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- Q3. What is inventory management? Explain in brief 4 functions of inventory management.Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 15 units at $40 $600 Aug. 13 Purchase 5 units at $41 205 Nov. 30 Purchase 11 units at $42 462 Available for sale 31 units $1,267 There are 9 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (a) first-in, first-out (FIFO) method; (b) last-in, first-out (LIFO) method; and (c) weighted average cost method (round per-unit cost to two decimal places and your final answer to the nearest whole dollar). a. First-in, first-out (FIFO) $fill in the blank 1 b. Last-in, first-out (LIFO) $fill in the blank 2 c. Weighted average cost $fill in the blank 3|Product D is stocked only at the AMC Chemical Company's Dallas warehouse and at the company's plant warehouse in Akron. The sales director has forecast product sales from the Dallas warehouse to be 40 units per week for the next 8 weeks. Product D is manufactured at the firm's Akron plant using 2 units of ingredient X per unit of product D. Information: Ingredient X Projected available balance: 4 Units Schedule receipt in week 1: 320 units Safety stock quantity: 2 Product D in Dallas Product D in Plant Warehouse Warehouse Projected available balance: 85 Units Safety stock quantity: 5 units Lead time: 2 weeks Lot for lot size quantity Projected available balance: 2 Units Schedule receipt in week 1: 46 units Safety stock quantity: 8 units units Lead time: 1 week Lead time: 4 weeks Lot for lot size quantity Lot size quantity: 320 units Prepare the DRP records for product D at the Dallas warehouse and the plant warehouse as well as the MRP record for ingredient X (Assume ingredient X is…
- Q4. What are the various types of inventory? Explain each type in brief.Q4// A company producing compressors, decided to make a particular item in batches. The following information is available: • Receiving and inspecting = 10$ per order Verifying and payment of bill = 10$ per order • Other ordering and set up cost = 25$ per order • Consumption rate of item = 65 item per month %3D • Insurance = 3 $ per item in year • Storage and handling cost = 2$ per item in year • Taxes = 3 $ per item in year • Other inventory carrying cost = 4$ per item in year • Item cost = 5$ per item Calculate the Economic Batch Quantity, the number of lots, the total cost of one year requirement and what is the cycle time of order.Define INVENTORY CONTROL?
- Question 7 Firm develop new products to a.gain market share and build brand equity b.keep their research and development teams gainfully employed c.take up slack in capacity d.gain first mover advantage and eliminate waste Question 8 Economic order quantity (EOQ) assumes all of the following conditions apply .demand is known and is constant over time .there are no shortages allowed.lead time for the receipt of orders is constant.Order quantity is received all at once true or false? question 10 Trade-offs in the new product development relate to A.Product / service design, time to market and profitability B.Proft. Expenditure and market share C.Time. cost and quality D.Market reach, product / service design and timingInventory and supply chain management concepts (6) When is it appropriate to use an Economic-Order-Quantity (EOQ) to determine an inventory order quantity? Multiple Choice O O When product has short lifecycle and it is very expensive to buy. When product is perishable and there is cost of holding inventory. When product has long life cycle and there is fixed cost of ordering. When product's demand is uncertain and there is a known cost of under-stocking.The units of Manganese Plus available for sale during the year were as follows: Mar. 1 June 16 Nov. 28 Inventory Purchase Purchase 23 units @ $29 32 units @ $30 42 units @ $36 97 units $667 960 1,512 $3,139 There are 14 units of the product in the physical inventory at November 30. The periodic inventory system is used. a. Determine the inventory cost by the FIFO method. $ b. Determine the inventory cost by the LIFO method. $ c. Determine the inventory cost by the weighted average cost methods. Round intermediate calculations and final answer to two decimal places.
- Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: 12 units at $47 Jan. 11 Aug. 13 20 units at $48 Nov. 30 $564 960 735 Avaliable for sale $2,259 There are 20 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (a) first-in, first-out (FIFO) method; (b) last-sout (LIFO) method; and (c) weighted average cost method (round per-unit cost to two decimal places and your final answer to the nearest whole dollar). a First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost Inventory Purchase Purchase 15 units at $49 47 units 1,284 XWhat is chase demand plan?Question No. Three: The following information for Computer Co. for the month ended May 31, 20XX. The Company uses the periodic method for inventory. Date Description Quantity Unit Cost/ Selling Price $ 40 May, 1 Beginning Inventory May, 5 Purchase May, 10 Sale May, 11 Sale return May, 18 Purchase May, 18 Purchase return May, 24 Sale May, 24 Purchase 40 135 44 110 70 15 70 55 46 10 46 65 75 30 50 Required: (a) Calculate: Ending inventory Cost of goods sold Gross profit. Gross profit rate Under each of the following methods: (a) FIFO. (b) LIFO (c) Weighted Average (b) Compare results for the three cost flow assumptions