1. A manufacturing plant adopts lean principles to reduce waste. Current production costs include: Materials $200,000, labor $150,000, overhead $100,000, scrap and rework costs $50,000.
   • Requirements:
     • Apply lean accounting principles to identify and eliminate waste costs.
     • Calculate the total cost savings from waste reduction initiatives.
     • Prepare a lean accounting performance report.
     • Recommend continuous improvement strategies to sustain cost savings.
     • Discuss how lean accounting improves financial reporting accuracy and decision-making.