Why does maintaining an inventory that matches a predetermined formulary make good business sense?
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- This is a comprehensive case. This covers most of the essential concepts we have covered and other materials you will obtain independently. Volta Apparel Inc. is contemplating constructing a new facility to manufacture ladies' apparel (shirts) at Keta. Mr. Kwaku Kobla is the newly appointed Plant Manager, who will oversee the Keta plant. You have been appointed as the Operations Consultant to advise him and assist him. Volta has another similar facility in Accra. The actual demand for shirts (manufactured in the Accra plant for the last 4 years) is presented below: Season and Year Actual Demand Quarter1 and 2005 482 Quarter2 and 2005 213 Quarter 3 and 2005 116 Quarter 4 and 2005 335 Quarter 1 and 2006 499 Quarter 2 and 2006 225 Quarter 3 and 2006 122 Quarter 4 and 2006 344 Quarter 1 and 2007 503 Quarter 2 and 2007/237 Quarter 3 and 2007 127 Quarter 4 and 2007 349 Quarter 1 and 2008 518 Quarter 2 and 2008 244 Quarter 3 and 2008 133 Quarter 4 and 2008 353 A. Based on the information…Kofio & Sons Ltd is a small family business located in Suhum. They have a pineapple juice processing factory. They have never kept detailed inventory or sales records. The owners use their own judgment in identifying items that need to be reordered. Invoices from suppliers are only kept for tax purposes. When an item is sold, the item number and price are rung up at the cash register. What is the business impact of this situation? How could information systems help Kofio & Sons run their business? What data should these systems capture? What decisions could the systems improve? NOTE NO PLAGIARISMHow can a company optimize its inventory management processes to strike a balance between ensuring sufficient stock levels to meet customer demand and minimizing holding costs associated with excessive inventory?
- Suppose you have been given the task of reducing inventory in your company, without negatively impacting customer service. What actions might you be able to take to accomplish this task?Explain what is the definition of a deterministic inventory model ? When is it appropriate to use ?Compare and contrast the four primary functions of a DC: accumulation, sortation, allocation, and assortment?
- Prior to accepting a customer’s order, a company should verify the amount of inventory on hand. Which of the following is not a reason to do this? Determine whether inventory records are accurate. Ensure accuracy of inventory records by reducing the amount by items order. Identify which products should be ordered from suppliers. Communicate to the customer when shipment will be sent.Royal Meat Processing Company buys and processes livestock for sale to supermarkets. In connection with the audit of the company’s financial statements, you have prepared the following notes based on your review of inventory procedures: 1. Each livestock buyer submits a daily report of his or her purchases to the plant superintendent. This report shows the dates of purchase and expected delivery, the vendor and the number, and weights and type of livestock purchased, as shipments are received, any available plant employee counts the number of each type received and places a check mark beside this quantity on the buyer’s report. 2. Vendors’ invoices, after a clerical review, we sent to the appropriate buyer for approval and returned to the accounting department. A disbursement voucher and a check for the approved amount the prepared in the accounting department. Checks are forwarded to the treasurer for signature. The treasurer’s office sends signed checks directly to the buyer for…Why are the goals of inventory management appear to be contradictory?