Sitxinv 004 AT1 Jialin ZENG PDF

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Global Institute Level 7, 140 Elizabeth Street, Sydney NSW 2000 Ph: 02 8076 8000 Email: [email protected] Web: globalinstitute.edu ABN: 35 601 110 178Assessment Cover SheetStudent Name JIALIN ZENGStudent ID GI 210015Unit Code / UnitNameSITXINV004 Control StockAssessment No. 1Date o...

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Global Institute Level 7, 140 Elizabeth Street, Sydney NSW 2000 Ph: 02 8076 8000 Email: [email protected]

Assessment Cover Sheet

Student Name

JIALIN ZENG

Student ID Unit Code / Unit Name Assessment No. Date of Submission

GI 210015 SITXINV004 Control Stock 1

Student Declaration: I certify that:  I declare that the work submitted is my own, and has not been copied or plagiarised from any person or source.  I have read the Assessment and Student Handbook and I understand all the rules and guidelines for undertaking assessments.  I give permission for my assessment material to be used for continuous improvement purposes.

Student Signature:

Date: 10 / 09 / 2021

Result: □ Satisfactory Trainer/Assessor Feedback

|

□ Not Satisfactory

have been assessed in this unit, and I have been advised of my result. I also am aware of my appeal rights.

Trainer/Assessor Declaration: I declare that I have conducted a fair, valid, reliable and flexible assessment with this student, and I have provided appropriate feedback

Name:

Name:

Student Declaration: I declare that I

JIALIN ZENG

____________________________

Signature: __________________________ Signature: Date:

Date:

____/_____/_____

10 /09 / 2021

Tear off from here…………………………………………………………………………………………………............................................. ................................

Assessment Acknowledgement Receipt Student Name: JIALIN ZENG

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Student ID: GI 210015

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Global Institute Level 7, 140 Elizabeth Street, Sydney NSW 2000 Ph: 02 8076 8000 Email: [email protected]

Assessment No: 1

Unit Code /Name: SITXINV004 Control Stock Trainer/Assessor Signature:

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Date:

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Assessment Task 1

SITXINV004

Assessment Task 1 – Questions and Answers Performance objective The student must demonstrate the performance outcomes, skills and knowledge required to process stock orders, maintain stock levels, minimise stock losses, manage stock take and maintain all documents that relate to the administration of any type of stock.

Assessment description Students need to answers all the questions asked in the question section

Procedure You are required to address all questions to achieve competence. Your trainer will provide you with instructions for time frames and dates to complete this assessment. Once completed, carefully read the responses you have provided and check for completeness. Your trainer will provide you with feedback and the result you have achieved

Submissions You must submit: ● Answers to all the questions below

Your assessor will be looking for: 

principles of stock control



stock control systems



stock control procedures, template documents and reports for:



storage requirements for different kinds of stock



use of stock control equipment and software where appropriate



considerations in the protection of stock

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Short Answer Questions Question 1: List 4 examples of forms that are used in a manual control system. 1. 2. 3. 4.

Lack of feedback and recognition Overwork Toxic culture or Bad Boss Boredom

Question 2: Why is it important to constantly monitor your control system? Control system engineering ensures that there is a strategic method to improving productivity and enhancing the best practices of your company. You want to eliminate the redundant manual controls and reduce human errors that could cost you a significant amount of money. A control system should be evaluated frequently to ensure that the processes are where they need to be and functioning efficiently and effectively. This way, you can adhere to industry standards while providing the best service to your customers.

Question 3: List 4 examples of “stock items’ in the TH&E industry. 1. 2. 3. 4.

Stock Stock Stock Stock

prices ordered received damaged or lost

Question 4: What does collusion refer to? A secret agreement for an illegal purpose; conspiracy

Question 5: Why is it important that both the person responsible for

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placing orders and the ordering process must be very clear to staff? One of the biggest problems is that you do not want to find out about a problem too far after it has occurred. You want to be proactive and when you can monitor multiple endpoints all at once, it allows you to stay on top of potential problems.

