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Inventory Control Record for Standard Navy Clothing Stock, Continued
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Figure 4-3.—Auditing the Stock Record.
Line  and  Caption Instructions  for  Entries Stock   Turn— beginning inventory for the Continue accounting  period  equals stock   turn.   The   following formula  must  be  used: Add the amounts on line G for  each  month  divided  by the beginning inventory for the   accounting   period equals  stock  turn. In  summary,  the  inventory  control  records  can provide   only   a   calculated   approximation.   The records can, however, help you to keep your ship’s store   inventory   values   within   the   prescribed, authorized  90-day  limits. STOCK  RECORD  REVIEW AND  MAINTENANCE Stock  record  review  is  the  second  stock  con- trol tool that is available to you as a ship’s store manager.  While  you  will  use  the  inventory  con- trol  records  to  ascertain  the  amount  of  working capital that is available to you at any one time, you  will  also  use  the  Stock  Record  (NAVSUP Form 464) to acquire the sales history and order- ing  information  you  will  need  for  procuring  in- dividual stock items. You must review your stock record cards at least once a month to determine what specific merchandise items you should pro- cure. For most items, your maximum stock posi- tion  should  be  90  days’  stock.  You  should  stock enough deployed load items so that they will be available  for  the  duration  of  your  ship’s  deploy- ment.  If  you  discover  that  excesses  exist  in certain  areas,  you  should  dispose  of  the  excess stock  as  soon  as  you  can.  The  various  methods you  can  use  to  dispose  of  excess  stock  will  be discussed  later  in  chapter  5. By   properly   maintaining   a   Stock   Record (NAVSUP   464)   for   every   item   of   ship’s   store stock,  you,  as  the  ship’s  store  manager,  should be  able  to  answer  the  following  questions  about any  particular  stock  item. What  are  the  average  4  months’  sales? What  quantities  were  ordered  previously? What  is  the  usual  source  of  supply? What are the current cost and retail prices?   Is there any trend in the sales pattern? Assuming   normal   sales,   what   is   the approximate  stock  situation? Since the stock record cards are so important, you  must  maintain  them  accurately  and  neatly. The proper maintenance of stock record cards is discussed in  Ship’s Serviceman 3 & 2,  module  2. There  are  two  types  of  errors  for  which  you,  as a supervisor (or auditor), should be on the alert: mechanical  and  procedural.  As  you  read  about these  errors,  you  should  refer  to  figure  4-3. Mechanical Errors A  mechanical  error  results  when  facts  and values have not been properly recorded. In your continual  review  of  your  stock  record  cards,  you may be able to correct most mechanical errors by asking  yourself  these  questions.       The low limit: Is it recorded? Is it realistic? The  cost  price  and  the  selling  price:  Do they  exist  where  applicable?  (There  are  no  sell- ing   prices   for   cost   items.)   Is   the   cost   price rounded  to  the  nearest  cent?     Unit of issue: Is it recorded? Do cost and selling  prices  agree  with  the  unit  of  issue?      Functional account and department: Is the correct   information   recorded? Description: Is   it   complete?   Does   it include  the  stock  number  (when  required),  the size, and the noun name? (For example, tax-free cigarettes;  large,  economy,  or  giant  toothpaste.)     Arithmetic: Have computations been made accurately?   Have   retail   sales   been   properly computed? Format:   Have   lines   been   skipped   un- necessarily? Are the correct columns being used? Procedural Errors Procedural  errors  are  usually  the  result  of  bad planning  and  faulty  judgment.  You  can  avoid many  procedural  errors  by  carefully  analyzing  the information  on  your  stock  record  cards.  You 4-11

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