Stock Control and Inventory Management

What are Stock/Bin Cards?

• Tools used to track inventory levels and movements.

• Documents for requesting stock transfer.

• Methods for stock valuation.

• Systems for stock recording.

What is a One-Bin System?

• A system where all inventory is stored in a single bin.

• A method that divides inventory into two bins.

• A technique for tracking stock movements.

• A process for recording stock levels.

What is a Two-Bin System?

• A system that divides inventory into two separate bins.

• A method for tracking stock levels.

• A technique for managing overstock.

• A process for recording stock movements.

What are Barcodes?

• Visual representations of data that can be scanned.

• Tools for tracking inventory levels.

• Methods for stock valuation.

• Systems for stock recording.

What is FIFO?

• First In, First Out method for inventory.

• Last In, First Out method for inventory.

• Average Cost method for inventory.

• A method for tracking stock movements.

What is LIFO?

• Last In, First Out method for inventory.

• First In, First Out method for inventory.

• Average Cost method for inventory.

• A method for tracking stock movements.

What is AVCO?

• Average Cost method for inventory.

• First In, First Out method for inventory.

• Last In, First Out method for inventory.

• A method for tracking stock movements.

What is Periodic Stocking?

• Inventory counts conducted at regular intervals.

• Continuous updating of inventory records.

• A method for tracking stock movements.

• A process for recording stock levels.

What is Perpetual Stocktaking?

• Continuously updating inventory records with each transaction.

• Inventory counts conducted at regular intervals.

• A method for tracking stock movements.

• A process for recording stock levels.

What is a Stock Audit?

• A systematic examination of inventory records.

• A process for recording stock levels.

• A method for tracking stock movements.

• A technique for managing overstock.