Contact person: Seafood Processing Inventory Management System

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Location: India

Budget: Recommended by industry experts

Time to start: As soon as possible

Project description:
"About our process
We are seafoods exported processing unit. We deal in fish, cephalopods and shrimps
We buy products from fisherman / farms and then process it.
Processing involves grading, peeling, gutting, deveining, chemical treatment, cutting and finally freezing.
The final product is then packed and kept in cold storage for exports.
The purchases are made in bulk i.e. it is mix of various quality and sizes of a single type of fish and the price is decided on the lump sum average basis.
However, sales are based on the specific product for a specific size and specific quality and each of that has a different price in the market.
The output from production cycle is not standard.
We are now looking to implement an inventory management software to achieve the following objective –
1. Inventory valuation
Inventory valuation
To achieve this objective, we have categorised the product into 2, seasonal and non-seasonal product.
Seasonal product -
1. volumes are high for inward, production and outward
2. want raw material to be valued at weighted average cost
3. the quantity of raw material used and the quantity of finished goods will be entered in the production module
4. want cost of RM (RM quantity used * weighted average cost) to be allocated to cost of FG in the ratio of market value of FG produced (FG quantity achieved * market sale rate)
Non-Seasonal product -
1. volumes are low for inward, production and outward
2. want raw material to be valued on batch wise basis
3. the quantity of finished goods produced against a specific batch of raw material purchased will be entered in the production module
4. want cost of RM (being cost of purchase of that specific batch) to be allocated to cost of FG in the ratio of market value of FG produced (FG quantity achieved * market sale rate)
the idea is that the market rates truly reflect the following:
1. greater value for good quality of products
2. greater value for higher sizes of products
3. signifies the raw material i.e. consumed to produce a specific Fg item as per industry standard
Attached is the example for Non-seasonal product with batch wise calculation – refer sheet “Vannamei” and for Seasonal product with average cost method – refer sheet “Squids”" (client-provided description)