You are the management accountant of a manufacturing company, Tryson Industries, that heavily relies on suppliers for raw materials. Effective management of supplier costs, overall costs, and inventory is crucial for maintaining profitability and operational efficiency.

Required:

1. Explain the interplay between supplier costing, cost management, and inventory management to help drive profitability and operational efficiency.

2. Describe the strategies you would implement to optimize these aspects and ensure smooth operations. Support your answer with relevant examples