...Inventory System Background of the Study Effective inventory management is an important part of a manager’s job. Managers are tasked to make consistent, reliable, and timely decisions under the challenges of uncertainty, pressure, and lack of information. It is often that managers do not have enough time or information to make a perfect decision but they are forced to solve problems using resources within their control. Effective inventory control requires managers to ensure inventories of the right items in the correct quantities. When an organization overstocks, money is wasted since procuring, storing, and accounting for unneeded items require time, space, and money which could have been used on more critical assets. Likewise, when understocking occurs the organization will more likely to only partly meet their mission or possibly not meet the mission at all. Also, a weak inventory control system is more prone to errors and fraud. Statement of the Problem 1. How can our system generate quality use for the user? 2. Is our proposed system effective in processing needed reports? 3. How can our system guarantee the safety of the information stored? 4. How can our system reduce servile works for the staff involved in the type of field of work? Objectives of the Study This study tries to improve, introduce, and develop the use of inventory system for the ASIA GOLD CORPORATION. The system reduces work for the staff can make inputting of data at easier and faster...
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...[pic] Proposal of the software Inventory Control System Today’s competitive environment is forcing companies to optimize the procurement processes and inventory levels while at the same time ensure accuracy of controls and implementation Of standard procedures for the flow of materials. However, in the absence of appropriate systems and information infrastructure, companies are finding it difficult to achieve smooth and efficient Materials planning and execution due to the following information-based limitations. If these reflect your procurement and inventory management limitations as well, then Inventory Control and Valuation System by Core Solutions has the right answers to These critical problems ICVS – providing the right solutions for an efficient materials management. All-inclusive, functionality-rich software, the Inventory Control & Valuation System (ICVS) meets all the requirements for efficient management of inventories and materials procurement function Of small to large scale organizations. ICVS caters to all activities involved in the flow of materials Right from materials requirement determination, generating purchase orders to issue and receipt Of goods. The outcome is reliable maintenance of real-time records for item-wise, location-wise Stock count and its valuation. Issues in management of material flow • Unavailability of real-time and reliable record of inventories. • Manual requirement generation for materials across...
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...Background of the Study Effective inventory management is an important part of a manager’s job. Managers are tasked to make consistent, reliable, and timely decisions under the challenges of uncertainty, pressure, and lack of information. It is often that managers do not have enough time or information to make a perfect decision but they are forced to solve problems using resources within their control. Effective inventory control requires managers to ensure inventories of the right items in the correct quantities. When an organization overstocks, money is wasted since procuring, storing, and accounting for unneeded items require time, space, and money which could have been used on more critical assets. Likewise, when understocking occurs the organization will more likely to only partly meet their mission or possibly not meet the mission at all. Also, a weak inventory control system is more prone to errors and fraud. Statement of the Problem 1. How can our system generate quality use for the user? 2. Is our proposed system effective in processing needed reports? 3. How can our system guarantee the safety of the information stored? 4. How can our system reduce servile works for the staff involved in the type of field of work? Objectives of the Study This study tries to improve, introduce, and develop the use of inventory system for the ASIA GOLD CORPORATION. The system reduces work for the staff can make inputting of data at easier and faster generating outputs...
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...Businesses and Inventory Systems Inventory Systems Inventory systems are tracking systems designed for companies to maintain an accurate accountability of products in stock or on hand. Each time items are added or removed from inventory items on hand either decrease or increase in number. This paper will review inventory systems within Starbucks, Wal- Mart, Dell, Arby’s, and Starbucks. The paper will also provide information regarding the success of the inventory systems and if the companies are happy with the current systems. Businesses and Inventory Systems Dell is a leading global software company that manufactures desktop computers, notebook computers, network servers, work stations, and storage products. Dell uses the Just-In Time inventory system. Just-In-Time means a company can receive raw materials just in time to go into production and complete and assemble manufacturing parts just in time to ship to customers (Accounting 4 Management, 2012). The advantages of the Just-In-Time system are that it permits Dell to reduce overhead and have certainty that products are available. The Just –In-Time inventory system reduces the cost of doing business. For example, Dell does not have to spend an enormous amount of funds on the cost of warehouse storage and the customer receives the benefit of lower cost for products. The company has a high satisfaction rating because of their ability to produce products at a fast rate. The challenge includes the possibility...
