Which of the following statements is incorrect? Inventory is expensive as it ties up working capital. We can use absolute measure of inventory level to compare inventory management performance for different companies. Firms should diligently measure inventory investment to ensure that it does not adversely affect competitiveness. A company who has a higher inventory turnover ratio is using inventory more efficiently than its competitors who have lower inventory turnover ratios. Question 18 2.4pts Which of the following is an essential element of lean production? Waste reduction Safety stock increase Push production system Multiple sourcing