The Toyota Production System Requires That Any Process Improvements Are

question 79

True/False

The Toyota Production System requires that any process improvements are to be made at the lowest level of the organization.

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Definitions:

Work in Process Inventory

Items currently undergoing production but have not yet reached completion.

Lower of Cost

A principle requiring that inventory be recorded at the lower of its historical cost or current market value.

Net Realisable Value

The estimated selling price in the ordinary course of business minus any costs necessary to make the sale, used primarily in inventory valuation.

Inventory Accounts

Accounts used in accounting to track the cost of the inventory held by a business until it is sold or otherwise disposed of.