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Why is it important to minimize inventory in a Just-in-Time system?
By taking a JIT approach to inventory and product handling, companies can often cut costs significantly. Inventory costs contribute heavily to the company expenses, especially in manufacturing organizations. By minimizing the amount of inventory you hold, you save space, free up cash resources, and reduce the waste that comes from obsolescence.
The inventory valuation method that tends to smooth out erratic changes in costs is?
Weighted average method which requires to use the weighted average cost per unit of inventory at the time of each sale.
Who entrepreneur used steam technology to cut the cost of ferry and other shipping costs?
Cornelius Vanderbilt
What are advantages of lobour intensive technology?
stupid fellows waste fello
Importance of material management in pharma industry?
—To buy at the lowest price , consistent with desired quality and service—To maintain a high inventory turnover , by reducing excess storage , carrying costs and inventory losses occurring due to deteriorations , obsolescence and pilferage—To maintain continuity of supply , preventing interruption of the flow of materials and services to users—To maintain the specified material quality level and a consistency of quality which permits efficient and effective operation—To develop reliable alternate sources of supply to promote a competitive atmosphere in performance and pricing
How might costs be lowered in a business with technology?
because it can
How is research and development in the search and navigation industry funded?
Research and development (R and D) costs for new technology in the search and navigation industry are assumed by both the federal government and industry contractors
What report demonstrates that the inventory general ledger account reconciles to the inventory costs?
no
What effect did the assenbly line have on production costs?
it lowered it
Costs that are treated as assets until the product is sold are called?
Costs that are treated as assets until the product is sold are called product costs. The costs are added to the inventory, and the expense is recognized when the inventory is purchased.
Which of these costs are involved in Inventory Modeling?
All of these: Unit purchasing costs, Holding costs, and Ordering and setup costs.
How do inventory management techiniques reduce inventory costs?
By making the process efficient and accurate.
What costs are to included in the valuation of inventory?
suppose
What are the types of inventory costs?
Item (set-up) costs, holding (storage) costs, and shortage costs (demand > product).
What is ordering quantity?
The Economic Order Quantity (EOQ) is the number of units that a company should add to inventory with each order to minimize the total costs of inventory-such as holding costs, and order costs
The inventory costing method that reflects the cost flow in the reverse order and will report the earliest costs in ending inventory is?
The inventory costing method that reflects the cost flow in the reverse order and will report the earliest costs in ending inventory is last in first out. This makes use of a perpetual inventory system.
A company has the following per unit original costs and replacement costs for its inventory?
1075
