Homework Answers
3. True
The primary objective of safety stock is to ensure that in case of inaccurate demand forecast
4. A. Periodic Systems
This is a physical system in which the count is made in a periodic basis to ensure proper maintenance of the same.
5. D. WIP
Work in progress and lead time would be reduced.
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QUESTION 1 keeps a running record of the amount in stock. A. Periodic System B. Just...
The main difference between the perpetual and periodic inventory systems is: Select one: o a. Organisations...
The main difference between the perpetual and periodic inventory systems is: Select one: o a. Organisations with high value inventory items tend to use the periodic system because it is more precise than the perpetual system b. Stock losses are identifiable under the periodic system but not the perpetual system c. Continuous records on the flow of inventory units are maintained under the perpetual system but not the periodic system O d. The perpetual system is generally cheaper to use...
10. In which way is a perpetual inventory system similar to a periodic system? A) Sales...
10. In which way is a perpetual inventory system similar to a periodic system? A) Sales are increased at the time of sale. B) Cost of goods sold is increased after an inventory count. C) Inventory is reduced after each sale. D) Cost of goods sold is increased after each sale.
Witt Company maintains a continuous record of purchases, materials issued into production and balances of all...
Witt Company maintains a continuous record of purchases, materials issued into production and balances of all goods in stock, so that inventory valuation data is available at any time. This is an example of a(n) A) perpetual inventory system. B) inventory control account. C) periodic inventory system. D) inventory cost method.
. Which statement about inventory review systems IS FA! In Q system, safety stock is needed...
. Which statement about inventory review systems IS FA! In Q system, safety stock is needed only for the lead-time period. 1 P system, inventory levels are reviewed periodically at fixed time interval Ve. P system requires a lower safety stock than system. D. In a system a higher than system, a higher than normal demand causes a shorter time between whereas in P system, the result would be a larger order size.
A company replenishes its inventory using a periodic review system, with estimates for the varying rate...
A company replenishes its inventory using a periodic review system, with estimates for the varying rate of demand and lead times for calculating the order quantities. What is the predicted in-stock rate if the company uses the service factor z=1.1 in its calculations? Round your answer to the nearest percentage. A) 88% B) 90% C) 84% D) 86%
Which of the following systems could be used to determine when the order point is reached?...
Which of the following systems could be used to determine when the order point is reached? I. Two-bin system. II. A report from a perpetual inventory system. III. Periodic inventory system. IV. Safety stock system. a)all are used where the order point has reached. b) I & II are used c) I,II & III are used d) I & III are used e) II & III are used
Question 4 (1 point) Assuming a periodic inventory system is used, the cost of merchadise purchased...
Question 4 (1 point) Assuming a periodic inventory system is used, the cost of merchadise purchased for resale is A) debited to Merchandise Inventory. B) credited to Merchandise Inventory. C) debited to Purchases. D) credited to Purchases.
The Periodic Review Model (P-Model) Question 19 options: a) reviews the inventory periodically (every P time...
The Periodic Review Model (P-Model) Question 19 options: a) reviews the inventory periodically (every P time units), places a fixed order quantity, EOQ, to replenish the inventory. b) reviews the inventory periodically (every P time units), places an order quantity to bring inventory to a target level (order-up-to target policy). c) continuously reviews the inventory and places an order of size P in every period. d) randomly reviews the inventory and places an order of size P to bring inventory...
Which of the following is considered part of the asset classification Long-Term Investments? A. B. C....
Which of the following is considered part of the asset classification Long-Term Investments? A. B. C. D. A building housing a company's administrative activities. Cash equivalents. A sinking fund established to retire bonds payable maturing in 20 years. Securities classified as held-to-maturity that mature within the next 12 months. Which of the following events related to accounts receivable causes a decrease to total assets? B. C. D. A write-off of an account receivable. A collection of an account receivable. A...
the threat of mistakes in counting re sufficient quantity on hand to 42) Which of the...
the threat of mistakes in counting re sufficient quantity on hand to 42) Which of the following controls can minimize the threat of mistakes inventory? A) The use of positive pay. B) Do not inform receiving employees about quantity ordered. C) The use of ERS D) Perpetual inventory system. 43) The traditional approach to inventory management to ensure sufficient quant maintain production is known as A) safety stock. B) just-in-time production. C) economic order quantity. D) optimal inventory quantity. 44)...
The main difference between the perpetual and periodic inventory systems is: Select one: o a. Organisations with high value inventory items tend to use the periodic system because it is more precise than the perpetual system b. Stock losses are identifiable under the periodic system but not the perpetual system c. Continuous records on the flow of inventory units are maintained under the perpetual system but not the periodic system O d. The perpetual system is generally cheaper to use...
10. In which way is a perpetual inventory system similar to a periodic system? A) Sales are increased at the time of sale. B) Cost of goods sold is increased after an inventory count. C) Inventory is reduced after each sale. D) Cost of goods sold is increased after each sale.
. Which statement about inventory review systems IS FA! In Q system, safety stock is needed only for the lead-time period. 1 P system, inventory levels are reviewed periodically at fixed time interval Ve. P system requires a lower safety stock than system. D. In a system a higher than system, a higher than normal demand causes a shorter time between whereas in P system, the result would be a larger order size.
Question 4 (1 point) Assuming a periodic inventory system is used, the cost of merchadise purchased for resale is A) debited to Merchandise Inventory. B) credited to Merchandise Inventory. C) debited to Purchases. D) credited to Purchases.
Which of the following is considered part of the asset classification Long-Term Investments? A. B. C. D. A building housing a company's administrative activities. Cash equivalents. A sinking fund established to retire bonds payable maturing in 20 years. Securities classified as held-to-maturity that mature within the next 12 months. Which of the following events related to accounts receivable causes a decrease to total assets? B. C. D. A write-off of an account receivable. A collection of an account receivable. A...
the threat of mistakes in counting re sufficient quantity on hand to 42) Which of the following controls can minimize the threat of mistakes inventory? A) The use of positive pay. B) Do not inform receiving employees about quantity ordered. C) The use of ERS D) Perpetual inventory system. 43) The traditional approach to inventory management to ensure sufficient quant maintain production is known as A) safety stock. B) just-in-time production. C) economic order quantity. D) optimal inventory quantity. 44)...
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