physical characteristics, costs, or other reasons, are specifically designated for separate identification and inventory control. Physical inventory of such material is required on a scheduled basis, as prescribed in chapter 6 of NAVSUP P-485.
A spot inventory is an unscheduled type of physical inventory to verify the existence of a specific item. It is usually conducted when a requisition is returned showing the item is not in stock and the stock records indicate the item is on hand. It is also conducted when directed by higher authority or when a specific item has been found to be defective.
A velocity inventory is based on the premise that the faster an item moves, the greater the room for error. This type of inventory is required on items with a relatively high turnover rate, the periodicity determined by local authority.
A random sampling inventory is considered to be part of the annual scheduled inventory program. It is done as a measure of the stock record accuracy for a segment of material on hand. Guidelines for conducting a physical inventory by random sample are outlined in chapter 6 of NAVSUP P-485.
Keeping in mind that inventories are conducted in order to bring stock and stock records into agreement, you can see the importance of a complete and accurate inventory. In order to reduce errors that may occur, you must:
Documents authorized for conducting inventory counts of stock material include NAVSUP 1075 (whether or not maintained as locator records), electronic accounting machine (EAM) cards, and machine or manually prepared listings. Stock Record Card, Afloat, NAVSUP 1114, even when maintained in storerooms, are not to be used as inventory count documents. A complete and correct item count is basic to conducting a physical inventory. You must ensure that the total quantity of each item is determined as accurately as possible.
Promptly upon completion of the physical inventory and prior to matching inventoried quantities against stock record balances, review the inventory documents to ensure that:
Upon completion of the physical count and review of the count documents, the next step in the inventory process is to compare count documents with the stock records. This is done to determine if a difference exists between the physical count and the amount recorded on stock records.
When the count documents are correct and complete, compare them, item by item, with the applicable stock records to determine whether differences exist. If no differences exist, post the matched count cards or items in the inventory listing to the applicable stock record. Enter the Julian date of the inventory and the notation INV in the REQUISITIONS OUTSTANDING column and enter the inventory quantity in the ON-HAND column. The inventory quantity