Inventory Control Systems

Paper Summary:

This paper explains that the four factors of production are land, labor, capital, and enterprise. The author points out that the Periodic Inventory System is a physical count inventory, usually made at the end of the accounting period, which does not maintain a detailed record of the actual inventory kept during the accounting period. The paper stresses that persons in charge of controlling the inventories in a business must follow certain steps and perform an accurate inventory control in order to avoid high costs due to overstocking matters.

Table of Contents
Introduction
Production Factors
What Is Inventory
Cost Associated with High Inventories
Inventory Systems
Periodic Inventory System
Perpetual Inventory System
Conclusion
Graph

From the Paper:

"Inventory is the value of a firm's current assets that are shown on the balance sheet, generally at cost. Inventory or merchandise inventory is generally applied to goods or materials available on hand that are held by a merchandising firm, either wholesale or retail. It includes raw materials, work in progress, and finished goods that are ready for sale, but has not been sold yet."

More papers on Inventory Control Systems:

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• Case Study # 29293 : "Management Information Systems"

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