Which of the following statements is FALSE in regard to the Justin Time ("t") management approach JIT results in lower inventories IT encourages departments to maximize production IT organizes resources around the flow of business processes JIT tends to result in fewer defects For the next 4 questions, designate which of the following characteristics apply to Financial Accounting and which apply to Managerial Accounting, Use: A: To designate Financial Accounting B: To designate Managerial Accounting Not mandatory Must follow GAAP/IFRS Emphasizes the past Emphasizes segment reports Direct Material Costs are generally Variable costs. True False For a lamp manufacturing company, the cost of insurance on its vehicles that ship the lamps to customers best described as a Prime Cost Overhead Cost Selling Expense None of the Above Manufacturing overhead consists of All factory costs Indirect Material but not indirect labor All factory costs except Direct Material and Direct Labor Indirect Labor but not Indirect Material Within the relevant range, variable cost per unit will Increase as the level of activity increases remain constant decrease as the level of activity increases none of the above The following data pertains to activity in July and August: July August Activity or Volume level in units 10,000 20,000 Variable Cost $20,000 Fixed Cost $15,000 Mixed Cost $10.000 Total Cost $45,000 $70,000 Assuming that these activity levels are within the relevant range, the more cost for August was $10,000 $35,000 $15,000 $40,000