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Production and Inventory Cycle - Coggle Diagram
Production and Inventory Cycle
Main Functions
Production planning & design
Production processing
Inventory management
Production entries docs
raw materials issues slip
Customer job card or inventory card
daily production reports, in case of WIP
completed production report re: manufactured goods to finished goods
Monitoring controls of inventory
Perpetual inventory
Issue of goods at selling price
gross profit analysis
physical control
Physical inventory count
Fix the date
Fix responsibility
Control over stationery
Control of inventory movement
Establish cut off point
Ensure thorough recording
Explicit instructions to staff performing count
General Controls
Supervision and review
Segregation of duties
Rotation of duties
Personnel take leave regularly
Management Control
Internal audit
Sufficient stationery control
Scrutinise all records and documents for extraordinary items
Test castings and calcs on all selected items
Internal Controls
Inventory only leave the storeroom based on properly authorised docs
All inventory is accurately recorded at the correct quantity and prices
Inventory should be safeguarded against theft & damage
Substantive procedures
Substantive Analytical procedures
Detail substantive procedures