RMG 400 Lecture Notes - Lecture 10: Markdown, Perpetual Inventory, Electronic Data Interchange

• School: Ryerson University
• Department: Retail Management
• Course: RMG 400
• Professor: Janice Rudkowski

Document Summary

Sales, purchases, returns, transfers are recorded on continuous basis. Stock levels can be calculated at any time. Stores record transactions by hand on inventory control forms. Records updated as transaction occur/daily basis/weekly basis by designated employees. Merch info automatically collected and processed for every transaction occurring at pos register. Many stores use upc already found on merch when arrives from supplier. Retailers experimenting w/ rfid follow tagged item from place to place. Used by those who take physical inventory on regular basis. Take physical stock counts on annual basis or bi-annually. Most stores conduct inventories at end of january. Control categories must be narrow enough to determine opp. They should also make comparisons w/ industry data easy. Info from store"s receiving report can be used to update perpetual inventory control records either manually or by inputting data into store"s computer. If manual system being used, sales check or price-ticket stub must be collected and info recorded on appropriate form.