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Course Details

Inventory Management - Second Edition (Course Id 791)

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Author : Steven Bragg, CPA
Status : Production
CPE Credits : 15.0
IRS Credits : 0
Price : $121.95
Passing Score : 70%
Primary Subject-Field Of Study:

Accounting - Accounting and Auditing for Course Id 791

Description :

Inventory Management describes all stages of inventory management, including forecasting, purchasing, receiving, storage, and shipping, plus measurement systems and inventory record accuracy. The course also addresses inventory strategy, inventory policies, inventory counting, and more.

Usage Rank : 0
Release : 2015
Version : 1.0
Prerequisites : None
Experience Level : Overview
Additional Contents : Complete, no additional material needed
Additional Links :
Advance Preparation : None
Delivery Method : Self-Study
Intended Participants : Anyone needing Continuing Professional Education (CPE)
Revision Date : 25-May-2015
NASBA Course Declaration : Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam.
Approved Audience :

NASBA QAS - NASBA Registry - 791

Keywords : Accounting, Inventory, Management, Second, Edition, cpe, cpa, online course
Learning Objectives :

Course Learning Objectives

    • Cite the types of inventory, and the need for reorder points, safety stock, and economic order quantities.
    • Note the manner in which inventory can be incorporated into a company’s competitive strategy, and the situations in which certain strategies should be employed.
    • Identify the policies that should be used to control inventory, and the situations in which they should be used.
    • State the types of forecasting variations that can be used, how forecasts can be incorrect, and what can be done to mitigate these effects.
    • Note the various costs related to suppliers, how a spend management system can be created, and the issues related to volume purchase discounts.
    • Cite the receiving techniques that can be used to minimize inventory damage, organize incoming deliveries, create cross docking transactions, and similar issues.
    • State the types of equipment used in putaway and picking transactions, as well as their advantages and disadvantages.
    • Identify the components of the major production management systems, as well as the techniques used to improve the flow of inventory through the production process.
    • State the methods used to enhance the efficiency and effectiveness of the shipping function.
    • Note who identifies obsolete inventory and how such inventory is located.
    • Identify the methods used in the engineering area to minimize the number of parts, improve the production process, and generally reduce the investment in inventory.
    • Recognize the issues that can reduce inventory record accuracy.
    • State the situations in which the periodic and perpetual inventory systems should be used, and issues related to physical inventory and cycle counts.
    • Note the impact on inventory and costs of how the supply chain is managed.
    • Identify the methods used to increase the efficiency of the warehouse.
    • State the storage characteristics of inventory, as well as the situations in which various types of storage systems can be used.
    • Cite the steps used to plan the warehouse layout, as well as the impacts of various issues on the final layout and sizing.
    • Recognize the key inventory measurements and the circumstances under which they are used.

Chapter 1
The Nature of Inventory

Cite the types of inventory, and the need for reorder points, safety stock, and economic order quantities.

Chapter 2
Inventory Strategy

Note the manner in which inventory can be incorporated into a company’s competitive strategy, and the situations in which certain strategies should be employed.

Chapter 3
Inventory Policies

Identify the policies that should be used to control inventory, and the situations in which they should be used.

Chapter 4
Materials Planning and Forecasting

State the types of forecasting variations that can be used, how forecasts can be incorrect, and what can be done to mitigate these effects.

Chapter 5
Purchasing Activities

Note the various costs related to suppliers, how a spend management system can be created, and the issues related to volume purchase discounts.

Chapter 6
Inventory Receiving

Cite the receiving techniques that can be used to minimize inventory damage, organize incoming deliveries, create cross docking transactions, and similar issues.

Chapter 7
Putaways and Picking

State the types of equipment used in putaway and picking transactions, as well as their advantages and disadvantages.

Chapter 8
The Impact of Production on Inventory

Identify the components of the major production management systems, as well as the techniques used to improve the flow of inventory through the production process.

Chapter 9
Inventory Shipping

State the methods used to enhance the efficiency and effectiveness of the shipping function.

Chapter 10
Obsolete Inventory

Note who identifies obsolete inventory, how such inventory is located, and how it is dispositioned.

Chapter 11
Product Development

Identify the methods used in the engineering area to minimize the number of parts, improve the production process, and generally reduce the investment in inventory.

Chapter 12
Inventory Record Accuracy

Itemize the issues that can reduce inventory record accuracy.

Chapter 13
Inventory Counting and Reconciliation

State the situations in which the periodic and perpetual inventory systems should be used, how a system of inventory record keeping is established, and issues related to physical inventory and cycle counts.

Chapter 14
The Supply Chain

Note the impact on inventory and costs of how the supply chain is managed.

