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.

Accreditation

This is an-accredited course.
(336742 Develop and implement optimal inventory strategies L6 8)

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

This masterclass runs for 1 day

• Introduction
• The Accounting Equation
• Double-Entry System
• Relate inventory to the Income Statement and Balance Sheet
• 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
• Accounting concept of  “Lower of Cost or Net Realisable Inventory Valuation”
• Inventory holding and ordering costs
• Economic Order Quantity
• Identifying which inventory items are critical
• Questions and answers

Available on request.

Our Inventory Management & Control is available in a variety of formats to best match your needs

In-House training: We bring the training to your location. Available with customized features created to meet your requirements.

Virtual Training: Delivered totally online, our virtual sessions are designed to keep participants engaged through relevant training, activities for practice, and ongoing reinforcement.

This course is suitable for:

• Any non-finance professionals in management, marketing, sales, production, engineering, design, human resources, technology, legal, administration and planning who need an overview and a basic understanding of how to account for and manage inventories.