COST ACCOUNTING
INVENTORY AND PRODUCTION MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Below are the importance of inventory control, except;
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How to maximize costs involved, which could directly increase production
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How much inventory to be ordered to replace sold inventory
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When to order inventory to prevent excess or deficiency in storage
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What type of inventory is suitable for the production process
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Explanation:
Detailed explanation-1: -Four popular inventory control methods include ABC analysis; Last In, First Out (LIFO) and First In, First Out (FIFO); batch tracking; and safety stock.
Detailed explanation-2: -Inventory control helps connect the upstream activities of purchasing and manufacturing to the downstream activities of sales and product demand to prevent bottlenecks, speed up processes, identify slow-moving or obsolete items, and even help evaluate suppliers.
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