E机械课件1财务管理(英文版)Financial Managementfmch20[1]
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Ch. 20: Accounts Receivable and Inventory Management
2002, Prentice Hall, Inc.
Accounts Receivable Management
Size of Investment in Accounts Receivable • Percent of Credit Sales to Total Sales • Level of Sales • Terms of Sale • Quality of Customer • Collection Efforts
Accounts Receivable Management
Terms of Sale • quoted as a/b net c , which means “deduct a% if paid within b days, otherwise pay within c days.”
• example: 3/30 net 60, means “deduct 3% if paid within 30 days, otherwise pay the entire amount within 60 days.”
Q* = Q* =
2SO C
2x250x10,000
1.25
= 2,000 units
Order Point Problem
Average = inventory EOQ 2
+ safety stock
Inventory Management
• Optimal inventory order size: the Economic Order Quantity (EOQ) model:
Βιβλιοθήκη Baidu
Inventory Management
• Optimal inventory order size: the Economic Order Quantity (EOQ) model:
Inventory Management
• Raw materials inventory - basic materials to be used in the firm’s production operations. • Work-in-process inventory - partially finished goods requiring additional work before becoming finished goods. • Finished-goods inventory - completed products that are not yet sold. • Stock of cash - inventory of cash to allow payment of bills.
Accounts Receivable Management
a 1-a
x
360 c - b
opportunity cost of foregoing 3/30 net 60:
.03 1 - .03
x
360 60 - 30
Accounts Receivable Management
a 1-a
x
360 c - b
Q* =
2SO C
Inventory Management
Q* =
2SO C
Q = inventory order size in units C = cost of carrying 1 unit in inventory S = total demand in units over planning period O = ordering cost per order
a 1-a
x
360 c - b
Accounts Receivable Management
Accounts Receivable Management
a 1-a
x
360 c - b
Accounts Receivable Management
a 1-a
x
360 c - b
opportunity cost of foregoing 3/30 net 60:
Accounts Receivable Management
Terms of Sale • annualized opportunity cost of foregoing a discount:
Accounts Receivable Management
Terms of Sale • annualized opportunity cost of foregoing a discount:
Example: Inventory Management
Example: Inventory Management
Q* =
2SO C
Example: Inventory Management
Q* = Q* =
2SO C
2x250x10,000
1.25
Example: Inventory Management
Example: Inventory Management
Q* =
2SO C
Q = inventory order size in units C = cost of carrying 1 unit in inventory = 1.25 S = total demand in units over planning period = 10,000 units O = ordering cost per order = $250
opportunity cost of foregoing 3/30 net 60:
.03 1 - .03
x
= 37.11%
360 60 - 30
Inventory Management
• Too much inventory is expensive and wasteful. • Not enough inventory can result in lost sales.
2002, Prentice Hall, Inc.
Accounts Receivable Management
Size of Investment in Accounts Receivable • Percent of Credit Sales to Total Sales • Level of Sales • Terms of Sale • Quality of Customer • Collection Efforts
Accounts Receivable Management
Terms of Sale • quoted as a/b net c , which means “deduct a% if paid within b days, otherwise pay within c days.”
• example: 3/30 net 60, means “deduct 3% if paid within 30 days, otherwise pay the entire amount within 60 days.”
Q* = Q* =
2SO C
2x250x10,000
1.25
= 2,000 units
Order Point Problem
Average = inventory EOQ 2
+ safety stock
Inventory Management
• Optimal inventory order size: the Economic Order Quantity (EOQ) model:
Βιβλιοθήκη Baidu
Inventory Management
• Optimal inventory order size: the Economic Order Quantity (EOQ) model:
Inventory Management
• Raw materials inventory - basic materials to be used in the firm’s production operations. • Work-in-process inventory - partially finished goods requiring additional work before becoming finished goods. • Finished-goods inventory - completed products that are not yet sold. • Stock of cash - inventory of cash to allow payment of bills.
Accounts Receivable Management
a 1-a
x
360 c - b
opportunity cost of foregoing 3/30 net 60:
.03 1 - .03
x
360 60 - 30
Accounts Receivable Management
a 1-a
x
360 c - b
Q* =
2SO C
Inventory Management
Q* =
2SO C
Q = inventory order size in units C = cost of carrying 1 unit in inventory S = total demand in units over planning period O = ordering cost per order
a 1-a
x
360 c - b
Accounts Receivable Management
Accounts Receivable Management
a 1-a
x
360 c - b
Accounts Receivable Management
a 1-a
x
360 c - b
opportunity cost of foregoing 3/30 net 60:
Accounts Receivable Management
Terms of Sale • annualized opportunity cost of foregoing a discount:
Accounts Receivable Management
Terms of Sale • annualized opportunity cost of foregoing a discount:
Example: Inventory Management
Example: Inventory Management
Q* =
2SO C
Example: Inventory Management
Q* = Q* =
2SO C
2x250x10,000
1.25
Example: Inventory Management
Example: Inventory Management
Q* =
2SO C
Q = inventory order size in units C = cost of carrying 1 unit in inventory = 1.25 S = total demand in units over planning period = 10,000 units O = ordering cost per order = $250
opportunity cost of foregoing 3/30 net 60:
.03 1 - .03
x
= 37.11%
360 60 - 30
Inventory Management
• Too much inventory is expensive and wasteful. • Not enough inventory can result in lost sales.