ECONOMICS

Detailed explanation-1: -Receiving clerk is responsible for checking orders against shipments for quantity and quality of goods. The purchasing agent is involved in the physical control of materials. The purchasing agent is responsible for the preparation of material requisitions and specifying the kind of materials of materials needed.

Detailed explanation-2: -Carrying cost is calculated based on the insurance premium, depreciation, obsolescence, storage, preservation costs, and interest on value of stock held, including that of handling and other allied costs.

Detailed explanation-3: -Storage cost is not included in the cost of inventory.