Describe just$-$in$-$time $($JIT$)$ purchasing and its benefits.

A$.$ Just$-$in$-$time $($JIT$)$ purchasing, which is also called lean purchasing, is a "demand$-$pull" purchasing system that purchases each

component in a production line as soon as$,$ and only when, needed by the next step in the production line. Benefits include lower

inventory holdings and less storage space needed.

B$.$ Just$-$in$-$time $($JIT$)$ purchasing is a purchasing system that omits recording some of the journal entries relating to the stages from

purchase of direct materials to the sale of finished goods. Benefits include less bookkeeping required and time spent in a more

productive manner.

C$.$ Just$-$in$-$time $($JIT$)$ purchasing is a "push$-$through" system that purchases finished goods for inventory on the basis of demand forecasts.

Benefits include the need for a smaller warehouse for storage and lower inventory holdings.

D$.$ Just$-$in$-$time $($JIT$)$ purchasing is the purchase of materials $($or goods$)$ so that they are delivered just as needed for production $($or sales$).$

Benefits include lower inventory holdings and less risk of inventory obsolescence and spoilage.