The Primary Goals of Inventory Managers Are to Maintain a Sufficient

question 143

True/False

The primary goals of inventory managers are to maintain a sufficient quantity of inventory to meet customers' needs,ensure inventory quality meets customers' expectations and company standards,and minimize the cost of acquiring and carrying inventory.

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Definitions:

Salaries Expense

The total cost incurred by a company for paying its employees, typically recorded in the expense accounts in the general ledger.

Equipment

Equipment refers to the tools, machinery, and other durable assets used by a company in its operations.

Supplies

Supplies are consumable items used in the daily operations of a business, such as office or cleaning materials, that are not resold to customers.

Petty Cash

A small amount of cash on hand used for minor, incidental expenses of a business.