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The inventory management aspect is very important for every business. Management needs to identify the costs involved with inventory in an effort to minimize those
The inventory management aspect is very important for every business. Management needs to identify the costs involved with inventory in an effort to minimize those costs to ensure inventory management can be implemented effectively. In general, there are two types of costs associated with inventory management, namely the cost of carrying inventory and the cost of ordering. You are required to describe in detail the cost of ordering inventory along with examples. (10 marks)
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