Inventory Control – Definition, Objectives, Methods and Steps

Inventory turnover ratio is an accounting ratio that establishes a relationship between the revenue cost, more commonly known as the cost of goods sold.

Inventory valuation is a process to determine the cost associated with an entity's inventory at the end of a reporting period

Closing Stock is an amount of unsold stock lying in your business on a given date. In simple words, it’s the inventory which is still in your business waiting to be sold for a given period.

The cost of goods sold (COGS) is any direct cost related to the production of goods that are sold or the cost of inventory you acquire to sell to consumers.

Barcodes are an essential part of inventory management. With a simple scan of a barcode, you can do what would take several minutes, or even hours, to do manually.

Bill of Material is a comprehensive list of raw materials, components, assemblies, sub-assemblies, parts, or anything which is required to manufacture the finished product.

Inventory management is one of the key factors which will define the success of the business. Inventory is money sitting around in another form and it holds huge working capital.