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Production and Inventory Cycle - Coggle Diagram
Production and Inventory Cycle
The main functions of the cycle
Production process
Issue of raw materials to the production process
Movement of goods through production process
Tramsfer of manufactured goods to finished goods
Inventory management
Reciept and recording of manufactured/purchased goods
Storage of inventory and maintenance of records
Production planning and design
Main Components of manufacturing cycle
PRODUCTION PROCESS
OUTPUTS
Labour, Land, Machinery, Raw Materials
INPUT
Finished goods and services
Documents in the cycle
Inventory master files
Daily production report
Job Transfer/Inventory movement sheet
Completed production report
Inventory Job Card
Transfer to finished goods note
Customer job card
Picking slip and delivery notes
Raw material issues slip
Inventory count sheet
Inventory production order
Inventory adjustment form
Customer Production order
Inventory Management
Storage and dispatch manufactured inventory
Mainteneance of inventory master files
Production entries must be supported by the relevant documents
Raw material issues slip
Customer job card or inventory card
Physical and monitoring controls
Issue of goods at selling price
Gross profit analysis
Physical control
Monitoring inventory levels
Perpetual Inventory
Planning for physical inventory count
Control over inventory movement
Cutoff point established
Control over stationary
Care taken to ensure cut-off obtained
Fixing responsibility
Instructions
Fixing the date
Controls
Personnel take leave regularly
Management control
Rotation of duties
Internal Audit
Segregation of duties
Sufficient stationary control
Supervision and review
Scrutinise all records and documents
GENERAL CONTROLS
Test castings and calculations
Issue of raw materials to production
Recording
Safeguarding