TAILIEUCHUNG - Lecture Advanced management accounting - Chapter 9

This chapter presents the following content: Strategic planning and budgeting systems, purposes of budgeting, responsibility accounting, the annual budget: a planning tool, strategic planning and budgeting assumptions, the operating budgets, the financial budgets, budgets in not-for-profit organisations and government agencies, budget administration, behavioural consequences of budgeting, zero-based budgeting and program budgeting. | Lecture 9: Just In time processing (ABC Costing continued) Just-In-Time Processing Traditionally, continuous process manufacturing has been based on a just-in-case philosophy: Inventories of raw materials are maintained just in case some items are of poor quality or a key supplier is shut down by a strike. Similarly, subassembly parts are manufactured and stored just in case they are needed later in the manufacturing process. JIT manufacturing is dedicated to having the right amount of materials, parts, or products just as they are needed. . JUST-IN-TIME PROCESSING Objective of JIT Processing To eliminate all manufacturing inventories. Elements of JIT Processing Dependable suppliers. Multiskilled work force. Total quality control system. JUST-IN-TIME PROCESSING JUST-IN-TIME PROCESSING Benefits of JIT Processing Significant reduction or elimination of manufacturing inventories. Enhanced product quality. Reduction or elimination of rework costs and inventory storage costs. Production cost savings from the improved flow of goods through the processes. The Differences Between ABC and Traditional Product Costs The traditional cost system overcosts the standard stanchions and reports a lower product margin for this product. The traditional cost system undercosts the custom compass housings and reports a higher product margin for this product. 8-6 6 The changes in product margins caused by switching from the traditional cost system to the activity-based costing system are as shown. Notice: The traditional cost system overcosts the standard stanchions, and consequently, reports an artificially low product margin for this product. Conversely, the traditional cost system undercosts the custom compass housings, and consequently, reports an artificially high product margin for this product. Differences Between ABC and Traditional Product Costs There are three reasons why the reported product margins for the two costing systems differ from one another. Traditional costing .

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