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Inventory Control Methods - VED, Perpetual Inventory System & Double Bin System Video Lecture | Commerce & Accountancy Optional Notes for UPSC

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FAQs on Inventory Control Methods - VED, Perpetual Inventory System & Double Bin System Video Lecture - Commerce & Accountancy Optional Notes for UPSC

1. What is the VED inventory control method?
Ans. The VED inventory control method categorizes inventory items into Vital, Essential, and Desirable categories based on their importance to the organization's operations.
2. How does the Perpetual Inventory System work?
Ans. The Perpetual Inventory System continuously tracks inventory levels in real-time, updating them with each transaction to provide an accurate and up-to-date view of stock levels.
3. What is the Double Bin System in inventory control?
Ans. The Double Bin System involves using two bins for each inventory item - one for current stock and one for reserve stock. When the current bin is empty, reserve stock is used while new stock is ordered.
4. How does VED classification help in inventory management?
Ans. VED classification helps in prioritizing inventory management efforts by focusing on ensuring the availability of Vital items while allowing for more flexibility with Desirable items.
5. What are the benefits of implementing a Perpetual Inventory System?
Ans. Some benefits of implementing a Perpetual Inventory System include improved accuracy in inventory tracking, reduced stockouts, better decision-making based on real-time data, and increased efficiency in managing inventory levels.
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