1. To assure that all purchases are authorized before payment is made, accounting department personnel should match the vendor's invoice to the:
A. purchase order
B. voucher
C. receiving report
D. sales order
2. a) Compute the Total annualized Costs of Inventory (TC) given the following data: ordering or setup costs: $50 per order placed, annual demand: 50,000 units, order quantity: 650, carrying charge: 30%, cost of the item (C): $25
b) Define carrying charge. What does a carrying charge include?