What would be the reduction in average inventory if, through better
If the annual cost of goods sold is $12,000,000 and the average inventory is $2,500,000:a. What is the inventory turns ratio?b. What would be the reduction in average inventory if, through better
In question 9.12, how much would profit increase if the materials costs are reduced by$200,000? LO.1
Given the following data, calculate the gross margin and the net income.General and administrative expense = $300,000 Factory overhead = $700,000 Direct material = $900,000 Direct labor = $700,000
If the liabilities are $4,000,000 and the owners’ equity is $1,200,000, what are the assets worth? LO.1
If the assets are $2,000,000 and liabilities are $1,600,000, what is the owners’ equity? LO.1
Given the following data, calculate a level production plan, quarterly ending inventory, and average quarterly inventory. If inventory carrying costs are $3 per unit per quarter, what is the annual
Given the following data, calculate a level production plan, quarterly ending inventory, and average quarterly inventory. If inventory carrying costs are $6 per unit per quarter, what is the annual
A company manufactures and sells a seasonal product. Based on the sales forecast that follows, calculate a level production plan, quarterly ending inventories, and average quarterly inventories.
An importer operates a small warehouse that has the following annual costs. Wages for purchasing are $45,000, purchasing expenses are $30,000, customs and brokerage costs are $25 per order, the cost
Annual purchasing salaries are $65,000, operating expenses for the purchasing department are $25,000, and inspecting and receiving costs are $25 per order. If the purchasing department places 9,000
A florist carries an average inventory of $10,000 in cut flowers. The flowers require special storage and are highly perishable. The florist estimates capital costs at 10%, storage costs at 25%, and
Given the following percentage costs of carrying inventory, calculate the annual carrying cost if the average inventory is $1 million. Capital costs are 10%, storage costs are 6%, and risk costs are
A company is using a carrier to deliver goods to a major customer. The annual demand is $2,000,000, and the average transit time is 10 days. Another carrier promises to deliver in 7 days. What is the
If the transit time is 11 days and the annual demand for an item is 10,000 units, what is the average annual inventory in transit? LO.1
What is the difference between FIFO and LIFO? LO.1
What are the five steps in the procedure for classifying inventory by annual dollar usage? LO.1
What is the basic premise of ABC analysis? What are the three steps in making an ABC inventory analysis? LO.1
What do inventory turns and days of supply measure? LO.1
What is the purpose of cash flow analysis? LO.1
What are the balance sheet equation and the income statement equation? LO.1
What are stockout costs and capacity-associated costs? What is their relationship to inventories? LO.1
Name and describe the categories of ordering costs found in a factory. LO.1
Name and describe the categories of inventory-carrying costs. LO.1
What are the five costs associated with inventories? LO.1
Describe how inventories influence each of the following:a. Customer service.b. Plant operations. LO.1
Describe the function and purpose of the following kinds of inventories:a. Anticipation.b. Fluctuation.c. Lot size.d. Transportation. LO.1
What is the basic purpose of inventories? In what four areas do they provide a buffer? LO.1
Why is less inventory needed in a line-flow manufacturing system than in lot or batch manufacturing? LO.1
According to the flow of material, what are the four classifications of inventories? LO.1
What are decision rules? Why are they necessary? LO.1
What is aggregate inventory management? With what is it concerned? LO.1
What are the responsibilities of inventory management? LO.1
What are inventories? Why are they important to manufacturing companies? LO.1
A work center has the following open and planned orders for week 4. Calculate the total standard time required (load). LO.1
How many standard hours are needed to run an order of 500 pieces if the setup time is 2.0 hours and the run time 0.2 hours per piece? How many actual hours are needed at the work center if the
How many standard hours are needed to run an order of 200 pieces if the setup time is 1.3 hours and the run time 0.3 hours per piece? How many actual hours are needed at the work center if the
A firm wishes to determine the efficiency and utilization of a work center composed of 3 machines each working 16 hours per day for 5 days a week. A study undertaken by the materials management
A work center consisting of 3 machines operates 40 hours a week. In a 4-week period, it actually worked 360 hours and produced 468 standard hours of work. Calculate the utilization and efficiency of
In 1 week, a work center produces 85 standard hours of work. The hours scheduled are 80, and 75 hours are actually worked. Calculate the utilization and efficiency of the work center. LO.1
In an 11-week period, a work center produces 1000 standard hours of work. What is the measured capacity of the work center? LO.1
Over a period of 4 weeks, a work center produced 50, 45, 40, and 55 standard hours of work. What is the demonstrated capacity of the work center? LO.1
A work center consists of 3 machines working 8 hours a day for a 5-day week. If the utilization is 75% and the efficiency is 125%, what is the rated capacity of the work center? LO.1
A work center consisting of 7 machines is operated 16 hours a day for a 5-day week.Utilization is 80%, and efficiency is 110%. What is the rated weekly capacity in standard hours? LO.1
If the efficiency of the work center in problem 5.1 is 115%, what is the rated capacity of the work center? LO.1
The work center in problem 5.1 is utilized 75% of the time. What are the hours per week actually worked? LO.1
A work center consists of 4 machines each working a 16-hour day for 5 days a week.What is the weekly available time? LO.1
What might be some of the problems in scheduling rated capacity too closely to the load? LO.1
Why is feedback necessary in a control system? LO.1
What are some of the ways capacity available can be altered in the short run? LO.1
What are the two ways of balancing capacity available and load? Which is preferred? Why? LO.1
Describe the process of back scheduling. LO.1
What is a schedule? LO.1
What is a work center load report? What information does it contain? LO.1
What is load? LO.1
What is measured or demonstrated capacity? How is it different from rated capacity? LO.1
What are rated capacity, utilization, and efficiency? How are they related? LO.1
Why is standard time usually used to measure capacity? LO.1
Define capacity available. What are the four factors that affect it? LO.1
In which file would you find the following information?a. A scheduled receipt.b. A planned receipt.c. Efficiency and utilization.d. Sequence of operations on a part. LO.1
What is a shop calendar? Why is it needed? LO.1
Describe each of the following and the information they contain.a. Open order file.b. Route file.c. Work center file. LO.1
What are the inputs to the CRP process? Where is this information obtained? LO.1
What is capacity requirements planning? At what level of the priority planning process does it occur? LO.1
Relate the three levels of priority planning to capacity planning. Describe each level in terms of the detail and the time horizons used. LO.1
Describe the three steps of capacity planning. LO.1
What is capacity planning? LO.1
What are the responsibilities of capacity management? LO.1
Complete the following input/output report. What are the planned and actual backlogs at the end of period 4? 6.17 Complete the following input/output report. What are the planned and actual

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