A Just-In-Time Manufacturing System Is One Form of Lean Manufacturing

question 159

True/False

A just-in-time manufacturing system is one form of lean manufacturing.

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Definitions:

Equivalent Unit

A concept used in process costing to measure the amount of work done on partially finished goods, expressed in terms of fully completed units.

Process Costing

An accounting methodology used to allocate costs to units of production, applicable in industries where products are indistinguishable from each other, such as chemicals or food processing.

Conversion Costs

The total of direct labor costs added to manufacturing overhead expenses, symbolizing the cost incurred to transform raw materials into completed products.

Casting Department

A specialized department in a manufacturing company where materials are poured into molds to create a part or component of the final product.