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Selective Inventory Management
The inventory of an industrial firm generally comprises thousands of items with diverse prices, usage and lead time, as well as procurement and/or technical problems. It is neither desirable nor possible to exercise the same degree of control over all those items. The organization must pay more attention and care to those items whose usage value is very high and less attention to those whose usage and utilization value is low. The organization has, therefore, to be selective in its approach to control its investment in various types of stocks and inventories. Such a system is known as `selective inventory control' system.
The other source of spontaneous short-term financing is the accrued expenses which arise by the general conduct of business. An accrued expense is an expense which has been incurre
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Weldon Industrial Gas Corporation supplies acetylene and other compressed gases to industry. Data regarding the store''s operations follow: 500 Garrison, Managerial Accounting, 12t
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SENSITIVITY ANALYSIS OF EOQ MODEL Sensitivity Analysis is regarded with the manner in which those results of solutions change in response to change in model parameters.
Ordering Costs These are incurred in getting purchased items into the company’s inventory or stores, and usually consist of clerical costs of: • Making the purchase demand.
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