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For each of the following statements, enter a T or and FI the blank to mdicate whether the statement is true or false. . One purpose of a JIT inventory system is to have goods ready just when the customer needs them.

For each of the following statements, enter a T or and FI the blank to mdicate whether the statement is true or false. . One purpose of a JIT inventory system is to have goods ready just when the customer needs them.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please answer true or false. If false, please correct the statement. Numbers 1 to 5. 

For each of the following statements, enter a T or and F I the blank to indicate ach of the following statements, enter a T or and F I the blank to indicar whether the statement is true or false. 1. One purpose of a JIT inventory system is to have goods ready just when the customer needs them. 2. Under JIT, materials are “pushed" from one workstation to another to ensure timely completion of finished products. 3. A company will typically have fewer suppliers under JIT than a conventional system. 4. For JIT to operate successfully, all similar pieces of equipment (such as lathers or drill presses) must be grouped together. 5. One way to reduce inventories is to reduce the setup time needed between production runs.
Transcribed Image Text:For each of the following statements, enter a T or and F I the blank to indicate ach of the following statements, enter a T or and F I the blank to indicar whether the statement is true or false. 1. One purpose of a JIT inventory system is to have goods ready just when the customer needs them. 2. Under JIT, materials are “pushed" from one workstation to another to ensure timely completion of finished products. 3. A company will typically have fewer suppliers under JIT than a conventional system. 4. For JIT to operate successfully, all similar pieces of equipment (such as lathers or drill presses) must be grouped together. 5. One way to reduce inventories is to reduce the setup time needed between production runs.
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