Question: Explain why a standard costing system may be less useful in the following manufacturing environments: (a) just-in-time manufacturing. (b) total quality management.

Explain why a standard costing system may be less useful in the following manufacturing environments:

(a) just-in-time manufacturing.

(b) total quality management.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Management Accounting Questions!

Q:

Ajax Manufacturing Company The simplification of this example is intended to help us focus clearly on the key underlying problem with conventional approaches to cost allocation. We will call the...

Q:

Mr. Burns, president of Greetings Inc.. created the Wall Decor unit of Greetings three Sears ago to increase the company's revenue and profits Unfortunately, even though Wall Decor's revenues have...

Q:

The following scenarios describe situations currently facing companies. For each scenario, indicate whether a standard costing system would be beneficial in that situation or not and explain why or...

Q:

1 Standard Costs of Jenny LTD for 2019 are as follows: (10 Marks) Jenny Ltd Standard Cost Card Cost Elements Standard Quantity x Standard Price Standard Cost Direct materials 4 kilograms $ 10 $40...

Q:

59. Setting standards a. Has important behavioral implications b. Is largely a matter of calculating rates and quantities c. Should be done to make them as tight as possible d. Is done only for...

Q:

Question 3. Activity-Based Costing (ABC) (20 marks) This question builds on prior studies and relates to learning material and objectives from Topic 6. Jupiter Australasia Ltd owns Victory Mowers a...

Q:

XYZ Ltd produces professional business suits for office executives. It uses standard costing system to control its production costs. The following is its unit standard cost profit statement. Per unit...

Q:

I should elaborate responds for each of the next posts. One decent paragraph will be enough. You can add personal opinions or simply comment the post through some references/sources. In this case you...

Q:

This assignment is on the decision-making benefits of activity-based costing relative to the traditional approach. It also offers an opportunity to discuss the cost/benefit trade-off between simple...

Q:

Lean Manufacturing Lean manufacturing is concerned with eliminating waste in manufacturing processes. Benefits include: reduced lead times, improved quality, improved on-time deliveries, less...

Q:

In the solubility rules, Ag2CrO4 was listed as an "insoluble"salt. It is actually slightly soluble in an equilibrium reaction:Ag2CrO4 (s) ? 2Ag+ (aq) + CrO42- (aq) The concentration of Ag+...

Q:

The senior manager recommends that Hafstrom obtain auto parts from a country where production activities would generate more value than it would generate elsewhere. He wants to take advantage of...

Q:

The role of internal auditors is to evaluate and enhance the effectiveness of an organization's risk management, control, and governance processes. The responsibilities of an internal auditor are...

Q:

What would you say the goal of the American team was?

Q:

The controller of the plant of Berry Building Supplies prepared a graph of the unit costs from the job cost reports for Product X-S1. The graph appeared as follows: How would you interpret this...

Q:

Anheuser-Busch Companies, Inc., reported the following operating information for a recent year (in millions): In addition, Anheuser-Busch sold 125 million barrels of beer during the year. Assume that...

Q:

The following conversation took place between Cam Hudson, vice president of marketing, and Alan Attawry, controller of Digi-Comp Computer Company: Cam: I am really excited about our new computer...

Q:

22. Which type of hedge would a wheat farmer select? A. A long hedge-buy wheat futures contracts as a hedge against a decline in the price of wheat B. A short hedge-sell wheat futures contracts as a...

Q:

Assets Liabilities Equity a. - NE - b. + + NE c. +,- NE NE d. NE + - e. No transaction Use the following chart to answer how each transaction affects the accounting equation for the transactions...

Q:

current assets = $ 3 0 0 0 0 . Cureent Liabilities = $ 1 5 0 0 0 0 . What is the current ratio??