Lesson Notes By Weeks and Term - Senior Secondary 1

Inventory

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TERM – 3RD TERM

WEEK THREE

Class: Senior Secondary School 1

Age: 15 years

Duration: 40 minutes of 5 periods each

Date:

Subject: STORE KEEPING

Topic:  INVENTORY

SPECIFIC OBJECTIVES: At the end of the lesson, pupils should be able to

I.) Describe an inventory     

II.) Summarize the uses of  inventory                             

III.)  Outline items used in inventory

INSTRUCTIONAL TECHNIQUES: Identification, explanation, questions and answers, demonstration, videos from source

INSTRUCTIONAL MATERIALS: Videos, loud speaker, textbook, pictures,

INSTRUCTIONAL PROCEDURES

PERIOD 1-2

PRESENTATION

TEACHER’S ACTIVITY

STUDENT’S

ACTIVITY

STEP 1

INTRODUCTION

The teacher introduces and explains inventory to the students.

Students as a class discuss what an inventory is                                                                            

STEP 2

EXPLANATION

Teacher discusses the uses of inventory and identify items used in inventory.

 Students in pairs state items used in inventory         

STEP 3

NOTE TAKING

The teacher writes a summarized

note on the board

The students

copy the note in

their books

 

NOTE

INVENTORY

An inventory is a detailed list or record of goods, materials, or assets that a business or organization holds for various purposes. It provides a snapshot of the quantity, location, and value of items in stock at a given point in time. Inventories can encompass a wide range of items, including raw materials, work-in-progress goods, finished products, equipment, supplies, and even intangible assets like intellectual property.

Uses of Inventory

The following are some uses of inventory:

  1. Inventories help organizations track and manage their assets efficiently, ensuring they have the right items in the right quantities to meet operational needs.
  2. By monitoring inventory levels, businesses can avoid stockouts (running out of stock) and overstock situations, optimizing their supply chain and minimizing carrying costs.
  3. Inventories are essential for calculating the cost of goods sold (COGS) and determining the value of assets on the balance sheet, which are crucial for financial reporting and decision-making.
  4. Inventories play a vital role in production planning by ensuring that sufficient raw materials and components are available to support manufacturing processes and meet customer demand.
  5. Maintaining an accurate inventory enables businesses to fulfill customer orders promptly and accurately, enhancing customer satisfaction and loyalty.
  6. Inventories help organizations identify and mitigate risks associated with inventory management, such as theft, obsolescence, and supply chain disruptions.

Items used in inventory

Items commonly used in inventory include:

- Raw Materials:  Basic materials used in manufacturing or production processes.

- Work-in-Progress (WIP): Partially completed goods that are in various stages of the production process.

- Finished Goods: Completed products ready for sale or distribution to customers.

- Spare Parts: Replacement components or parts used for maintenance, repairs, or servicing equipment.

- Consumables: Items that are consumed during the production process or day-to-day operations, such as office supplies or cleaning materials.

- Tools and Equipment: Machinery, tools, or equipment necessary for production or operational activities.

EVALUATION: 1. What is an inventory.

  1. Mention 5 uses of inventory
  2. Identify 5 items used in inventory

CLASSWORK: As in evaluation

CONCLUSION: The teacher commends the students positively