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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.
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