management has two basic functions concerning inventory. one is to establish a system to keep track of items in inventory and the other is to? a. make decisions on how much to order and when to order b. make decisions on what inventory management model to use c. make choices between perpetual inventory systems and periodic systems d. choose the right person to run inventory control and management e. select the inventory classification system that will be used

In terms of inventory, management performs two fundamental functions. The first is to create a system for tracking inventory items, and the second is to decide how much to order and when.

What are the two inventory management systems?

There are two methods for keeping track of inventory: the periodic system in addition to the perpetual system. After each inventory purchase or sale, the perpetual system updates the inventory account.

What main purposes does inventory management serve?

The primary objective of inventory management is to maintain an optimal level of input products, products in process, and finished products in order to facilitate production and sales operations and reduce costs.

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