Question 6: What is the name of the stock control method which is most commonly used in the TH&E industry and involves recording data continuously on both the amount of stock on hand and the cost price of items in the storeroom. Just in Time (JIT) - this aims to reduce costs by cutting stock to a minimum. Re-order lead time - allows for the time between placing an order and receiving it. Economic Order Quantity (EOQ) - a standard formula used to arrive at a balance between holding too much or too little stock

Question 7: Why is it necessary to identify and report on slow moving stock items? Once all the costs have been attributed to the item, determine its current gross profit. This is simply the price of product minus the cost to make, hold, and sell that good. When identifying a slow mover, it’s important to see how the costs affect the selling price and what that does to customer demand

Question 8: List 4 methods you can use to identify slow moving stock items. 1. The Life cycle observation 2. The analysis of stock levels and stock movement 3. The analysis of the sales 4. The computerized searching inventories for slow-moving items

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Question 9: What is the consequence of placing stock orders too early? Order too early may cause overstocking and other implications.

Question 10: Give 2 examples of factors which affect the maintenance of stock levels. 1. Difficulties and costs of transport 2. Seasonal fluctuations in availability of fresh produce

Question 11: There are 6 stages to the receiving process. There are 4 listed below, name the other 2.    

Deliveries should be checked against the purchase order to determine if the order is correct and complete. The invoice or delivery note should be signed to accept financial liability. Received goods should be moved into appropriate storage areas. Receipt documentation should be completed.

5. Deliveries should be checked against specifications such as quantity, size, volume, weight, quality and freshness to ensure they match 6. Deliveries should be checked against invoices to ensure the correct amounts at the correct costs are received. If discrepancies exist a credit note should be obtained

Question 12: What are the recommended storage conditions for the following stock items? Frozen items

Meat

Quality of frozen goods depends on the time items take to freeze and the temperature of the freezer. Frozen items must be stored immediately after they have been received and once stored they must never be thawed and re-frozen again. Ideally, frozen food items such as meat and fish should be stored separately. Storage temperature should be below -18°C

Seafood Fruit and Veg

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Meat items should be stored in a way which prevents cross-contamination. This can occur through the spillage of juices and/or blood. Raw meat and cooked

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meat must never be stored together. Storage temperature is 2-4°C

Dairy products

Chemicals

Paper

Can be achieved by storing fresh seafood packed in ice on perforated drip trays. The ice needs to be changed daily and should not be in direct contact with the seafood. Storage temperature is 1-2°C Store fruit separate from vegetables and regularly check containers for pests. The ideal holding storage temperature for fruit and vegetables is 6-8°C. Some vegetables, such as potatoes or pumpkin, can be stored in the dry store for short time period Dairy products must be stored separately from other items, especially those with strong odours such as strong smelling cheeses. This is because dairy products can absorb the odours of other food items. The ideal holding storage temperature for dairy produce is 2-4°C. Cheeses should be brought to room temperature prior to selling, as this will allow the development of richer flavours and taste. Storage areas for chemicals should be well ventilated and are not normally located close to other storage areas. Quite often chemicals are stored in a lockable cabinet. Chemicals should always be stored in a clearly labelled vessel with all necessary warning labels. The ideal holding storage temperature for chemicals is 14-20°C, but one should also be guided by the chemicals’ SDS. Paper products should not be stored with any other stock item that is likely to contaminate, stain, or spoil them. Paper products should not be stored where they may receive direct sunlight. Stored paper products also provide an ideal habitat for insects and vermin to nest and breed. Consequently, this storage area should be kept clean of anything that is likely to attract pests. Storage temperature is 20-22°C

Question 13: Give 3 examples of things that can cause stock losses. 1.Theft committed by employees or outsiders 2. Natural or Accidental Damage

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3. Sloppy Documentation of Warehouse Products

Question 14: Give 2 examples of ways to verify stock losses. 1. Inventory on a regular basis 2. Develop inventory risk management plan

Question 15: Give 2 examples of ways to prevent stock losses. 1. Tighten Security Around the Premises 2. Reliable Employees Must be Appointed

Question 16: List 2 items a contract with a supplier may include: 1. Expected quality levels 2. Delivery times and schedules

Question 17: What steps should you take if you encounter a routine supply problem? Notify the supplier immediately, state clearly what the problem is, note down the suggested solution and confirm with the supplier. This enhanced communication process will allow both parties to be clear on the outcomes.

