Question 1. Describe the four types of inventory.

Question

Want to see more full solutions like this?

Answer 1

Textbook Question

Chapter 12, Problem 1DQ

Question

1. Describe the four types of inventory.

Expert Solution & Answer

Summary Introduction

To describe: The four types of inventory.

Introduction: Inventory management is the process of ordering, storing and using inventory of the company such raw material, components and finished goods. It governs the flow of goods from manufacturers to warehouse and to the point of sale. The key function is to maintain record of flow of new or returned products which enters or leaves the company.

Explanation of Solution

Four types of inventory:

The four types of inventory are,

Raw materials: These are items which are to be converted into final products.
Work-in-process (WIP): The items which are to be converted and items which undergoes transformation process.
Finished goods: Raw materials which had undergone complete transformation but title has not been transferred.
MRO: Items such as equipment, supplies which are necessary for transformation process.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Students have asked these similar questions

Question2: A company that sells fruit juices sells 1250 cases of fruit juice from cases priced at $50 per case in a month. The business is in city x and juices are ordered from city y. Each order costs the business $250. Storage costs are 20% of a case of fruit juice. According to this;a) the economic order quantity of the enterprise?b) How many days is the time between two orders?c) What is the total inventory cost of the business, including the acquisition costs, in dollars/month?

QUESTION 10 Economic Order Quantity (EOQ), is the order quantity that ... over the planning horizon. minimizes total ordering costs minimizes total carrying costs minimizes total inventory costs is required as safety stock

Question: calculate the reorder point in meters for the fabric.

Answer 2

Textbook Question

Chapter 12, Problem 1DQ

Question

1. Describe the four types of inventory.

Expert Solution & Answer

Summary Introduction

To describe: The four types of inventory.

Introduction: Inventory management is the process of ordering, storing and using inventory of the company such raw material, components and finished goods. It governs the flow of goods from manufacturers to warehouse and to the point of sale. The key function is to maintain record of flow of new or returned products which enters or leaves the company.

Explanation of Solution

Four types of inventory:

The four types of inventory are,

Raw materials: These are items which are to be converted into final products.
Work-in-process (WIP): The items which are to be converted and items which undergoes transformation process.
Finished goods: Raw materials which had undergone complete transformation but title has not been transferred.
MRO: Items such as equipment, supplies which are necessary for transformation process.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Textbook Question

Chapter 12, Problem 1DQ

Question

1. Describe the four types of inventory.

Expert Solution & Answer

Summary Introduction

To describe: The four types of inventory.

Introduction: Inventory management is the process of ordering, storing and using inventory of the company such raw material, components and finished goods. It governs the flow of goods from manufacturers to warehouse and to the point of sale. The key function is to maintain record of flow of new or returned products which enters or leaves the company.

Explanation of Solution

Four types of inventory:

The four types of inventory are,

Raw materials: These are items which are to be converted into final products.
Work-in-process (WIP): The items which are to be converted and items which undergoes transformation process.
Finished goods: Raw materials which had undergone complete transformation but title has not been transferred.
MRO: Items such as equipment, supplies which are necessary for transformation process.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Textbook Question

Chapter 12, Problem 1DQ

Question

1. Describe the four types of inventory.

Expert Solution & Answer

Summary Introduction

To describe: The four types of inventory.

Introduction: Inventory management is the process of ordering, storing and using inventory of the company such raw material, components and finished goods. It governs the flow of goods from manufacturers to warehouse and to the point of sale. The key function is to maintain record of flow of new or returned products which enters or leaves the company.

Explanation of Solution

Four types of inventory:

The four types of inventory are,

Raw materials: These are items which are to be converted into final products.
Work-in-process (WIP): The items which are to be converted and items which undergoes transformation process.
Finished goods: Raw materials which had undergone complete transformation but title has not been transferred.
MRO: Items such as equipment, supplies which are necessary for transformation process.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Textbook Question

Answer 6

Textbook Question

Answer 7

Expert Solution & Answer

Summary Introduction

To describe: The four types of inventory.

Introduction: Inventory management is the process of ordering, storing and using inventory of the company such raw material, components and finished goods. It governs the flow of goods from manufacturers to warehouse and to the point of sale. The key function is to maintain record of flow of new or returned products which enters or leaves the company.

Explanation of Solution

Four types of inventory:

The four types of inventory are,

Raw materials: These are items which are to be converted into final products.
Work-in-process (WIP): The items which are to be converted and items which undergoes transformation process.
Finished goods: Raw materials which had undergone complete transformation but title has not been transferred.
MRO: Items such as equipment, supplies which are necessary for transformation process.

Answer 8

Expert Solution & Answer

Summary Introduction

To describe: The four types of inventory.

Introduction: Inventory management is the process of ordering, storing and using inventory of the company such raw material, components and finished goods. It governs the flow of goods from manufacturers to warehouse and to the point of sale. The key function is to maintain record of flow of new or returned products which enters or leaves the company.

Explanation of Solution

Four types of inventory:

The four types of inventory are,

Raw materials: These are items which are to be converted into final products.
Work-in-process (WIP): The items which are to be converted and items which undergoes transformation process.
Finished goods: Raw materials which had undergone complete transformation but title has not been transferred.
MRO: Items such as equipment, supplies which are necessary for transformation process.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Summary Introduction

To describe: The four types of inventory.

Introduction: Inventory management is the process of ordering, storing and using inventory of the company such raw material, components and finished goods. It governs the flow of goods from manufacturers to warehouse and to the point of sale. The key function is to maintain record of flow of new or returned products which enters or leaves the company.

Answer 12

Explanation of Solution

Four types of inventory:

The four types of inventory are,

Raw materials: These are items which are to be converted into final products.
Work-in-process (WIP): The items which are to be converted and items which undergoes transformation process.
Finished goods: Raw materials which had undergone complete transformation but title has not been transferred.
MRO: Items such as equipment, supplies which are necessary for transformation process.

Answer 13

Ch. 12 - Question 1. Describe the four types of inventory.Ch. 12 - Question 2. With the advent of low-cost...Ch. 12 - Question 3. What is the purpose of the ABC...Ch. 12 - Question 4. Identify and explain the types of...Ch. 12 - Question 5. Explain the major assumptions of the...Ch. 12 - Question 6. What is the relationship of the...Ch. 12 - Question 7. Explain why it is not necessary to...Ch. 12 - Question 8. What are the advantages of cycle...Ch. 12 - What impact does a decrease in setup time have on...Ch. 12 - When quantity discounts are offered, why is it not...

Question 1. Describe the four types of inventory.

Concept explainers

Videos

Explanation of Solution

Want to see more full solutions like this?

Chapter 12 Solutions