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Cards In This Set
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Methods of maintaining quality during storage:
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-stroing products properly (quantities, placement, packaging)
-issue products in the order recieved (FIFO) -establish regular cleaning times and sanitation practises for all storage areas -maintain proper temperatures, humidity, ventilation |
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A perpetual inventory system is:
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-a method that involves keeping a running balance of the quality of stored products as they enter storage areas as well as quantities being issued to production
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LIFO is not a legal form of inventory valuation in Canada because:
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-it decreases the value of inventory on hand
-it makes expenses look higher then they might actually be -it increases your food cost percentage |
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The FIFO method of inventory valuation:
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-assigns the first (earliest product costs) to issues leaving the inventory so that the most recent, or latest costs, are applied to products left in inventory
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Inventory counts should be taken:
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-at the close of the last day of the fiscal period
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Under the ABCD inventory system a category B item is:
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-low parishability
-high cost per serving |
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An example of a class C item under the ABCD inventory system would be:
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-fresh poultry
-dairy products |
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As the inventory turnover rate increases:
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-extra tiem must be spent ordering
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The formula for calculating average inventory is:
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-beginning inventory + ending inventory/2
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