(SOLVED) SITXINV004 Control Stock - Assignment

SITXINV004 CONTROL STOCK– Short answer
ASSESSMENT B – SHORT ANSWER
INSTRUCTIONS
You are to answer all questions.
Read each question carefully. Ensure you have provided all required information.
On completion, submit your assessment to your assessor.
SECTION 1: MAINTAIN STOCK LEVELS AND RECORDS
Q1: List four general capabilities, features and functions of computerised stock control
systemsBeveragesHousekeeping supplies.Customers Travel ProductsEvent Supplies
Q2: What is an imprest system and when is it commonly used?The most common use of this system is for petty cash. An imprest system means that a
fixed amount is reserved and, after use or a period of time, it is replenished back to
original amount.
Q3: Describe how manual or electronic bin card systems are used to record and track stock
levels.A bin card records the comings and goings of all stock. This makes it easy to see if
you’re getting low on supplies.
There’s a separate bin card for every stock item.
Each bin card shows the desired minimum level. This is called the ‘par level’. It’s
the minimum amount of the item needed on hand on any given day. Management
determines this level based on the item’s trading history.
When the item gets near the minimum level, reorder it to the maximum level to
make sure you don’t run out.
1

SITXINV004 CONTROL STOCK– Short answer
Q4: Identify three ways you can monitor and maintain stock levels to prevent over- or under-
supply.Keep track of the stock on hand by regularly counting it.Identify your minimum stock levels of particular items. This number represents the
minimum amount of stock that should be on the shelf at any given time.Place an order for stock as soon as it reaches its minimum level.
Q5: A new staff member has just joined the team. Provide six tips on what stock information
they can use to monitor and order stockStock description (item name and brand).A stock reference number and barcode number for the individual items.Size of stock (weight, volume, number of items).The value of opening stockCost and selling price of items on hand.Actual quantity and dollar value of stock on hand and in storage.The minimum order/quantity specified by the supplier.
.
Q6: You also need to coach the new staff member on how to maintain records and reports on
stock levels. List six actions they’re required to take.Ensure that you or your staff enter details of stock received into the stock control
system so you can monitor its movement.Use computer programs to update and maintain stock records and create accurate
reports according to your organisation procedures.Check computer-generated records and reports for accuracy, interpret the
information and look for discrepancies.Manually count and order stock using an electronic scanner.Record discrepancies between actual stock on hand and book value following a
stock count.Ensure you’ve actually received stock from suppliers before issuing payment.
2

SITXINV004 CONTROL STOCK– Short answerEnsure that any stock under your control is sold at the correct price.
Q7: List six stock records you might need to monitor and maintain if you work in a large
establishment.Stock pricesStock orderedStock receivedStock damaged or lostStock in storage off-siteRotation of stored stockStock usage
Q8: List the information included on a stock usage report.types of stock used for a given period or for a particular function.
Q9: Monitoring stock performance helps you identify and report fast- and slow-moving items.
Look at the data below. Identify which stock is selling fast and which is sellingslowly.
Total sales of beer X over a six-month period was $24,000.
The value of opening stock was $33,000.
The value of closing stockwas $3,000.
Total sales of beer Y over a six-month period was $24,000.
The value of opening stock was $40,000.
The value of closing stockwas $26,000.
Beer X: $33,000 + $3000 / 6 = $6000
$24,000 / $6000 = 4
Beer Y: $40,000 + $26,000 / 6 = $11,000
$24,000 / $11,000 = 2.18
Fast Selling Stock: Beer X
Slow Selling Stock: Beer Y
3

SITXINV004 CONTROL STOCK– Short answer
Q10: What is a stock reorder cycle?They’re designated, daily, weekly, fortnightly or monthly cycles for reordering stock.
Q11: Describe how you would monitor reorder cycles so you know when to adjust them.keep an eye on stock records such as bin cards and usage reports,
regularly calculate the stock turn rate, and count the stock in work and
storage areas regularly.
Q12: You need to delegate some ordering responsibilities to a team member. Describe how you
would do this, including any training or coaching you’d provide to demonstrate good
teamwork skills.Coach them on completing and interpreting stock control records and remind them
to keep stock records legible and accurate.
Monitor their work for accuracy. In particular, check their counting of stock on hand
and quantities of stock ordered.
Monitor staff time management. If necessary, reorganise duties to help them meet
timeframes.
Provide training in using ordering equipment Ensure staff are familiar with the
reorder cycles and adhere to the
4