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Define the periodic inventory control systems.
Periodic (or bin) Inventory Control Systems:
Stock levels are reviewed at pre-found intervals of time and an order is positioned. Orders are made onto a scheduled origin but the reorder level could be for a variable or standard quantity every time.
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A paper mill produces two grades of paper viz., X & Y. Because of raw material restrictions, it cannot produce more 400 tons of grade X paper & 300 tons of grade Y paper in a week.
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