INVENTORY & INVENTORY CONTROL

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Presentation transcript:

INVENTORY & INVENTORY CONTROL SWARNAM S 01/12/2017 SWARNAM S/UNIT III/ INVENTORY

SWARNAM S/UNIT III/ INVENTORY Inventory - Meaning Inventory includes raw materials, work-in-progress and finished goods Inventories in the sense of tangible goods, which are held for sale, in process of production and available readily for consumption 01/12/2017 SWARNAM S/UNIT III/ INVENTORY

SWARNAM S/UNIT III/ INVENTORY Inventory Management Inventory may be defined as the stock of goods, commodities or other economic resources that are stored or reserved for smooth and efficient running of business affairs. 01/12/2017 SWARNAM S/UNIT III/ INVENTORY

COMPONENTS OF INVENTORY Raw Materials Work-in-progress Finished Products Consumables (buy recurrently paper, pens, toner, files etc..) Stores and Spares (plant and office cleaning materials like soap, brooms, light, bulbs etc..) purpose of maintenance of inventory A manufacturing company have higher level of all three kinds of inventories whereas a retailer will have high level of finished goods 01/12/2017 SWARNAM S/UNIT III/ INVENTORY

MOTIVES FOR HOLDING INVENTORIES The Transaction Motive – uninterrupted production The Precautionary motive - unexpected demand; to meet out the emergencies The Speculative Motive – price advantage and getting discounts 01/12/2017 SWARNAM S/UNIT III/ INVENTORY

Inventory Management - Objectives To maintain sufficient inventory to meet demand To avoid overstocking and under stocking To avoid wastage like theft, leakage and spoilage To maintain optimum level To purchase raw materials at bulk to avail price discount To minimize the inventory cost such as carrying and ordering cost 01/12/2017 SWARNAM S/UNIT III/ INVENTORY

SWARNAM S/UNIT III/ INVENTORY INVENTORY CONTROL Inventory control refers to “all aspects of managing a company’s inventories: purchasing, shipping, receiving, tracking, warehousing and storage, turnover, and reordering.” 01/12/2017 SWARNAM S/UNIT III/ INVENTORY

SWARNAM S/UNIT III/ INVENTORY EVALUATION Components Motives Objectives 01/12/2017 SWARNAM S/UNIT III/ INVENTORY