Few candidates attempted this question and performed brilliantly well.

The responses expected from candidates are:

(a) Inventory control: this is a process by which materials of correct quantity and quality are made available when needed in the store.   
                                         
(b)        Documents used in the warehouse

(i)         Bin card

(ii)        Store ledger

(iii)       Store receipt voucher

(iv)       Goods receipt note

(v)        Invoice

(vi)       Delivery note

(vii)      Stocktaking sheet

(viii)     Waybill

(ix)       Consignment note      

(x)        Packing note

(xi)       Stores issue voucher

(xii)      Local purchase order

(xiii)     Material requisition note

(xiv)     Purchase requisition note

(xv)      Cash receipt

(xvi)     Bill of material

(xvii)    Store receipt register

(xviii)   Material transfer note

(xix)     Material return note   

  (c)      Types of Stock levels

(i)         Maximum level

(ii)        Minimum level

(iii)       Re-order level

(iv)       Average stock level

Explanation

1. Maximum level – this is the level at which the stock should not be allowed to go beyond.


2. Minimum level – this is the level at which the stock should not be allowed to fall below.


3. Re-order level – this is the level at which an order for replenishment should be made.


4. Average level – this is the average quantity of stock held by a firm for a given period.