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When On average most companies aim for inventory turns per year?
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What are the types of inventory?
Inventory types vary, but most companies use the numbering system.
The periodic inventory system is used most commonly by companies that sell?
low priced high volume merchandise
What is offered by Inventory Management Solutions?
There are several companies that offer Inventory Management Solutions, the most popular vendor of these services is Red Prairie. They sell different types of software of these solutions.
Which of the following inventory costing methods is based on the actual cost of each particular unit of inventory?
FIFO method is based on the actual cost of each particular unit of inventory. In this method, inventory which is purchased first is sold out first. It ensures that old inventory is not piled up in storage and most companies use this method to evaluate their inventory.
Is periodic inventory system used most by companies that sell low or high volume merchandise?
high volume, low cost
What are the types of inventory?
Inventory types vary, but most companies use the numbering system.
The periodic inventory system is used most commonly by companies that sell?
low priced high volume merchandise
What is offered by Inventory Management Solutions?
There are several companies that offer Inventory Management Solutions, the most popular vendor of these services is Red Prairie. They sell different types of software of these solutions.
Which of the following inventory costing methods is based on the actual cost of each particular unit of inventory?
FIFO method is based on the actual cost of each particular unit of inventory. In this method, inventory which is purchased first is sold out first. It ensures that old inventory is not piled up in storage and most companies use this method to evaluate their inventory.
Is periodic inventory system used most by companies that sell low or high volume merchandise?
high volume, low cost
How do you determine the value of Ending Inventory do you use the value the inventory was purchase at or the value of the inventory at the months end?
Hello - I use the value the inventory was purchased at. If you need to, then you can devalue the inventory by stating a write down on obsolete goods, or alternatively, product that you will have to take a discount on. Technically, you have a few options - LIFO (last in, first out), FIFO most common - First in, first out, and average - average is not GAAP in Canadian accounting, but is workable in the states. Hope this helps you!
What type of company needs to use inventory tracking software?
The type of company that need to use inventory tracking software are multi million dollar companys that have high values of produce and product to sell. But for the most part and company should have use of invetory tracking software, cause its just good to have.
How big are the average Schiffli embroidery companies?
Most companies whose primary business is Schiffli embroidery are relatively small and privately owned
What inventory costing method that assigns the most recent costs to the most recently sold inventory?
LIFO - Last In First Out
Is the inventory costing method that assigns the most recent costs to the most recently sold inventory?
LIFO - Last In First Out
Is it possible to achieve zero inventories?
Some companies can. If you produce a standardized product, you maintain rigid production schedules and you have a very good supply chain, you can definitely achieve zero inventory. I run a job shop. I do a modified zero-inventory system. The things I use the most of, I keep a lot of inventory on hand. The things I rarely use are ordered as necessary.
How many inventory cycles in a year?
How many inventory cycles in a year depends entirely on your company policy and the policy you have agreed with your insurance company. It could be that every six months you have to conduct a stock-take (for insurance purposes). Some companies may hold a stock-take every three months - there is not hard or fast rules. Most companies take advice from their insurance company.
