1) Managerial accounting:
a.) Identify the five steps in the lean thinking model.
b.) Which of these steps do you think is the most challenging for the organization? (Explain your reasoning. Give details.)
2) Julie jones was hired by a popular fast-foodrestaurant as an order taker and cashier. Shortly after taking thejob, she was shocked to overhear an employee bragging to a friendabout short changing customers. She confronted the employee whothen snapped back. “Mind your own business. Besides, everyone doesit and the customers never miss the money.” Julie didn’t know howto respond to this aggressive stance. (Ethical)
What would be the practical consequences on the fast-food industryand on consumers if cashiers generally shortchanged customers atevery opportunity?
3) You have been given a summer job as an intern at Utah Aircams, acompany that manufactures sophisticated spy cameras forremote-controlled military reconnaissance aircraft. The company,which is privately owned, has approached a bank for a loan to helpit finance its growth.
The bank requires financial statements before approving such aloan. You have been asked to help prepare classification of thefollowing list of costs:
1. Depreciation on salespersons’ cars
2. Rent on equipment used in the factory
3. Lubricants used for machine maintenance
4. Salaries of personnel who work in the finished goodswarehouse
5. Soap and paper towels used by factory workers at the end of ashift
6. Factory supervisors’ salaries
7. Heat, water, and power consumed in the factory
8. Materials used for boxing products for shipment overseas (unitsare not normally boxed)
9. Advertising costs
10. Workers’ compensation insurance for factory employees
11. Depreciation on chairs and tables in the factory lunchroom
12. The wages of the receptionist in the administrative offices
13. Cost of leasing the corporate jet used by the company’sexecutives
14. The cost of renting rooms at a Florida resort for the annualsales conference
15. The cost of packaging the company’s product
4) Watertoys Corporation manufactured a variety of products in itsfactory. Data for the most recent month’s operations appearbelow.
Beginning raw materials inventory: $40,132
Purchases of raw materials: $395,952
Ending raw materials inventory: $61,322
Direct labor: $177,450
Manufacturing overhead: $505,325
Beginning work in process inventory: $235,400
Ending work in process inventory: $215,900
Prepare a schedule of cost of goods manufacturing for the companyfor the month. Left align all rows for formatting purposes.