5 Questions
What is Inventory Related information?
Inventory Related information is a list of how much stock is stored in the warehouse and where it is stored. It helps in restocking products and simplifies the process of physical counting.
How is the process of physical counting simplified by Inventory Related information?
The process of physical counting is simplified by taking the invoice of the goods received and making a physical count of the goods based on the invoices.
What is the opening quantity of Rice grains in the inventory?
The opening quantity of Rice grains in the inventory is 25.00 Kg.
What is the stock description code MM1024 related to?
The stock description code MM1024 is related to Aluminium Foil.
What is the storage location information used for?
The storage location information is used to precisely locate items in the warehouse.
Study Notes
Inventory Related Information
- Inventory related information refers to a list of stock quantities stored in a warehouse and their locations.
- It helps in determining when to restock products and simplifies the process of physical counting.
Inventory Management Process
- When receiving goods, an invoice is taken to facilitate physical counting.
- The goods are then stored in the warehouse based on the invoices.
Stock Information
- Stock information includes details such as stock description, code, unit of measurement (UOM), opening quantity, purchase quantity, opening usage, and cost.
- Examples of stock information include:
- MM1024: Aluminium Foil, UOM: Rolls, Opening Quantity: 120.00, Purchase Quantity: 50.00, Opening Usage: 200.00, Cost: 160.00
- MM1080: Rice grains, UOM: Kg, Opening Quantity: 1200.00, Purchase Quantity: 100.00, Opening Usage: 400.00, Cost: 470.56
- MB1048: Candles, UOM: Units, Opening Quantity: 10.00, Purchase Quantity: 50.00, Opening Usage: 200.00, Cost: 250.76
- MB1440: Sugar, UOM: Kg, Opening Quantity: 42.00, Purchase Quantity: 300.00, Opening Usage: 1200.00, Cost: 1050.00
Item Storage Location
- Item storage location provides information on exactly where to find items in the warehouse.
Test your knowledge of inventory management with this quiz. Explore topics such as stock storage, restocking, and the importance of inventory-related information in streamlining the physical counting process.
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