Procuring, Receiving, and Inventory Management Flashcards Preview

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Flashcards in Procuring, Receiving, and Inventory Management Deck (33)
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31

Mini-max system

establishes minimum and maximum amount of stock needed on hand;

Maximum level = order quantity + minimum level

minimum level = time to reorder

32

perpetual inventory

on-going record of amounts on hand; incoming added to amounts on hand

33

physical inventory

actual count of items at specified time. It is a good practice to take a physical inventory count at least once every year