Inventory Management: Authorisation, Controls, Checks and Systems

This article covers the various aspects of inventory management such as authorisation, controls, checks, and systems. It explains the importance of authorisation at different stages of purchasing, the need for segregation of duties, access controls, and independent checks. It also provides insights into the advantages of perpetual inventory and the difference between periodic and perpetual inventories. The article concludes with a list of programs that can be used for inventory management.

Running Head: INVENTORY 0
Inventory

INVENTORY 1
Table of Contents
Assignment 1...................................................................................................................................2
Question 1...................................................................................................................................2
Answer 1.....................................................................................................................................2
Question 2...................................................................................................................................4
Answer 2.....................................................................................................................................4
Question 3...................................................................................................................................5
Answer 3.....................................................................................................................................5
Question 4...................................................................................................................................6
Answer 4.....................................................................................................................................6
Question 5...................................................................................................................................7
Answer 5.....................................................................................................................................7
Assignment 2...................................................................................................................................8
Assignment 3...................................................................................................................................8
Assignment 4...................................................................................................................................9
References.....................................................................................................................................16
Articles/ Books/Journals.......................................................................................................16
Websites................................................................................................................................16

INVENTORY 2
Assignment 1
Question 1
Answer 1
The stages in purchasing where the authorisation is necessary are as follows.
Generally the procurement manager purchases the product so the authorisation from the
Procurement manager is necessary. The next stage is to select the supplier and the relevant
person of the each department shall be authorised for particular department. Procurement
management sends the invoice to the department of accounts and so authorisation is important
where payment is made. In the process of payment, it is important to check the threshold of the
payment. Fulfilment is the next stage where the goods are dispatched to the buying organisation.
Therefore proper authorisation from the supplier is required to be taken in order to record the
transactions properly.
At the time of issue of the receipt for delivering the goods the authorisation is also necessary
from the gate keepers and to whom they are handing over the goods shall also be authorised.
When the final payment is being made the supplier will typically generate an invoice which is
either sent along with the goods or separately later. This will be received by the finance
department and the authorisation from the finance department is necessary to pay for the goods
received.
Inventory control also known as the stock control is necessary to evaluate the stock in hand and
maintaining the same while required on urgent basis. It applies to every item that has been
produced and inclusive of raw materials, finished goods. It cover the stock in the process of the
production, during the purchase and delivery of the goods. It is necessary to have controls as
they ensure the right amount of stock is available at right time and can be transported at the right

INVENTORY 3
place. There are several controls used during the management of the inventory which are as
follows.
Minimum level stock: identification of the minimum stock level and the quantity has to be
reordered when the stock reaches at this level. The control is needed to evaluate the minimum
quantity required by the company and not to face the shortage or scarcity of goods1.
Stock Review
The regular review of stocks provides and extreme relaxation to the company as the regular
review determines the variances in the physical as well as the actual stock. The review gives a
reality check of the stock2.
Just in time
The just in time is necessary to reduce the cost by keeping the stock at a minimum level as the
item are delivered as an when they are required. It also helps in maintaining the lower count of
inventory easily and without any hassle3.
Batch control
Batch control is used to manage the production of the goods in batches. This method helps in
evaluating the right number of the components to cover the needs until the next batch starts.
Potential risk involved
The potential risks if the authorisation is not considered or not undertaken are as follows.
1 Youhua Frank Chen, Ye Lu and Minghui Xu, "Optimal Inventory Control Policy For Periodic-
Review Inventory Systems With Inventory-Level-Dependent Demand" (2012) 59(6) Naval
Research Logistics (NRL).
2 Soren Glud Johansen and Anders Thorstenson, "Optimal Base-Stock Policy For The Inventory
System With Periodic Review, Backorders And Sequential Lead Times" (2008) 1(1)
International Journal of Inventory Research.
3 Miller-Nobles, Mattison, Tracie L, Brenda L, and Ella, Matsumura Mae, Horngren's Financial
& Managerial Accounting: The Managerial Chapters. (Pearson, 2016).

