The Material Requirements Planning (MRP)system Differs from the Just-In-Time (JIT)inventory

question 17

True/False

The material requirements planning (MRP)system differs from the just-in-time (JIT)inventory control system in that MRP generally produces to actual demands rather than to forecasts.

---

Definitions:

Common Activity Base

A measure used in activity-based costing for allocating overhead and indirect costs to products or services based on relevant activities.

Job Cost Sheet

A document that records the materials, labor, and manufacturing overhead costs assigned to an individual job or project.

Cost Accounting

A branch of accounting focused on capturing a company's total cost of production by assessing its variable and fixed costs.

Product Costs

Costs directly attributable to the creation of a product, including direct labor, materials, and manufacturing overhead.