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Economic Order Quantity: Problems & Solutions Video Lecture | Commerce & Accountancy Optional Notes for UPSC
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FAQs on Economic Order Quantity: Problems & Solutions Video Lecture - Commerce & Accountancy Optional Notes for UPSC
| 1. What is Economic Order Quantity (EOQ) in cost accounting? |  |
Ans. Economic Order Quantity (EOQ) is the optimal order quantity that minimizes the total cost of ordering and holding inventory. It is a key concept in cost accounting that helps businesses determine the most cost-effective quantity to order.
| 2. How is EOQ calculated in cost accounting? | |
Ans. The Economic Order Quantity (EOQ) is calculated using the formula: EOQ = √(2DS/H), where D is the annual demand for the product, S is the ordering cost per order, and H is the holding cost per unit per year.
| 3. What are the benefits of using EOQ in cost accounting? | |
Ans. Using Economic Order Quantity (EOQ) in cost accounting can help businesses reduce inventory holding costs, minimize stockouts, optimize order quantities, and improve overall efficiency in inventory management.
| 4. How can businesses use EOQ to improve their cost accounting practices? | |
Ans. Businesses can use EOQ to determine the most cost-effective order quantity, reduce excess inventory levels, minimize ordering and holding costs, and improve cash flow management through efficient inventory control.
| 5. What are some common challenges businesses face when implementing EOQ in cost accounting? | |
Ans. Some common challenges businesses face when implementing EOQ include accurately estimating demand, calculating precise holding and ordering costs, adjusting for seasonality or changes in demand, and integrating EOQ calculations into existing inventory management systems.
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Nov 24, 2024 Last updated |
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