Presented To Dr.

Umesh Choudhary HOD Mba

Presented By Vikas Singh Jamwal Mba 2nd Sem

STORE MANAGEMENT PURPOSE

FUNCTION
ISSUE OF MATERIAL VERIFICATION

The term stores, storehouse, warehouse etc refer to the physical place be it a building or a room where materials of all variety are kept.

 the

basic purpose served by stores is the provision of uninterrupted service to manufacturing divisions.

stores

act as a cushion between purchase and manufacturing on one hand and manufacturing and marketing on the other.

the task of store keeping relates to safe custody and stocking of materials, their receipts, issues, and accounting with the objective of efficiently and economically providing the right material at the right time whenever required in the right condition to all user departments

1.

RECEIPT STOCKING ISSUES

2.

3.

1.

to receive raw materials, components, tools, spares, supplies, equipments and other items and account for them. to provide adequate, proper and efficient storage and preservation for all the items. physical checking of all incoming materials as per the delivery challan and proper maintenance of daily goods receipt register or records.

2.

3.

4. issue materials to the consuming departments against authorised requisitions and account for the same

5. arrange for inspection of incoming materials.

6. maintain accurate and up to date records of material received, issued, rejected, disposed, and quantity on hand of all the items

7.

ensure that all documents relating to receipts and issue are sent to stock control, accounts and other concerned departments. undertake stock verification as per approved procedure. to highlight stock accumulation, discrepancies and abnormal consumption and initiate appropriate control action, wherever necessary.

8.

9.

10.

to minimise obsolescence, surplus and scrap through proper codification, standardization, preservation and handling. to ensure good housekeeping so as to minimise the need for material handling. to accept and store scrap and other discarded materials.

11.

12.

 First

in first out

Is governed by the principle that the materials which are received first are issued first The issues are priced at the cost price of the oldest consignment then next oldest.

LIFO method reverses the procedure as followed under FIFO The cost of the last lot of materials received is used to price the iisues

It is done in two ways Simple average of the stock on hand at the price of the issue. On the basis of simple average cost of each kind of material on hand at the close of the month.

This method is also known as market price method under which the material issues are priced at the prevailing market price on the date of the issue.

Periodic inventory verification

under this method all items of the store room are verified through counting, weighing, measuring at the end of the specific period

All the items are verified rotatively on the continuous basis. Generally those items which have reached a minimum level are selected for the verification.

 S.A.

CHUNAWALLA

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