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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.
Positioning An essential part of the planning process is positioning the organization to attain its goals. Positioning is a wide concept and depends on gathering and evaluating
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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Factory Layout The first stage of implementing the JIT manufacturing techniques is to rearrange the factory floor away from the batch production functional layout towards a pro
VALUE ADDED STATEMENTS Are intended to show how much wealth or value has been created by the company’s operations and how the wealth has been shared out to interested groups e.
Describe Benchmarking It is the process of measuring products service or activities against the best level of performance which may be found either inside or outside the organi
STANDARD COSTING AND BUDGETARY CONTROL In practice, the terms standard cost and budgeted cost might be used interchangeably. Whereas it is possible to have budgeting without s
You are required to provide a report of approx 500 words or less (excluding attachments and references), accompanied by relevant calculations, in MS Word, MS Excel and/or PDF forma
Objectives of ratio analysis 1) Measuring the profitability: we can measure the profitability of the business by calculation gross profit net profit expenses ratio and other.
A company manufactures a one product. Estimated cost data regarding this product and other information for the product and the company are as follows: Sales price per unit Rs.2000
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