Inventory Flashcards
Wall-to-wall
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
Mini-random physical inventory MRPI
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
Statistical random sample
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
spot count
Time standard: 1 day
An in scheduled physical count no quarter required. As directed
Controlled, sensitive and pilferable
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
Storeroom locator system
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
Inventory errors
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
Post count validation
1
Second blind count of discrepant items
$100 plus
Pre- Adjustment research
2
Review potential discrepancies
More then $100
Causative research item
3
Investigation of gains and losses
More then $100
Report of survey
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
Adjustment form
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
Contracting officer (KO)
The individual authorized to initiate work, issue orders obligate funds, or contract work
Approves suppliers and service providers
Appoints contracting officers (COTR)
