Questions with Answers on Material Cost

Explain the terms briefly:  Purchase Control, Purchase Routine, Purchase Requisition and Purchase Quantity.

What is the Economic Order Quantity?
What are the Maximum Level and Minimum Level of order?
Explain the Ordering or Reordering Level and the Danger Level.
Explain the Perpetual Inventory System.
What is the ABC Method of inventory control?
Discuss the various Methods of Pricing.

What is the Specific Price Method, Average Price and Standard Price?
Explain the First In First Out and Last in First Out in fixing prices.