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Accounting Best Practices, Fifth Edition by Steven M. Bragg Englewood, Colorado

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18–11 Inventory Policies for Best Practices (Chapter 16)

  • A materials review board shall conduct an ongoing review of the inventory to ascertain which items should be disposed of, and to direct this disposition in the most profitable manner.

  • The company will reject all received items for which no prior authorization was issued.

  • All inventory transactions shall be recorded in the warehouse management system database within ___ minutes of their occurrence.

  • The management team shall regularly review the company’s products, product options, and supporting parts structure to cancel unprofitable items and eliminate redundancy.

  • The management team shall endeavor to reduce the company’s inventory investment to the minimum level, subject to constraints imposed by profitability, warranty, and customer service objectives.

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