Your organization, located in Worthington, Ohio, is contemplating introducing kaizen costing to help with cost reduction. As someone who has an understanding of management accounting, you have been asked for your opinion. Specifically, some of your colleagues are wondering about the differences between standard costing and kaizen costing.
Required
Write a report discussing the following:
(a) The similarities and differences between standard costing and kaizen costing
(b) Under what conditions kaizen costing can be adapted to U.S. organizations.