Please select one from these multiple choices.

$1$

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$$What is the purpose of inventory management in Excel?

To track sales revenue

To optimize the balance between supply and demand for products

To create financial statements

To analyze customer demographics

$2$

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$$Which Excel tool is commonly used for inventory management?

Solver

VLOOKUP

Scenario Manager

Goal Seek

$3$

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What is the economic order quantity

$($

EOQ

$)$

$$formula used for?

Calculating total sales revenue

Analyzing customer satisfaction

Determining the optimal order quantity that minimizes total inventory costs

Tracking inventory turnover rate

$4$

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$$Which Excel function is commonly used to calculate reorder points?

AVERAGE

MIN

MAX

SUM

$5$

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$$What is safety stock in inventory management?

Stock kept for future promotions

Stock that is damaged or unsellable

Stock that is about to expire

Extra stock held to mitigate uncertainties in demand and lead time