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Implementation of ABC analysis
The following steps are included in implementing the ABC analysis:
1. Categorize the items of inventories, establishing the expected use in units and price per unit for each item.
2. Establish the total value of each item by multiplying the predictable units by its unit price.
3. Rank the item in accordance with the net value, providing first rank to the item with highest total value and so forth.
4. Calculate the ratios (percentage) of number of units of each item to net units of all items and the ratio of net value of each item net value of all items.
Total inventory costs formula Total inventory costs will be as follows: Total inventory costs = Purchase price cost + carrying costs + stock-out cost + order costs. Tota
LIMITATIONS OF ABC ANALYSIS However ABC analysis is a basic tool for exercising selective control over many inventory items, it does not, in its current form, allow precise con
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