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inventory management (types of inventory costs (purchase cost- some…
inventory management
types of inventory costs
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processing cost- some business perform work on inventory they purchase before it is ready for sale. assembly processes incur labor costs for assembly workers and additional utilities expenses for workplaces.
distribution cost- inventory items have to be shipped a number of times before they run into sale revenue
inventory holding costs- storing inventory either in a warehouse or in a sales outlet incurs additional costs
shrinkage cost- shrinkage refers to anything that renders inventory unfit for sale or return to a supplier.
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service classes
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scheduled delivery- goods can customized for particular customers and able to delivery according to agreed delivery time
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define
inventory management is the supervision of non-capitalized assets and stock items. A component of supply chain management, inventory management supervises the flow of goods from manufacturers to warehouses and from these facilities to point of sale.