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1.1 Background of the Study
Stock (Inventory) control is a system used in a firm investment, which involves recording and monitory of stock level, forecasting future demands, deciding when and how many to stock.
This emphasis as managerial area of responsibility which focuses production on material control, procurement quality control and stock handling stock control is thus essential on activity that is concerned with the efficient attainment of predetermined corporate objectives.
The need for efficient stock control in the surface increasing cost material duce to information and our deteriorating economy can not be over emphasized, stock constitutes an essenctial cost element of production in 2 large majority of manufacturing cost of their finished goods.
Quite obviously, the objective of any business concern among others is maximization of profit. profiting maximization is the resuil of optional and effect utilization at available financial and material resources. In essence, corporate success is increased profit as well as by exploiting opportunities sustained profit ability.
Company’s procurement function becomes of paramount important with its out lay account for high proportion of total cost of manufacturing, operating process, when a large range of diverse items are required, and tend to scares or unavailable at critical stage of the production cycle ranges of spare parts have to be obtained from importation and their international trade barriers.
On positive note, stock control has an important role with regard to maximization.
2.1 Statement of the Problem
The major stock problem is to maximize profitability balancing stock investment cost against what is required to which constitute a vita cost element manufacturing expenditure of any organization engaged in manufacturing produce account for about 65% the total manufacturing cost most industries.
An increasing high cost of material have been recorded in recent years due to the worsening economic problem of monitory instability and inflation, this cost of material could also be attributed to materials misadministration. Huge sum of money is lost though various form of procurement fraud, large – scale material pilferages by the store and material users department, in addition losses through materials obsoletes, waste occasioned by mismanagement can lead to supply disaster of various magnitudes. One of such supplies disasters may stock out cost, this present a major problem of disruption in operation in result of inaccurate balancing of materials procurement with consumption consequences of this may be in the form of breakdown of machines, loss current sales, premium payment for rush delivery, loss of goods will and future sales.
1.3 Objectives of Study
In carryout this study of stock control in Beta Glass Co. Plc, Ughelli, the following objectives will be achieved.
1. To study the material / stock control policies and practices by evaluating analytically the purchasing, materials handling method and various accounting method of costing material issued by evaluation of closing Inventory.
2. To Investigate so as to identify the controllable and and uncontrollable variables associated with material cost control, with a view of determining ways of keeping them within controllable limit.
3. To highlights the need and importance of sound scientific approach to stock control in the face of our deteriorating economy and ever increasing cost of stock and materials.
4. To analyze the efficiency of their stock holding economic order quality (EOQ)
1.4 Research Question
Reseach question enables one to view the essence of literature review to produce the required foundadion for undertaking an empirical study on stock control, answers are required to the following research questions.
i How familiar are you with the activities of the store and material handling department and purchase and supplies department .
ii In your own opinion, what are the functions of the material holding department and the purchases/ supplies department.
iii How has the store/ material holding department and the purchases / supplies department improved the stock control system of the economy.
iv How reliable is your stock control techniques.
v What do you think is the major cause of inefficiency and ineffectiveness of stock control in the economy
vi How efficient is the Local purchase order (LPO) committee.
Vii How does stock control play an impactin the profit maximization of the economy.
ix How reliable is your internal control system.
1.5 Statement of Hypothesis
Null Hypothesis; HO
The materialsand stock control techniques and internal control system of the company are weak
Alternative Hypothesis; HI
The material and stock control techniques and internal control system of the company are strong
1.6 Significiance of Study
Stock control is even more necessary for Nigeria firm especially in period of economic deteriorate on and even increasing cost of material consequently causeing the folding up a lot of firm.
Stock constitute a major part of the economy’s investment, there is need therefore to control inventory because of more than half the company’s income used to purchase stock production. Hence, ther is need to have effective stock control so as to avoid shortage of stock for production and at the same time to much stock which will result in wasteage and high holding cost.
The major problem faced by a manufacturing firm as regard stock, that of determining optimum level of stock and evaluation of management policies for ordering stock. Unfortunate little or no attention, have been given to need for values analysis (VA) cost analysis and purchasing research of material to involve more specific approach and innovation talking of inflationary threads.
This research work therefore is intended to fill the gaps that have existed and create a ground for future research with attempt to offer practicable suggestion on stock control in Beta Glass Co. plc, Ughelli, and to hope that the suggestion will be of benefit to the company and their manufacturing firms. It will go a long way to enhance interest in new approach, concept and philosophies aimed at better cost control over materials.
1.7 Scope of Study
This research work is committed to cover the following
I To evaluate analytically the procurement stock control policies and practice s of Beta Glass Co.Plc. The purchasing procedure of the organization was examined.
Ii The cost accounting section involvement in stock control and material accounting system was examined with regard to method of costing material issued, stores control ledgers and stock taking and check.
Iii A methodical study for the stock department was particularly carried out on its organization, its various stock control method as well as its stock level analysis.
1.8 Limitation of the Study
1.9 Definition of Terms
(a) Abc analysis; a basic technique of stock control, which classified stock according to monetary values. Stock items are categorized as;
i A – item’; High values item for which careful control are needed
ii B – items; maderate values item
iii C – items; how value item
(b) Bincard; A store record showing maximum, provide a cushion against winning out of stock because of change in demand or changes in lead time.
(c) Stock – out Cost: Losses through idle capacity caused by non -availability of material.
(d) Time Scene: Data classified chronologically, generally to find out the tread or deviation from the tread. A sense of figure during successive and equa time intervals.
(e) Variable Cost: Cost that vaw in total in direct proportion to volume.
(f) Values Analysis (va): It is an organized creative approach to identified un-necessary cost items, it tries to reduce cost and possible ultimately eliminate those necessary component of cost, which have no functional utility to those item concerned.
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