Retail business's inventory includes goods in process and raw material. True False
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- The chapter presented various approaches for the control of inventory investment. Discuss three additional approaches not included that might involve supply chain managers.Refers to goods and merchandise at the beginning of operation of business or accounting period. A. Mechandise inventory, end B. Mechandise Inventory, beginning C. Expenses D. Freight-InAnalyze inventory using the Pareto principle.
- Do the following: Inventory • What kind of inventory will you keep: raw materials, supplies, finished goods? • Average value in stock (i.e., what is your inventory investment)? • Rate of turnover and how this compares to the industry averages? • Seasonal buildups? • Lead-time for ordering? Details in the photo attachedInventory tracking is concerend both ith the quantity and the location of the goods in inventory. Select one: a. True. b. False.Discuss the challenges of inventory control.
- What are Wyreboard's minimum costs of ordering and holding inventory? Please answer it in good form. Thank youThomas Kratzer is the purchasing manager forthe headquarters of a large insurance company chain witha central inventory operation. Thomas’s fastest-movinginventory item has a demand of 6,000 units per year. The costof each unit is $100, and the inventory carrying cost is $10 perunit per year. The average ordering cost is $30 per order. Ittakes about 5 days for an order to arrive, and the demand for1 week is 120 units. (This is a corporate operation, and thereare 250 working days per year.)a) What is the EOQ?b) What is the average inventory if the EOQ is used?c) What is the optimal number of orders per year?d) What is the optimal number of days in between any twoorders?e) What is the annual cost of ordering and holding inventory?f) What is the total annual inventory cost, including the costof the 6,000 units?provide a practical example and explain how Hard Rock Cafe utilises each of four steps of inventory
- Explain briefly the elements of inventory management?explain the characteristics of inventory situations: 1. lead time 2. sources and level of risk 3. Static versus dynamic problemsThe________________ the level of inventory at which a new order should be placed Select one: a. inventory influx b. dependent demand c. Order cycle d. reorder point