Management and Inventory
Managers use this inventory system just like a checkbook. (Double Point)
What is perpetual inventory system?
Canned and bottled beer may generally stored at what tempereture?
40*F and 70*F ( 4.5C* and 21*C)
There were 3 bottles in the storeroom when Matt and Marvin took inventory.
The cost per bottle is $2.75.
What is the total inventory cost?
What is $8.25?
The formula for inventory turnover rate.
What is Cost of Goods Sold / Average Amount in Inventory = Inventory Turnover Rate?
Which inventory value system is in use when products are valued at the cost of the most recently received products?
What is FIFO (first in, first out)?
What are the two objectives when purchasing beverages?
What To Buy and How Much To Buy?
this is the process of moving products from storage rooms to drink production and service area (Double points!)
Issuing
What did the toasted malt from Carabao Brewing tasted like.
What is Great Grains?
Give an example of a location that is a License State (Triple Points)
Guam
In some operations, managers require two people to work together to take this inventory.
What is physical inventory system?
In a Decentralized Purchasing System who is the one purchasing?
Owner or General Manager
Wine are best served at cellar temperature generally considered to be between? (Triple points!)
65*F ( 18*C an 21*C)
Assume a beginning inventory of $24,000 and ending inventory of $26,000. Assume Beverage Cost (COGS) of $100,000 for the same period. what was the inventory turnover rate for the period?
(show the solution)
100,000 / ( [24,000+26,000]/2) =???
24,000+26,000 = 50,000
50,000 / 2 = 25,000
100,000 / 25,000 = 4
Answer: 4
The fourth learning objective.
What is describe the purpose of an issue requisition?
The separate tasks of the process of managing beverage products in storage.
What are:
Inventory assessment, purchasing, receiving, storing, and issuing?
Who is the professor that taught Purchasing and Receiving last semester? (Say the full name!)
Mr. Edward Biacan
Give one example each of a procedure to reduce possible product theft and something to remember when storing beverages
STORING BEVERAGE
Procedure to reduce the possibility of product theft
There were 9 bottles in the beginning of inventory. 3 bottles issued on 3/11.
The next day, 6 bottles were purchased and 7 issued.
How many bottles remain?
What is 5 bottles?
The second learning objective.
What is list the two key objectives of an effective beverage purchasing program?
The inventory process allows managers to make two of these several key decisions.
What are:
Maintaining product quality?
Determining what to buy?
Determining how much to buy?
Determining when to buy?
Determining costs?
Reducing theft?
Repeat the steps of Receiving Process in order
(DOUBLE POINTS)
Check Against Purchase Orders, Check Against Delivery Invoices, Accept Products, Move to Storage Area(s), Complete Receiving Tasks and Records?
What is the formula used to calculate average inventory?
(Beginning inventory + Ending inventory) / 2 = Average inventory
There were 10 bottles in the store were when Mr. Ed took the inventory count.
A whole case was 4 bottles for $34.
What is the price per bottle and the inventory cost.
What is $8.50 and $85?
Name all of our classmates.
(Triple Points)
What are JB, Erika, Leesha, Kendrick, Asshenti, Eleora, Nick, Eden, Aeryn, Alicia, Tristie, Matt, Angel, Mateo, Marvin, Aya/Jasha, Marco, Ivan, and Trina?