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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 ...
In the manufacturing environment, lead time has the same definition as that used in supply chain management, but it includes the time required to ship the parts from the supplier. Shipping time is included because the manufacturing company needs to know when the parts will be available for material requirements planning purposes. It is also ...
Takt time, or simply takt, is a manufacturing term to describe the required product assembly duration that is needed to match the demand.Often confused with cycle time, takt time is a tool used to design work and it measures the average time interval between the start of production of one unit and the start of production of the next unit when items are produced sequentially.
In the MRP II (or MRP2) concept, fluctuations in forecast data are taken into account by including simulation of the master production schedule, thus creating a long-term control. [8] A more general feature of MRP2 is its extension to purchasing, to marketing and to finance (integration of all the functions of the company), ERP has been the ...
For example, $225K would be understood to mean $225,000, and $3.6K would be understood to mean $3,600. Multiple K's are not commonly used to represent larger numbers. In other words, it would look odd to use $1.2KK to represent $1,200,000. Ke – Is used as an abbreviation for Cost of Equity (COE).
The MPS is a statement of what the company expects to produce and purchase (i.e. quantity to be produced, staffing levels, dates, available to promise, projected balance). [ 1 ] [ 3 ] The MPS translates the customer demand (sales orders, PIR’s), into a build plan using planned orders in a true component scheduling environment.
Cash equivalents are short-term commitments "with temporarily idle cash and easily convertible into a known cash amount". [1] An investment normally counts as a cash equivalent when it has a short maturity period of 90 days or less, and can be included in the cash and cash equivalents balance from the date of acquisition when it carries an ...
Cost of goods sold (COGS) (also cost of products sold (COPS), or cost of sales [1]) is the carrying value of goods sold during a particular period.. Costs are associated with particular goods using one of the several formulas, including specific identification, first-in first-out (FIFO), or average cost.