PHYSICAL INVENTORY OBSERVATION CHECKLIST Name of Company Subsidiary or Division Location or Department Date(s) of Inventory Taking Date(s) of Observation Firm’s Representative(s) Company representative in charge of inventory (or department) The purposes of the physical inventory observation are to determine that (1) the inventory physically exists‚ (2) stated quantities fairly represent the actual quantities on hand at the date of the observation
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Demand (D) = 20‚000 units/year Ordering cost (S) = $40/order Holding cost (H) = $2/unit/year Lead time (L) = 2weeks Cycle-service level = 95% Demand is normally distributed with a standard deviation of weekly demand of 100 units. Current on-hand inventory is 1.040 units with no scheduled receipts and no backorders. 1. Calculate the item’s EOQ. What is the average time‚ in weeks between orders? EOQ = (2DS)/H EOQ = (2*20000*40)/2 EOQ = 800000 EOQ = 894.43894 TBO = (EOQ/D)*52weeks TBO = (894/20000)*52weeks
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Vendor-managed inventory (VMI) program and a multiple customer service channels were initiated to enhance customer loyalty and increase electronic ordering. Wirelesses scanning for warehouse management and inventory replenishment policies were constantly processed to improve worker productivity and order fulfillment accuracy. Raw material purchase consolidation‚ followed by supplier-managed inventory pilots results in cost savings practices. Therefore‚ NIBCO uses vendor-managed inventory (VMI) program
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Inventory Optimization at Procter & Gamble: Achieving Real Benefits through User Adoption of Inventory Tools Procter & gamble (P&G) is a leading global consumer products company founded in 1837 with $76.7 billion in sales in 180 countries. P&G is famous for their brand names like Tide‚ Gillette‚ Pantene and many others. It competes in 26 distinct product-category markets such as hair care‚ cosmetics‚ paper towels‚ skin care‚ oral care‚ blades and razors‚ diapers and fabric care. Procter &
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an inventory management philosophy that aims to reduce inventories by implementing systems and processes to supply a product or service exactly when it is needed‚ and how it is needed in the production process. The concept of JIT is widely accepted today by many American manufacturing companies‚ and it is a means of controlling costs through striving to maintain lean inventories—in fact‚ the concept of JIT was introduced in the early 1980’s to the U.S. as a concept know as “zero inventories”. This
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Part A: Inventory Management Introduction: Inventory management has always been a bone of contention for production‚ finance and marketing departments‚ as each has different goals – while production likes to secure high level of raw material‚ consumables and spares for uninterrupted operations‚ finance likes to optimize cost by minimizing stock levels and marketing like to have enough finished stock variety to serve the customers on demand. All this involves cost; hence to maintain a right balance
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operation and merchandise inventory Businesses that sell a product to customers Inventory Merchandise held for sale Asset account 3 Describe and illustrate merchandising operations and the two types of inventory systems 4 Balance Sheet Inventory Asset Income Statement Sales revenue Cost of goods sold Expense 5 Cash Purchase inventory Collect cash from customers Accounts receivable Sell inventory Inventory 6 PERIODIC
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Sales and Inventory Management System CHAPTER I – THEPROBLEM I. INTRODUCTION Indeed‚ automation process or electronic-based operations have invaded every work place. It is being employed into operational activities to be able to simplify all related activities and operations. Every business owner wants to know which product sells the most‚ which customer(s) or client(s) buys frequently‚ how much inventory is on hand‚ and what method is preferred by customer when paying and how much did they actually
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Machine have been using manual materials inventory system for the past thirty two years. The researchers decided to improve the accuracy of the materials inventory system of the said business by conducting a study to create a virtual materials inventory system that will fasten up the transactions and decrease human errors. The virtual materials inventory system will not only fasten up transactions but will also promote accuracy and avoid discrepancy on the inventory system of the burger machine stall
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technology. They can manage easily and manipulate their business without monitoring their sales per hour sales to compute the expected target income. With this‚ the researcher saw the opportunity to improve their business skills by creating an inventory system that will enhance their knowledge in manipulating and managing reloading business. Background of the study In a prepaid mobile phone‚ topping-up or reloading is needed to further enjoy the service offered by the proprietorship. There
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