Explain the Benefits of XBRL

question 44

Essay

Explain the benefits of XBRL.

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Definitions:

Safety Stock

Additional inventory kept to prevent stockouts, typically used as a buffer against demand variability or supply chain disruptions.

Lead Time

The total time taken from the initiation of a process or project to its completion.

Labor Cost

The total expenditure incurred by an employer on behalf of employees, including wages, benefits, and taxes.

Holding Cost

The expenses associated with storing unsold inventory, including warehousing, insurance, depreciation, and opportunity costs.