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difficulties in cost reduction1 resistance by employees to pressure to reduce cost usually because the nature and purpose of the campaign has not
q steps used in retail inventory methodthe retail inventory method approximation the cost of the ending inventory by applying a costretail price
q describe retail inventory methodretail stores often use the retail inventory method to estimate ending inventory at times other than year-end
explain kaizen costing it is a japanese method used to manage cost during a product s planning and design stages and has been used by some japanese
q explain about gross margin methodthe steps in computing ending inventory under the gross margin method are- estimate gross margin based on net
q example of lower-of-cost-or-market methoda company may perhaps apply lcm to each inventory item such as monopoly each inventory class such as games
q explain about lower-of-cost-or-market methodthe lower-of-cost-or-market lcm method is the inventory costing method that values inventory at the
example of net realizable valueto exemplify a necessary write-down in the cost of inventory presume that an automobile dealer has a demonstrator on
what is kaizenkaizen is the japanese term for continuous improvement the kaizen concept was pioneered by in japan by toyota as daily challenge to all
q what is net realizable valuecompanies must not carry goods in inventory at more than their net realizable value net realizable value is the
advantages of kaizen costing1 record individual tasks2 instantly replay observation3 select and use best practice4 categorize activities using kaizen
q departures from cost basis of inventory measurementin general companies must use historical cost to value inventories and cost of goods sold but
q balance of the merchandise inventory accountthe balance of the merchandise inventory account is a cost of the inventory that should be on hand this
explain the terms - maintenance and improvementmaintenance under the maintenance function the management must first establish policies rules
kaizen and managementmanagement has two major components1 maintenance2 improvementthe aim of the maintenance function is to maintain current
q sales returns affect both revenues and cost of goodwhen a company sells merchandise to customers then it transfers the cost of the merchandise from
what have to focus on traditional standard costing in traditional cost systems focus is to meet standard cost measurement by avoiding unfavorable
what procedure are followed in kaizen costingin brief kaizen costing involves setting a new cost reduction target every month the difference between
explain quality control and total quality control quality control qc circles can be viewed as a group oriented suggestion system for making
suggestion system the suggestion system is as integral part of an established management system that aims at involving employees in kaizen the
stages of the suggestion system1 encouragement in the first stage management should make every effort to help the workers provide suggestion no
explain activities uses through activities based costingin order to correctly associate costs with products and services abc assigns cost to
define activities based costing by horngrenaccording to horngren abc is a system that focuses on activities as fundamental cost object and utilizes
definition of activities based costingactivity based costing is a system that focuses on activities as the fundamental cost objects and uses the
explain support activitiesand production process activity support activities are for example schedule production set up machine purchase materials