Chapter 15
Warehousing Efficiencies

Identify the methods used to increase the efficiency of the warehouse. Also note how the cost of inventory storage is calculated.

Chapter 16
Warehouse Storage Systems

State the storage characteristics of inventory, as well as the situations in which various types of storage systems can be used, and the effects of incorrect storage.

Chapter 17
The Warehouse Layout

Cite the steps used to plan the warehouse layout, as well as the impacts of various issues on the final layout and sizing.

Chapter 18
Inventory Measurements

Itemize the key inventory measurements and the circumstances under which they are used.
Course Contents :

Chapter 1 - The Nature of Inventory

Types of Inventory

Types of Inventory Demand

The Reorder Point

Safety Stock

Safety Time

Economic Order Quantity

Dependent Demand Reordering Systems

Visual Reordering Systems

Chapter 2 - Inventory Strategy

Replenishment Strategy

Fulfillment Strategy

Customization Strategy

Startup Outsourcing Strategy

Chapter 3 - Inventory Policies

Receiving Policy

Inventory Access Policy

Batch Sizing Policy

Production Run Size Policy

Resource Maximization Policy

Substitutions Policy

Customer Service Policy

Pricing Deals Policy

Returns Policy

Collections Take-Back Policy

Chapter 4 - Materials Planning and Forecasting

The Evils of Forecasting

The Bullwhip Effect

Forecasting for Style Items

Forecasting Service Parts

Forecasting by Product Families

Forecasting Segmentation

Forecasting Collaboration

Problems with the Sales Department Forecast

Forecasting with Customer Linkages

Modeling of Materials Planning

Inventory Management by Classification

Product Substitution Options

Supplier Lead Time Adjustment

Internal Lead Time Adjustment

Job Releases to Production

Store Finished Goods at Pre-Configuration Level

Cost-Effective Inventory Reduction

Reduction of Inventory Returns

Consigned Inventory

Elevate the Materials Manager Position

Chapter 5 - Purchasing Activities

Total Supplier Cost

Materials Sourcing Considerations

Manual Purchasing

Systems-Based Purchasing

Spend Management

The Volume Purchase Discount Conundrum

The Auction Option

Match Contract Length to Pricing Trends

Streamlined Purchasing Approvals

Purchase Order Shutdowns

Supplier Delivery Arrangements

Measure Suppliers

Negative Effects of the Purchase Price Standard

Chapter 6 - Inventory Receiving

Touch Reduction

Advance Shipping Notices

Delay Low-Priority Receipts

Minimize Travel Time with Dock Assignments

Organize around Length of Delivery Time Slots

Affix Labels at Receiving

Initial Data Collection

The Need for Receipts Inspection

Repack at Receiving

Route Goods Directly to Production

Route Remaining Goods to Storage

Time-Phase Shipping and Receiving

Reverse Logistics

Chapter 7 - Putaways and Picking

Putaway and Picking Equipment

Automated Storage and Retrieval Systems

Automated Storage and Retrieval Vehicles

The Impact of Mechanization

Putaways

Reslotting

Picking

Single Order Picking Tours

Pick to Shipping Container

Single Line Picking Tours

Batch Picking Tours

Dedicated “C” Level Picking Tours

Wave Picking

Forward Picking

Zone Picking

Field Picking

Additional Picking Efficiencies

Separate Forward-Area Picking

Carousel Picking Pods

Robots Move Mobile Shelves to Pickers

Prepackage Goods in Picking Increments

Picking with Scales

WMS-Directed Picking Issues

The Cost of Picking Errors

Kitting

Replenishment

The Simultaneous Replenishment and Picking Conundrum

Interleaving

Chapter 8 - The Impact of Production on Inventory

The Produce to Forecast (Push) System

The Produce to Order (Pull) System

Organize the Factory around Products

Fast Equipment Changeovers

Kanban Notifications

Achieve First-Pass Quality

Enhance Feedback Loop to Suppliers

Move Cells Closer Together

Inventory In-Process Identification

Reduce In-Process Container Sizes

Locate Cells near Common Inventory

Purchase Less-Complex Machinery

Manage Inventory around the Bottleneck

Adjust Batch Sizes

Shorten the Production Line

Segment the Production Line

Process Control

Assign Parts to the Same Machine

Unscheduled Downtime Avoidance

Mistake Management

Eliminate Causes of Rework

Expediting

Delay Final Assembly

Move Production to Raw Materials

Human Resources Issues

Chapter 9 - Inventory Shipping

Match Production to Full Truckload Requirements

Shipping Container Considerations

Pallet and Case Load Planning

Container Load Planning

Dunnage Usage for In-Transit Inventory Protection

Shipping Data Automation

Frequent Delivery Service

