What special procedures should be used to control the most expensive and most frequently used products in inventory? Give one example of a product in your response
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What special procedures should be used to control the most expensive and most frequently
used products in inventory? Give one example of a product in your response.
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- Prior to accepting a customer’s order, a company should verify the amount of inventory on hand. Which of the following is not a reason to do this? Determine whether inventory records are accurate. Ensure accuracy of inventory records by reducing the amount by items order. Identify which products should be ordered from suppliers. Communicate to the customer when shipment will be sent.You are currently performing an audit at GoodStar Co. The company manufactures tinned fruits which are supplied to large food retailers. Management team and those charged with governance of GoodStar have concerns about the effectiveness of their sales and collection system and asked you to review the system. Sales and Collection System Sales orders are mainly placed through GoodStar website and customers are also allowed to made orders through telephone. Online orders are automatically checked against the inventory records for availability, while orders received through telephone are checked manually by order clerks after the call. A follow-up call is usually made to customers if there is insufficient inventory. When taking telephone orders, clerks note down the details on paper and afterwards they complete a three-part pre-printed order form. These order forms are sequentially numbered and are sent manually to both delivery and the accounts department. As the company is expanding,…Identify the concepts and their corresponding description, obtained from the survey of a construction company: In the context of a construction company, it is required to maintain the organization of different works that the company carries out. Our client is in the habit of organizing a set of tasks into what is called a batch. Items are used as units of work intermediate level, to which a limited amount of material can be assigned to fulfill the tasks that compose them. It is necessary to distinguish the suppliers and the prices of each material, even if there is only one supplier for each material. Although rare, tasks can have an associated machine; but generally, they have more than one. The machines are not related to the work other than by the tasks and the items; and only operators with category “A” can operate them. All workers are paid according to their category and the hours worked, regardless of the work. ➢ Carry out the definition of the types of objects found. ➢ Develop…
- Which of the following accounts would be assigned a higher level of risk: Building or Merchandising Inventory? Explain your answer.Write a recommendation about a company what measure to put in place to avoid out of stock of products.Select from the option list provided to match each department or person involved in the sales-receivables-cash receipts cycle with the associated control. Each choice may be used once, more than once, or not at all. Safeguards the cash and checks prior to deposit in the bank Releases goods only upon receipt of a valid copy of a sales order Matches copies of documents to ensure that all customers are invoiced Checks are immediately endorsed "For Deposit Only" Only remittance advices are forwarded here for posting to customer Approved Customer orders are required before sales orders are released for processing Goods sent to customers based only on authorized sales orders Goods are paid for only when proper documentation is on hand to support a payment Investigates potential customers and their likelihood to pay Provides the check balance for the sum of the accounts receivable 1. Inventory warehouse 2. Shipping department 3. Credit manager 4. Sales department 5.…
- What would be the relationship (either one-to-one, one-to-many or many-to-many) between: Customer and Sales Order and Sales Order and Inventory Inventory and Sales Please explain this in detail so I can understand thanks!The task I am struggling with: A manufacturing company producing medical devices reported $60 000 000 in sales over the last year. At the end of the same year the company had $ 20 000 000 worth of inventory of ready-to-ship devices.a) Assuming that units in inventory are valued (based on COGS) at $1000 per unit and are sold for $2000 per unit, how fast does the company turn its inventory? The company uses a 25% per year cost of inventory. That is for the hypothetical case that one unit of $1000 would sit exactly one year in inventory, the company charges its operations division a $250 inventory cost.b) What in absolute terms is the per unit inventory cost for a product that costs $1000? Thank you very much for your help."Merchandise, raw materials and in-process or finished goods" is the Building and Personal Property Coverage Form's (BPP) definition for which one of the following? Stock Inventory Contents Business personal property
- ABC Corporation is a large manufacturing company that has been using an outdated inventory management system for the past 10 years. The system has become slow and unreliable, causing delays in production and shipping. The IT department has recommended replacing the system with a modern cloud-based solution that can be accessed from anywhere and has the potential to integrate with other business systems.After a thorough evaluation of several vendors and their products, the IT team has recommended the purchase of a system called "InventoryPro". The system has a user-friendly interface, robust reporting capabilities, and is scalable to accommodate future growth.The CEO has approved the project, and the IT team has started working on the implementation plan. The project team includes a project manager, business analyst, database administrator, software developer, and testing specialist.As part of the project plan, the team will need to migrate the data from the old system to the new one,…Suppose you have been given the task of reducing inventory in your company, without negatively impacting customer service. What actions might you be able to take to accomplish this task?Describe how the objectives of marketing, production, and finance are in conflict over customer service, disruption to product, and inventories.