Week 4 Discussion 2 (Chapter 6) Inventories Assignment

Week 4 Discussion 2 (Chapter 6) Inventories - Assignment ExampleIt underside be achieved by using radio frequency, bar coding and electronic product codes on pointedness usu ally employed in the manufacturing of fast food like breads, meat, cheese, oil etc. All much(prenominal) items may be purchased from good suppliers who offer them in notified quantities with coded information (Warren, Reeve & Duchac, 2011).Being different natured businesses, the hawk truck and the doctors office involve only a few numbers of individuals spot a shoe-retailer readiness involve a great number of workers and as the number of workers increase more than control efforts are required to escape the loss of stock-take by theft and damage. Hence the guidelines might be strict and comprehensive for the shoe- retailer but they may be less rigid for the physicians office and the food vending truck. An internal control system is required in all sorts of businesses to ensure appropriate management of in ventory can be done (Axster, 2006). In order to fulfill a proper inventory control mechanism, the following suggestions must be implemented. First of all a written procedure and policy guidelines for inventory management at department level is needed. Then in order to fully implement the framed policy, all the staff should be given proper training. Duties should be separated sufficiently among individuals having the responsibility for the physical inventory like placing an order, receiving, selling/ distributing and those having the responsibility for accounting the inventory records like sanctioning payments, appointing departments/customers, preserving the perpetual merchandise inventory balance within the Financial System and and so reconciling it.However each can install an inventory system that keeps the record of all sorts of activities associate to inventory including acquiring, sales, adjustments and returns and it should be secured in a way that any item of inventory may incomplete be removed