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1. Describe why companies are using just-in-time (JIT) purchasing and Explain the basic characteristics of Just-in-Time system 2. Distinguish materials requirements planning (MRP) systems from
1. Describe why companies are using just-in-time (JIT) purchasing and Explain the basic characteristics of Just-in-Time system
2. Distinguish materials requirements planning (MRP) systems from just-in-time (JIT) systems for manufacturing.
3. Identify the features and benefits of a just-in-time production system.
4. Describe different ways backflush costing can simplify traditional inventory-costing systems.
5. Understand the principles of lean accounting
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