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1) An inventory is a record which shows the quantity & quality of the item you have in-stock. It shows how many items you can have for sell or if there is anything need to be replenished. This document needs to be updated regularly, i.e. addition or subtraction of items, to keep it accurate.

2) Acquisition cost is very important in inventory control. This will determine whether you are making a profit or loss from the sales. eg, You had bought 10 unit of A at the price of $10. Then the price increases to $12 due to shortage of supply. At the price of $12, you buy another 15 unit. At this moment, you have altogether 25 unit with the "average" acquisition cost of $11.20. If somebody offers you $11.7 to buy all your stock. In this transaction, you can make a profit of $0.5 per unit.

3) This department provides general after-sale services, eg mechanical check up for the vehicles. If there is anything mal-functioned, or any parts which had been worn out, then this department will need to fix it at no cost particularly when the vehicle is still within the warranty period.

4) What is the basic policies of the company ?

1. Inventory control function :
Make sure dont run out of stock, it will kill your sales --> Business cant do.
Make sure not overstocking, its asset, it tight up money of the company, if it cant sell out fast, it hurt the company by reducing their profitability of the firm.

2. Examples of acquire cost :
Storage cost : space, manpower , auditing, recording, transportation.
eg. A firm is selling EGGS.
Now, eggs are find posion, cannot sell out as usual, so, overstocking,
storage cost increase, may need to rent extra warehouse space, and move the eggs to new storge space.
Demage cost :
eg. when the Eggs store longer time, some are broken by careless.

3. Auto dealer need spare parts to repair cars when they break down.
But, each car has many spare parts, and there are many models of cars a dealer handle, so, they have over 10,000 parts that need to keep in store. Otherwise, when customer ask for repair, they have to wait for shipment from Japan/ Europe etc.. that may take 2-3 weeks. Customer will complain. Also, they will not buy the cars that you sell.

4. Set the policy of the parts inventory level per each model.
Based on the Car failure statistics to keep the stock qty.
Set the policy on the Customer waiting time for spare parts in the company, as a measure to satisify customers. Let customers know the general lead time to wait for parts per model, because some models are popular, many customers, some are not.