Inventory Flashcards

0
Q

Wall-to-wall

A

Time standard: As directed
A physical count of all inventories requires as directed or when a unit fails two consecutive MRPIS or when they fail the statical random sample in the 4th quarter

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1
Q

Mini-random physical inventory MRPI

A

Time standard: 20 days

Sample size is one half of the full random sample size and is required in the 1st,2nd,and 3rd quarter of the FY
MRPI shall be separated by at least 69 calendar days from last physical inventory. Two consecutive fails need a wall to wall W/in 45 days

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2
Q

Statistical random sample

A

Time standard: 20 Days
A random sample used to statistically project the accuracy of a total inventory population units that fail the 4th QTR in accordance with the minimum accuracy,shall complete a wall-to-wall inventory within 45days of the signature date for year end certification memo

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3
Q

spot count

A

Time standard: 1 day

An in scheduled physical count no quarter required. As directed

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4
Q

Controlled, sensitive and pilferable

A

Time standard: as directed
Items counted annually shall require an accuracy standard of 100% pilderable items require an accuracy of 97% all material gains and losses shall be researched and results reported to the co on the quarterly physical inventory report

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5
Q

Storeroom locator system

A

Location of each item in stock will be recorded on the related stock recorded
Min location code is 5 digits 8 digits acceptable in CMPLUS
Clear marks & tags
Pack loose units of small items in standard lot size
Ver and reveal containers with broken seals
Ensued all locations are property labeled

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6
Q

Inventory errors

A

Incorrect quantity w/o doc
Item could not be found in correct location
Item held in wrong location and recorded in system

A price discrepancy or no prize listed affects value of inventory and CFO act readiness, but does not count towards inventory accuracy

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7
Q

Post count validation

1

A

Second blind count of discrepant items

$100 plus

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8
Q

Pre- Adjustment research

2

A

Review potential discrepancies

More then $100

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9
Q

Causative research item

3

A

Investigation of gains and losses

More then $100

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10
Q

Report of survey

A

CG-5269

Action where the loss, damage or destruction of government property is investigated and reviewed to establish facts. Also used to report the condition of inventory being recommend for disposal

$5000 plus
Approving authority: CO/OINC (10,000+) MLCPAC+MLCLANT (100,000+) HQ

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11
Q

Adjustment form

A

Approving authority: CO/OINC or Des authority

CG-3114
Used for items under $5000 that are not considered pilderable/classified or sensitive inventory and or price change

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12
Q

Contracting officer (KO)

A

The individual authorized to initiate work, issue orders obligate funds, or contract work
Approves suppliers and service providers

Appoints contracting officers (COTR)

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