Materials and Inventory Cost Control
Materials and Inventory Cost Control:
After studying this chapter you should be able to:
Materials control is the system that ensures the provision of the required quantity and quality at the required time with in the minimum of investment. It covers the following functions:
- Stock control
- Scheduling of requirements
- Purchasing
- Receiving and inspecting
- Storing and issuing
- Need for Materials Control
- Requirements of a System of Materials control
- Stock Control
- Ordering Level or Ordering Point or Re-order Level
- Minimum Level or Minimum Limit
- Maximum Level or Maximum Limit
- Danger Level
- Economic Order Quantity EOQ
Other Related Accounting Articles:
- Maximum Level or Maximum Limit of Stock
- Minimum Limit or Minimum Level of Stock
- Stock Control
- Danger Level of Materials or Inventory Stock
- Re-order Level or Ordering Point or Ordering Level
- Requirements of a System of Materials Control
- Materials Ledger Card–Perpetual Inventory
- Reorder Level
- Internal Controls of an Inventory
- Perpetual Inventory System Definition
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