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What does the economic-order quantity method of inventory management entail?
through a complex analysis, management attempts to determine the minimum amount of product needed to do the job and still keep the cost of inventory as low as possible.
What is the best method of inventory and why?
Just in time is the best inventory management system. With just in time, the organization doesn't house inventory which saves them money.
What is weighted average method of inventory management?
The total value of material divided by the total quantiy of stock
What methods do not require a physical inventory periodic inventory system perpetual inventory method retail method or gross profit method?
periodic inventory system
What is prepetual inventory system?
The perpetual inventory system is a method of accounting of inventory that records the sale or purchase of inventory in near real time, through the usage of computerized point of sale and enterprise asset management systems. It provides a detailed view of inventory changes.
What is the process of circle picking and how is it used in the context of inventory management?
Circle picking is a method in inventory management where items are arranged in a circular layout, and a worker moves around the circle to pick items for orders. This process is efficient as it reduces the distance traveled by the worker and increases productivity.
What is Weighted Average of Inventory Valuation Method?
Weighted average inventory valuation method is method in which inventory purchased at any price is put together to calculate one price for allocation in contrast to FIFO or LIFO.
What is the GAAP method for determining what inventory is obsolete or slow moving?
The GAAP method for obsolete or slow moving inventory is to account for all inventory using either market value or cost method. The method which results in the lower amount is the one that is used.
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.
Inventory method that least likely mimics actual physical flow of inventory?
FIFO method where the older items are sold first.
Fixed order interval approach to inventory management?
The fixed order interval approach to inventory management involves placing orders for inventory at regular, predetermined intervals, regardless of the current inventory level. This method helps streamline ordering processes and can reduce stockouts by ensuring that inventory is replenished systematically. It is particularly useful for managing items with stable demand patterns, allowing businesses to maintain consistent stock levels while minimizing administrative costs associated with ordering. However, it may result in excess inventory if demand fluctuates significantly between intervals.
What does the observation method of marketing research design entail?
In the observation method, the primary data result from observing the respondents doing something
