Copyright

Ch 13: Inventory Control in Business

About This Chapter

Expand your knowledge of inventory control in business when you study the lessons in this chapter. Get to know types of inventory costs and compare dependent versus independent demand goods.

Inventory Control in Business - Chapter Summary

Use these lessons to boost your understanding of the subject of inventory control in business. Take a look at the definition and methods of inventory cost, the definition of Just In Time inventory, and see an overview of materials planning. Review other lessons in this chapter on:

  • The definition of inventory
  • Merchandise inventory items
  • Advantages of Just In Time inventory
  • ABC inventory analysis and cost

Study.com subject-matter experts developed short text and video lessons, each with a quiz you can take to test your understanding of the material just presented. You can review video lesson material by referring to the video transcript or by using the keyword-based timeline tool to quickly find the exact point in the video you want to replay.

7 Lessons in Chapter 13: Inventory Control in Business
Test your knowledge with a 30-question chapter practice test
What Is Inventory? - Definition & Example

1. What Is Inventory? - Definition & Example

Most businesses carry some inventory. In this lesson, you'll learn about what inventory is, some related concepts and be provided examples along the way. A short quiz follows the lesson.

Items that Make Up Merchandise Inventory

2. Items that Make Up Merchandise Inventory

In order to operate, merchandising companies must carry inventory. What exactly makes up merchandise inventory? In this lesson, you will not only learn the answer to that question, but also several other important factors that relate to merchandise inventory.

Inventory Cost: Definition, Methods & Types

3. Inventory Cost: Definition, Methods & Types

Have you ever thought about how much it costs a business to keep inventory in stock? It's not just the price the business pays for the items that it keeps in stock. It is so much more. In this lesson, we will discuss exactly what constitutes actual inventory cost.

Just in Time Inventory: Definition, Advantages & Examples

4. Just in Time Inventory: Definition, Advantages & Examples

Just In Time (JIT) is a production and inventory control system in which materials are purchased and units are produced only as needed to meet actual customer demand.

Independent Versus Dependent Demand Goods

5. Independent Versus Dependent Demand Goods

When we buy products at a store, we are indicating to the company that we are demanding that product. In this lesson, we will learn about the different types of goods that we as consumers demand and how those goods affect the inventory of companies.

ABC Cost & Inventory Analysis: Examples

6. ABC Cost & Inventory Analysis: Examples

In this lesson, we will explore ABC cost and inventory analysis. We will define it, look at some examples, and explain why a company may use this type of system. The lesson will conclude with a summary and quiz.

Materials Planning: Process, Overview

7. Materials Planning: Process, Overview

In this lesson, we will use the concept of materials planning to find the information that you would need to complete a job or production process efficiently and profitably. You will learn about budgeting and inventory control.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
Not Taken
Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
Not Taken

Earning College Credit

Did you know… We have over 200 college courses that prepare you to earn credit by exam that is accepted by over 1,500 colleges and universities. You can test out of the first two years of college and save thousands off your degree. Anyone can earn credit-by-exam regardless of age or education level.

To learn more, visit our Earning Credit Page

Transferring credit to the school of your choice

Not sure what college you want to attend yet? Study.com has thousands of articles about every imaginable degree, area of study and career path that can help you find the school that's right for you.

Support