Describe what is safety stock and what it provides safety against in inventory management
Q: Explain what are the inventory management responsibilities?
A: Inventory management's primary responsibilities include the following:-
Q: Describe the nature of the costs that affect inventory size
A: The overall value of items manufactured for sale by a company is referred to as inventory size.
Q: Explain the elements of inventory management
A: Inventory control include the ordering, storage, and utilization of a business's inventory. This…
Q: Explain the kinds of information that is shown in a perpetual inventory record
A: Perpetual inventory is a form of management accountancy that documents the buying and selling of…
Q: Explain the difference between static and dynamic inventory models?
A: Static inventory models are those that do not repeat, whereas dynamic inventory models are those…
Q: What Is The Elements of Inventory Management?
A: Inventory control includes ordering, storing, and using a company's inventory. This includes the…
Q: Explain the difference between a fixed-quantity and a fixed-period inventory system?
A: Introduction- Inventory is a phrase that relates to all the goods, goods, goods, and materials that…
Q: In which of the method of inventory valuation, control of inventory is not possible a. Continuous…
A: Inventory valuation is the monetary amount associated with the goods in the inventory at the end of…
Q: Explain the differences between a fixed-quantity inventory system and a fixed-period inventory…
A: The biggest difference between the fixed-order quantity system and the fixed-time-frame systems is…
Q: Describe the perpetual and the periodic inventory systems. Are there circumstances in which one…
A: A periodic review system uses an occasional physical count of all the inventory balances of all the…
Q: What factors are important to effective inventory management?
A: Ordering, handling, and utilising a company's inventory are also part of inventory management. Raw…
Q: . What are the responsibilities of inventory management
A: Let’s first understand the concept of Inventory management and its responsibilities. Inventory…
Q: Discuss the 3 elements of inventory management ?
A: Inventory management is the management in which stock is sourced, stored, and sold in the market.
Q: State and explain the four types of inventory
A: Inventory management as the process of procuring, storing, and utilising the company's inventory,…
Q: What are the two issues that inventory control attempts to resolve
A: Inconsistent Tracking: Using manual inventory tracking procedures across totally different package…
Q: Shouldn’t a company always select the inventory method that results in the highest net income so the…
A: Below is the solution:-
Q: Consider the following data: Annual Usage in units -- 62,500; Working days per year -- 360; Cost to…
A:
Q: Explain the two issues addressed by inventory management ?
A: Inventory management is the process of categorizing completed items, labour goods, commodities, and…
Q: Discuss what are the inventory management responsibilities?
A: Inventory management's primary responsibilities include the following:
Q: What are the prerequisites for efficient inventory management?
A: Effective inventory management applies to a very well system that enables firms to operate…
Q: What are the two problems that inventory management addresses?
A: Assembled items, work-in-progress goods, raw materials, and goods available for sale are all…
Q: (c) What is the total inventory cost? (d) What is the maximum inventory level?
A: SOLUTION:
Q: Explain what are the conditions that must exist for good inventory management ?
A: Inventory management is the management in which stock is sourced, stored, and sold in the market.
Q: What are the challenges of inventory management in any company? And how a company can overcome it.
A: Inventory management refers to keeping the stock of raw materials, work in process and finished…
Q: Explain the discrepancies causes in the inventory
A: Demand can be defined as items that are offered for the production of new items, as well as products…
Q: Explain how would factors like lead time and lot size impact different types of inventory
A: LEAD TIME; delivery schedule refers to the number of times a stockpile takes to be made into…
Q: Explain a major advantage and disadvantage for the fixed period inventory system
A: It is a method of managing inventories in which requests are submitted on a regular basis. Each…
Q: Determine the review interval and target inventory levelfor a periodic review inventory control…
A: Inventory are the items, products, goods etc that are yet to be sold and are left in the godown for…
Q: The Inventory management in Primark
A: Primark is a retailing company based in London, UK. Founder of Primark is Arthur Ryan. Primark was…
Q: Distinguish between in-process inventory, safety stock inventory, and seasonal inventory.
A: Inventory Meaning Inventory in an organization means the goods that are ready to be sold for the end…
Q: The periodic inventory system O A. works well for businesses in which the inventory is large in size…
A: A type of inventory system under which updates related to the ending inventory is made on a periodic…
Q: Create a flowchart about Supermarket Inventory System specifically about promotions and senior…
A: A grocery store is a self-administration store that is isolated into segments and offers a wide…
Q: What are the primary reasons for holding inventory?
A: Inventory: - Inventory is the term for the merchandise ready to move and crude materials used to…
Q: ABC inventory classification
A: The inventory division method is in which the inventory is classified based on the consumption value…
Q: Describe how would factors like lead time and lot size impact different types of inventory
A: LEAD TIME; The delivery schedule is the bunch of cycles a stockpile is changed into products or…
Q: Discuss the nature of the costs that affect inventory size.
A: The optimum inventory size is the one that minimizes the combined total value of holding cost,…
Q: State and explain in brief any five types of inventory on the basis of classification of its types?
A: Goods that are stocked or stored for immediate or near future use by the company or corporation are…
Q: Inventory in excess of expected demand to compensate for variability and lead time is_ a. Temporary…
A: Buffering inventories area unit the inventories kept for future wants of a corporation as there is…
Q: Explain what is costs of carrying inventory?
A: Supply chain management is the management in which raw materials and resources are converted into…
Q: Describe the perpetual and the periodic inventory systems. How are they different?
A: Perpetual and Periodic inventory: Perpetual vs Occasional Stock Framework Interminable stock…
Q: Describe what are the elements of inventory management?
A: Inventory control is the procedure for acquiring, storing, and utilising a business's inventory.…
Q: Explain how the objectives of the inventory management can be measured
A: Inventory management is a critical goal is to maintain an organization's inventory in a very way…
Q: Define each of the following in your own words and as a formula:a. Annual ordering cost.b. Annual…
A: Annual ordering cost can be defined as the product of a fixed cost that is independent of the number…
Q: Explain the different types of inventory, thechallenges of inventory management, and thereasons for…
A: Inventory management refers to the process including ordering, storing, and using a company's…
Describe what is safety stock and what it provides safety against in inventory management ?
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- In which of the method of inventory valuation, control of inventory is not possible a. Continuous inventory system b. Perpetual inventory system c. Periodic inventory system d. ABC analysisTax Preparers, Inc. works 250 days per year. Th e companyuses adding machine tape at a rate of eight rolls per day. Usageis believed to be normally distributed with a standard deviationof three rolls during lead time. Th e cost of ordering the tape is$10, and holding costs are $0.30 per roll per year. Lead time istwo days.(a) Calculate the economic order quantity.(b) What reorder point will provide an order-cycle servicelevel of 97 percent?(c) How much safety stock must the company hold to have a97 percent order-cycle service level?(d) What reorder point is needed to provide an order-cycleservice level of 99 percent?(e) How much safety stock must the company hold to have a99 percent order-cycle service level?explain the characteristics of inventory situations: 1. lead time 2. sources and level of risk 3. Static versus dynamic problems