Materials Ledger Card
Materials ledger cards commonly show the account number, description or type of material, location, unit measurement, and maximum and minimum quantities to carry. These cards are the materials ledger with new cards prepared and old ones discarded as changes occur in the types of materials carried in stock. The ledger card arrangement is basically the familiar debit, credit, and balance columns under the description of received, issued, and balance.
Physical Inventory – Inventory Valuation: Even with a perpetual inventory system, periodic physical counts are necessary to discover and eliminate description between the actual count and the balances on materials ledger card. These descriptions may be due to: Errors on transferring invoice data to
Materials Ledger Card–Perpetual Inventory: As purchased materials go through the systematic verification of quantities, prices, physical condition, and other checks, the crux of the accounting procedure is to establish a perpetual inventory – maintaining for each type of material a record showing quantities and