Pharmacology Inventory

Question 1

inventory control manager (ICM) (7)

Answer 1

The schmo who gets stuck managing inventory by:
Discontinued items
Backordered items
Rotating stock correctly
Maintaining current prices
Inventory organism
Receiving and inspecting orders
Learning about new products.

Question 2

Turnover rate

Answer 2

number of times inventory is sold and replenished each year.

Question 3

accounting system plays three roles in the inventory management process:

Answer 3

1. The system must provide accurate information for preparation of periodic financial statements and tax returns.
2. The system must provide up-to-date information on inventory quantities and costs, to facilitate ordering decisions.
3. The system also must provide the information needed to protect assets because inventories are subject to theft and other forms of misuse.

Question 4

FIFO

Answer 4

first in, first out (oldest products sold first)

Question 5

Rules for DEA forms

Answer 5

All information on the form must be correct,
no cross outs are allowed,
no liquid correction fluid or tape can be used,
must have correct spelling,
must have correct drug strength,
must have the veterinarian’s signature on the form.

Question 6

FOB Shipping point

Answer 6

title of ownership switches from company to veterinary clinic
(FOB literally means Free on board)