COST ACCOUNTING
INVENTORY AND PRODUCTION MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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There are many different ways to keep track of inventory
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True
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False
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Explanation:
Detailed explanation-1: -There are four main types of inventory: raw materials/components, WIP, finished goods and MRO.
Detailed explanation-2: -3 important inventory management techniques The three most popular inventory management techniques are the push technique, the pull technique, and the just-in-time technique. These strategies offer businesses different pathways to meeting customer demand.
Detailed explanation-3: -The 2 Types of Inventory Management Systems (within Inventory Control Systems): Barcode System. Radio Frequency Identification (RFID) System.
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