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What is JIT and Backflush Accounting Explained about?

Just-in-time (JIT) is a philosophy that aims to reduce costs by eliminating inventory through receiving materials and completing products just before they are needed. This allows companies to reduce warehousing costs and risks from inventory obsolescence while improving liquidity. Implementing JIT requires reliable suppliers, efficient production flow, reduced setup times, quality control systems, and a flexible workforce. Backflush costing is a simplified accounting method that delays recording some inve

Author

Ericka P Carandang

Language

EN