Inventories serve many valuable purposes such as:
To comply with the regulatory requirements
To increase efficiency in the laboratory
It rids the laboratory of acquiring excess or unused chemicals , apparatus and equipment.
It enhances efficient implementation of storage of all remaining chemicals in compatible chemical families and ensures isolation and safety storage particularly of hazardous substances.
It helps in creating and maintaining perpetual inventory of all chemical substances.
It helps to easily identify substances or items needed for replacement and thus makes easier the requisition process. It also serves as a reminder of items borrowed and owed.
It helps to check and confirm substances expired and those that need repair and hence enables proper disposal or maintenance.

State four objectives of science laboratory store management

The objectives of science laboratory store management are:

Efficient Inventory Management: The primary objective of science laboratory store management is to ensure efficient inventory management. This includes accurately tracking and monitoring the stock of laboratory equipment, chemicals, consumables, and other supplies. The goal is to maintain optimal stock levels, prevent shortages or overstocking, and ensure that necessary items are available when needed.
Safety and Compliance: Another objective is to ensure the safety and compliance of the laboratory store. This involves proper storage, handling, and disposal of hazardous materials in accordance with relevant regulations and safety guidelines. It includes maintaining safety data sheets (SDS), labeling containers appropriately, and implementing measures to prevent accidents, spills, or contamination.
Cost Control and Budget Management: Effective management of the laboratory store aims to control costs and maximize the efficient use of resources. This involves monitoring expenditures, negotiating favorable pricing with suppliers, identifying cost-saving opportunities, and optimizing procurement processes. The objective is to achieve cost-effective operations without compromising the quality and functionality of the laboratory supplies.
Accessibility and Availability: The objective of laboratory store management is to ensure that laboratory personnel have easy access to the required equipment, materials, and supplies. This involves organizing and categorizing items in a systematic manner, implementing proper storage and retrieval systems, and maintaining accurate records. The goal is to facilitate efficient and timely access to the necessary resources for scientific experiments, research, and educational activities.

By achieving these objectives, science laboratory store management contributes to the smooth functioning of the laboratory, supports scientific activities, promotes safety, and helps optimize the utilization of resources.

Outline the procedure for
1. Requisitioning items in the laboratory

After stocktaking and stock checking process, a requisition is normally made for those items that need to be replaced.

As a first step, department head/supervisor should prepare a rough draft listing the products used and how frequently they need to be ordered .
Other external departments must also be involved ie the procurement, logistic and the finance department, at least to the extent of receiving incoming shipments, transferring goods to the laboratory, and in payments

Explain the significance of laboratory store stocktaking.

Stocktaking is done to check laboratory stock levels. It is a method used to determine if there is appropriate stock for the lab. Laboratory stock should not should not be too high or too low. High stock levels will result in undue amount of money being spent, greater risk of deterioration and damage, while low level will endanger supplies needed immediately for use and may demand impromptu purchase hence implying high prices.

Define the following terms
1. Stock taking

Stock Taking is the process of verification of quantities and conditions of gods on periodic basis, laboratory stock levels should be appropriate for the lab. They should not be too high or too low. High stock levels will result in undue amount of money being spent, greater risk of deterioration and damage, while low level will endanger supplies needed immediately for use and may demand impromptu purchase hence implying high prices.

Stock Checking

Stock Checking is similar to stock taking but it its mainly concerned with the verification of the suitability of the chemicals and even the operation of the equipment in the lab. Stock checking helps to confirm whether the chemicals in stock are expired or deteriorating it also checks whether the lab equipments e.g. balances , incubators , microscopes etc. are working as desired or faulty.

Stock auditing

Stock Auditing is the actual verification of value of stock in monetary terms. It’s a process that is normally done by hiring an external agency. These helps in preparing auditing report.

