Title: Inventory products.
Course: Agricultural Education - Preparation (18003-II) > Section: Investigating Business Operations

Inventory should include

  - product names, prices, and quantities on hand
  - quantities produced or received in a given period
  - quantities removed or sold in a given period
  - following the principle of first in, first out (FIFO) vs. last in, first out (LIFO).

Process/Skill Questions:

  - How can correct inventories affect bottom-line profit margins?
  - How can inventory records help managers capitalize on sales trends?
  - How can sales systems and databases influence the accuracy of inventory records?
  - How can inventory records be a deterrent against employee theft?
  - What information should be included when doing inventory?
  - How often should inventory be done?
  - Why would a company use LIFO instead of FIFO?