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...Inventory Systems Summary With the increasing demand to cut cost and increase revenues, developing the right inventory systems have become essential to compete in business. According to the Counselors to America’s Small Business, “Control of inventory, which typically represents 45% to 90% of all expenses for business, is needed to ensure that business has the right goods on hand to avoid product shortage and meet the consumer’s needs” (Counselors to America’s Small Business, p. 1). To ensure proper business practice Team A will evaluate four inventory systems and provide advantages and disadvantaged to ensure businesses can be cost-efficient, profitable, and provide for consumer’s needs. At the end of this report, a system will be suggested to meet the above criteria. Adria System Retailers are consistently faced with the challenge of properly managing their inventory to maximize profit for the company. As the second largest retailer in the United States, Target Corporation has implemented successfully an inventory system that works well for their business. Target currently uses the RFID program, also known as the radio frequency identification program. With this program, small tags are attached to each carton or pallet of merchandise delivered to the stores. “Many regard RFID tags as the new barcode to help businesses track and trace goods through the supply chain” (2011). Once the merchandise arrives at the store, the entire carton or pallet is scanned and the inventory...
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... Inventory Valuation Overview Learning Team B Zhra Ghavam, Rochelle Ingram, Chris Staphylaris, and Glorina Tukes QRB/501 31 January 2013 Instructor: David Libhart Inventory Valuation Overview The inventory a company holds often accounts for a significant portion of all assets with a direct correlation to the balance sheet. Inventory includes assets intended for sale, assets in production, and assets that will be used for future production of goods. A company’s ending inventory can be calculated by adding the value of any beginning inventory with net purchases then subtracting the cost of goods sold. The equivalent mathematical representation is: Ending Inventory = Beginning Inventory + Net Purchases - Cost of Goods Sold (Inventory valuation, 2010). While there are numerous industry recognized standards for a valuation of inventory, three of the most common valuation systems include First-In, First-Out – FIFO, Last-In, First-Out – LIFO and Just-In-Time – JIT valuation systems. First-In, First-Out Goods processed or received by an organization are placed in holding as First-In, First-Out; this inventory system is used to track product for use and revenue gained. In the FIFO inventory valuation system, assets or inventory received first are the first ones to be used...
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...Shop Inventory System Student No: 081835 : 082232 An Information Systems Project Proposal Submitted to the Faculty of Information Technology in partial fulfillment of the requirements for the award of a Diploma in Business Information Technology Date of Submission: 10th February, 2015 Declaration We declare that this project has not been submitted to any other University for the award of a Diploma in Business Information Technology. Student Signature: Sign: ________________________ Date: ________________________ Sign: ________________________ Date: ________________________ Supervisor’s Signature: Sign: ________________________ Date: ________________________ Abstract In today’s growing market many businesses are turning towards automated systems to perform their everyday tasks. Automated systems have proved to outdate the cost and time wasting processes that are done and completed by manually while providing most businesses with more accurate and reliable data. The system will handle the processes in a well-manner running on a specific time, reducing the overwhelming power of doing them manually taking note of the products diversity. It will allow the business to input their inventory and track products that are delivered and sold on a daily basis. At the time of arrival of new ordered stock, the goods are registered into the database...
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...complete functionality of how the inventory Updation takes place in the Inventory Management System for the products (both online and club) which are purchased from the eCommerce shopping site. Also this document will help you understand how the Inventory Management System is integrated with other applications in order to maintain the inventory level. 2. Overview of IMS: Global Inventory Management System is otherwise called as IMS. IMS is a single resource/entity where the inventory for all kinds of items is maintained/monitored. The different kinds of items available in the eCommerce shopping site are Online, Club and Auctions. The three important terms used in IMS are SUPPLY, DEMAND and AVAILABLE. These are the fields with which the inventory is monitored in IMS applications. SUPPLY – Overall Item Inventory available for purchase DEMAND – Ordered quantity by the customer for an item AVAILABLE – Item inventory available for purchase after the demand Let’s discuss more about these fields and the inventory updates in the following sections 3. Order Creation and Inventory Validation in IMS When an order is placed for an item from eCommerce application, immediately the inventory update happens in both Demand and Available fields in IMS application. When an item is added to shopping cart and on navigating to Shipping page, the item inventory is reserved for the ordered quantity in IMS. For example, let’s consider the item inventory as below before order creation. ...
