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transfer  of  accountability  from  one  ship’s  store officer to another or the transfer of responsibility from  one  custodian  to  another. DEFINITION  AND  PURPOSE Physical  inventory  includes  the  processes  of identifying, counting, and evaluating all stock on hand   at   a   specific   time.   In   a   ship’s   store, authorized  personnel  must  take  a  physical  in- ventory to reestablish accountability y for the ship’s store officer, outlet operators, and bulk storeroom custodians.  Physical  inventories  also  function  to transfer  accountability  and  responsibility  when  the ship’s  store  officer  is  relieved.  Inventories  are  a management tool that ship’s store managers can use  to  determine  the  following  information: 1. The dollar value of stock on hand so that the  financial  reports  can  be  prepared 2.  The  accuracy  of  the  stock  records  so  that any differences that may exist between the stock records  and  the  stock  on  hand  can  be  adjusted 3. The dollar value of any stock shortage that has   resulted   from   spoilage,   damage,   waste, pilferage, or other losses that are not reflected on stock  records 4. Areas of stock shortage or overage so that liability  can  be  ascertained 5. Better ways in which proper stock control can  be  maintained Inventories  are  a  prerequisite  to  closeout  of the ship’s store records. When you are closing out the Ship’s Store Afloat Financial Control Record (NAVSUP  235),  you  must  be  able  to  determine the  value  of  the  items  on  hand  before  you  can determine   any   shortage   or   overage   for   retail operators. You must also know the stock on hand to   determine   the   amount   of   profits   from   the fountain  and  vending  machine  operations.  You can determine the cost value of all retail sales from the Journal of Expenditures (NAVSUP 978) only after you have posted the cost value of all items aboard.  The  quantity  of  each  item  sold  is  com- puted on the Stock Record (NAVSUP 464) cards only after the posting of the inventory. Inventory figures are the opening entries on the Journal of Receipts (NAVSUP 977), the Ship’s Store Afloat Financial  Control  Record  (NAVSUP  235),  and the  Stock  Record  (NAVSUP  464)  cards. Inventories help in stock control. They enable you to determine whether you are overstocked or understocked   with   individual   items   or   with particular  categories  of  stock.  Thus,  inventories aid  you  in  determining  new  stock  requirements and serve to notify sales division personnel when markdowns or surveys (to rid the store of old or excess  stock)  should  be  made. PREPARATION  FOR  INVENTORY As  a  leading  Ship’s  Serviceman,  you  can facilitate   the   efficiency   of   an   inventory   by ensuring that certain preparations are taken before the  actual  day  of  the  inventory. Inventory Teams In  the  preparation  for  an  inventory,  one  of the first tasks is the assignment of personnel to inventory  teams.  It  is  the  ship’s  store  officer’s responsibility to acquire and maintain a complete and   accurate   inventory.   To   accomplish   this objective,  the  ship’s  store  officer  should  conduct a two-count system. A minimum of two inventory teams  is  required  for  a  two-count  system. Normally,  inventory  teams  will  be  composed  of two  persons.  If  personnel  are  not  available, however,  an  inventory  team  can  be  composed  of only  one  person.  Remember,  the  office  records- keepers cannot be assigned to inventory teams at any   time.   The   teams   should   be   composed   as follows: 1.  First-count  team—Either  the  ship’s  store officer,  the  designated  officer  assistant,  or  other commissioned  officer,  and  one  enlisted  member 2.   Second-count   team—A   senior   enlisted person  in  the  supply  rating  (E-6  or  above)  and  one other  enlisted  person With  a  letter  of  approval  from  your  type  com- mander, a qualified senior enlisted member (E-6 or above) in a supply rating can be authorized to conduct the monthly inventories. Details for this type of assignment are outlined in your NAVSUP P-487. Inventory  Sheets For a ship’s store inventory, you must use the Inventory  Count  Sheet  (NAVSUP  238).  This document  should  be  prepared  in  advance  in quadruplicate.  Each  set  of  count  sheets  should consist  of  four  copies  that  are  color-coded  in  white (original),  yellow,  pink,  and  blue,  respectively. The  ship’s  store  officer  must  serialize  the  count sheets  before  their  distribution  to  the  inventory team. 7-3

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