Need for requisitioning the material
Replenishment of stock items
Preparation of materials requisition report
Dispatch of requisition to user department
Review order quantity
Valuation of material issues
First in First Out (FIFO)
Last in First Outs
Highest in First Out (HIFO)
Next in First Out (NIFO)
Simple average method
Weighted average cost method
Factors considered in selection of method of valuation of inventory
Advantages of classification of inventory
Regular inventory item
In-process inventories
Finished goods inventory
Strategic considerations in the control of finished goods inventory
Methods of Codification
Variety reduction
The costs associated with inventory management.
Inventory verification and valuation methods.
Different approaches for effective management of dependent demand and independent demand inventories and when to apply them.
Apply methods and techniques for the efficient storage of inventory.
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