Question 18: List 2 procedures you can use for issuing stock? 1. Requisition is filled by stores personnel - ready for collection or delivery 2. Par stock levels are checked and orders placed if necessary

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Question 19: List 3 procedures of a manual stocktake: 1. Checking and updating stock items 2. Calculating COGS and profit data 3. Identifying and verifying discrepancies

Question 20: List 3 procedures of a computerised stocktake: 1. Conducting the stocktake using the stock sheets 2. Entering stock counts into the computer system 3. Producing a Stock Variance Report

Question 21: Who usually performs the stocktake? An experienced stores staff member An experienced junior manager employed outside the stores An external auditing contract team

Question 22: List 4 pieces of information you might find on a stocktake report. 1.Type of stock 2.Name of stock 3.Size 4.Expiry

Question 23: If the cost of goods sold for Canadian Club Whiskey is $240,000 per year, and the average stock held is $10,000, what should be the re-order point for placing an order? (without

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considering the delivery time for this calculation) COGS $240,000 / AVERAGE STOCK $10,000 = 24 times

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Question 24: Give an example of a type of computerised stock control system. Types of electronic equipment used for stock control include handheld electronic bar coding devices and point of sale (POS) equipment. These are used as part of a stock control system that constantly tracks the amounts and movements of stock.

Question 25: Explain the features and uses of the following stock control systems:

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Bin card system A bin card is a document used to keep track of the number of items held in a warehouse or stock room. The average business with inventory will use a bin card to record the number if items, a description of those items and any relevant notes regarding the items

Imprest system The imprest system is an accounting system designed to track and document how cash is being spent. The most common example of an imprest system is the petty cash system. If a business uses the imprest system, it will create an imprest account to pay for small, routine, or incidental expenses. This account has a fixed balance and is replenished using another account, such as cashing a cheque drawn from a bank account.

Integrated point-of-sale system An integrated POS system is a combination of hardware and software (such as Square Register) that helps businesses process sales, handle payments, and manage inventory, employees and customers. Compared with traditional cash registers, integrated point of sale systems enable businesses to run more efficiently by reducing manual data entry and errors, improving inventory control, and providing real-time data and reporting.

Ledger system Ledger system is completely flexible allowing you to model the company or multi-company group as you wish, and provides financial and management reporting tailored to your unique requirements.

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Benefits include: Enables fast creation of welldefined forecasts and budgets

Provides insight into performance across stores, departments and profit centres

Drives tighter financial control

Enables astute business decision-making

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Question 26: There are several aspects which must be considered to maintain storage areas. What does this need to include for the following aspects? Cleanliness Cleanliness is particularly important to prevent the spread of bacteria and other disease-causing organisms, as well as pest infestation. Correct storage of all goods is essential for hygiene and safety reasons. Lighting Storage areas must be well lit to prevent accidents and assist staff in locating items. Bright lighting can also assist in the control of vermin. If natural light is used, direct light should be screened to avoid spoilage of stock items. Temperature Frozen food storage units, coolrooms, fridges and general storage rooms should have the temperature controlled and monitored, preferably by an alarm system. This is necessary to ensure the correct storage temperature and to warn of power failures, as this could result in considerable losses. Vermin These can be detected by the presence of droppings and chewed or damaged packaging. Insects can be identified by larvae on fruit and vegetables or by finding dead or live insects in the storage areas. Storage areas should be professionally treated for pests and vermin on a regular basis.

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