INVENTORY 4
Loss of the goods: the goods might be lost if the proper authorisation is not taken from the
relevant authorised persons.
Excessive quantity: if the authorisation is missing there is no outlook on the record of the
quantity to be kept. There will be imbalance between the minimum quantity and the actual
requirements. At times it may happen that the excessive quantity is ordered against the
requirement and the stock in underlying in the warehouse.
Misuse of the stock: the stock can also be misused if it is in the hands of the unauthorised
person4. The unauthorised person may keep the stock for personal use as well.
Fictitious receipts
Fictitious receipts may also be generated if the authorised person is not there to sign the receipts.
The unauthorised person may default or embezzle the transactions of the inventory.
Question 2
Answer 2
Segregation of duties is a pillar of the internal control and the sustainable risk management. The
principles of the segregation of the duties are based on the responsibilities shared for a process or
a department. The decision of the work increases the value of the output and saves time. The
segregation of duties is must in order to ensure that the chances of frauds and errors are less
manageable. Proper segregation of duties are required to initiate the purchase orders,
maintenance of the journal and purchase orders, authorise the inventory purchases, scheduling of
the inventory production, verification of the process or the inventory are some of the activities.
Potential risk if this system was not placed
There are certain risks involved if the segregation of the duties is not possible amongst them the
first and the foremost is detection of frauds and errors becomes difficult if the segregation of
4 HBL, Perspective of an auditor on inventory control (2015) <https://hblcpa.com/an-auditors-
perspective-basics-of-inventory-controls/>

INVENTORY 5
duties is not possible. Segregation of duties allows at least one person to check all the
transactions that have been recorded and this way the authenticity of the transaction is
maintained. The lacks of segregation of duties will eventually lea dot lower productivity of the
company, the employees will feel neglected and the work will take more than the normal time to
complete the given task.

INVENTORY 6
Question 3
Answer 3
Documents required
Vendor registration form: the vendor registration form is required to get the basic details of the
vendor like the name the location of the office and the materials he deals. A proper script of the
same is used for the future purposes. It acts as evidence in case of the chances of the clashes.
The vendor registration form is basically a contract on the paper between the receiving party and
the vendor in order to keep entire detail about what stock and from which location the same has
been purchased.
Company owner gst numbr: the second document that is required is the detail of the GST
number of the vendor which will provide the authenticity of the supplier. it is a proof of whether
the dealer is authorised to sell the materials or not.
Invoice
Once the vendor has registered the next important document is the invoice which is generated in
three modes. The invoice is generated in three forms. First copy is for the purchasing party to
whom the goods are to be delivered. The duplicate copy is for the supplier, who sold the goods
and is keeping a track of the same5. The triplicate copy is handed over to the transporter for
moving the goods from one place to another.
5 Yibin Zhang et al, "Repealing The LIFO Inventory Accounting Choice? A Review Of LIFO
And Inventory Management" (2014) 04(06) American Journal of Operations Research.

INVENTORY 7
Sample
The documents also contain the sample document which is sent to test the sample. The samples
are sent to give a brief introduction of the product. The sample will determine the factors like
quality, texture and it will also enable the company to get an idea of the product initially.
Apart from these major documents there are several other documents which are prepared in
association with these such as brand ‘specification delivery clause, quality clause, purchase
order, comparative charts for the purpose of the comparison with the other dealers and the
samples provided by them.
Question 4
Answer 4
Access controls are the security techniques that determine who and what can view or use the
resources in any type of business environment. Basically, they are used in the field of physical
and information security which restricts the access to a particular place or resources. In the field
of inventory acquisition, access controls help in determining the person who has the right and
ownership of acquiring a particular inventory. Sometimes, where there is an agent-principal
relationship, agents purchase or acquire inventory on behalf of their principal but the actual
access and the ownership remains in the hands of principal only. He is only liable for each and
every type of risks and rewards occurring from such acquisition. Apart from this, there is a
difference between the date of acquiring the inventory and date of transferring the inventory. It is
not always necessary that both the dates are same6. Sometimes, the inventory is been sold on a
particular day but the transfer of the same is done on another. During such period, access
controls are applied which helps in determining the person who has the control over the stock
6 Marie Loughran, How to assess inventory management control risk (2015)
<https://www.dummies.com/business/accounting/auditing/how-to-assess-inventory-management-control-
risk/>