Discuss the importance of keeping inventory records in the laboratory

A good inventory management strategy improves the accuracy of inventory orders.
Proper inventory management helps you figure out exactly how much inventory you need to have on-hand. This will help prevent product shortages and allow you to keep just enough inventory without having too much in the warehouse.
A good inventory management strategy leads to a more organized laboratory.
A good inventory management strategy supports an organized laboratory. If your lab is not organized, you will have a hard time managing your inventory. Many technicians choose to optimize their labs by putting the most or frequently used items together and in easily accessible places in the lab. This, in turn, helps speed up the order fulfillment process and keeps services running smoothly.
A good inventory management strategy helps save time and money.
Inventory management can have real-time and monetary benefits. By keeping track of which products you have on-hand or ordered, you save yourself the effort of having to do an inventory recount to ensure your records are accurate. A good inventory management strategy also helps you save money that could otherwise be wasted on slow-moving products.
A good inventory management strategy increases efficiency and productivity.
Inventory management, can help drastically improve your efficiency and productivity. These will help eliminate time wastages hence allowing technicians to focus on other – more important – areas of the business.

Define purchasing with respect to laboratory

Purchasing is the process a laboratories uses to acquire goods or services to accomplish its goals.

List any four sources of information which can be used in purchasing a laboratory equipment

Newspaper advertisements.
Trade directories.
Catalogue, price lists etc.
Trade journals.
Advertised tender.
Telephone directories.
Exchange of information between similar companies..

Describe each of the following inventory valuation methods

FIFO

Is an abbreviation for First In, First Out, is a store -management method in which items produced or acquired first are sold, used, or disposed of first before using those that were acquired last

LIFO

Is an abbreviation for Last in, first out (LIFO) it is literary the opposite of FIFO ,It is a method used to account for how inventory has been sold that records the most recently produced items as sold first.

WAC

Is an abbreviation for Weighted Average Cost ,it is a method that calculates the average cost of your inventory, per unit. You can calculate WAC by dividing your cost of goods sold (COGS) by the total number of units in your inventory.

Differentiate between dictionary and encyclopaedic methods of filing system for laboratory records

In the dictionary arrangement, all subjects are arranged in alphabetic order behind A-to-Z primary guides. In the encyclopedic arrangement, the main subjects are arranged alphabetically, and subdivisions of the main subjects are arranged alphabetically behind the main subject primary guide.

State any three factors which may affect a good purchasing of laboratory chemicals

Consumer s buyer behaviour is influenced

by four major factors:

Social- Cultural factors
Economic factors
Personal factors
Factors

Describe the local purchase order (LPO)

In Accounting, LPO means Local Purchase Order, document issued by a buyer to a seller, indicating the products, quantities and agreed prices for products or services that the seller will provide to the buyer within the national or local boundaries.

Give four advantages and disadvantages of numerical filling system

Numerical filing

Under this method of filing, each correspondence is given a specified number. Then, the papers are placed in a strict numerical order.

Advantages of Numerical filing

It is easy to understand
Disarrangement of files is minimized.
The location of numbered files is very easy.
The file number can be used as a reference in future correspondence.
The expansion of files is very easy since the system is flexible.
The preparation of address list is very easy.
It reveals certain useful information like the total number of customers, orders and the like.

Disadvantages of numerical filing

1It requires much time in referring to the index and locating the specified file.
This system is costly. The reason is that there is a need of separate index for them.
There may be mental transpositions of figures. For example, one can read 450 instead of 415 which results in errors.
It is very difficult to arrange the files of miscellaneous papers.

Outline the procedure for
1. Requisitioning items in the laboratory

Proper requisition procedure consists of seven main procurement process steps.

Need identification

This process starts when the technician after stock checking discovers the items are not in stock, submits a request to the purchasing department. The request needs to be submitted in writing and sufficiently detailed.

Vendor selection

Next, the procurement department needs to investigate vendors, request quotes for the item needed, and then select a vendor. This is an important part of the process because reputation, cost, speed of service, and dependability all need to be investigated before making a final decision. The rule of thumb is to get at least three quotes, but that’s a best practice that will need to be determined by your organization.

