Question

Which of these is NOT included in total inventory cost?Select an answer:


storage costs

factory equipment costs

tariffs

ordering costs

Answer 1

Answer:

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Answer 2

Tariffs are not included in total inventory cost

Explanation:

• Inventory costs consist of costs that are connected with purchasing the inventory, storing the inventory and dispatching the inventory as and when they are required. The inventory could be in form of raw materials that are needed for production or work in process
• The inventory is kept in stock for the purpose of production  and  it includes the storage costs, factory equipment costs and the ordering costs. The costs are dependent on the amount of inventory, the total amount that is needed for production and the holding cost which is involved
• It is necessary to minimize the total cost of maintaining the inventory for making the the distribution system more efficient. It helps in removing wastage from the system and creates a major impact on the efficiency of the system

To know more about inventory control

Define the term inventory control? what are the inventory control systems?

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