Stock Glossary

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L

Last Purchase Price

This is the amount you have bought your last item for.

Every item has its own Last Purchase Price.

Example - When you buy 3 different orders on 3 different days, your last day and last order you bought will be the Last Purchase Price.

Lost Stock

A record of the amount and type of items missing from stock.

Loss of stock is when there is less of an item in stock than what's shown on the database or paper records that indicate where it should be.

These occurrences must be tracked to identify patterns of loss that are linked to misplacement or theft of inventory items so that corrective actions can be taken.