The practice of purchasing and accepting delivery of inventory only after it has been sold to the final customer is called a(n)_____ inventory system.
A)EOQ
B)periodic
C)JIT
D)perpetual

Question

Quizplus · Accepted Answer

The practice described is known as the Just-in-Time (JIT) inventory system, where inventory is only ordered and received as it is needed, instead of being stocked in advance. This helps to reduce the costs associated with holding excess inventory and frees up resources for other uses. The other options listed (EOQ, periodic, perpetual) do not specifically refer to this type of inventory management practice.

The Practice of Purchasing and Accepting Delivery of Inventory Only