Definition of the Inventory Theory Inventory theory (or more formally the mathematical theory of inventory and production) is the sub-specialty within operations research that is concerned with the design of production/inventory systems to minimize costs. It studies the decisions faced by firms and the military in connection with manufacturing‚ warehousing‚ supply chains‚ spare part allocation and so on; it provides the mathematical foundation for logistics. Inventories are materials stored
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INVENTORY MANAGEMENT * Types of Inventory * Inventory Costs * Independent – Demand Items and Inventory Costs * Inventory Monitoring * Production Management Systems * Other Issues in Inventory Management What is Inventory? * An investment in the sense that it requires that the firm tie up its money‚ thereby forgoing certain other earnings opportunities. * The higher a firm’s average inventories‚ the larger the dollar investment and cost required and vice
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Case Study Inventory The Cost of Inventory The general principle for cost inclusion into inventory for US GAAP and IFRS is similar but not exactly the same. First let us look at US GAAP. The basis of accounting for inventories is “cost‚” which is explained in ASC 330-10-30 paragraph 1 as “the sum of the applicable expenditures and charges directly or indirectly incurred in bringing an article to its existing condition and location.” These costs are divided into two different categories‚ the
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AN INVENTORY MANAGEMENT SYSTEM FOR ITALFIL PORCELAIN TRADING COMPANY Arceli M. Basi Holy Angel University An Inventory Management System for Italfil Porcelain Trading Company Every organization whether manufacturing or trading in nature constantly strives to determine the appropriate logistic system and to maintain optimum inventory to be able to meet its
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Topic7 Inventory 1 Identify the primary authoritative guidance for the accounting for inventories. What is the predecessor literature? FASB ASC 330 Inventory provides primary authoritative guidance for the accounting for inventory. The predecessor literature about it is Accounting Research Bulletins (ARB) No.43 Chapter 4‚ paragraph 4 (Issued June‚ 1953) and Statement of Financial Accounting Standard (FAS) NO.151 Inventory cost- an amendment of ARB No.43‚ Chapter 4 (Issued November‚ 2004).
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Introduction and its Background Introduction Inventories are very essential to meet the shareholder needs and demands for financial information. A computerized inventory stock system helps the companies to keep track of their inventory from initial purchase to final sale automatically. It may contain quantities‚ description‚ price‚ purchasing of items‚ the stock – in and out‚ total amount of products on initial purchase and making reports on the inventory. A store sells certain products
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Studies Korean Red Ginseng Enterprise – Sales and Inventory System (J. De Leon‚ M. Ferrer‚ 2001) Under the Koread Red Ginseng Enterprise Sales and Inventory System‚ the researchers came up with a computerized sales and inventory system. The proponents used database to easy access of files and for easier and faster processing of the selling and inventory transaction. The program was designated to generate reports such as monthly reports‚ inventory reports‚ sales invoice and list of items. In connection
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HR - Chapter 13: Labor Relations and Collective Bargaining Why do workers join Unions? There are three main reasons why workers join unions: * Dissatisfaction with the work environment (wages‚ benefits‚ supervision) * A desire to have more influence in affecting change in the work environment * Employee believe that unions can actually improve conditions and have an impact at their own workplace Effects of Unions Workers join Unions to improve their wages‚ working conditions
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Plea Bargaining - Who Benefits? Plea bargaining is a process of negotiation and resolution that is an efficient‚ informal and by and large‚ successful alternative to the formal process of a criminal trial. Despite this less formal approach‚ the goal that drives plea bargaining is exactly the same: to bring about a fair‚ balanced and just resolution to an act of wrongdoing (Larson‚ 2000). In this regard‚ the use of plea bargaining is not only beneficial to all concerned in the judicial process; but
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Plea bargaining is a commonly used prosecutorial method to dispose of a case without going to trial. A plea bargain or negotiated plea is an agreement between the defense and the prosecutor in which a defendant pleads guilty to a criminal charge and in exchange he expects to receive some form of consideration from the state. (Neubauer‚ 2002‚ p. 323) Most cases never make it to trial‚ more than 80 percent of criminal cases filed ended with the defendant entering a guilty plea. (Fagin‚ 2003‚ p. 61)
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