INVENTORY 8
and who can access it7. However, the time when the inventory is sold, the ownership rights are
also transferred to the buyer but he or she cannot use it since it is not transferred to the desired
place. In such situation, proper access controls are been applied while acquiring the stock.
Question 5
Answer 5
Independent checks are basically one of the control activities which are carried out with an
objective to ensure the reliability of accounting information and to establish efficiency in the
business operations. In case of purchasing inventory, various types of independent checks are
been done by the employees to make sure that correct and adequate amount of inventory is been
purchased and is according to the requirement8. However, this activity is just not the periodic
review of the stock but is far more than this as it has significant implications that put burden on
management and supervisors who are engaged in purchase and handling of company’s stock or
inventory9. Such checks are used as a method to confirm the accuracy and completeness of
inventory data. Following are the types of independent checks which are performed at time of
making inventory purchase
• Reconciliation
It is a process which takes records from different sources and compares them accordingly. This
check allows the company to derive the inventory data from various sources and compare them
to figure out the required amount which is to be purchased. It helps in identifying the amount of
shortage in the inventory of the company.
7 Richard Shepherd, Microsoft Access 2010 VBA Macro Programming (McGraw-Hill, 2011).
8 Susan F. Paparella, "Taking Another Look At Independent Double Checks" (2013) 39(6)
Journal of Emergency Nursing.
9 Prasanti, Mishra, Tax Issues Related To Change In Method of Accounting (2016) 5(2) The
contemporary tax Journal 1

INVENTORY 9
• Comparing physical assets with the records
It is another type of independent check in which the firm compares its inventory records with its
physical assets. It checks and tally the number of assets with the recorded one. This check is
usually done at time of purchasing additional inventory as it helps in knowing about the assets
which are present physically but not recorded and the assets that are mentioned in the records but
are not there physically. This ultimately helps the management to figure out the exact amount of
inventory they require purchasing for their business.
• Recalculating the amounts
this can help in discovering the errors happened manually while counting the amount of physical
inventory. Sometimes, it happens that the supervisor fails to count the inventory correctly which
ultimately has some bad results. So at time of purchasing the stock, the management must
recalculate the amount of its existing inventory.
• Analysing the reports
Managers are also required to properly and critically analyse and review the inventory records
and the data presented in the report. On the basis of such reports only, they can take appropriate
decision regarding the purchase of a stock10. Reviewing the reports timely will help in assessing
the errors and maintaining the accuracy and reliability of data. Managers must make an
independent check of these reports before and at time of making any sort of purchase.
Assignment 2
Excel File
Assignment 3
Excel file
10 Zydorowicz, Paulina, "Consonant Clusters Across Morpheme Boundaries: Polish Morphonotactic Inventory And
Its Acquisition" (2010) 46(4) Poznań Studies in Contemporary Linguistics

INVENTORY 10
Assignment 4
Questions
1 What is the difference between periodic and perpetual inventories? (50 words)
To track the quantity of the goods on hand there are two systems namely the perpetual and the
periodic inventory. The perpetual system is more mature in terms of sophistication yet it requires
more records to maintain the data unlike in periodic system. The periodic system relies upon the
occasional count of quantities physically, mainly to depict the balance of the inventory and the cost of
goods sold11.
2 What are the advantages of perpetual inventory? (50 words)
The main advantages of using the perpetual system are
-prevents stock outs,
-using this system a transparent understanding of the customer preferences is given to the business
owners.
-The system enables the business owners to centralize the management of the inventory for the variety
of the locations.
-the valuable information regarding the discounts and the purchase and the returns made by the
customers12.
3 List 2 programs that can be used for inventory? (2 points)
Barcode System
Radio Frequency Identification System
4 Define reconciliation. (30 words)
11 T. Trodd, "Under Perpetual Inventory" (2012) 36(1) Oxford Art Journal.
12 Michael, Berlemann, and Wesselhöft, Jan-Erik "Estimating aggregate capital stocks using the
perpetual inventory method." (2014) 65 Review of Economics 34

INVENTORY 11
It is a practice to check whether the balance is equivalent to the corresponding bank statement.
Reconciliation of the accounts determines which transactions shall be posted in which account and
helps in mitigating the mistakes created by the financial institutions.
5 What is an IPV, when does this occur? (30 words)
Invoice price variance is the difference between the invoice price and the purchase price. Generally
when the invoice is processed and aligned with the parameters of the organisation. IPV is determined
for the standard and average costing in a similar manner13.
6 Discus inventory cash flow assumptions. Why are they made? What must be kept in mind
when making these assumptions? (75 words)
13 Oracle Applications, Average cost Variance, Invoice price Variance (2015)
<https://docs.oracle.com/cd/A60725_05/html/comnls/us/cst/avgvari.htm>

