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Types of Physical Inventory
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Storekeeper 1 & C - Manual for watching over inventory and other things needed in a store
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Figure  8-4.—Physical  inventory  schedule.
Spot  (Specific  Item)  Inventory A spot inventory is an unscheduled type of physical inventory  that  is  taken  to  verify  the  existence  or nonexistence of a specific stock item. Usually, it is taken as the result of a total NIS indication in the issue request when the verified stock record for the requested item shows an on-hand balance; as the result of a partial NIS issue transaction when the verified stock record for the requested item reflects an on-hand balance in excess of the  quantity  issued;  or  when  a  posted  issue  document results  in  a  negative  stock  record  balance.  A  spot inventory  also  is  taken  to  determine  the  on-hand quantity of a particular item when and as requested by the commanding officer, a fleet or type commander, a cognizant  inventory  manager,  or  other  competent authority.  For  example,  your  commanding  officer  may request the physical inventory of any item that the commanding  officer  considers  to  be  highly  essential  to prospective operations; a fleet or type commander may need to have total asset visibility of a particulary critical item; or an inventory manager may request physical inventory, disposition, and report of certain items that, after distribution within the supply system, are found to be  defective. Velocity Inventory A velocity inventory is based on the premise that inaccuracies  of  stock  record  balances  for  any  given items increase proportionately with issue frequency, and consequently, that most of the physical inventory effort should be concentrated on frequently demanded items. A  velocity  inventory,  therefore,  requires  a  periodic physical  count  of  all  stock  items  that  experience relatively  frequent  demands  (fast  movers),  and  a physical  count  of  items  that  experience  infrequent  or  no demands  (slow  movers)  only  when  such  items  are issued. Periodic inventories of SIM items and postissue inventories  of  non-SIM  items,  as  prescribed  in  the NAVSUP  P-485,  are  examples  of  velocity  inventories. Material Not in the Custody of the Supply Department When you schedule the various different types of inventories to do, you must also include all the material that is being stored in other department heads’ spaces. When doing this be sure you have set up a specific time to conduct your inventory. SCHEDULED  INVENTORY REQUIREMENTS Although  a  complete  physical  inventory  of  all stocked  repair  parts  usually  is  taken  during  ILOS periodically  scheduled  for  most  ships,  there  is  a continuing  need  in  every  ship  (whether  or  not  it undergoes an ILO) to conduct physical inventories to make sure effective control of those materials normally required to perform its mission is maintained. Also, there may be certain material characteristics that require special  management  attention.  The  scheduled  inventory requirements prescribed in the NAVSUP P-485 are considered to be minimal for effective inventory control of stock material. (Inventory requirements and specific instructions  for  controlled  equipage  and  presentation silver are included in the NAVSUP P-485.) Items that can be included in more than one category should be inventoried  under  the  criteria  of  the  category  that requires the greater inventory frequenty. For example, if  hazardous  items  are  inventoried  annually  and  SIM items are inventoried semiannually, then any hazardous item that is designated as SIM should be inventoried semiannually.  See  figure  8-4  for  an  example  of  a physical  inventory  schedule. NONSCHEDULED  INVENTORIES Nonscheduled   inventories   are   those   that   are unexpectedly  required  incident  to  significant  stock record inaccuracies discovered during an issue process, a  random  sampling  inventory,  or  an  annual  supply inspection.  Nonscheduled  inventories  also  include  those that are occasionally required of certain items when and as requested by an inventory manager, a fleet or type commander,  the  commanding  officer,  or  other  authority. Spot   inventories   are   examples   of   unscheduled inventories.   Bulkhead   to   bulkhead   inventories   of specified   storerooms   and   specific   commodity inventories  also  are  examples  of  unscheduled inventories   when   required   as   the   result   of   an unsatisfactory random sampling inventory or a supply management   inspection.   Although   unscheduled inventories can neither be planned nor included in fiscal year inventory schedules, the estimated effort required for  such  inventories  must  be  considered  in  the  annual inventory program and in the assignment of supply department  resources. PREPARATION  FOR  INVENTORY Before any physical inventory, you should collect all   unposted   receipt   and   expenditure   documents 8-7

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