I have learned from this chapter materials, Types of materials, Accounting procedure for Materials, Qualification of purchase officer, Functions of Purchasing Department, Centralized Vs Decentralized Purchasing, Merits and Demerits of Centralized Purchase, Simple average, weighted average, FIFO and LIFO, Base stock and standard price methods, Materials Control, Quantity or unit control, Price or financial control, Essentials of material control, Objectives of Material Controls, Procedures of material control, Bin Card Vs Stores Ledger, Economic Order Quantity, Ordering Cost, Carrying Costs, Re-order Level, Minimum Stock Level, Maximum Stock Level, Danger Level of Stock, Lead Time, Problems and solutions.