An issue on invenotory management is closely related with the evaluation of inventories.
According to the form of balance sheet, merchandise, finished goods, semi-finished goods, work-in-process, raw materials, and supplies are included in inventorie...
An issue on invenotory management is closely related with the evaluation of inventories.
According to the form of balance sheet, merchandise, finished goods, semi-finished goods, work-in-process, raw materials, and supplies are included in inventories.
Cost information on such assets is supplied by a model of inventory management at present of the closing date.
Also, according to the form of income statement, cost of sales is calculated as follows ;
cost of sales=beginning inventory of merchandise(or finished goods)+purchases during the year(or cost of goods manufactured)-ending inventory of merchandise(or finished goods)
Herefrom, the information on beginning inventory and ending inventory of finished goods is applied to the assembly(assy), parts, raw materials all the same.
the information on the above assets is supplied by the model of inventory management at the closing date.
Therefore, to have a efficient inventory management systems, as an autoparts maker, is absolutely necessary for adequate inventory management along with time for payment management, fund management, and disclosure of adequate financial information.
For such reasons, the writer suggests a new model of inventory management systems operating through EXCEL
Comparing to the traditional four models, the suggested model requires less numbers of worksheets and columns of a worksheets.
this model requires only four following worksheets;
First, a worksheet for beginning inventory
Second, a worksheet for inputs for current period.
Third, a worksheet for outputs for current period.
Finally, a worksheet for ending inventory.