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raketka [301]
1 year ago
12

Vernon Inc. has analyzed the setup time on its computer-controlled lathe. The setup requires changing the type of fixture that h

olds a part. The average setup time has been 140 minutes, consisting of the following steps:
Turn off machine and remove fixture from lathe 15 minutes
Go to tool room with fixture 15
Record replacement of fixture to tool room 18
Return to lathe 20
Clean lathe 20
Return to tool room 20
Record withdrawal of new fixture from tool room 12
Return to lathe 15
Install new fixture and turn on machine 5
Total setup time 140 minutes
Required:
a. Why should management be concerned about improving setup time?
b. Which of the following are the ways to improve Hammond Inc.'s setup time?1. limit the trips to the tool room to one round trip, rather than two.2. change the location of the fixtures to reduce lathe setup time.3. eliminate the tool room and instead locate the tools in a visible location near the lathe.4. change the entire lathe room layout, so that fewer steps are required to turn the lathe on and off, as well as clean the lathe and change fixtures for the lathe.5. All of these are ways to improve setup time.c. How much time would be required for a setup, using your suggestion in (b)?

Business
1 answer:
umka21 [38]1 year ago
6 0

Answer:

Explanation:

Please locate the attached file below for the answer for the given problem.

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Quality Timber Pty Ltd is a well-established logging company. With below-average performance, their packaging department is cons
sashaice [31]

Answer:

Quality Timber Pty Ltd

In this scenario, the performance norms are _below-average____ and cohesiveness is _ high____, so productivity is _low___.

Explanation:

It has been established that group norms influence individual behavior and group performance.  Performance Norms refer to how a person should work in a given group and what his or her output should be.

Cohesion, according to wikipedia.com, "can be more specifically defined as the tendency for a group to be in unity while working towards a goal or to satisfy the emotional needs of its members."  Employees of the packaging department tend to be enjoying so much group cohesiveness.  But, they need to break some habits to focus on achieving corporate goals by increasing their productivity.

According to Paul Krugman of the Organization for Economic Co-operation and Development, "Productivity is commonly defined as a ratio between the output volume and the volume of inputs.  In other words, it measures how efficiently production inputs, such as labour and capital, are being used in an economy to produce a given level of output."  A rough assessment of the packaging department employees' performance shows low productivity, as they are "consistently behind schedule and take long lunch breaks, and frequently chat with co-workers," instead of concentrating on their jobs.

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2 years ago
Tax return preparers may generally rely on a client's representations without verification unless:
Valentin [98]

Answer:

Tax return preparers may generally rely on a client's representations without verification unless the information seems incorrect, inconsistent, or incomplete, Option A.

Explanation:

A  "tax return preparer" usually relies in good faith without verification upon information furnished by a taxpayer or another advisor or third party. But he has the authority to make inquires in case he feels the information given is incomplete or inconsistent. Also, some of the provisions also require few circumstances or facts to be claimed before deduction is made. So, A tax return preparer should make relevant inquiries to decide if the information given is correct as required by an "Internal Revenue Code" section or a regulation to claim either a deduction or a credit.

4 0
1 year ago
Amanda buys a ruby for $330 for which she was willing to pay $340. the minimum acceptable price to the seller, tony, was $140. a
OverLord2011 [107]
Amanda's consumer surplus is $10, since the ruby was worth $10 more than she paid for it. Tony was willing to sell the ruby for a minimum of $140, and received $330, making his producer surplus $190.
Answer: Amanda: consumer surplus of $10. Tony: producer surplus of $190
4 0
1 year ago
Wyatt Oil has 8 million shares outstanding and is about to issue 10 million new shares in an IPO. The IPO price has been set at
dexar [7]

Answer: 141 million

Explanation:

8 0
1 year ago
MSK Construction Company contracted to construct a factory building for $525,000. Construction started during 20X1 and was compl
kicyunya [14]

Answer:

MSK Construction Company

a. Journal Entries, under the assumption that MSK recognizes revenue over time and uses costs incurred to measure the extent to which its performance obligation has been satisfied:

20X1:

Debit Work in Process $290,000

Credit Cash Account $290,000

To record the cost incurred for the contract.

Debit Accounts Receivable $260,000

Debit Unbilled Cost of Contract $90,000

Credit Contract Revenue $350,000

To record the amount billed to customer and revenue.

Debit Cash Account $240,000

Credit Accounts Receivable $240,000

To record the cash receipts from customer.

20X2:

Debit Work in Process $150,000

Credit Cash Account $150,000

To record the cost incurred for the contract.

Debit Accounts Receivable $265,000

Credit Unbilled Cost of Contract $90,000

Credit Contract Revenue $175,000

To record the amount billed to customer and corresponding revenue.

Debit Cash Account $285,000

Credit Accounts Receivable $285,000

To record the cash receipts from customer.

b. Journal Entries, under the assumption that MSK recognizes revenue at a point in time when control of the completed factory is transferred to the customer at the end of the project:

20X1:

Debit Work in Process $290,000

Credit Cash Account $290,000

To record the cost incurred for the contract.

Debit Accounts Receivable $260,000

Credit Unearned Revenue $260,000

To record the amount billed to customer.

Debit Cash Account $240,000

Credit Accounts Receivable $240,000

To record the cash receipts from customer.

20X2:

Debit Work in Process $150,000

Credit Cash Account $150,000

To record the cost incurred for the contract.

Debit Accounts Receivable $265,000

Debit Unearned Revenue $260,000

Credit Contract Revenue $525,000

To record the amount billed to customer and revenue.

Debit Cash Account $285,000

Credit Accounts Receivable $285,000

To record the cash receipts from customer.

Explanation:

a) Data and Calculations:

Contract price = $525,000

                                                                     20X1           20X2

Costs incurred during the year              $290,000    $150,000

Estimated additional cost to complete   $145,000         —

Estimated Total costs                              $435,000    $150,000

Billings during the year                             260,000     265,000

Cash collections during the year             240,000      285,000

Revenue Recognition for 20X1:

= incurred cost/Total estimated costs * contract price

= $290,000/$435,000 * $525,000

= $350,000

Revenue Recognition for 20X2:

= $525,000 - $350,000

= $175,000

3 0
1 year ago
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