Managerial Accounting: Overview Chapter One  FINANCIALMANAGERIAL  OutsideInside  Follow GAAP/IFRSTimely and Relevant  Standard Report FormatReports.

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Presentation transcript:

Managerial Accounting: Overview Chapter One  FINANCIALMANAGERIAL  OutsideInside  Follow GAAP/IFRSTimely and Relevant  Standard Report FormatReports unstructured

TRADITIONALLY  “Idleness Waste Money” or  if manpower and machine are not running you are losing money

Push through production---old  PUSH through Production –old way  Three inventories: Raw Materials (RM), Work in Process(WIP), Finished Goods (FG)  RM  | WIP  FG  Company Queque Results in Large  Inventory waiting to be sold

Lean Production  Lean means Less Costs  Advantages:  Lower Inventory required  Fewer Defects  Less Wasted Effort  Quicker Customer Response

Lean production con’t  Summaries all theories into 1  Value Added  Flow Chart of Activities  Manufacturing Cell  Just in Time (JIT)  Theory of Constraints

Value Added  Activities that add value per customer  Chip Box vs Dove Box

Flow Chart of Activities  Actions required to make product  Smores  Burn Place between Add SQUEEZE  Marshmellow Graham Cracker chocolate

Add the 3 M’s (Manpower, Machines, Materials)  Smores  Burn Place between Add SQUEEZE  Marshmellow Graham Cracker chocolate  Cook Cook Cook Cook  Burner/Fork Fork Clipper Press  Marshmellow 2 Graham Crk Choc Sq 

Traditional Production  Several large Machines with only one job each  Mixing Machine  Cutting Machine  Wrapping Machine

Manufacturing Work Cell  One Machine performing several jobs  Several Multi-job Machines  Each Machine Mixes-Cuts-Wraps

Just In Time (JIT)  Pull Through Production--- Customer initiates  RM  WIP   FG (Customer order)  Shipped immediately to customer  No queing of inventory

Theory of Constraints  Control of Bottlenecks  Increase capacity to remove bottleneck where process has smallest capacity  Freeway system --- Norwalk on Interstate 5  Throughput time--- Cycle time to manufacture a product