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...customers, since they have been manageing their transactions and producing reports manually and have not manege to upgrade to a computerized system which will be a big improvement to their business operations like most successful business today. 1.2 Overview of the Current State of Technology 1.3 Project Rationale This Computerized Sales and Inventory System for (campany name)will improve their business transaction efficiency with its capability of securely compute, manage, save, back-up, restore and check critical inventory level all their business transaction information. Project Description 2.1 Problem Statement * To create a module that will always monitor the number of their products sold and stored * To create a module that will generate reports * To create a module that will maintain file in a safe storage * To create module that will store data accurately in a secure database 2.2 Proposed Research Project 2.2.1 General Problem * The company encounters problem on ordering of products. They are checking the stocks manually that can result to some confusion and inaccuracy 2.2.2 Specific Problem * The list of products information is only recorded in their logbook. 2.3 Proposed Research Project 2.3.1 General Objectives * To develop a Computerized Sales and Inventory System...
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...located in Pulang Lupa, Las Piňas and Marikina. The advent of new technology, most company nowadays is using computers in their transactions. Pharmacies in particular, are now making their systems computerized since that helps them minimize the time and efforts consumed by using manual system. Point-of-Sale Inventory System is one of the essential components of a successful business. It is a modern replacement for cash register in retail applications. It can help to record securely all the sales and customer’s orders and track products. A sale refers to the exchange of product or services for an amount of money or its equivalent while inventory, on the other hand, is the total amount of items and the act of counting them. A pharmacy owner must know the precise number of items in their storage areas in order to place orders and control losses up to date. Hence, computerizing both Sales and Inventory System will make an easier and faster transaction among the customers as well as monitoring the stocks of the products. Furthermore, the system also gives the person up-to-the-minute and detailed information on each item in your inventory. He/she will know exactly how much inventory comes in; is on-hand now, and where it goes. In fact, most entrepreneurs these days find that computerizing a system gives them a far wider range of information with less effort....
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...No. 1, March 2007, pp. 138-150 Automated Inventory System Using Portable Data Acquisition Module for Bell Electronics Corporation Zarina Ira V. Bernabe Monchie C. Dela Cruz Karen K. Jao Department of Electronics and Communications Engineering De La Salle University, Manila email: ira.bernabe@yahoo.com, chie08_elx@yahoo.com, karenjao@yahoo.com, Jingel A. Tio, Antonio S. Gonzales Jr. Department of Electronics and Communications Engineering De La Salle University, Manila Email: tioj@dlsu.edu.ph, gonzalesa@dlsu.edu.ph Bell Electronics Lab Corporation situated in Calamba, Laguna is engaged in test and assembly of optoelectronics and sensor devices. The company is concentrating on its resources in metal can packaging. The second phase of the company's program is towards the development of other types of optoelectronics and sensors device packaging to support their customer requirements. In this paper, the proponents will present an Automated Inventory System using Portable Data Acquisition (PDA) module to help the company’s growing business. The PDA module is composed of barcode scanner to scan issued and received items, and a Z8F6423 Zilog microcontroller to store the information. A Product Inventory System (PIS) application program is also discussed to show how the PDA module can be interfaced with the PIS. Test results presented in this paper will show apparent improvement of company’s inventory system. 1.0 INTRODUCTION Inventory system is an effective way for monitoring and tracking...
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...Introduction An inventory system is basically a process whereby a business keeps track of the goods and material it has available. In its simplest sense it can be done manually by a count at the end of each day. In this way it is possible to keep a record of the goods coming in to the business and goods being sold. However this is only really appropriate for small businesses that do not have a lot of stock. For larger business it is more likely that a computerized system will be required. Transaction processing systems are commonly used to operate businesses. In this era, manual transactions evolved into computerized ones. Manual inventory systems turned out to be slow and inaccurate resulting to problems like running out of stocks and slow computations of product prices being bought by the customers. The degree of success of a business greatly depends upon controlling the merchandise inventory. The continuously improving and upgrading of computer usage into more powerful and useful applications has made managing business transactions a lot more efficient and easier. Today, businesses use the computer to assist in controlling and monitoring many aspects of the businesses, since manual approach in data processing could no longer meet the demands of increasing volume of transactions. Background of the Study Inventory is the term used for compiled list of goods. Inventory is important process in effective management of a business. The Company named Fast Services Corporation...
