ACCOUNTING:JUST-IN-TIME PRODUCTION

1. Is job-order costing as applicable to service companies as it is to manufacturing companies? If so, give an example of a service company that might use job-order costing and explain how the company uses this costing method.

2. On the balance sheet,  inventory costs of a manufacturing firm are broken up into three sub-accounts: raw materials, work in process inventory, and finished goods inventory.  Explain why this is done.  As a potential investor, how would you use this information? If you were a banker, about to give Boeing a loan for raw materials, how would you use this information when making a decision whether or not to make  a loan?

3. Discuss modern manufacturing practices and how they affect product costing.  Include at least one of the three major changes in manufacturing practices: just-in-time production, computer controlled manufacturing, and total quality management.  Provide examples of the changes for at least one company.

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