COST ACCOUNTING
INVENTORY AND PRODUCTION MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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____ is used to find and maintain inventory levels that are neither too small nor too large.
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Planning purchases
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Inventory management
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Inventory control
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Managing purchases
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Explanation:
Detailed explanation-1: -Inventory control, also called stock control, is the process of ensuring the right amount of supply is available in an organization. With the appropriate internal and production controls, the practice ensures the company can meet customer demand and delivers financial elasticity.
Detailed explanation-2: -The 4 Types of Inventory Management The types of inventory management are Raw Materials, Works-In-Process, Maintenance, Repair and Operations or MRO and Finished Goods.
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