The Goal of Just-In-Time Inventory Systems Is to ___________________________

question 36

Multiple Choice

The goal of just-in-time inventory systems is to ___________________________.

• A) lower the cost of raw materials
• B) provide the right part at the right place at the right time
• C) eliminate multiple vendors
• D) increase quality

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Definitions:

Cost Reconciliation Report

A document used to reconcile and verify the costs incurred by a department or project against the budgeted or expected costs.

Work In Process Inventory

Inventory that represents partially completed goods which are still in the production process.

Added To Production

Refers to the materials, labor, or overhead costs that are incorporated into the manufacturing process to produce goods.

Process Costing

A costing method typically used in industries where production is continuous, assigning costs to units of product based on the processes or stages they go through.