SITXINV004 Control Stock Assignment Assessment Answer
Provide a detailed response to each of the following questions
Question 1: List 6 examples of forms that are used in a manual control system-
Question 2: Why is it important to constantly monitor your control system????
Question 3: List 6 examples of “stock items’ in the TH&E industry-
Question 4: What does collusion refer to????
Question 5: Why is it important that both the person responsible for placing orders and the ordering process must be very clear to staff????
Question 6: What is the name of the stock control method which is most commonly used in the TH&E industry and involves recording data continuously on both the amount of stock on hand and the cost price of items in the storeroom-
Question 7: Why is it necessary to identify and report on slow moving stock items????
Question 8: List 4 methods you can use to identify slow moving stock items-
Question 9: What is the consequence of placing stock orders too early????
Question 10: Give 2 examples of factors which affect the maintenance of stock levels-
Question 11: There are 6 stages to the receiving process- There are 4 listed below, name the other 2- i- Deliveries should be checked against the purchase order to determine if the order is correct and complete- ii- The invoice or delivery note should be signed to accept financial liability- iii- Received goods should be moved into appropriate storage areas- iv- Receipt documentation should be completed-
Question 12: What are the recommended storage conditions for the following stock items???? Frozen items Meat Seafood Fruit and Veg Dairy products Chemicals Paper
Question 13: Give 4 examples of things that can cause stock losses-
Question 14: Give 4 examples of ways to verify stock losses-
Question 15: Give 4 examples of ways to prevent stock losses-
Question 16: List 3 items a contract with a supplier may include:
Question 17: What steps should you take if you encounter a routine supply problem????
Question 18: List 3 procedures you can use for issuing stock????
Question 19: List 4 procedures of a manual stock take
Question 20: List 4 procedures of a computerized stock take
Question 21: Who usually performs the stock take????
Question 22: List 5 pieces of information you might find on a stock take report-
Question 23: If the cost of goods sold for Canadian Club Whiskey is $240,000 per year, and the average stock held is $10,000, what should be the re-order point for placing an order???? -without considering the delivery time for this calculation-
Question 24: Give an example of a type of computerized stock control system-
Question 25: Explain the features and uses of the following stock control systems: Bin card system Impress system Integrated point-of-sale system Ledger system
Question 26: There are several aspects which must be considered to maintain storage areas- What does this need to include for the following aspects???? Cleanliness Lighting Temperature Vermin
Practical Observation Complete the following assessment tasks following the instructions provided for each task–
Part 1 – Stock take – Calculate and submit the excel spread sheet file for Stock take in soft copy and print and submit a hard copy, write your name, date, unit code and unit title on the print out-
Part 2 – Stock take – Discrepancies – Calculate and submit the excel spread sheet file for Stock take Discrepancies in soft copy and print and submit a hard copy, write your name, date, unit code and unit title on the print out- Also submit your summary report on the discrepancies and how to control these-
Part 3 – Stock Re-Ordering – Calculate and submit the excel spread sheet file for Stock take Discrepancies in soft copy and print and submit a hard copy, write your name, date, unit code and unit title on the print out- Part 1 – Stock Control You have been recruited as a new assistant to the purchasing officer at the Hotel Futura- As a part of your new role you are required to perform calculations to check the accuracy of the stock records and the costs, analyse stock records and identify any discrepancies and report to your supervisor