ECONOMICS

Detailed explanation-1: -An inventory system where every so often, stock is visually inspected or actually counted to determine the quantity on hand. The most popular method of inventory management is physical inventory. Cycle counts * allow a business to count a small portion of the inventory every day to track the entire inventory.

Detailed explanation-2: -The four types of inventory management are just-in-time management (JIT), materials requirement planning (MRP), economic order quantity (EOQ), and days sales of inventory (DSI). Each inventory management style works better for different businesses, and there are pros and cons to each type.

Detailed explanation-3: -blind check method. A method of checking whereby the receiver writes the description of the merchandise, counts the quantities received, and lists them on a blank form or dummy invoice. The list is then compared to the actual invoice after the blind check is made.

Detailed explanation-4: -A perpetual inventory system is a program that continuously estimates your inventory based on your electronic records, not a physical inventory. This system starts with the baseline from a physical count and updates based on purchases made in and shipments made out.