Material Scheduling or Routing

Purchase, Store keeping, Issuing, Stock Level, Accounting for Labor and Economic Order Quantity

Notes

Concept of Material Scheduling or Routing

Material scheduling or routing means the controlling the material significantly. Materials are the major component for any organization since it affects the production, quality of products, price and sales. This note describes about the process involved in manufacturing concerns.

Store Keeping

This note is about the store keeping and store keeper. Meaning of store keeper objective of store keeper types of stores like; centralized store, decentralized and centralized stores with sub-stores.

Issuing of Materials

This note is about the issuing of materials that comes under the Material Scheduling or Routing. Method of pricing material issued has two method LIFO Method and FIFO Method. This note also describes about the Perpetual Inventory System and also discusses about the advantages and disadvantages about Perpetual Inventory System. Perpetual Inventory System is the way of maintaining the record of inventory which can be hand ascertained at any time.

Stock Level or Inventory Management

This note is about the stock level or inventory management which includes different types of inventories like: Raw materials, Work in progress and Finished Goods.It includes objective of inventory management and techniques of inventory management too and different types of Stock levels.

Labor Cost

This note is about the Accounting for labor which includes the introduction and meaning of labor. Labor cost or wages is a main element of cost. It includes two types of labor cost like Direct labor cost and Indirect labor cost. It includes importance of labor cost like use direct labor cost as the basis for increasing the efficiency of workers.

Department Involved in Labor cost control and their functions

This note is about the Department Involved in Labor cost control and its functions along with Forms related with Labor Cost control. It also describes about different functions that are carried out by the forms related with labor cost control.

Eoconomic Order Quantity

This note is about the Economic Order Quantity. It is an inventory related equation that determines the optimum order quantity that a company should hold in its inventory. It involves the two types of cost carrying cost and ordering cost. Carrying cost is that type of cost which is incurred when we carry or hold or keep the stock in the store for a certain period of time. Ordering cost is that type of cost which is incurred when we order or purchase some products from suppliers.