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Essay / Research Paper Abstract
This 3-page paper focuses on the legal, ethical and economic ramifications of inventory management. Bibliography lists 2 sources.
Page Count:
3 pages (~225 words per page)
File: AS43_MTinvemagn.rtf
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Unformatted sample text from the term paper:
few stock clerks putting boxes of goods on a shelf in some store room - inventory management tends to be required in different locations of a facility, and even along
many locations in a supply network (Inventory Management, 2007). The goal of inventory management is to ensure that enough goods are available at the right time.
Inventory management also must take into account the fine line between replenishment lead time, carrying costs of inventory, asset management, inventory valuation, physical inventory, quality management, returns
of defective goods and demand forecasting. There are generally a few standards used to identify inventory - FIFO (first in, first out);
LIFO (last in, first out); FISH (first in, still here) and HIFO (highest in, first out) (Inventory, 2010). Companies determine what the best inventory strategy is, depending on the
type of good it is manufacturing and bringing to market. In addition, there are legal, ethical and economic issues that come along
with the territory of inventory management. The legal issues when it comes to inventory management involve the keeping of almost faultless records. The business literature is studded with case histories
and examples of companies messing with their inventory records in attempts to manipulate the balance sheets and asset valuation of a company. The problem is, when less inventory is shown
than what is on hand, this tends to give a distorted view of the companys financial health. If inventory is in house, it isnt converted into revenues (or the final
product to make revenues). This is why its important to abide by the laws and the SEC regulations when it comes to reporting on inventory.
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