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Jun has bought an accounting package for her business, which involves selling unique lamp bases and shades. She and a part-time employee are getting up to speed on the package but are having trouble matching her business processes to the software. What does Jun have to do to make the software more effective?
Total Inventory Based Costs
Total Inventory Based Costs refer to the cumulative expenses associated with holding and managing inventory, including carrying costs, ordering costs, and shortage costs.
Basic EOQ Model
An inventory management formula known as the Economic Order Quantity model that determines the optimal order quantity to minimize the total costs of holding, ordering, and shortage.
Setup Cost
The initial expenses incurred in preparing a machine or process for production, typically including costs associated with configuring equipment and labor.
Carrying Cost
Costs related to the storage or maintenance of inventory for a duration, encompassing warehouse storage fees, insurance premiums, value depreciation, and the potential loss of other opportunities.
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