Understanding Business
12th Edition
ISBN: 9781259929434
Author: William Nickels
Publisher: McGraw-Hill Education
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Chapter 18.3, Problem 1MED
Summary Introduction
To discuss: The ethical decision and its consequences.
Introduction: Just in time inventory refers to an inventory system which involve ordering and receiving of inventory at the time when needed in production so that efficiency will increase and wastage will reduce in production.
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Inventory is a current asset that should provide return on the capital invested. From your understanding, why is inventory is so crucial to the efficient and effective management of a firm? Provide relevant example to support your answer.
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Chapter 18 Solutions
Understanding Business
Ch. 18.1 - Prob. 18.1AQCh. 18.2 - Prob. 1TPCh. 18.2 - Prob. 2TPCh. 18.2 - Prob. 3TPCh. 18.2 - Prob. 4TPCh. 18.3 - Prob. 18.3AQCh. 18.3 - Prob. 1MEDCh. 18.3 - Prob. 5TPCh. 18.3 - Prob. 6TPCh. 18.3 - Prob. 7TP
Ch. 18.3 - Prob. 8TPCh. 18.4 - Prob. 18.4AQCh. 18.4 - Prob. 18.4BQCh. 18.4 - Prob. 18.4CQCh. 18.4 - Prob. 9TPCh. 18.4 - Prob. 10TPCh. 18.4 - Prob. 11TPCh. 18.4 - Prob. 12TPCh. 18.5 - Prob. 18.5AQCh. 18.5 - Prob. 18.5BQCh. 18.5 - Prob. 13TPCh. 18.5 - Prob. 14TPCh. 18.5 - Prob. 15TPCh. 18.5 - Prob. 16TPCh. 18 - Prob. 1CECh. 18 - Prob. 2CECh. 18 - Prob. 3CECh. 18 - Prob. 4CECh. 18 - Prob. 1CTCh. 18 - Prob. 2CTCh. 18 - Prob. 3CTCh. 18 - Prob. 2DCSCh. 18 - Prob. 3DCSCh. 18 - Prob. 4DCSCh. 18 - Prob. 5DCSCh. 18 - Prob. 1PPTCh. 18 - Prob. 2PPTCh. 18 - Prob. 3PPTCh. 18 - Prob. 4PPTCh. 18 - Prob. 1VCCh. 18 - Prob. 2VCCh. 18 - Prob. 3VC
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- Why would a "Just in Case" or traditional inventory management practices be preferred to a "Just in Time" inventory management?arrow_forwardTrue or False: An inventory management system that relies primarily on the physical counts of inventory is said to be using the periodic method. (If it is false, please explain)arrow_forwardWhy would just-in-case' or conventional inventory management methods prefer to 'just-in-time.'?arrow_forward
- What are the shortcomings in every company's inventory management? And how a business should deal with it.arrow_forwardSo far we have talked about inventory or WIP very much in the context of manufacturing industries. How about service industries? Take banks as an example. Do they have such issues or problems? Cite all your sources.arrow_forwardWhat special procedures should be used to control the most expensive and most frequently used products in inventory? Give one example of a product in your response.arrow_forward
- True or false? Please explain in detail Lowering the inventory turnover rate by drastically increasing the level of safety stocks, will lead to a faster cash conversion cyclearrow_forwardAnother way to look at the concept of inventory turnover is by measuring sales per square foot. Taking the average inventory at retail and dividing it by the number of square feet devoted to a particular product will give you average sales per square foot. When you multiply this figure by the inventory turnover rate, you get the annual sales per square foot. It is important to know the amount of sales per square foot your merchandise is producing, both on average and annually. These figures should be tracked monthly and compared with industry standards for businesses of similar size and type. You own a large multi product electronics store in a regional mall. The store has 10,600 square feet of selling space divided into five departments. (a) From the table below, calculate the average and annual sales (in $) per square foot. Then calculate the annual sales (in $) for each department and the total sales (in $) for the entire store. (Round your average and annual sales per square foot…arrow_forwardWhat role does inventory management play in an overall business plan and describe the benefits of just in time inventory management.Describe one of the methods for managing cash disbursements or cash receipts and how it impacts profitability.arrow_forward
- What tools and machines are used in an inventory management system and in warehouse storage?arrow_forwardWhy are physical inventory counts made when a perpetual inventory system is used? a. Same as last year principle requires it b. It verifies inventory numbers recorded c. SEC recommends it d. CFO typically has doubts about the purchasing departmentarrow_forwardWhat is inventory management? Why is it important? Identify an example of a inventory system with which you have worked (You can even describe one you use at home for groceries or other items). Discuss how it was managed. Could you have used any of the models discussed in this unit? please send new answer. Thank you so much!arrow_forward
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