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7 Cards in this Set

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What is Inventory?
Process of identifying, counting, and evaluating all stock on hand at a specified time.
What is the Purpose of inventory?
1. To determine the quantity of stock on hand.
2. To check the accuracy of stock records.
3. To determine dollar value of stock shortage due to pilferage or other losses not reflected on stock records.
4. To identify areas of stock shortage or overages and to ascertain financial liability.
5. To serve as a management tool in exercise of proper stock control practice.
When should Inventory be taken?
1. At the end of each accounting period.
2. Upon relief of the Ship’s Store Officer or Responsible Custodian.
3.When directed by higher authority.
4. Upon evidence of unauthorized entry.
Who is overall responsible for an accurate inventory?
Ships Store Officer (Disbo)
What are the 5 steps for preping for an inventory?
1.Layout sketch.
- Identify each shelf, bin or showcase
2.Inventory patterns
- Planned before counting.
- Pick start and stop points.
- Left to right, Top to bottom
3. Consolidate like items.
- Put all identical items in the same location.
4. Remove empty cartons.
5. Identify partial cases.
- Place identifying mark on case.
- Contents must be counted.
What should an inventory team consist of
One Two-Person Team:
SH2 or above & One other enlisted person
One person will be the Counter
One person will be the Scanner
Who must always be present while doing inventory in a specific space?
Responsible Custodian will always be present when inventory of their space is being conducted.