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Costing - Phase (I & II) Basics of Cost Control and Analysis

………….is a technique of material cost control which leads to low carrying cost as a result of low investment in inventory

ABC Analysis

JIT Inventory System

VED Analysis

Perpetual Inventory System

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Explanation:

JIT is a system of purchasing material in such a way that delivery of items purchased is assured before their use or demand. In this system of purchasing different quantity is purchased in each order on the basis of market fluctuations, rather than purchasing constant quantity. Holding and carrying cost is reduced as low quantity of material is kept in stock depending upon the requirements.