Explain How a Just-In-Time Operating Philosophy Reduces the Time It

question 93

Essay

Explain how a just-in-time operating philosophy reduces the time it takes to complete the production of a product.Include in your answer the classifications of time that are affected.How does such a change help to reduce product costs?

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Definitions:

Taxable Income

The amount of income used to calculate how much tax an individual or a company owes to the government in a specific period.

Inventory Cost Flow Assumptions

Assumptions made about how inventory costs move through a company's financial statements, including FIFO (First-In, First-Out), LIFO (Last-In, First-Out), and weighted average cost methods.

Descriptive Statements

Statements that provide detailed information or explanation about a specific topic, often used in documentation or reporting.

LIFO

Last In, First Out, an inventory valuation method that assumes goods purchased last are the first ones sold, affecting the cost of goods sold and inventory valuation.