INVENTORY 12
The term inventory cash flow assumption refers to the methods which are available for shifting the
costs of the company from its inventory to the account of the cost of goods sold. The assumptions are
Weighted average cost of capital, particular specification, first in first out and last in first out.
Weighted average cost of capital
At the end of the accounting period, the number of units sold (left in inventory) is then multiplied by
and the average price per unit is multiplied to get the value of the cost of goods sold and the inventory
at the end in hand.
Specific Identification
The actual cost of the item is charged as the cost of goods sold at the time of each sale. This method is
appropriate for the in the case of the items that can be clearly differentiated.
FIFO
This method actually follows the flows of the good. It is a type of the cost flow assumption that the
first goods purchased are the first goods that shall be sold. In most of the companies the actual flow of
goods is generally matched with the assumptions formed14.
LIFO
By the name last in first out, the LIFO method operates under the rule that the last stock is sold out at
first place. The only hitch with this method is that it is rarely practiced by the companies15.
Why are they made?
The cost flow assumptions are made to find out the difference in the gross margin and the cost of
goods sold. It is made to eliminate the cost difference and therefore, a formal management system is
required to assign the costs for the inventory. While making these assumptions
7 What does ‘Weighted Average Cost’ mean? (50 words)
The weighted average cost of capital can be defined as the average price per unit of stock which is
delivered in a period calculated either end of the period or every time a new delivery is received.
8 What is the ‘Retail Method’ of inventory Costing? (30 words)
14 Accounting explained, First in first out Method (2013)
<https://accountingexplained.com/financial/inventories/fifo-method>
15 Zhang, Yibin, et al. "Repealing the LIFO inventory accounting choice? A review of LIFO and
inventory management (2014) 4 American Journal of Operations Research 351.

INVENTORY 13
Retail method is a technique which is used to estimate the value of the inventory at the end using the
cost to retail price ratio. Retail method involves a method to calculate the value of the goods at the
beginning and the retail value of the goods purchased.
9 Outline the process you would undertake to determine the value of the ending inventory under
the retail method. (100 words)
The first step is to choose an inventory is to choose an inventory accounting method which can be
either FIFO, LIFO or WAC16.
Secondly the units sold are subtracted from the number of the units in the inventory. If the FIFO
method is sued the units sold will be subtracted from the inventory remaining and in case of the LIFO
method the units are decreased from the recently purchased units.
Under the third step the remaining units are multiplied by their appropriate value. The different prices
may prevail as the units are purchased from different supplier.
Lastly use the retail method to value the inventory at the end. With this method the ampunt of amrkup
is discounted that is applied to each unit17.
10
Your business records at the end of the tax year show the following:
 Your opening inventory has a cost of $35,000 and a retail value of $40,000.
 You had purchases during the year at a cost of $53,000. The retail value of those
purchases was $59,000.
 Your sales for the year, at retail value, were $75,000.
 You had markups of $1,500 and markdowns of $500.
Using the retail method, calculate the ending inventory value – discuss each step.
16 Bagus Priambodo, "Pengembangan aplikasi penjadwalan kuliah semester i menggunakan
algoritma genetika" (2015) 7(1) Jurnal Ilmiah FIFO. 15, 25
17 Chron, How to Calculate the Value of Ending Inventory (2018)
<http://smallbusiness.chron.com/calculate-value-ending-inventory-25762.html>

INVENTORY 14
Cost Retail
Beginning inventory: $35000 $40000
Purchases : $53000 $59000
Cost of goods
Available for sale : $88000 $99000
Cost to Retail ratio : 88000/99000 = 0.88
Cost : $99000
-Sales for the year : $75000
Ending Inventory : $24000
Mark ups : 1500
Mark down : 500
At the beginning of the process the
11 Merchandise physically held in a store or warehouses is included in inventory. What else
would you include in your inventory for tax purposes? (75 words)
The items that are included in the inventory for tax purposes are segregated through the situations.
If the company is a manufacturer the raw materials that are available on hand are included in the
inventory. The partially complete goods that will be sold eventually are included in the inventory.
There are certain businesses which manufacture the parts which are also used to construct the goods.
The containers which are used to hold the goods but are yet to be utilised.
12
A small retail store you are accounting for has a break in and loses multiple items of floor
stock. What accounting principle is used to reconcile the inventory? Define and explain this
process. (75 words)

