Appraisal Of Inventory Management And Control In The Manufacturing Industries
(A Case Study Of Kp Beverage Nigeria Limited, Ogidi)
The need for efficient management and control of inventory in manufacturing industry cannot be growing realization of the importance of stock control and management in manufacturing industry due to the material cost element of product involved. The objectives of the study is to evaluate the inventory management and control system using KP Beverage Nigeria Limited, Ogidi as a case study, to ascertain the optimal stock level to hold so as to meet up with the customers demand without being overstocked or understocked. The method employed in valuation of its materials at the end of each accounting period was also examined matching the cost of goods sold or used for services by the firm. The personal interview and administrative of questionnaire as her primary source of data and review of literature and records of the firm as her secondary source of data were used by the researchers and the sampling size of the study were thirty staffs of KP Beverage. In the information fathered, it was found that inventories are maintained to reduce uncertainties in business environment and holding the optimal quantity of inventory reduces the total cost as well as meeting customer’s requirement. It was concluded that proper management and control of inventory aids management of the organization in achieving its set of objectives effectively. It was recommended that the firm should tights up its security in order to reduce pilferages on part of staff and adopt computers.
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Title page – – – – – – – – – i
Approval page – – – – – – – – ii
Certification – – – – – – – – iii
Dedication – – – – – – – – iv
Acknowledgement – – – – – – – v
Table of content – – – – – – – vi
Abstract – – – – – – – – – viii
CHAPTER I:
INTRODUCTION
Background of the Study – – – – – – 1
Statement of the problem – – – – – – 3
Purpose of the study – – – – – – – 4
Significance of the Study – – – – – – 5
Assumption of the study — – – – – – 5
Research question – – – – – – – 6
Definition of terms – – – – – – – 6
CHAPTER II:
LITERATURE REVIEW
Nature of Stock/Inventory – – – – – – 8
Definition of Stock – – – – – – – 8
Classes of Stock – – – – – – 9
Inventory Management Control – – – – – 12
Reasons for Holding Inventories – – – – 13
Optimal Cost of Order – – – – – – 17
Stock Cost – – – – – – – – 17
Stock out Cost – – – – – – – – 18
The Ordering Cost – – – – – – – 19
Cost of Staring Stock/Holding Cost/Carrying Cost – 20
Optimal Quantity to Order – – – – – 22
Assumption of Economic Order Quantity (ECQ) – 25
Stock Valuation – – – – – – – 29
Features of Sound System of Material Control – – 32
Summary of Review – – – – – – – 33
CHAPTER III:
RESEARCH METHODS
Design of the Study – – – – – – – 35
Area of the Study – – – – – – – 36
Population of the study – – – – – – 36
Sample of the study and sampling techniques – – 36
Instrument for data collection – – – – – 37
Validation and reliability of the instrument – – 37
Distribution and Retrieval of instrument – – – 38
Method of Data Analysis – – – – – – 38
CHAPTER IV
Data Presentation and Analysis – – – – – 39-47
CHAPTER V:
SUMMARY OF FINDINGS, CONCLUSION AND
RECOMMENDATIONS
Summary of Findings – – – — – – 48
Conclusion – – – – – – – – 49
Recommendation – – – — – – – 50
Limitation of the Study – – – – – – 52
Suggestion for further Research – – – – 52
References – – – – – – – – 54
Appendix – – – – – – – – – 55-58
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