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In inventory management, "mins" (minimums) and "maxs" (maximums) refer to the predetermined thresholds that dictate how much stock should be kept on hand. The minimum is the lowest quantity of an item that should be maintained to prevent stockouts, while the maximum is the upper limit to avoid overstocking and associated carrying costs. Together, these parameters help ensure optimal inventory levels and efficient supply chain operations.
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Is there a term for putting inventory once obsoleted back on the books?
Inventory adjustment.
What does the term Physical Inventory?
Physical inventory refers to the actual inventory in the warehouse. Inventory refers to completed products, not work in progress or raw materials.
What is the meaning of periodic in the term periodic inventory?
Periodic mean after a period like weekly, monthly, semi anually, quartrly etc.
What does the term Physical Inventory represent?
Physical inventory refers to the actual inventory in the warehouse. Inventory refers to completed products, not work in progress or raw materials.
What Is Meant by the Term Inventory in a organization?
The term \"inventory\" in an organization is the count of product or items. It helps keep track of items going in and out of a particular place.
What do the terms ''MINS'' and ''MAXS'' represent?
The term MINS stands for minimums, while the term MAXS stands for maximums. These terms are typically used to indicate the minimum and maximum levels of inventory to maintain.
What does the term inventory indicate?
The term inventory indicates that a business houses products and services. Inventory can be inefficient because the company is using money to purchase inventory instead of investing it in the company.
Is there a term for putting inventory once obsoleted back on the books?
Inventory adjustment.
What does the term Physical Inventory?
Physical inventory refers to the actual inventory in the warehouse. Inventory refers to completed products, not work in progress or raw materials.
What is the meaning of periodic in the term periodic inventory?
Periodic mean after a period like weekly, monthly, semi anually, quartrly etc.
What does the term Physical Inventory represent?
Physical inventory refers to the actual inventory in the warehouse. Inventory refers to completed products, not work in progress or raw materials.
What Is Meant by the Term Inventory in a organization?
The term \"inventory\" in an organization is the count of product or items. It helps keep track of items going in and out of a particular place.
What does the accounting term on hand mean?
The accounting term "on hand" refers to the amount of a resource, such as cash, inventory, or supplies, that is physically available and ready for use at any given time. It indicates the current stock or balance of an asset that a company possesses. This term is essential for financial reporting and inventory management, as it helps businesses assess their liquidity and operational capacity.
Is inventory an example of a long term asset?
Inventory is usually stocked for short term time period for one to three months so it is a current asset and never be considered as long term asset.
Is inventory a short term financial asset?
yes
What is the term used for specific sum money paid out of spesific inventry?
The term used for a specific sum of money paid out of specific inventory is "inventory shrinkage." This refers to the loss of inventory due to factors like theft, damage, or errors, leading to discrepancies between the recorded inventory and the actual inventory on hand. However, if you meant a specific financial transaction involving inventory, the term could also be "cost of goods sold" (COGS) when referring to the direct costs attributable to the production of the goods sold by a company.
What is another name for inventory conversion cycle?
Another name for the inventory conversion cycle is the inventory turnover cycle. This term refers to the period it takes for a company to convert its inventory into sales, highlighting the efficiency of inventory management and the speed at which products are sold. It is a crucial metric for assessing the liquidity of a business's inventory.
