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INVENTORY PLANNING AND CONTROL
The main goal of "inventory control" is to discover and maintain the optimum level of investment in all types of inventories, from raw materials and supplies to finished goods that helps to maximize long-run profits.
Two limits must be imposed in controlling inventory levels, because there are two danger points that management usually wants to ignore. Such problems are:(i) That inadequate inventories, disrupts production and may lose sales.(ii) That excessive inventories, introduces unnecessary carrying costs and obsolescence risks.
Explain variable cost and fixed cost Variable costs: costs that vary almost in the direct proportion to the volume of production are known as variable costs. The examples of
Material storage Sophisticated mathematical models to control economic buying, and systems control the flow of material may all be for naught if the obvious-efficient storekeep
Your manager has informed you that the company is trying to determine if it should use a periodic system or a perpetual system in accounting for the inventory. He wants you to spea
Problem: Fancy Foods Ltd uses a standard costing system to control its material and labour costs. The standard costs for January 2007 were as follows. Standard Costs Materi
Determine the cost according to normality According to normality: under this category cost may be categorized as follows: Normal cost: it is the cost which is normally i
explain briefly variable cost, fixed cost and semi- variable in the production cost of a productor service, giving example for each
Define Zero bases budgeting According to CIMA According to CIMA, ZBB is a method of budgeting whereby all activities are re evaluated each time a budget is set. Discrete l
Hornsby Manufacturing has four categories of overheads. The four categories and the expected overhead costs for each category for next year are as follows: Maintenance $140,000
Question 1: (a) ‘The car industry is characterized by broad products differentiation' Analyse the long run situation of a car producer, commenting on profitability and efficien
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