Purchase of materials: Organisation, purchase procedure, documentation, determination of material purchase costs.
Storage of materials: Need for storage, location and types, functions of a storekeeper, requisition, receipt, issue and transfer of materials, storage record, accounting for materials cost.
Materials control: Organisation
Tools: Just-in-Time Purchase
Various stock levels
Economic Ordering Quantity and ABC Analysis
Periodic Inventory, Perpetual Inventory, Physical verification
Discrepancies in stock and their treatment
Methods of Pricing Material Issues: FIFO, LIFO, and Weighted Average.
Treatment of Normal and Abnormal Loss of Materials