Week 4 Discussion 2 (Chapter 6) Inventories Assignment

Week 4 Discussion 2 (Chapter 6) Inventories - Assignment ExampleIt can be achieved by use radio frequency, bar coding and electronic product codes on item usually employed in the manufacturing of fast food like breads, meat, cheese, oil etcetera All such 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 vending truck and the physicians office involve only a few summates of individuals while a shoe-retailer might involve a great number of workers and as the number of workers increase more control efforts are essential to escape the loss of livestock by theft and damage. Hence the guidelines might be strict and comp 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 inventory can be done (Axster, 2006). I n order to implement 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 office 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 pecuniary System and then reconciling it.However each can install an inventory system that keeps the record of all sorts of activities related to inventory including acquiring, sales, adjustments and returns and it should be secured in a way that any item of inventory may neither be removed