Madihaa Inventory Incharge Interview Questions and Answers

FIFO (First In, First Out) and LIFO (Last In, First Out) are inventory management methods used to track the flow of goods.

• FIFO method assumes that the first items purchased or produced are the first ones to be sold or used.

• LIFO method assumes that the last items purchased or produced are the first ones to be sold or used.

• FIFO is commonly used in industries with perishable goods, while LIFO is used in industries with no...read more

Preparing GRN involves verifying received goods, matching with purchase orders, recording details, and updating inventory.

• Verify received goods against purchase orders

• Check for any damages or discrepancies

• Record details such as quantity, quality, and supplier information

• Update inventory system with the received goods

• Generate GRN document for accounting purposes

Inventory refers to the goods and materials a business holds for the purpose of resale or use in production.

• Inventory includes raw materials, work-in-progress, and finished goods.

• It is an essential part of supply chain management to ensure smooth operations.

• Inventory levels need to be monitored and controlled to prevent stockouts or overstocking.

• Examples of inventory include merchandise in a retail store, spare parts i...read more

To create freight value, focus on optimizing transportation routes, reducing costs, improving delivery times, and enhancing customer service.

• Optimize transportation routes to reduce distance and fuel costs

• Negotiate better rates with carriers to lower transportation costs

• Implement technology solutions like GPS tracking for real-time monitoring of shipments

• Improve warehouse efficiency to reduce handling and storage costs

• ...read more