The following are various inventory control techniques and methods used in different industries: 1. Demand and Supply Method of Stock Control - Levels of Stock and EOQ 2. Stock Control According to Value-ABC Analysis 3. Perpetual Inventory System 4. Just-In-Time Inventory (JIT) 5. VED Analysis 6. FSND Analysis 7. Automatic Order System 8. Ordering Cycle Method 9. Min-Max Method and [...]
The various methods of pricing issues of materials may be grouped under three broad categories. They are: 1. At Cost Methods 2. Average Cost Methods 3. Notional Price Methods. 1. At Cost Price Method: This method takes into account the price of materials at which they are bought for the purpose of valuing them at the time of issues. The [...]
Following are the forms of material losses: 1. Waste or Wastage 2. Scrap 3. Spoilage. Form # 1. Waste or Wastage: Waste is that portion of a basic raw material lost in processing, having no recovery value. So waste is a type of material loss which arises in the course of production and has no value. It may be visible [...]