List and briefly discuss three major differences between just-in-time costing (JIT) and traditional costing

What will be an ideal response

JIT costing does not track the cost of products from Raw Materials Inventory to Work-in-Process Inventory to Finished Goods Inventory. Instead, JIT costing waits until the units are completed to record the cost of production.
JIT costing combines Raw Materials Inventory and Work-in-Process Inventory accounts into a single account called Raw and In-Process Inventory.
Under the JIT philosophy, workers perform many tasks. Most companies using JIT combine direct labor and manufacturing overhead costs into a single account called Conversion Costs. The Conversion Cost account is a temporary account that works just like the Manufacturing Overhead account.