Chapter 20 is about various methods of inventory management and simplified costing methods. Regarding goods for sale, what are the six categories of costs? What is EOQ and lead time--define and explain their significance relative to inventory cost management in three sentences. Explain in two sentences how Just-in-time may lead to a different outcome than EOQ and when would each be appropriate. Distinguish between MRP systems and JIT systems for manufacturing. What is lean accounting (define within two sentences? How does backflush costing simplify traditional inventory costing systems (one sentence)?

Book: Horngren, Datar & Rajan, 2015 Cost Accounting 15 edition. ISBN-10: 0133803813 ,ISBN-13: 9780133803815