Submit purchase requisition

Now it’s time to get approval for the purchase. After you’ve identified the vendor and agreed on the details, you’ll need written approval from the department responsible for approving purchases. You should provide purchasing with the following details:

Generate purchase order

After the purchase request has been approved, the finance department will issue a purchase order to the vendor. That purchase order signals to the vendor that the purchase request has been approved and that they can proceed with the request.

Invoice and order

The vendor will then submit an invoice to the purchaser. The invoice is a request for payment and gives a detailed breakdown of the cost. The invoice will also give a deadline for payment, and you’ll need to submit payment before the deadline or else there may be a penalty (which is usually detailed in the invoice, as well).

The vendor will also send over an order, which is another detailed description of the goods or services requested. This is the last chance your organization has to change the request, so it’s important to double-check both the invoice and the order for the correct items/services at the correct price.

Payment

After the goods have been received or the service has been completed, it’s time for your vendor to be paid. Finance sends over the payment to the vendor in the preferred method of payment.

Outline Receiving items for laboratory store from a laboratory supplier

Goods receiving’ is the function of checking items delivered to the laboratory, either coming in as new stock or as supplies. This includes inspecting the quality, condition, and quantity of any incoming goods, and allocating them to a space in the laboratory .All items purchased by the lab serve a specific function, whether they are supplies to be used internally, or stock to be on sold to customers. Keeping track of all items coming into the laboratory ensures that that the right products are received and promptly stored in an appropriate place.

Following a goods receiving process can help to maintain an efficient laboratory and identify any issues with suppliers.

Match the delivery to a purchase order
First, ensure the delivery has come to the right place by matching the details on the Consignment Note to the Purchase Order raised by your business.
The Purchase Order should also be used to check that each item matches the description and quantities ordered. Generally, the boxes or cartons will have a description of the item and quantities of its contents.
Ensure you record the following for each new delivery:
- The date and time goods arrived
- The name of the delivery partner and driver
- Check off quantities and description of goods against purchase order
- Note any discrepancies
- Names of the personnel who performed these checks
Maintaining accurate reports is essential for accurate bookkeeping as well as resolving any disputes that may arise in the future regarding the items or supplier.
If there is no purchase order or record of the order, check with your supervisor or purchasing department before rejecting the goods.
- Check products are not damage
Before accepting the delivery, it’s important to conduct a quality check to ensure the items are not damaged or malfunctioning.
It’s not always feasible to open each carton and check every single item, particularly for large shipments. So in these cases you may wish to complete a spot check rather than open each and every carton.
Check for signs of breakage or faults, and ensure all items are as described on the purchase order.
If any damaged items are found in the delivery, record the extent of the damage on the consignment note and immediately notify the supplier with details of the issue to discuss the next steps.
- Log received items into your inventory
Enter the items you have received into your lab management system as soon as possible, including the date and quantities received. This will allow the stock to be allocated to new orders right away.
Allocate storage space for goods
It’s important to pack away a new delivery promptly to ensure no items become lost or damaged.
Supplies should be distributed to the appropriate person in the business, or packed away in the usual space to be accessed when required.
For goods received in as stock, these items will need to be allocated a space in the warehouse for storage until ready to be picked for an order.
- Notify your accounts payable department
Send a copy of the signed and dated consignment note to your accounts payable team. This information can then be matched with the invoice from the supplier to ensure payments are only made for items that were actually received.

State the information that should be present on a catalogue

Name of the item, chemical formulae,concentration, date of manufacture and expiry , quantity in stock, accession number and classification number

Outline the bin card system for storing laboratory ware

Bin cards, which are sometimes referred to as inventory cards or stock cards, are record-keeping documents used in retail and other businesses that require a stock room. They keep a running balance of a business’s inventory.

