13 a locked in cost is a n a opportunity cost that is fixed in the short run b cost 4309409

13) A locked-in cost is a(n):

A) opportunity cost that is fixed in the short run

B) cost that can be changed in the short run

C) cost that has not yet been incurred, but based on decisions that have already been made, will be incurred in the future

D) cost that has been incurred, but based on decisions that have already been made, will be not incurred in the future

14) Locked-in costs, or designed-in costs, are costs that have NOT yet been incurred but, based on decisions that have already been made, will be incurred in the future.

15) Locked-in costs have already been incurred.

16) For manufacturing firms, product costs are generally locked in during the manufacturing stage.

17) Spending more on the design phase of a new product usually reduces subsequent product-related costs.

18) Customers are sometimes willing to pay for nonvalue-added costs.

19) Kaizen costing focuses on improving productivity and eliminating waste through continuous improvements.

20) Compare target costing and kaizen costing.

21) Explain the difference between locked in costs and costs incurred. Which of these types of costs does a traditional accounting system emphasize? At which stage of the value chain are most costs locked-in? At which stage of the value chain are most costs incurred? What implication does this have for good cost management?