Transportation Management Systems

Track Shipper Performance

Chapter 10 - Obsolete Inventory

Obsolete Inventory Identification

Obsolete Inventory Disposal

Obsolete Inventory Prevention

NCNR Inventory Reduction

Chapter 11 - Product Development

Minimize the Number of Parts Used

Eliminate Identical Parts

Design for Broad Tolerance

Match Materials Quality to Design Specifications

Design for Assembly

Design around Limited Availability Components

Design around Lifetime Buy Decisions

Advance Material Purchase Issues

Expand the Design Team

Include Suppliers in the Design Process

Review the Bill of Materials

Use a BOM Temporary Substitution Procedure

Review Inventory Returns and Shortages

The Customer Complaint Feedback Loop

Review and Approve Engineering Change Orders

Reduce the Number of Products

Customer Termination Considerations

Reduce Product Options

Chapter 12 - Inventory Record Accuracy

Inventory Record Errors

Environmental Factors Impacting Record Accuracy

Employee Factors Impacting Record Accuracy

Labeling Issues Impacting Record Accuracy

Inventory Naming Conventions Impacting Record Accuracy

Excessive Data Recordation

Inventory Data Collection Methods

The Data Entry Backlog Problem

Backflushing

Controls over Record Accuracy

Inventory Review Reports

The Negative Inventory Balance

Inventory Auditing

The Corrective Action System

Chapter 13 - Inventory Counting and Reconciliation

The Periodic Inventory System

The Perpetual Inventory System

How to Set Up Inventory Record Keeping

The Physical Inventory Count

Concerns about the Physical Inventory Count

Physical Count Improvements

Cycle Counting

Control Group Analysis

100% Count Analysis

Inventory Reconciliation

Chapter 14 - The Supply Chain

Sole Source Inventory Purchases

Supplier Assessment

Enhanced Supplier Relations

Foreign Sourcing Considerations

The Lead Supplier

The Stable Production Schedule

Automatic Supplier Replenishment

The Total Inventory Concept

Downstream Postponement

Supply Chain Buffer Stock Reduction

Reduce Supplier Delivery Times

Aggregate Deliveries with Freight Forwarders

Suppliers Own On-Site Inventory

Suppliers Pre-Configure Goods

Reserve Supplier Capacity

Vertical Integration

Supply Chain Cooperation

Supply Chain Configuration Issues

Supply Chain Disruption

Chapter 15 - Warehousing Efficiencies

The Cost of Inventory Storage

The Cost of Travel Time

Cross Docking

Flow-Through Warehousing

Flow-Through Warehouse Designs

Flow-Through Warehouse Equipment

When to Use Flow-Through

Storage by Fixed Location

Warehouse within a Warehouse

Warehouse by Customer

Warehouse by Distribution Channel

Warehouse by Product Family

Warehouse by Season

Warehouse by Pallet and Case

Warehouse by Order Completion Zone

Storage by ABC Classification

Storage Based on the Putaway to Picking Ratio

Efficiencies within Storage Racks

Accessibility of Storage Bins

Co-Locate Correlated Items

Size Picking Bins to Store Sufficient Quantities

Aggregate Storage Locations

Size Cartons to Customer Order Sizes

Use Standard Containers to Store Inventory

Drop Shipping

Eliminate Informal Storage

Store Inventory at Production

Design Storage for Less than Peak Demand

Warehouse Management System

Distribution Requirements Planning

Fair Shares Analysis

Ship Overnight from a Single Location

Retain Low-Turnover Inventory at Warehouse Level

Combine Warehouse Missions

Adjust the Warehouse Network

Ship from Stores

Chapter 16 - Warehouse Storage Systems

Inventory Storage Characteristics

Storage Systems

Beam Height

Honeycombing Effects

Automated Dispensing Units

Carousels

The Pallet

Pallet Loading

Liquid Storage

Chapter 17 - The Warehouse Layout

Planning the Warehouse Layout

Sizing the Receiving Area

Sizing the Inspection Area

Sizing and Locating Dock Doors

Treatment of Aisles

Treatment of Building Supports

Warehouse Security

Warehouse Sizing Considerations

Considerations for Acquiring Warehouse Space

Chapter 18 - Inventory Measurements

Overview of Inventory Measurements

Average Inventory Calculation

Inventory Turnover Measurements

Inventory Turnover Ratio

Raw Materials Turnover

Work-in-Process Turnover

Finished Goods Turnover

Inventory Accuracy Percentage

Excess Inventory Measurements

Obsolete Inventory Percentage

Percent of Inventory Greater than XX Days

Returnable Inventory Valuation

Opportunity Cost of Excess Inventory

Honeycombing Percentage

Glossary

Accounting Course 791 Home: https://www.cpethink.com/accounting-cpa-courses
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