3. What is the Meaning of Inventory and how can you manage shirnkage point

Question

Accepted Answer

Inventory refers to the stock of goods or materials held by a company for production, sales, or distribution purposes.

Inventory is an essential part of any business as it represents the company's assets and ties up capital.
It includes raw materials, work-in-progress, and finished goods.
Managing inventory involves maintaining optimal levels to meet customer demand while minimizing costs.
Shrinkage refers to the loss of inventory due to theft, damage, or errors.
To manage shrinkage, companies can implement security measures like surveillance systems, access controls, and inventory audits.
Inventory management systems can also help track and reconcile inventory levels, reducing the risk of shrinkage.
Regular inventory counts and reconciliations can identify discrepancies and enable timely action to prevent further losses.
Training employees on proper handling and storage of inventory can also contribute to shrinkage reduction.
Implementing effective inventory control policies and procedures can help minimize shrinkage and improve overall inventory management.

Accepted Answer

Meaning of inventory

Whitch is store a shipment with single or bulk qty with proper location. And only bulk qty can only shirnkage pount.