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Understanding Inventory Management: Methods and System

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Understanding Inventory Management: Methods and System

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Questions and Answers

What is the periodic inventory system?

A method of assigning a unique number to each product for tracking

An accounting method that takes inventory only at the end of a period

A system that wirelessly transmits the identity of a product to track items

A method of inventory valuation involving physical counts at specific intervals (correct)

What data can be associated with the number in barcode inventory management?

Product price, expiration date, and customer information

Product category, sales history, and location in the warehouse

Product color, customer reviews, and manufacturing date

Supplier, product dimensions, weight, and stock quantity (correct)

How does RFID inventory management improve warehouse operations?

By assigning a unique number to each product for tracking purposes

By performing physical counts of inventory at specific intervals

By wirelessly transmitting product identity to track items and provide detailed information (correct)

By deducting ending inventory to derive the cost of goods sold

What disruption does a surplus of product in inventories create?

<p>It creates a disruption to the overall flow and knocks the supply-demand balance out of order</p> Signup and view all the answers

What happens if there isn't enough product in inventories?

<p>The end customer suffers</p> Signup and view all the answers

Study Notes

Inventory Management Systems

Periodic inventory system: a method of inventory management that updates inventory balances periodically, often monthly or quarterly.

Barcode Inventory Management

Data associated with barcode numbers:
Product information (name, description)
Quantity
Location
Expiration date
Batch number
Serial number

RFID Inventory Management

Improves warehouse operations by:
- Automating inventory tracking
- Increasing accuracy
- Reducing labor costs
- Improving inventory visibility
- Enhancing supply chain efficiency

Inventory Management Challenges

Surplus of product in inventories:
- Creates inventory storage and handling challenges
- Increases maintenance costs
- Reduces cash flow
- Can lead to obsolescence
Insufficient product in inventories:
- Leads to lost sales and revenue
- Damages customer relationships
- Requires emergency shipments
- Increases costs due to expedited shipping

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Description

Learn about inventory management and its various methods such as periodic inventory management. Understand how periodic inventory system works for financial reporting purposes, including inventory valuation and cost of goods sold (COGS).