what is mean by Inventory Counting Systems?

Answer 1

Do you mean inventory accounting systems? The four basic inventory valuation methods are : specific identification, average cost, FIFO, and LIFO:

Ø Specific identification—the actual physical units sold are specifically identified and their aggregate cost is reported as the inventory value. This is used when the inventory are not mass produced items, e.g. jewellery pieces need to be tracked piece by piece.

Ø Average cost—the same average cost is assigned to each unit. Inventory value is computed by multiplying units on hand by the average cost per unit. There is simple average and weighted average methods.

Ø FIFO—the units on hand are assumed to be the newest units on hand, the most recently purchased.
* Advantages—corresponds with physical flow of goods; ending inventory balance is close to current replacement cost.
* Disadvantages—matches older costs with current revenues; inventory holding gains and losses are part of gross profit; no income tax deferral.

Ø LIFO—the units on hand are assumed to be the oldest units on hand.
* Advantages—matches current costs with current revenues; excludes inventory holding gains from gross profit; income tax deferral.
* Disadvantages—does not correspond with the physical flow of goods; potential LIFO liquidation can draw old costs into cost of goods sold; ending inventory balance can be much lower than current replacement cost.

Answer 2

Well its not inventory counting, its inventory control Like if you run a warehose that accomodates automobile parts, you need a computer and a software database to put each part number, location, size, weight, date in/date out, and every thing from the time the part coming to the warehose and leaves, then shipment details etc. The parts are the inventory and they are what youre trying to control/count here with the softwre.

Answer 3

Well, its simple really. Its a way to keep track of your stored assets (inventory).

It can be either counted by hand (manual inventory), or electronically by scanning the bar codes.

Answer 4

in the well known era, you need to be waiting to handle to pay for a factor of Sale equipment (POS) on your eating place. Your economic enterprise can in all probability help set one up. this variety each thing is electronically tracked. Makes existence lots much less annoying.