Purchasing Week 6

The principles of inventory management are the same, regardless of the size of your operation

• True

• False

When reviewing an invoice, employees should check for:

• Quality

• Quantity

• Price

• All of the answers are correct

An invoice should be verified against the purchase order

• True

• False

A running balance of what is on hand

• Periodic Inventory

• Weighted Average

• Perpetual Inventory

• Par Stock

The amount of stock used within a given time period

• Depletion

• Usage

• Sitting Inventory

• Catch Weight

Meats, seafood, perishable items

• FIFO

• LIFO

• Catch Weight

• Usage

Minimum amount of inventory

• Par Stock

• FIFO

• LIFO

• Weighted Total

Par stock levels should be determined for hotel linens

• True

• False