HomeworkLib
Question

Utilizing the Kaizan costing system improves efficiency and therefore over time, reduces product cost. In your...

Utilizing the Kaizan costing system improves efficiency and therefore over time, reduces product cost. In your own words, how are the classes and stages of benchmarking supportive to efficiencies in product costing?

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

The classes and stages of benchmarking are supportive to efficiencies in product costing as the different stages leads to continuous improvement with regards to costing. The different classes and stages of benchmarking is aimed at cost reduction below the standard level and once efficiencies starts kicking in due to the implementation of the benchmarking process then product costing becomes more optimal for an organization. Secondly the classes and stages of benchmarking ensure that efficiencies kicks in but without having any negative impact on the quality of the product being offered. Kaizen costing can be either asset specific or product specific. In case of asset specific Kaizen costing all improvement activities are related to reduction of the use of assets. In other words it focuses on asset optimization. In case of product specific Kaizen costing all improvement activities are related to the various resources pertaining to a product.

0 0
Add a comment
Know the answer?
Add Answer to:
Utilizing the Kaizan costing system improves efficiency and therefore over time, reduces product cost. In your...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Question Utilizing the Kaizan costing system improves efficiency and therefore over time, reduces product cost. In...

    Question Utilizing the Kaizan costing system improves efficiency and therefore over time, reduces product cost. In your own words, how are the classes and stages of benchmarking supportive to efficiencies in product costing?

  • utilizing the activity based costing system information provided below, select the correct product margin activity cost...

    utilizing the activity based costing system information provided below, select the correct product margin activity cost pool assembly $600,000, 5,000 machine hours processing orders $300,000, 500 orders inspection $200,000, 400 inspection hours. The company makes 5000 units of product XYZ a year, requiring a total of 1000 machine hours, 10 orders and 10 inspection hours per year. the products direct materials cost is $100 per unit and it's direct labor cost is $50 per unit. the product sells for $200...

  • Utilizing the activity-based costing system information provided below, select the correct product margin. Total Activity Activity...

    Utilizing the activity-based costing system information provided below, select the correct product margin. Total Activity Activity Cost Pool Assembly Processing orders 5,000 machine-hours Total Cost $600,000 $300,000 $200,000 500 orders Inspection 400 inspection-hours The company makes 5,000 units of Product XYZ a year, requiring a total of 1,000 machine-hours, 10 orders, and 10 inspection-hours per year. The product's direct materials cost is $100.00 per unit and its direct labor cost is $50.00 per unit. The product sells for $200.00 per...

  • Select a product of your choice and discuss, based on research, if the product cost system...

    Select a product of your choice and discuss, based on research, if the product cost system should be job order or process cost. Why do you think this is the most appropriate costing system?

  • Cycle Time, Velocity, Product Costing Mulhall, Inc., has a JIT system in place. Each manufacturing cell...

    Cycle Time, Velocity, Product Costing Mulhall, Inc., has a JIT system in place. Each manufacturing cell is dedicated to the production of a single product or major subassembly. One cell, dedicated to the production of mopeds, has four operations: machining, finishing, assembly, and qualifying (testing). The machining process is automated, using computers. In this process, the model’s frame and engine are constructed. In finishing, the frame is sandblasted, buffed, and painted. In assembly, the frame and engine are assembled. Finally,...

  • In 1983, the United States Congress ended the retrospective, cost-based payment method that Medicare used to...

    In 1983, the United States Congress ended the retrospective, cost-based payment method that Medicare used to pay for inpatient hospital services. From 1984, most hospitals are paid under the prospective payment system (PPS). Under PPS, Medicare pays hospitals a fixed amount for each patient based on the patient’s diagnosis- related group (DRG) at the time of admission – this amount will not be affected by the hospital’s actual expenditures on the patient. a) In your own words, briefly discuss: why...

  • Activity-Based Costing and Product Cost Distortion Handbrain Inc. is considering a change to activity-based product costing....

    Activity-Based Costing and Product Cost Distortion Handbrain Inc. is considering a change to activity-based product costing. The company produces two products, cell phones and tablet PCs, in a single production department. The production department is estimated to require 4,000 direct labor hours. The total indirect labor is budgeted to be $595,200. Time records from indirect labor employees revealed that they spent 40% of their time setting up production runs and 60% of their time supporting actual production. The following information...

  • Cycle Time, Welocity, Product Costing Goldman Company has a IT system in place. Each manufacturing coll...

    Cycle Time, Welocity, Product Costing Goldman Company has a IT system in place. Each manufacturing coll is dedicated to the production of a single product or major subassembly. One cell, dedicated to the production of telescopes, has four operations machining finishing, assembly and qualifying (eng). For the coming year, the telescope cell has the following budgeted costs and cell time (both at theoretical capacity) Budgeted conversion costs $9,000,000 59,750,000 Budgeted raw materials Celtime 12,000 hours Theoretical output 000 copes During...

  • QUESTION 2 Alpha company makes a single product and uses a standard costing system that applies...

    QUESTION 2 Alpha company makes a single product and uses a standard costing system that applies overhead on the basis of direct labor hours. For the most recent period, the VOH spending variance was $80,000 F, and the VOH Efficiency Variance was $100,000 U. The company budgeted making 4,800 units at 3.5 hours each with $924,000 of VOH. The company actually produced 4,000 units. How many direct labor hours were used? (Please round to nearest whole direct labor hour at...

  • Thanks for the help and your time!! Problem 6-20 Variable and Absorption Costing Unit Product Costs...

    Thanks for the help and your time!! Problem 6-20 Variable and Absorption Costing Unit Product Costs and Income Statements; Explanation of Difference in Net Operating Income (L06-1, L06-2, L06-3] High Country. Inc.. produces and sells many recreational products. The company has just opened a new plant to produce a folding camp cot that will be marketed throughout the United States. The following cost and revenue data relate to May, the first month of the plant's operation: 35,000 30,000 Beginning inventory...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT