How can the Sales by Product/Service Summary report in QBO assist in inventory management?

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BlackTom AI · Accepted Answer

Question restatement: How can the Sales by Product/Service Summary report in QBO assist in inventory management?

Option 1: 'By identifying top-selling products and revenue generated' This is correct because this report highlights which products or services are driving sales and the associated revenue. Understanding top sellers helps prioritize inventory decisions, plan stocking levels, and forecast future demand to prevent stockouts or overstocking.

Option 2: 'By tracking the cost of goods sold (COGS)' While COGS is important for profitability analysis, the Sales by Product/Service Summary focuses on sales quantity and revenue by product rather than directly detailing COGS. COGS reporting is typically found in cost of goods sold reports or inventory valuation reports.

Option 3: 'By detailing vendor performance for inventory purchases' This statement pertains to supplier or vendor performance metrics, which are not the primary function of the Sales by Product/Service Summary. Vendor analysis is typically found in procurement or purchase reports, not in a sales-focused summary.

Option 4: 'By showing reorder points for inventory items' Reorder points are inventory controls that indicate when to reorder, often using stock levels and lead times. The Sales by Product/Service Summary emphasizes sales performance by product, not automated reorder threshold guidance.

Explanation wrap-up: The core value of the Sales by Product/Service Summary in inventory management lies in identifying demand patterns through top-selling items and associated revenue, which informs stocking decisions and forecasting. The other options describe functions better covered by COGS reports, vendor/performance reports, or dedicated inventory replenishment tools rather than a sales-focused summary.

QBO25E1 - QuickBooks Online Module 8 Quiz

How can the Sales by Product/Service Summary report in QBO assist in inventory management?

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