The document discusses different types of inventory levels and classifications including wastage, scrap, spoilage, defectives, maximum level, minimum level, reorder level, danger level, ABC analysis, VED analysis, economic order quantity, and different inventory counting methods like annual stock taking and continuous stock taking. It provides definitions and differences between wastage, scrap, spoilage, and defectives. It also explains the purpose and factors considered for setting different inventory levels.

5. DIFFERENCE BETWEEN WASTAGE AND SCARP

7. DIFFERENCE BETWEEN SPOILAGE AND SCRAP

9. DIFFERENCE BETWEEN DEFECTIVES AND SPOILAGE DEFECTIVES SPOILAGE Defectives can be reworked and restored to original condition. Spoilage cannot be rectified.