It is a crucial process for any product-oriented business. At SDR, we closely collaborate with our clients to create solutions which fit their needs. SDR Provides:
- FIFO – First-in-first-out
- LIFO – Last-in-first-out
- Lot Control – Provides traceability of of product from origin to shipping location.
- Cycle Count Services – Periodic counts to ensure that all of your inventory is counted several times a year.
- Full Audit Count Services – Full physical inventory count
The first-in-first-out (FIFO) valuation method involves selling inventory items in the order in which they are manufactured or purchased. This is the standard inventory method used by most companies because companies typically sell products in the order in which they are purchased.
The FIFO method results in a lower-cost inventory because of inflation, and the items with the lowest costs are typically older.
The last-in-first-out (LIFO) valuation method assumes that the most recently purchased or manufactured items are sold first (this is the opposite of the FIFO method). When the prices of goods increase, the cost of goods sold using the LIFO method is relatively higher, and the ending inventory balance is relatively lower.
We also offer our clients lot control, which enables them to trace the origin of incoming and outgoing lots to find out where they are used. Lot control is a process crucial to ensuring that each piece of inventory can be traced to its group of origin. As part of this process, each lot is assigned a unique number to facilitate tracking, and although this may seem straightforward, the actual tracking of lots can be incredibly complex.
Lot control is necessary for performing the following:
- Effectively dealing with product recalls
- Tracking lots by expiration dates
- Differentiation between different products or batches of product
Cycle count services are necessary in order to maintain accurate inventory. At SDR, we provide you with periodic cycle counts to ensure that all of your inventory is counted several times a year. Our experienced inventory specialists will make sure that all of your inventory is counted with maximum accuracy to provide an audit of particular categories of inventory on a schedule you choose.
At SDR, we believe that accuracy is the key to inventory management.
Our team of experts combines their skills with the use of state-of-the-art software and equipment to provide our clients with the most comprehensive and technologically advanced full audit count services. We provide inventory audits which businesses can trust to improve customer service and profitability.
We treat each and every one of our clients with dedication to provide top-quality inventory management services and help them make profitable inventory management decisions.
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