
Just in Time Production:
Just in time procurement of raw materials and other supplies aimed at reducing the time gap between procurement of supplies and its ultimate production. Just in time production requires timely delivery by suppliers to avoid stock out. Companies use just in time strategy to increase efficiency, and to reduce inventory costs.
The way in which holding raw material inventories increases cost of the company. The way in which profit is affected if the items are not used in production.
Production Process:
The process in which the raw material is converted into a finished good or a sem-finished good is termed as production process. Production process is aimed at producing the items which can directly or indirectly satisfy customer's needs and wants.
The way in which companies like S's use yield to improve their production process.
Hybrid costing system:
A hybrid costing system is a cost bookkeeping framework that incorporate highlights of both
The reason company should use a hybrid costing system.

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Chapter 20 Solutions
Fundamental Accounting Principles
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