INVENTORY 15
Reconciliation is an accounting process in which two sets of records are used to ensure figures match
and are in a correct place. The main principle used for the purpose of the accounting is the policy of
the double entry system and to reconcile the inventory it is necessary to compare the amount in the
company along with the actual amount. Further, there are certain variances which are also a key driver
in determining the necessity to make the adjustments.
13 What is depreciation? How is it claimed? What information is required? (50 words)
In accounting terms depreciation is defined as decrease in the cost of the fixed asset via two methods.
First is through the straight line method and second is through the written down value method and
lastly through the unit of production method18.
14 What is straight-line depreciation? Give an example. (50 words)
Straight line depreciation is one of the methods of calculating the depreciation which also helps in
gradually reducing the principal amount of a fixed asset over its useful life.
For example a furniture is purchased at $50000 and the rate of depreciation is 10% on straight line
basis therefore the depreciation will be calculated like $50000-($50000*10%)= $45000
15 What is the FTR ACT? Briefly discuss. (30 words)
The Financial Transaction Reports Act 1988 works alongside the anti-money laundering and
financing through the counter terrorism Act 2006. The act came into existence in 1988 to assist the
laws of taxation and enforcement of the same. It is also inclusive of the laws of the state and territory
legislation.
16 Give 2 examples of software capable of fixed asset registration. (2 points)
18 Fabrizio Patriarca and Claudio Sardoni, "Growth With Unused Capacity And Endogenous
Capital Depreciation" (2014) 65(4) Metroeconomica.

INVENTORY 16
Net Suite
It is a software used to manage the business with the help of the a central register which complies and
effective database, monitors the assets and provides the facilities of the asset tracking and the
procedure of the fixed asset accounting is also associated
Sage Intact
The software is used for the generation of the bar code itself, the information for each individual asset
are provided and attached, and the transactions can be easily managed.
17 Why is it important to have internal checks and controls when dealing with the acquisition of
assets? (at least 3 points)
It provides the physical controls to the assets to verify the existence and to protect from being getting
damaged. The value of the assets gets affected and a high risk is involved in the theft of the assets
therefore, the internal controls are necessary.
Internal control helps in promotion of the operations strongly, limits the excessive assets, high
equipment costs and helps in creation of a proper fixed budget.
This reduces chances of errors and enhances the life cycle and asset management which will also help
in monitoring the assets and helps in making plan for future purposes.
18 What are the 5 categories of procedures generally used to achieve control over acquisition of
inventory? (5 points)
Tracking
The basic step if to maintain a catalog of the inventory and the list of the number of the locations so
that the total inventory can be identified.
Security
The next procedure is to keep a high tech security system to ensure there is no theft or loss of the
inventory either form the warehouse or form the main office itself. All the deliveries must be counted
before they reach into inventory process.
Auditing
Auditing helps to get an idea of the discrepancies between the deliveries and the purchase orders. It is
necessary to conduct the periodic audit of bills of materials and will also determine the over
purchasing and overstatements of materials.
Reviewing
It is important that a company should review its performance and maintain and up to date inventory.
At times the policies and guidelines have been formed to decide whether to sell some items at a loss
or not to sell at all19. Therefore the review of the policies of inventory is necessary.
19
Different companies will have their own internal policies and procedures. Discuss why smaller
companies generally do not have the same level of procedures in place as do larger companies.
Give an example of such a policy. (50 words)
19 Jex T. Varner, "LIFO" (2007) 18(7) Critical Perspectives on Accounting.

