When a Business Wants to Achieve Efficiencies in Supply Chain

question 29

True/False

When a business wants to achieve efficiencies in supply chain management, they will often use software packages called enterprise resource planning systems software that support information systems across a number of functions.

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Definitions:

Gross Profit

Gross profit is the revenue from sales minus the cost of goods sold, indicating the profitability of a company's core business activities excluding overhead costs.

Inventory Records

Documentation that tracks the quantity, value, and movement of products or materials a company holds in stock.

FIFO Periodic

An inventory valuation method where goods first purchased or produced are also the first to be sold, assessed periodically at the end of an accounting period.

Beginning Inventory

The value of a company's inventory at the start of an accounting period, used in calculating cost of goods sold during the period.