Lesson Notes By Weeks and Term - Senior Secondary 1

Types of inventory

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TERM – 3RD TERM

WEEK FOUR

Class: Senior Secondary School 1

Age: 15 years

Duration: 40 minutes of 5 periods each

Date:

Subject: STORE KEEPING

Topic: TYPES OF INVENTORY

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

I.) Enumerate types of inventory                                 

II.) Describe types of 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 identifies all the types of inventory

Students in groups record in the inventory records                                                                                                                

STEP 2

EXPLANATION

Teacher describe each type of inventory to the students.

Students in pairs discuss types of inventory   

STEP 3

NOTE TAKING

The teacher writes a summarized

note on the board

The students

copy the note in

their books

 

NOTE

TYPES OF INVENTORY

The types of inventory include:

  1. Raw Materials Inventory: These are the materials and components used in the manufacturing process before they are transformed into finished goods.
  2. Work-in-Progress (WIP) Inventory: WIP inventory consists of partially completed products that are still undergoing the manufacturing process.
  3. Finished Goods Inventory: Finished goods inventory comprises products that have completed the manufacturing process and are ready for sale or distribution to customers.
  4. Maintenance, Repair, and Operations (MRO) Inventory: MRO inventory includes spare parts, tools, and supplies needed for maintenance, repair, and operational activities within a business.
  5. Consignment Inventory: Consignment inventory is held by one party (consignor) but stored or sold by another party (consignee) who pays for the inventory only after it is sold.
  6. Cycle Inventory: Cycle inventory refers to the portion of inventory that fluctuates as a result of the regular ordering and replenishment cycle.
  7. Safety Stock Inventory: Safety stock is extra inventory held to mitigate the risk of stockouts due to uncertainties in demand, supply chain disruptions, or lead time variability.
  8. Dead Stock Inventory: Dead stock consists of items that have become obsolete, expired, or no longer in demand, and are unlikely to be sold.

EVALUATION: 1. Identify 5 types of inventory

  1. Describe each type of inventory mentioned in 1 above

CLASSWORK: As in evaluation

CONCLUSION: The teacher commends the students positively