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...Inventory Systems and Calculating Revenues, Expenses, and Income Inventory Systems and Calculating Revenues, Expenses, and Income QS 5-8A Contrasting periodic and perpetual systems Identify whether each description best applies to a periodic or a perpetual inventory system. a. Provides more timely information to managers. - Perpetual b. Requires an adjusting entry to record inventory shrinkage – Perpetual c. Markedly increased in frequency and popularity in business within the past decade. - Perpetual d. Records cost of goods sold each time a sales transaction occurs. - Perpetual Cost of goods sold = (Purchases + Beginning inventory – ending inventory) Gross Profit = (Net Sales – COGS) Net Income (Gross Profit – Expenses) a.36000 + 6000 - x = 3405042000 - x = 34050-x = -7950x = 7950 | b.x + 17050 - 2700 = 15900x + 14350 = 15950x = 1600 | c.36000 - x = 3750-x = 3750 - 36000-x = -32250x = 32250 | d.32000 + 7000 - 6600 = x32400 = x | e.5600 + 2560 - x = 56008160 - x = 5600-x = -2560x = 2560 | | | x + 7500 - 9000 = 32250x - 1500 = 32250x = 33750 | x - 32400 = 45600x = 78000 | | Journalize the following merchandising transactions for CSI Systems assuming it uses (a) a periodic inventory system and (b) a perpetual inventory system. 1. On November 1, CSI Systems purchases merchandise for $1,400 on credit with terms of 2_5, n_30, FOB shipping point; invoice dated November 1. n_30, FOB shipping point; invoice dated November 1. 2. On...
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...THE BASIC INVENTORY SYSTEM The basic inventory problem that the firm is now facing is that Joan Glass is holding minimal stock on hand, evidently proving that she is working with the Lean inventory system. This system is a strategic method which is a credible and desirable system, but on the same note it poses profitable implications of the firm such that if excess stock needed at any given time there is none available due to decreases with in-process inventory levels and associated carrying costs thus causing major problems. With this problem the firm also faces the repercussions of additional costs and problems such as: drastic changes in transport costing; damaged materials; interrupted integration; long lead times; late supplies; unsatisfied customers; inability to build up strong working capital; inaccurate forecasting of present sales and future sales and cost of the firm. Joan is un-able to use other cheaper methods of transportation such as road and ship transportation, due to her taking upon multiple last minute orders, thus resulting in her using the Airfreight method. This method is preferred as its travel times are much quicker than most other transport methods given that she has limited time to supply to customer, with this advantage the major downfall of using this method is that is that it brings about a huge financial loss on the company (Moncka,et al,2009). “Look at these air freight bills! Here’s one for R955—more than the damn part is worth.”(President...
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...4 local Studies: 1. Facility Inventory System Introduction: Nowadays, companies becoming more competent as time pass. Anytime from now a new strategy, technology and discoveries may come up just for them to gain much profit. The problem that will be encountered is the maintenance for the system and the consistency of it to be used for a long time. We will be using a Structured system analysis and design for our methodology. We will also use Microsoft Visual Basic 6.0 as our programming language. 2. Online Sales and Inventory System of ACME Hardware Introduction: From the very earliest moments in the modern history of thecomputer, the people and the business world have witnessed theproliferation of computer system that obliges to meet the goal of Information technology. This problems are commonly encountered on the current Salesand Inventory System of Tacloban ACME Hardware? What must be proposed to make it happen? What are the input needed to develop this type of program. We will be using Microsoft Visual Basic 6.0 develop our program and we will be using Structured System Analysis And Design for our Methodology. 3. COMPUTERIZED MANAGEMENT AND MONITORING SYSTEM FOR MONTEJO NEWSPAPER SUPPLY AND MAGAZINE DISTRIBUTOR Introduction: The used of manual processes in business has decline since the rise of computerized and automated systems. And in fact, nowadays, the use of computer-based business system has become prevalent all throughout the developed...
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