For the majority of manufacturing companies,the distinction between period costs and product costs is essential because of its effect on net income for a period.Failure to make the distinction can affect the cost of goods manufactured and cost of goods sold.
Required:
Would the need to make the distinction between product costs and period costs still be essential if a manufacturing company were to adopt the just-in-time technique in the lean thinking model? Explain.

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The Answer of For the majority of manufacturing companies,the distinction between period costs and product costs is essential because of its effect on net income for a period.Failure to make the distinction can affect the cost of goods manufactured and cost of goods sold.
Required:
Would the need to make the distinction between product costs and period costs still be essential if a manufacturing company were to adopt the just-in-time technique in the lean thinking model? Explain.

For the Majority of Manufacturing Companies,the Distinction Between Period Costs