Inventory Management and Control by MDIS

This intensive course is tailored for staff members in the manufacturing and retail sectors that keep inventory in the normal course of business. It highlights the importance of managing and controlling the inventory system.

Upon completion of this workshop, participants will be able to;

• Know the Accounting Equation
• Understand the Double-Entry System
• Relate inventory to the Income Statement and Balance Sheet
• Deal with stock obsolescence
• See how inventory values can substantially affect the Income Statement and Balance Sheet
• Identify the different types of  inventories
• Distinguish between the Periodic Inventory and Perpetual Inventory systems
• Apply different inventory valuation methods – FIFO, LIFO, Weighted Average, Specific Identification
• Understand the accounting concept of  “Lower of Cost or Net Realisable Inventory Valuation”
• Identify inventory holding and ordering costs
• Apply key inventory control concepts like order lead time, safety stock.
• Apply the Economic Order Quantity Model
• Identify which inventory items are more critical