INVENTORY 17
The companies have different policies and the smaller companies differ from the larger companies
because of the size and the variety of the transactions. Policy to maintain the books of accounts is one
of the category which is not required to be followed by the smaller companies due to small turnover
and the transactions are lower as compared to the larger companies.
20 Why is bank reconciliation important to businesses? Give an example. (50 words)
Bank reconciliation is important to compare the records against the bank records. With the help of the
monthly reconciliation the unusual transactions can be identified which might be caused by the fraud
or the errors in the accounting process.
For example if the company receives the amount and enters in the name of the client as $22500 on
Nov 30, also the bank date the difference between the books of the company and its bank balance is a
result of a difference in the time and cannot be considered as an error.
21 Give 3 examples of categories found on a business ledger. (3 points)
Debtors ledger
The debtor’s ledger accumulates the data from the sales journal. The knowledge about the customers
can be acquired from the debtors ledger and all the transactions related to them can be analysed easily.
Creditors ledger
The information in the creditor’s ledger is accumulated form the purchase journal. The main purpose
of the creditor’s ledger is to make aware about the suppliers of the business and how much they own
they own.
General Ledger
The general ledger collects the information from the journals. Each month the total of the journals are
calculated and the same is posted to the general ledger. The main purpose of this ledger is to organise
and summarise the transactions.
22 What is the diminishing method of depreciation? Explain. (50 words)
The diminishing method of depreciation is calculated on the diminishing value of asset which appears
at the beginning of the year. The amount of asset gets reduced every year so as to bring down the
book value of the asset to its residual value.

INVENTORY 18
References
Articles/ Books/Journals
Berlemann, Michael and Jan-Erik Wesselhöft, Estimating Aggregate Capital Stocks Using The
Perpetual Inventory Method (Helmut-Schmidt-Univ., Fächergruppe Volkswirtschaftslehre,
2012)
Berlemann, Michael, and Jan-Erik Wesselhöft. "Estimating aggregate capital stocks using the
perpetual inventory method." (2014) 65 Review of Economics 34
Chen, Youhua Frank, Ye Lu and Minghui Xu, "Optimal Inventory Control Policy For Periodic-
Review Inventory Systems With Inventory-Level-Dependent Demand" (2012) 59(6) Naval
Research Logistics (NRL)
Johansen, Soren Glud and Anders Thorstenson, "Optimal Base-Stock Policy For The Inventory
System With Periodic Review, Backorders And Sequential Lead Times" (2008) 1(1)
International Journal of Inventory Research
Miller-Nobles, Tracie L., Mattison L Brenda, and Ella, Mae Matsumura, Horngren's Financial
& Managerial Accounting: The Managerial Chapters. (Pearson, 2016).
Mishra, Prasanti, Tax Issues Related To Change In Method of Accounting (2016) 5(2) The
contemporary tax Journal 1
Paparella, Susan F., "Taking Another Look At Independent Double Checks" (2013) 39(6)
Journal of Emergency Nursing
Patriarca, Fabrizio and Claudio Sardoni, "Growth With Unused Capacity And Endogenous
Capital Depreciation" (2014) 65(4) Metroeconomica 25
Priambodo, Bagus, "pengembangan aplikasi penjadwalan kuliah semester i menggunakan
algoritma genetika" (2015) 7(1) Jurnal Ilmiah FIFO 15
Shepherd, Richard, Microsoft Access 2010 VBA Macro Programming (McGraw-Hill, 2011)
Trodd, T., "Under Perpetual Inventory" (2012) 36(1) Oxford Art Journal 45
Varner, Jex T., "LIFO" (2007) 18(7) Critical Perspectives on Accounting 12
Zhang, Yibin et al, "Repealing The LIFO Inventory Accounting Choice? A Review Of LIFO
And Inventory Management" (2014) 04(06) American Journal of Operations Research 352

INVENTORY 19
Zhang, Yibin, et al. "Repealing the LIFO inventory accounting choice? A review of LIFO and
inventory management (2014) 4 American Journal of Operations Research 351.
Zydorowicz, Paulina, "Consonant Clusters Across Morpheme Boundaries: Polish
Morphonotactic Inventory And Its Acquisition" (2010) 46(4) Poznań Studies in Contemporary
Linguistics
Websites
Accounting explained, First in first out Method (2013)
<https://accountingexplained.com/financial/inventories/fifo-method>
Chron, How to Calculate the Value of Ending Inventory (2018)
<http://smallbusiness.chron.com/calculate-value-ending-inventory-25762.html>
HBL, Perspective of an auditor on inventory control (2015) <https://hblcpa.com/an-auditors-
perspective-basics-of-inventory-controls/>
Marie Loughran, How to assess inventory management control risk (2015)
<https://www.dummies.com/business/accounting/auditing/how-to-assess-inventory-
management-control-risk/>
Oracle Applications, Average cost Variance, Invoice price Variance (2015)
<https://docs.oracle.com/cd/A60725_05/html/comnls/us/cst/avgvari.htm>