Bin cards typically contain a table of general stock item information, such as an item name, brand name, quantity and some form of identification code. Several other categories that vary depending on the stock room’s needs are featured on the bin card. Accordingly these categories may include receipt information, date of order, date received, stock item notes (such as issues with an item), storage conditions and movement.

State four advantages of a central store

When an organization receives raw materials in one warehouse but supplies the raw materials several production centres or departments and divisions is called centralized store. When the management of the company is very strict regarding the materials control, they follow central management.

Advantages of Centralized Store

The advantages of Centralized store enumerated as follows:
Better supervision could be possible due to its single location
Materials are tightly controlled due to specific area
Better layout can be made
High technical skills maintained by store supervisor
As stock are kept as low as possible , it has needed a lesser storage area
Better facilities for stores audit
Easier stock taking is possible
Lower cost of insurance is required

Disadvantages of Centralized Store

Due to frequent transport to production centre, departments and divisions , a higher transport cost is incurred
Possibility of bottle neck in the flow of materials to production
It has a greater risk of obsolescence
Due to centralized store, production may be hampered due to delay material supply.

Outline levels of stock level control

There are 3 types of inventory levels you should track: Your minimum, maximum, and optimal levels of inventory.

Minimum inventory levels

Minimum inventory levels are the lowest amount of inventory you should have for each item. Anything below this threshold means you might stock out and fail to meet customer demand that comes your way.

Advantages of low inventory levels

Frees up working capital, so you have cash available to handle pitfalls or invest in growth initiatives.
Lower inventory costs when fewer products take up space in your warehouse.
More inventory control because it’s easier to manage fewer SKUs at any one time.

Disadvantages of low inventory levels

High risk of stockouts, especially if demand outpaces your forecasts or supply chain disruptions cause shortages of finished goods or raw materials.
Lost sales and revenue if (or, more likely, when) stockouts happen. Plus, lower customer satisfaction rates when you don’t have what they want readily available.
Higher per-unit costs when you order the minimum order quantities (MOQ) and don’t get a bulk discount.
Incur increased freight costs when you have to transport replenishment inventory more often.

Maximum inventory levels

Maximum inventory levels are the ceiling amount of stock you should have on hand for each item. Anything more above that threshold is considered excess inventory and introduces unnecessary inventory risks (like higher costs and waste).As such, your maximum inventory levels should be calculated before you place a purchase order (PO) to prevent over-ordering.

Advantages of high inventory levels

Low risk of going out of stock thanks to excess safety stock
Easier to meet customer demand and provide a better customer experience when you always have the products they want available
Quickly fulfill orders because you’re not waiting on inventory replenishments.
Lower per-unit costs since larger orders typically mean you’ll get a wholesale discount.

Disadvantages of high inventory levels

More inventory ties up working capital which could otherwise offset pitfalls or fund growth initiatives.
Risk buying too much of an unsellable item, leading to dead stock and unnecessary waste.
Higher holding costs (like storage, utilities, and insurance) to keep this excess inventory safe.
Inventory visibility becomes a greater challenge, making losses due to damage or theft more likely.

Optimal inventory levels

Optimal inventory levels are the ideal inventory quantities your brand should have on hand. These stock levels match your actual customer demand, so you always have enough inventory to fulfill that demand. All while keeping inventory costs down, cash flow moving, and profits as high as possible.

State the information that should be present in a stock card

Name of the item in stock.
Date and amount ordered.
Date of receipt of item
.Amount received
Lot-number
Expiry date
Date the material was placed in service
Amount of items used
Balance of items in stock (number still in stock)

State the use of the following documents Used in Accounting
1. Invoice

Invoice or bill records the credit transactions related to sale or purchase. This is prepared when a firm purchases or sells the goods on credit. At the time, when the goods are sold by the business enterprise on credit, sales invoice is prepared in which all details of the credit sales viz. the quantity, rate and total amount etc. are mentioned.

