2112642
Description
Flashcards by claire.harrison, updated more than 1 year ago
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Created by claire.harrison
over 9 years ago
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| Question | Answer |
| FIFO | First In First Out |
| LIFO | Last In First Out |
| AVCO | Average Costing |
| Economic Order Quantity | Co - Order Cost D - Annual Demand Ch - Annual Holding Cost (1 unit) |
| Re-Order Level | Max Usage x Max Lead Time |
| Minimum Stock Level | Re-order Level - (Average Usage x Average Lead Time) |
| Maximum Stock Level | Reorder Level + Reorder Quantity - (Min usage x Min Lead Time) |
| Element Costs | Materials Labour Overheads |
| Nature Costs | Direct Indirect |
| Function Costs | Production Non-Production |
| Behaviour Costs | Variable Semi-Variable Fixed Stepped Fixed |
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