Answered: f you had to manage a new establishment…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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Related questions

Question

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If you had to manage a new establishment that had a large beverage inventory, would you choose to implement a physical inventory monthly or a perpetual inventory system, or both? Explain your choice.

Expert Solution

Step 1

Inventory management alludes to the method involved with requesting, putting away, utilizing, and selling an organization's inventory. This incorporates the management of crude materials, parts, and completed items, just as warehousing and handling of such things. The job of inventory management is to keep up with proper stock levels for the business' necessities, limiting squandered inventory, reserves restricted in stock, and lost pay through stocks dropping excessively low. Producers, wholesalers, and retailers all utilize inventory management to accomplish somewhat various objectives.