THE IMPACT OF COST ACCOUNTING ON LEAN PRODUCTION AND JUST-IN-TIME INVENTORY
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- NGN 3000
Abstract: THE IMPACT OF COST ACCOUNTING ON LEAN PRODUCTION AND JUST-IN-TIME INVENTORY
This research explores the impact of cost accounting on lean production and just-in-time (JIT) inventory management in the manufacturing sector in Ogun. The objectives are to assess how cost accounting supports lean production and JIT inventory, evaluate its impact on financial performance, and identify the challenges faced. A survey design was utilized, gathering data from 200 financial managers and production supervisors, derived using Taro Yamane's formula. A case study of a manufacturing company in Ogun provided detailed insights. The reliability coefficient score was 0.86. Findings indicate that cost accounting significantly enhances lean production and JIT inventory management by providing detailed cost information and facilitating better decision-making. However, challenges such as data collection difficulties and compliance issues were identified. Recommendations include providing more training on cost accounting for lean production and JIT inventory, simplifying data collection processes, and integrating cost accounting with overall production management practices to enhance organizational performance.
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