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Inventory shrinkages and accidents pertain to which component of direct costs associated with mismanaged organizational stress?
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∙ 12y ago
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∙ 12y ago
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Define inventory shrinkage?
Inventory shrinkages occurs when good disappear from a company's inventory for an unknown reason. For example employee theft or damage.
What is the Organizational objective of inventory system?
Organizational objective is predetermined, which activities are aimed. Description of organizational objective is general and qualitative. For examples: To earn a profit of 24% in 2011.
What statement about the organizational culture inventory is correct?
The Organizational Culture Inventory (OCI) is a tool used to assess organizational culture based on human behavior and perceptions. It provides insights into the values and norms that guide behavior in an organization. The OCI helps organizations understand their current culture and identify areas for improvement.
What are the various elements of costs associated with inventory decisions?
The cost which are associated with the inventory are: 1) Procurement cact 2) Ordering cost 3) Carrying cost
Which costs is associated with keeping items in inventory?
Costs associated with keeping items in inventory are:Cost of storage/storage space and security.Loss of income from the money tied up in the inventory were it being put to another useDecay of the items if they're perishable
What has the author David A Kolb written?
David A. Kolb has written: 'Organizational behavior' -- subject(s): Industrial Psychology, Organizational behavior, Psychology, Industrial 'A cybernetic model of human change and growth' -- subject(s): Human growth, Human behavior 'Organizational development through planned change' -- subject(s): Organizational change 'Kolb Learning Style Inventory (Pack of 10 Booklets)' 'User's guide for the learning-style inventory' -- subject(s): Learning, Learning, Psychology of, Psychology of Learning
What is difference between periodic inventory and perpetual inventory?
Periodic inventory method calculate ending stock at the end of the accounting period, which could be Month to Date or Year to Date, while Perpetual inventory system calculates the ending stock on a continuous basis after each transaction (Purchase or Sell). Within Retail industry, periodic inventory method used for inventory valuation at the stores, whereas distributer like SuperValu (in US) follows perpetual inventory method to track inventory in their distribution centers. As a best practice, some of the retail companies are using perpetual accounting method to track inventory available in warehourses and distribution centers. In an idealistic world, perpetual inventory method can provide the true and real time inventory information, however due to complexities in consolidating all the purchases, sales, shrinkages and other market factors, it is advisable for retail companies to follow periodic accounting method to analyze and review the results before presenting the inventory valuation results to internal and external agencies like Shareholders, Income Tax Authorities, et el.
Is audting generally associated with only accounting and financial records?
No, any inventory work is an audit.
What are four costs associated with maintaining an inventory?
Ordering cost, Setup cost, Holding cost and Stockout cost
What doe price have to do with inventory?
When goods are in inventory it means that they have to be kept somewhere, for example in a warehouse. There is a cost associated with keeping inventory because it takes up real estate that could be used for something else. It's not free. As a result, it is part of the "cost" of making the product available to the customer and affects price.
What is the difference between periodic inventory and perpetual inventory?
Periodic inventory method calculate ending stock at the end of the accounting period, which could be Month to Date or Year to Date, while Perpetual inventory system calculates the ending stock on a continuous basis after each transaction (Purchase or Sell). Within Retail industry, periodic inventory method used for inventory valuation at the stores, whereas distributer like SuperValu (in US) follows perpetual inventory method to track inventory in their distribution centers. As a best practice, some of the retail companies are using perpetual accounting method to track inventory available in warehourses and distribution centers. In an idealistic world, perpetual inventory method can provide the true and real time inventory information, however due to complexities in consolidating all the purchases, sales, shrinkages and other market factors, it is advisable for retail companies to follow periodic accounting method to analyze and review the results before presenting the inventory valuation results to internal and external agencies like Shareholders, Income Tax Authorities, et el.
Retail inventory or cost inventory?
retail inventory retail inventory retail inventory
