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　　Session 4 Material cost
 
　　Main contents:
　　1. Holding costs
　　2. Ordering costs
　　3. Re-ordering quantity (EOQ, EBQ)
　　4. Re-order level
 
　　Purchase cycle
　　The inventory control should include the function of inventory purchase cycle.
　　The ordering of inventory
　　The purchase of inventory
　　The receipt of goods into store　　Storage
　　The issue of inventory and maintenance of inventory at the most appropriate level
 
　　Every movement of material in a business should be documented using the following as appropriate:
　　Purchase requisition note
　　Purchase order note
　　Goods received notes (GRN)
　　Material requisition note
　　Material transfer note and materials returned note
 
　　The storage of inventory
　　Materials held in stores are coded and classified in order to be identified easily.
　　Bin cards and stores ledger accounts are used to record inventory movements in order to maintain accurate records of current inventory levels.
　　Perpetual inventory refers to an inventory recording system whereby the records (bin cards and stores ledger accounts) are updated for each receipt and issue of inventory as it occurs.
 
　　Free inventory balance = available for future use
　　Materials in inventory
　　+ Materials on order from suppliers
　　- Materials requisitioned, not yet issued
　　= Free inventory balance
 
　　Inventory valuation
　　First in First Out – FIFO assumes that materials are issued out of stock in the order in which they were delivered into inventory.
　　Weighted average cost – AVCO values all items of inventory and issues at an average price. They average price is calculated after each receipt of goods.
　　Periodic stocktaking is a process whereby all inventory items are physically counted and valued at a set point in time, usually at the end of an accounting period.
　　Continuous stocktaking is counting and valuing selected items at different times on a rotating basis, usually each day. Valuable items or items with a high turnover could be checked more frequently.
 
　　How much to order?
　　The total costs associated with stocks include the following costs:
　　Purchase costs
　　Ordering cost:
　　- Documentation
　　- Telephone calls
　　- Payment of invoices
　　- Receiving goods into stores
 
　　Holding cost
　　- Cost of storage and stores operations
　　- Interest charges
　　- Insurance costs
　　- Risk of obsolescence and deterioration
 
　　Cost of running out of inventory (stock out costs)
　　- Lost of contribution from lost sales
　　- Loss of future sales
　　- Loss of customer goodwill
　　- Cost of production stoppages
　　- Labour frustration over stoppages
　　- Extra costs of urgent, small quantity, replenishment orders
 
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