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INVENTORY CONTROL DECISIONS
Factories, workshops, engineering departments handle raw materials used in the manufacture of products. The main objectives in handling these materials are:
1. Maximum customer's service2. Minimum possible investment on materials, handling costs etc.3. Avoid shortages as far as possible so that production is not stopped or customer's goodwill is not lost.
Some of these objectives are basically in conflict and require a scientific approach to get an optimal solution in order to earn maximum profit for a given investment. Inventory control is the study including `Material Management' and the associated costs in such a way that the total cost is kept minimum for a given investment.
Objectives of ratio analysis 1) Measuring the profitability: we can measure the profitability of the business by calculation gross profit net profit expenses ratio and other.
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Cost Advantage and Value Chain Cost advantage is one of the two types of competitive advantage a firm may possess. Cost is also of vital significance to differentiation strate
Operating cycle considers to the average time lapse among the acquisition of raw material and the final cash realization. This notion is used to determine the needs of cash working
Implementation of ABC analysis The following steps are included in implementing the ABC analysis: 1. Categorize the items of inventories, establishing the expected use in un
Standard costing system However, it has been argued that traditional variance analysis is unhelpful and potentially misleading in the modern organization, and can make managers
Transition probabilities These are the probabilities of moving from one state to another in the next time period. Usually they are written in the form of a probability matrix.
During the year the company worked a total of 145,900 machine-hours on all jobs and incurred actual manufacturing overhead costs of $1,305,346. What is the amount of underapplied o
RULES OF GAME THEORY 1) The number of competitors is finite. 2) There is a conflict of interests between the participants. 3) Each of these participants has available to
How much was Topaz’s operating income (income before taxes) last year?
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