1) With the ABC approach, items which have high unit costs are classified as A items

a) True

b) false

2) Work is progress is a type of inventory

a) True

b) false

3) Ordering cost refers to the expense of placing an order for additional inventory and does not include the cost or expense of the product

a) True

b) False

4) Cycle counting ---------------

a) is a process by which inventory records are verified once a year

b) Provides a measure of inventory turnover

c) Provides a measure of inventory accuracy

d) assumes that all inventory records must be verified with the same frequency

5) A major challenge in inventory management is to maintain a balance between inventory investment and customerservice

a) True

b) False

6) What are the functions of inventory?

7) Types of inventory

8) Impacts of inventory cost