Differences Between Lean Manufacturing and Standard Costing

question 18

Essay

Differences between Lean Manufacturing and Standard Costing
Lean Manufacturing and standard cost accounting systems are not necessarily substitutes. However, very few firms use both lean manufacturing and standard costs. In fact, some management consultants who advocate lean manufacturing argue that firms should abandon their standard cost systems.
Required:
a. Concisely describe lean manufacturing.
b. Concisely describe standard costing.
c. Why do so few firms use both lean manufacturing and standard costing together?

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