WGU C215 CH12 Pre/Post Quiz & Practice Questions With Correct Answers

raw materials inventory - Answer What are purchased items or extracted materials that will be transformed into components or products called? anticipation inventory - Answer Which inventory function specifically is designed to allow the company to maintain a level production strategy? anticipation inventor - Answer Which is the primary inventory function that is activated after coupons are distributed to customers? (tD)/365 - Answer Which of the following allow you to calculate the average amount of inventory in transit? whether the product is available when the customer wants it. - Answer In inventory management, when discussing customer service we mean: annual cost of goods sold / average inventory in dollars - Answer What is the formula for inventory turnover? inventory building to leverage reduced setup costs - Answer Companies can achieve cost-efficient operations by using which of the following inventory approaches? continuous operations - Answer If inventory records fail to accurately reflect the quantity of materials available, all except which of the following may occur? poor customer service, lower productivity, poor material planning, excessive expediting - Answer Name four effects if inventory records fail to accurately reflect the quantity of materials available Periodic counting generally counts every item in stock, whereas annually cycle counting generally does not daily. - Answer Which of the following statements is true? JIT inventory - Answer Which of the following is not one of the six ways to use inventory? anticipation inventory/seasonal inventory fluctuation inventory/ safety stock transportation/pipeline inventory lot-size Inventory / cycle Stock speculative/hedge inventory MRO inventory - Answer What are the six ways of using inventory? They are examples of MRO inventory - Answer Hand tools, lubricants, and cleaning supplies are usually examples of what? distribution inventory - Answer Finished goods in transit to the customer are called what? speculative inventory - Answer Which inventory function provides a cushion against unexpected supply shortage or inflation? MRO inventory - Answer Which of the following inventory functions does not involve end products sold to customers? transportation inventory - Answer Which inventory function exists between the manufacturing plant and the distribution plant? all orders and customers have similar value. - Answer Percentage of orders shipped on schedule is a good measure of finished goods customer service if: