The Practice of "Producing a Little Bit of Everything,everyday" Attained

question 67

Short Answer

The practice of "producing a little bit of everything,everyday" attained by making setup times short is known as ________.

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Definitions:

Cost of Goods Sold

The primary costs involved in the production of goods a company deals in, including the expenses for materials and labor.

Variances

Differences between planned, budgeted, or standard costs and actual costs, used in performance measurement and control.

Standard Cost

A predetermined cost of manufacturing, delivering, or producing goods under normal conditions.

Standard Cost System

An accounting system that estimates the cost of products in advance, using standard rates for materials and labor.