To find out the cost of materials issued from stores several methods are used. The choice of method should be based on the nature of material and the type of business. Following are some important methods, which are commonly used: 1. "First-in-First Out" Method 2. "Last-in-First-Out" Method 3. Average Price Method 4. Fixed Price Method 5. Actual Cost Method 6. [...]
After reading this article you will learn about the records to be maintained in the stores. 1. Bin Card: This is a card which is attached to each bin, rack, shelf or other container for stores. A record of all materials entering or leaving the bin and balance of material in hand is kept in this card. These cards are [...]
The protection of stores from fire, rust and corrosion, dust, theft, weather, heat, cold and moisture is an important aspect of the store-keeping function. Each kind of material such as textiles, rubber goods, leather goods and metals require its own kind of care. The following points should be remembered in this connection: 1. To Protect Goods from Fire: It is [...]