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Hello Gromit
i have a question regarding one of the stages in inventory count. in your lecture and in OT notes, it says that shelves have to be labelled which will allow the counters to put down their total count and signature. however the counters are also using inventory sheets to note down the count.
are the recording the same information on the sheets and on the labels on the shelf? do they then cross check that and investigate discrepancies?
Yes. It allows them, their supervisor and the observing auditor to cross-check.
No doubt some systems would not require the quantities to be noted on the labels on the shelves and that would work, so long as the label is marked off to show that that shelf has been counted and that the stock sheet number is noted on it for cross-checking.
thanks very much.
can you also please let me know when to test for fifo and avco? is this when the question asks to test valuation of inventory?
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