JIT Manufacturing Emphasizes

question 86

Multiple Choice

JIT manufacturing emphasizes

• A)continuous improvement.
• B)elimination of waste.
• C)reduction of work-in-process inventories.
• D)all of the above.

Apply the lower of cost or market rule to inventory valuation.

Analyze the effect of internal control measures on inventory management and reporting.

Understand the treatment of consignment goods, goods in transit, and returns on inventory counts and financial reporting.

Understand the principles of inventory costing methods (e.g., FIFO, LIFO, average cost, and specific identification).

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Definitions:

Volcanic Mountain Belt

A volcanic mountain belt refers to a large-scale geographic area dominated by a series of volcanoes, often associated with plate boundaries, where subduction, rifting, or hotspots activities facilitate magma ascent to the surface.

Continental Drift

Continental drift is the historical scientific theory that continents have moved across the Earth's surface over geologic time, a precursor to the theory of plate tectonics.

South Atlantic Drift

A significant ocean current in the southern Atlantic Ocean that circulates warm water and influences climate patterns in the surrounding regions.

Vertical Hierarchy

An organizational structure where power and authority are concentrated at the top, and decisions flow downward.