MANAGEMENT

Detailed explanation-1: -A never-out list * is used for best-selling products that make up a large percentage of sales volume. Items are added to or taken off the list as their popularity fluctuates. An inventory monitoring plan used for best-selling products that make up a large percentage of sales volume.

Detailed explanation-2: -The inventory list is important because it shows you exactly what you have available for sale or use, how efficiently your business is turning inventory, which items are not selling or being used, and reduces your carrying costs. It’s also important because it’s needed for income tax reporting.

Detailed explanation-3: -What is stock to sales ratio? Stock to sales ratio, also known as inventory to sales ratio or I/S ratio, measures the value of your inventory against the value of sales for a certain period of time.

Detailed explanation-4: -ABC (Always Better Control) analysis is one of the most commonly used inventory management methods. ABC analysis groups items into three categories (A, B, and C) based on their level of value within a business.