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the parts might never be used; the parts might not be stored properly, leading to defects; maintaining inventory of spare parts has associated costs; parts may not be available when needed from a supplier; But without the spare part on hand, a company's customer satisfaction levels could drop if a customer has to wait too long for their item to ...
FIFO and LIFO accounting are methods used in managing inventory and financial matters involving the amount of money a company has to have tied up within inventory of produced goods, raw materials, parts, components, or feedstocks. They are used to manage assumptions of costs related to inventory, stock repurchases (if purchased at different ...
A spare part, spare, service part, repair part, or replacement part, is an interchangeable part that is kept in an inventory and used for the repair or refurbishment of defective equipment/units. Spare parts are an important feature of logistics engineering and supply chain management , often comprising dedicated spare parts management systems.
In materials management, ABC analysis is an inventory categorisation technique which divides inventory into three categories: 'A' items, with very tight control and accurate records, 'B' items, less tightly controlled and with moderate records, and 'C' items, with the simplest controls possible and minimal records.
An example illustrates why. Fred buys auto parts and resells them. In 2008, Fred buys $100 worth of parts. He sells parts for $80 that he bought for $30, and has $70 worth of parts left. In 2009, he sells the remainder of the parts for $180. If he keeps track of inventory, his profit in 2008 is $50, and his profit in 2009 is $110, or $160 in total.
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