Usually, invoices are made in duplicate, the main copy (original) is sent to the purchaser and the another is kept by the business enterprise for record and future reference. Similarly, when goods are purchased on credit, the supplier prepares the invoice in duplicate. When the main copy is received by the purchaser, it becomes a bill.

Receipt:

Receipt is an evidence of making the payment on account of any business transaction. This source document is prepared for showing the proof of giving any cash to the party (who receives the cash) on account of any business transaction. At least two copies are made of any receipt.

The original copy is prepared for giving it to the party who makes the payment and another copy is kept for record. The details about the business transaction on account of which the cash is received viz. date, amount, name of the party and the nature of payment etc. are given in this source document.

Debit Note:

A debit note is a document which shows that the business enterprise has raised debit against the party to whom this document is sent in respect of any business transaction other than the credit sale. Business enterprise may make a debit note against the supplier for an amount which is to be recovered from him, when the business enterprise returns some goods which are defective in nature or not as per specifications.

A debit note can also be prepared in case of overpayment to any party. In this document, all details about the date and amount of transaction, the name of the party whose account is debited along with reason for debiting his account are mentioned.

Credit Note:

A credit note is a document which shows that the business enterprise has given the credit to the party to whom this document is sent in respect of any business transaction other than credit purchase. When a business enterprise receives back the goods sold earlier then it makes a credit note in favour of the purchaser showing that his account has been credited in the books of business enterprise.

A credit note can also be prepared in case of less payment to any party. In this document, all details about the date and amount of transaction, the name of the party whose account is credited along with reason for crediting his account are mentioned. To distinguish it from a debit note, it is commonly prepared in red ink.

ledger book

A ledger book is a book or collection of accounts in which account transactions are recorded. Each account has an opening or carry-forward balance and would record transactions as either a debit or credit in separate columns and the ending or closing balance.

Bin card

Bin Card is the statement or report of the issue and receipt of the stocks from a retailing business’s store department. Besides, noting down the issue and receipts of stocks, it records the current balance and additional information or problems concerning some stock items.

Bill of sales

A bill of sale is a legal document used to transfer ownership of an item or property from one party to another. It serves as evidence of the transaction and outlines the terms and conditions of the sale. Here’s some information about the bill of sale:

Defferentiate between a bincard and a stores ledger.

Parameter of Comparison	Bin Card	Stores Ledger
Definition	Bin card is also known as” Stock Card” which we use to keep a record of all the receipts and issues of the stocks from the company’s stock department.	Stores ledger is called the subsidiary ledger of the costing ledger that keeps a record of the movements of inventory with the valued terms.
What they do	The bin card only keeps a record of the quantity of the materials. Such as- receipts, issues, and balances of materials.	Stores ledger keeps a record of the movements of inventory in rate, quantity, and value and the balance of the material after every movement happens.
Maintenance	Storekeeper maintains the bin card who also takes responsibility for the rest of the goods in the store	The costing department maintains the stores ledger who also maintains other books of accounts of the company.
Department	In accounting, a bin card has to keep inside the store.	In accounting, stores ledger has to keep outside the store.
Duration	In the case of bin card, storekeeper makes the entry immediately, so that he knows if there is any shortage of goods.	In the case of stores ledger, the entries are made periodically so it takes time to know about the exact amount of possible goods in the store.

Distinguish between proforma invoice and sales invoice.

