Patent ID: 8843403
Filing Date: 2014-09-23
Classification: G06Q,Y10S

Abstract:
1. A computer-implemented method for managing and valuating inventory using an inventory database including an inventory balance indicating a quantity of goods, the method comprising: assigning, by a processor, upon entering a first stage of a multistage working process, one or more items of goods to one or more identifiers, wherein the one or more identifiers are stored in the inventory database; tracking, by the processor, the one or more items of goods in the working process; setting, by the processor, a cycle count indicator for tracking the one or more items of goods; periodically counting, by the processor, a first item of goods among the one or more items of goods based on a first frequency associated with the cycle count indicator, the first frequency being set based on a pace with which the first item of goods passes through the working process; periodically counting, by the processor, a second item of goods among the one or more items of goods based on a second frequency associated with the cycle count indicator, the second frequency being set based on a pace with which the second item of goods passes through the working process, wherein the second item of goods moves through the working process at a faster pace than the first item of goods and the second frequency is greater than the first frequency; balancing, by the processor, the inventory based on the periodic counting of the first item of goods and the second item of goods; updating, by the processor, the one or more identifiers when the one or more items of goods enter a second stage of the multistage working process; determining, by the processor, whether one of the one or more items of goods in the second stage is a rejected item of goods or an accepted item of goods; selecting, by the processor, one or more valuation rules from a plurality of valuation rules based on the determination; assigning, by the processor, a price per good to the one of the one or more items of goods in the second stage based on the selected one or more valuation rules and the updated one or more identifiers, wherein assigning the at least one price per good includes: calculating, by the processor, a price for the one or more items of goods in the second stage based on multiplying a number of the one or more items of goods in the second stage and the assigned price per good in the second stage; calculating, by the processor, a price for the one or more items of goods in the working process; extracting, by the processor, a sample of data from the inventory balance to generate a verification result by comparing the sample of data with a received number indicating a physical count of selected goods in the working process; accepting, by the processor, the quantity of goods indicated in the inventory balance to be accurate when the verification result is less than or equal to a threshold.