Question

Which type of inventory system would you use in the following situations?

c. Buying gas for your car.

Short answer

The primary goal of the project is to create an efficient working platform for computerizing the whole billing and inventory management system. Customers will be able to buy gas online and over the phone after this project is completed.

Step-by-step solution

Step 1:

Inventory management is a vital component of any e-commerce operation. Using an efficient inventory management strategy helps guarantee that you have the proper stock on hand at the right time to meet client requests. A precise inventory count system will help your business become more lucrative by minimizing the cost of items sold, as well as improving sales since you will have stock on hand to meet orders. An inventory control system will assist you in streamlining and automating the inventory management process. In this section, we will define an inventory control system and explain what it can achieve for your firm.

Buying gas for your car

Buying gas for your car: Both the fixed order quantity and periodic inventory systems are appropriate since a person can fill up the tank after a certain period or when the tank reaches a certain quantity.An inventory system is a procedure through which a company maintains track of the items and materials it has on hand. In its most basic form, it may be done manually with a count at the end of each day. It is possible to maintain track of the things that come into the firm and the commodities that are sold in this manner.