The Objectives of JIT Are Achieved by

question 110

Multiple Choice

The objectives of JIT are achieved by

• A)controlling costs.
• B)improving delivery performance.
• C)improving quality.
• D)all of these.

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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.