Wednesday, August 3, 2016
To get started, make lists from your inventory system before the physical count and use these to make your count. These lists should include the item code, cost per item, and inventory quantity shown on the records, along with a space for the actual count and a space for the total value of that item in stock. After the count, calculate the value by multiplying the cost times the actual count. Then total this column for all items to get the total inventory value. With a manual system, you do this by hand, but a computerized inventory system can calculate the values, along with differences between actual and recorded inventories. By comparing these inventories, you'll have an idea of the loss of goods through theft or disappearance.
