Material is very important part of the cost of a product. In some cases, it constitutes 80% of the total cost of the product. It is very important to have a effective inventory management system. Good inventory management is essential since it is responsible for planning and controlling inventory from the raw material stage at a company to the inventory of delivered finished goods.
There are various methods like LIFO, FIFO, Weighted Average price method to determine the cost of materials. Material cost contributes a lot to the profits of the organisation. For this Inventory Controls can be established.
Here is a quiz on the material cost.
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Professor Amartya Sen is famous in which of the fields?CorrectIncorrect
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What does “Amartya” mean?CorrectIncorrect
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In which year amartya was born?CorrectIncorrect
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In which school he has done his high-school education ?CorrectIncorrect
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When did Amartya Sen won the Nobel Prize?CorrectIncorrect
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First wife of “Amarthya sen”?CorrectIncorrect
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In which year he was elected as a Foreign Honorary Member of the American Academy of Arts and Sciences?CorrectIncorrect
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In which year he received the Bharat Ratna ?CorrectIncorrect
- Question 9 of 10
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In which year he received the International Humanist Award?CorrectIncorrect
- Question 10 of 10
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Who has given the Life Time Achievement award to Amartya Sen?CorrectIncorrect