Cost Accounting Foundations and Evolutions Kinney, Prather, Raiborn
اسلاید 1: Chapter 17Inventory and Production ManagementCost AccountingFoundations and EvolutionsKinney, Prather, Raiborn
اسلاید 2: Learning Objectives (1 of 3)List the most important relationships in the value chainExplain why inventory cost management is important Contrast the push and pull systems of productionExplain why product life cycles affect product costing and profitability
اسلاید 3: Learning Objectives (2 of 3)Define target costing and explain how it influences production cost managementDescribe the just-in-time philosophy and explain how it affects accounting systemsDescribe flexible manufacturing systems
اسلاید 4: Learning Objectives (3 of 3)Explain how the theory of constraints helps in determining production flow(Appendix) Illustrate how the economic order quantity, reorder point, and safety stock are determined and used
اسلاید 5: Managing InventoryThe goal is to minimize the company’s monetary commitment to inventory without negatively impacting product availability
اسلاید 6: InventoryTypes Raw materialWork in processFinished goodsIndirect materials (supplies)Merchandise inventoryCostsPurchasing/productionOrdering/setupCarrying/not carrying
اسلاید 7: Production SystemsPush SystemsProduce in anticipation of customer ordersStore raw material, work in process, and finished goods inventoryPullProduce as neededMinimal storage
اسلاید 8: T I M ESALESProduct Life Cycles
اسلاید 9: Development StageDecisions made during the development stage represent 80 to 90 percent of product’s total life-cycle costsDevelopment (R&D) costs expensed as incurred in financial accounting
اسلاید 10: Introduction StageT I M ESALESSubstantial costs including engineering changes, market research, advertising, and promotionSales lowSales price matches similar or substitute goodsIntroductionStage
اسلاید 11: Growth StageIncreased salesQuality may improvePrices stableT I M ESALESGrowthStage
اسلاید 12: Maturity StageSales stabilize or decline slowlyFirms compete on selling priceCosts at lowest levelT I M ESALESMaturityStage
اسلاید 13: Decline StageWaning salesDramatic price cuts Cost per unit increases as fixed costs are spread over fewer unitsT I M ESALESDeclineStage
اسلاید 14: Just-in-TimeEliminate any process or operation that does not add valueContinuous improvement in production/performance efficiencyReduction in total cost of production/performance while increasing quality
اسلاید 15: Traditional ManufacturingSmooth operating activitysteady use of workforcecontinuous machine utilizationSpread overhead over a maximum number of productsInventory levels high enough to cover up inefficiencies in acquisition and/or production
اسلاید 16: JIT PlantsMinimize material handling time, lead time, movement of goodsUse manufacturing cells which allow for visual controls, greater teamwork, quick exchange of vital informationReduce storageIncrease throughputDevelop multiskilled workersUse autonomation – programmed factory equipment
اسلاید 17: Manufacturing MethodsFlexible Manufacturing System (FMS)network of robots and material conveyance devices monitored and controlled by computersmodular factoriescustomizationquick, inexpensive production changesComputer-Integrated Manufacturing (CIM)two or more FMSs connected via host computer and information system
اسلاید 18: Theory of Constraints (TOC)Flow of goods through a production process cannot be at a faster rate than the slowest bottleneck in the processEliyahu Goldratt
اسلاید 19: Theory of ConstraintsConstraint - anything that confines or limits a person or machine’s ability to perform a project or functionHuman constraintsMaterial constraintsMachine constraintsplace quality control points before bottlenecks
اسلاید 20: QuestionsWhat is the difference between push and pull systems of production?What is target costing?What is the just-in-time philosophy? How does JIT affect production?
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