lacking having a supply chain strategy and the company was carrying too much inventory. This distribution company, located in north Melbourne, that sources most product from its parent company in us. Their product is best described as ‘fashion’ stationery. In this case, all the members of our group had interview the general manager, the finance manager, the sales and marketing managers, the operations manager and the inventory planner of the distribution company. Our teams had prepaid some questions
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Study questions FIN 504 Interest rate and bond valuation 1. What is the future value of $10,000 on deposit for 5 years at 6% simple interest? FV = PV + (PV x r x t) (10,000) + ((10,000 x .06) x 5) = $13,000.00 2. How much interest is earned in just the third year on a $1,000 deposit that earns 7% interest compounded annually? 3. How much will accumulate in an account with an initial deposit of $100, and which earns 10% interest compounded quarterly for 3 years? FV = PV (1+r) t 100 (1.025)12
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Department of Mechanical and Industrial Engineering IEEN 5313 - 800 Inventory Systems Spring, 2014 Instructor: Dr. Joon-Yeoul Oh, Associate Professor Office: EC 332 Phone: (361) 593 – 3941 Fax: (361) 593 – 4026 Email: kfjo000@tamuk.edu Class Time: W 6:00 pm – 8:50 pm @ EC136 Office Hours: M W 2:00 pm – 6:00 pm TR 10:00 am – 11:00am Or by appointment REQUIRED Textbook: Inventory Control and Management, 2nd Edition (2003), Donald Waters, John Wiley
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primary purpose of any vendor performance system is to: (a) Evaluate their product quality over time (b) Decide on vendor selection (c) Evaluate vendor performance (d) Assess if meeting all buying requirements 2. The ABC analytical tool as applied to inventory management is best aligned to: (a) Activity-Based Costing (b) Analytical –Based Costing (c) Alpha-numeric Based Classification (d) Pareto’s Analysis 3. The SCOR Model is characterized by the following distinct management
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ACCOUNTING FOR MATERIALS – MATERIALS Definition Materials: | In cost accounting material is defined as the part of inventory. Basically, material and raw material are used for same purpose. This is main part of total cost of production. It can reduce or increase according to the fluctuation in production. So, this is very flexible and controllable source of production. For making furniture, wood is the material. 60% to 70% proportion in the total cost of production will be material cost
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for Transactions –Part 1 Accounting for Transactions –Part 2 Accounting for Adjustments- Part 1 Accounting for Adjustments- Part 2 Completion of Accounting Cycle Accounting Systems Revision Chapters 1 - 4 Accounting for Retailers Accounting for Inventories Non-Current Assets Cash Management and Control Accounting for Receivables Tutorial Exercises Lecture Notes Week 1 Introduction to Accounting, Ethics, Business Entities, Financial Statements Required Readings: HEM: Chapters 1 and 2 All
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THE ABC INVENTORY CLASSIFICATION SCHEME. ALTHOUGH THE COST OF COMPUTING HAS DECREASED CONSIDERABLY, THE COST OF DATA ACQUISITION HAS NOT DECREASED IN A SIMILAR FASHION. BUSINESS ORGANIZATIONS STILL HAVE MANY ITEMS FOR WHICH THE COST OF DATA ACQUISITION FOR A “PERPETUAL” INVENTORY SYSTEM IS STILL CONSIDERABLY HIGHER THAN THE COST OF THE ITEM. 2. The standard EOQ model assumes instantaneous delivery (delivery of the entire lot is made at one instant of time), whereas the Production Inventory Model
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THE ABC INVENTORY CLASSIFICATION SCHEME. ALTHOUGH THE COST OF COMPUTING HAS DECREASED CONSIDERABLY, THE COST OF DATA ACQUISITION HAS NOT DECREASED IN A SIMILAR FASHION. BUSINESS ORGANIZATIONS STILL HAVE MANY ITEMS FOR WHICH THE COST OF DATA ACQUISITION FOR A “PERPETUAL” INVENTORY SYSTEM IS STILL CONSIDERABLY HIGHER THAN THE COST OF THE ITEM. 2. The standard EOQ model assumes instantaneous delivery (delivery of the entire lot is made at one instant of time), whereas the Production Inventory Model
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Supply Chain Management _______ Types of inventory * By stages of production and value added * Raw materials (RM) * Work-in-progress (WIP) * Finished goods (FG) * They’re not equally costly * Finished goods are more valuable * They need to be managed differently * By function * Cycle stock (working stock): amount of inventory that you expect to sell * Safety stock (buffer stock): amount of inventory that you don’t expect to sell *
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Wastes to be eliminated are overproduction, excess inventory, delay, transportation, rework, underutilization of people and facilities. Wastes should be eliminated to achieve better connectivity between operations. It improves response time to customer demand, reduces inventories, reduces working capital requirements, improves productivity. It is executed by using various lean tools such as 5S, Value Stream Mapping(VSM)
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