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Figure  5-5.óCost  of  operation  invoices.
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Ships Serviceman 2 - How to fix and repair boats
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Preparing for Inventory
CHAPTER 6 INVENTORY Inventory in ship’s store afloat is the process of  bringing  stock  records  into  agreement  with stock on hand, determining current money value balances, and reestablishing accountability. As a Ship’s  Serviceman  second  class,  you  can  expect to  become  more  involved  in  the  inventory  process. In this chapter we discuss the various steps of this process, including   preparing   for   inventory, accomplishing  the  actual  inventory,  accounting for  the  inventory,  and  reconciling  the  results  of the inventory. PHYSICAL   INVENTORY Physical   inventory   is   the   process   of identifying, counting, and evaluating all stock on hand at a specific time. The purposes of physical inventory  are  the  following: To determine the dollar value of the stock on hand so that required financial reports can be prepared To  check  on  the  accuracy  of  stock  records and  stock  on  hand To  determine  the  dollar  value  of  stock shortage   due   to   spoilage,   damage,   waste, pilferage, or other losses not shown on the stock records To  identify  stock  shortages  and  overages and  to  determine  financial  liability To use as a management tool for effective stock   control In this section, we discuss the procedures for inventory in combined or separate responsibility. Inventory includes all ship’s store and standard Navy  clothing  stock.  Cost  of  operation  items  on hand in activities other than the bulk storeroom are not inventoried because they have already been expended  from  the  records.  This  category  also includes   consumable   supplies   in   the   laundry, barbershop,  and  so  forth. INVENTORY  PERIODS Inventory is taken at the times listed in the following   paragraphs. At  the  end  of  each  accounting  period  or sometime  during  the  last  week  of  business,  an itemized  inventory  of  all  ship’s  store  and  standard Navy  clothing  stock  is  taken. When  the  ship’s  store  officer  is  relieved,  an itemized  inventory  of  all  ship’s  store  and  standard Navy  clothing  stock  is  taken. When  the  bulk  storeroom  custodian  is  relieved in  separated  responsibility  and  when  the  sales outlet operator is relieved in combined responsi- bility,  an  itemized  inventory  of  all  ship’s  store and  standard  Navy  clothing  stock  in  the  bulk storeroom  is  taken. When the ship’s store receives a change to the Navy  Clothing  Price  List  for  Men  and  Women, NAVRESSO   Pub   90,   for   those   clothing   items affected  by  the  standard  price  change,  an  itemized inventory   of   standard   Navy   clothing   stock   is taken. When the sales outlet operator is relieved on ships  operating  under  separate  responsibility,  a price  line  inventory  or  itemized  inventory  of  all stock  in  a  sales  outlet  is  taken. NOTE:  Price  line  inventories  are  discussed later in this chapter. In a self-service retail store or a sales outlet operated  by  more  than  one  person,  a  price  line inventory or itemized inventory of all ship’s store and   standard   Navy   clothing   stock   is   taken monthly. When there is evidence of unauthorized entry into  the  sales  outlet,  a  price  line  inventory  or itemized  inventory  is  taken. 6-1

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