The differences between proforma invoice and invoice can be drawn clearly on the following grounds:
A document similar to the normal invoice, which provides information to the agent regarding the particulars of the goods to be delivered, is known as proforma invoice. On the other hand, invoice refers to a commercial instrument delivered to the buyer containing the details of products or services provided by the seller.
Proforma invoice is a kind of quotation, containing a commitment by the seller to supply goods at the specified rate and date. Conversely, Invoice is a sort of bill, displaying the amount due to the buyer.
Proforma invoice is used for the creation of sales, whereas invoice is used for confirmation of sale.
Proforma invoice is provided by the seller, on the request of the buyer before the placement of the order. As opposed to invoice, which is issued by the seller to the buyer to request payment of goods delivered.
As proforma invoice is a dummy invoice and used for the purpose of creating sales, therefore no entry is made in the books of accounts for the financial transaction. Unlike invoice, which is a true invoice and as it results in a financial transaction, hence so it serves as a basis for accounting entry to be made in the books of both the parties.
The basic objective of pro forma invoice is to help the buyer in taking decisions, regarding whether to place an order or not. Unlike, an invoice is raised by a seller to request payment from the buyer.

List any six pieces of information obtained in a cataloque

A procurement catalog is a document that provides information on services and/or product offered by a vendor or service provider. The primary elements in a catalog include product or service name, descriptions, hierarchy, prices and internal codes.

.Explain the use of a store index card

Index cards are used for a wide range of applications and environments: They may be used to record and store chemical recipes, contact information and other chemical data;,presentation notes, project research and notes, and contact information; in schools as flash cards or other visual aids; and in academic research to hold data such as bibliographical citations or notes

Most laboratories experience wastages due poor stocking and record keeping . Discuss how this can be avoided in the laboratories

Keep inventories up to date with thorough record-keeping.
Make substitutions for chemicals whenever possible.
Try to avoid purchasing chemical materials in bulk quantities
Recycle as many agents as possible – some common examples of laboratory materials that can be distilled, filtered, or recycled include xylene, formalin, and ethyl alcohol.
Reduce the size and number of the containers you’re using (if you find that you aren’t regularly filling them).
Manage all chemicals as if they were hazardous to ensure there is no possibility of contamination.
Make sure you are storing all hazardous waste in the appropriate storage containers.
Confirm that each container holding hazardous laboratory waste is appropriately labeled with the correct details for what’s inside.
Regularly train employees in safety procedures for adding waste to and removing from storage containers.

Define the term price list

A price list is a statement or list of the prevailing prices of the items , stocks, specie, bills of exchange, or other matter dealt in issued by dealers to their customers and often giving other particulars (as import or export duties and drawbacks)

Describe any five duties of a storekeeper in a large organization

Storekeepers function to To procure, store, and issue supplies in a supply operation; process and maintain inventory records; modify and implement inventory control and disposal procedures; perform related work.

List the essentials of a good filling system

Essential qualities of good filing system can be described as follows:

Simplicity

is the first quality of a proper filing system. A good filing system should be simple to operate. It should be easy to understand by employees. Its operation should not be dependent on skilled employees.

Economy

A good filing system should be economical. It should not be expensive to install and operate. The cost of files, folders, cabinets and equipment should not be high.

Compactness

A good filing system should be compact. It should not occupy too much office space. It should fit with office layout.

Flexibility

A good filing system should be flexible. It should have capacity to change with the changing needs of the office. It should discard dead files to make room for new files.

Safety

A good filing system should have safety. It should ensure safety of documents from insects, water, fire, dust etc. It should preserve documents in good condition.

Accessibility

A good filing system should be easily accessible. It should not take much time to file new documents and take out needed documents. It should easily locate the documents.

State four advantages and disadvantages of tendering system

Only the competent contactors were invited to tender, then the lowest can be accepted.
Reduces the availability of work for other contractors especially new contractors.
It reduced the cost of tendering (economic use of resources, reduced tender documentation, shorter tender periods, better management of the tender process, etc.)
Tender Price may invariably higher than would have been in open tendering.
Greater chance of collusion.
Tendering period longer because it involved two distinct stages.
Favoritisms may occur in the short listing.

Describe the alphabetical method of filling

Alphabetical filing is a method in which files and folders are arranged in order of alphabets of the names of person or institution concerned with such file. It may be done using either the first names or surnames, but whichever is chosen must be consistent throughout the particular filing system.

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