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Inventory Management(Pscm 331) Question Paper

Inventory Management(Pscm 331)

Course:Accounting, Finance& Investments

Institution: Kenya Methodist University question papers

Exam Year:2013

TIME: 2 HOURS
Instructions: Answer question one and any other two.
Question One
Distinguish between dependent and independent demand.
(4mks)
Mikali’s bar and restaurant uses 5,000 litres of an imported wine each year. The errevescent wine costs shs. 300 per bottle and is served only in whole bottles because it loses its bubbles quickly. Mwikali figures that is costs shs. 1000 each time an order is placed and holding costs are 20% of the purchase price. It takes three weeks for an order to arrive weekly demand is 100 bottles (closed two weeks per year) with a standard deviation of 30 bottles mikali would like to use an inventory system that minimizes inventory costs and will provide a 95% service probability.
What is the EOQ for mwikali to order?
(6mks)
At what inventory level should the place an order.
(5mks)
(i) What is stock proliferation.
(3mks)
ii) Outline the steps in the process of standardization and variety reduction. (12mks)

Question Two
Give five distinguish traits that are employed in inventory management, with reference to either taking the transactions focus as opposed to the relationship focus.
(10mks)
Explain how RFID, EPOS and EDI technology can be used by supermarkets in keeping track of inventory.
(10mks)

Question Three
Explain which inventory control system can be best used by the following organizations
A fashion house/company
An airline company
A supermarket
A hardware store
(20mks)

Question Four
Discuss how storage, logistics and distribution and in maintaining an effective inventory management systems. (20mks)

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