Purpose of Inventory Management
What is Safety Stock?
These inventory items are expensive and make up about 20% of inventory but account for 75-80% of its dollar value.
What are category A items.
What is inventory records?
Cost, Quantity in, Quantity out, Balance on Hand
What is Beginning Inventory + Foods Purchased = Costs of Available Goods
Costs of Available Goods - Ending Inventory = Costs of Goods sold.
Beginning inventory of beverages + Beverages purchased.
What is the benefit of perpetual Inventory over a physical log?
Perpetual inventory is an automatic digital logging system which makes the system faster, more efficient, and leaves less room for error.
These relatively low-cost inventory items account for only 5-10% of total inventory value.
What are category C items.
What is Inventory Records Essential For?
Deciding How much to order per period.
The Costs of Goods sold if in the month of November Starting inventory is $22,000, Foods purchased is $45,000, and ending inventory is $14,000.
What is $53,000
What is cost of beverages sold?
Cost of beverages available - cost of ending inventory