The Just-In-Time and Lean Manufacturing Are the Identical Concepts

question 16

True/False

The just-in-time and lean manufacturing are the identical concepts

---

Definitions:

Conversion Costs

The combination of labor and manufacturing overhead costs necessary to convert raw materials into finished goods.

Direct Manufacturing Cost

Expenses that are directly attributable to the production of goods, including direct labor and materials costs.

Differential Costs

The difference in total costs between two alternatives, helping in decision-making processes where alternatives are being considered.

Sunk Costs

Costs that have already been incurred and cannot be recovered or altered by future actions.