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Tally - Accounting Software

MANAGEMENT OF INVENTORY






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Appropriation of Income

After computation of profits,the problem of its appropriation arises. Generally, there are four claims on the income of a company

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Determination of Income

Determination of accurate income is the most important factor in the management of Earnings.

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Components of management of Earnings

There are two main components of Management of Earnings

Click to read - Components of management of Earnings

Management of earnings

The word Management of Earnings is a work of wide importance. We may consider it as the planning, co-ordination and control of capital engaged in the business in such a way so as to earn regular, adequate and increasing return on capital.

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Degree of Operating Leverage

The degree of operating leverage depends upon the amount of fixed cost element in the total cost structure.

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Fixed Costs and Operating Leverages

We know that the fixed cost or return is the fulcrum of a leverage. A company issues two types of securities i.e., ownership securities and creditorship securities.

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Favorable and Unfavorable Financial Leverage

Financial leverage may be Favorable or Unfavorable from the shareholders' point of view.

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Financial Leverage

Financial leverage is also known as trading on equity. In other words, the effect on earnings by the use of fixed cost securities (preference shares and debentures) is called financial leverage.

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Operating and financial leverage

Leverage may be defined as 'meeting a fixed cost or paying a fixed return for employing resources or funds. The fixed cost or fixed rerun is treated as support on which a lever moves.

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Budgetary Control system

Under this system, inventory budgets are prepared and then compared with the actual consumption figures.

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A.B.C Analysis system

Under this system, a value item analysis (popularly known as ABC analysis) is prepared where there are many items in the inventory.

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Statistical Inventory Control System

Statistical models are used by some firms to find out their widely spread distribution system with the help of computers etc.

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Order cycling system

In this system, a review of each item of inventory is made from time to time depending upon the criticality of the item to have the predetermined level of inventory.

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Two-Bin System

Under this system, all inventory items are grouped under two categories. In the first group, a sufficient supply is kept to met the current requirements over designated period of time.

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Economic Order Quantity (EOQ)

EOQ is an important factor in controlling the inventory. It is a quantity of inventory which can reasonably be ordered economically at a time.

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Re-ordering Level or Ordering Level

It is a point if material reaches at this point, orders for fresh supplies of materials are placed with the suppliers.

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Fixing the Maximum-Minimum Limits of Inventory

In order to have proper check on the investment in inventory, it is necessary to fix the minimum and the maximum limits of inventory so that there should be no overstocking of materials nor shortage of raw materials.

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Techniques of Inventory Control

The following techniques may be used to control the size of inventory in a manufacturings concern

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Specific Factors of Determining level of Inventory

Such factors are those which influence the decision of investment in inventories.

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General Factors of Determining level of Inventory

These factors include considerations common to the management of all types of assets-fixed or current.

Click to read - General Factors of Determining level of Inventory

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