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1、LEARNINGOBJECTIVESAfterstudyingthischapter,youshouldunderstand:LO1HowfirmsmanagetheirCREDITANDreceivablesandthebasiccomponentsofafirm’screditpolicies.INVENTORYLO2Howtoanalyzethedecisionbya20firmtograntcredit.LO3ThetypesofinventoryandMANAGEMENTinventorymanagementsystemsusedbyfirm
2、s.LO4Howtodeterminethecostsofcarryinginventoryandtheoptimalinventorylevel.HOMEFURNISHINGSCOMPANYLINENS‘NAmcor,anapplianceandconsumerelectronicsmanu-THINGSwasinpoorshapefinanciallyinApril2008,facturer,wasowed$3.68milliononashipmentofandmanysuppliersstoppedshippingmerchandiseto
3、GPSunits.Becauseofthebankruptcyproceedings,theretailerbecauseofslowornopayments.InanAmcorexpectedtolosebetween$500,000andunusualefforttokeepthedoorsopen,thecompany$750,000oftheamountowed,asignificantlossforagreedtopaybetween60and100ofitssupplierstherelativelysmallcompany.Othe
4、rcreditorsincluded“CBD,”orcashbeforedelivery,insteadofthemoreCalphalon,KitchenAid,andYankeeCandleCo.Asthistypicalonetotwomonthsafterdelivery.Unfortunatelycaseshows,extendingcreditcanleadtolargelossesforthecompany,itwasstillforcedtodeclarebank-whenthecustomercan’t(orwon’t)pay
5、,and,conse-ruptcy.Whenthishappened,supplierswhowerequently,creditmanagementisanimportantaspectofowedmoneyfacedtheconsequences.Forexample,short-termfinance.Mastertheabilitytosolveproblemsinthischapterbyusingaspreadsheet.AccessExcelMasteronthestudentWebsitewww.mhhe.com/rwj.Shor
6、t-TermFinancialPlanningandManagementPART7644rros46128_ch20.indd644os46128_ch20.indd64411/15/096:56:49PM/15/096:56:49PMCHAPTER20CreditandInventoryManagement645CreditandReceivables20.1Whenafirmsellsgoodsandservices,itcandemandcashonorbeforethedeliverydateoritcanextendcredittocu
7、stomersandallowsomedelayinpayment.Thenextfewsectionsprovideanideaofwhatisinvolvedinthefirm’sdecisiontograntcredittoitscustomers.Grantingcreditismakinganinvestmentinacustomer—aninvestmenttiedtothesaleofaproductorservice.Whydofirmsgrantcredit?Notalldo,butthepracticeisextremelyco
8、mmon.Theobvi-ousreasonisthatofferingcreditisawayofstimulatingsales.Thecosts
