- The Complete Research Material is averagely 52 pages long and it is in Ms Word Format, it has 1-5 Chapters.
- Major Attributes are Abstract, All Chapters, Figures, Appendix, References.
- Study Level: BTech, BSc, BEng, BA, HND, ND or NCE.
- Full Access Fee: ₦6,000
Get the complete project »
CHAPTER ONE
INTRODUCTION
1.1 Background of the Study
In view of the cost of manufacturing which involves the conclusion of raw materials to finish goods through the utilization of labour and overhead support, therefore, the (3) three basic element of manufacturing cost are direct labour, direct material and production overhead. The selling price of a product brings the separation of cost into both manufacturing costs, which are useful at the stage of introduction period cost and product cost.
Tuned Aderibighe (2002) proves to that in a merchandizing company, the cost of good sold during a given period is obtained by adjusting purchase during the period with the difference between, the closing and opening inventory of goods. However, in the case of manufacturing company, the cost of good sold is obtained by adjusting the cost of good manufacturing during that period with the difference between the opening inventory and the closing inventory of finish goods. But, in order to determine the cost of goods manufactured during that period, we must first of all adjust the difference between the beginning and the ending work in progress. So far, in an attempt to find the cost of a group of units of product, we don’t have much problem because we can trace the production overhead cost as the part of the costs that are necessary for the production of such product. Besides, the production stage of a company like “Unliever Plc” relies on the quality branding experience of its products and services respectively for the sole determinant of its success or achievement of marketing goals.
Bell Martins (2000) of marketing concept and strategy, where he analyse pricing as a crucial aspect of the sale appeal. Though, pricing is one of the importance of marketing mix, it must determine the price of a product as it is obviously known that it is the price charged by a company on it product that will determine if the product will succeed or fail and which can make the company records losses or profit. A company like “Unliever Plc” relies on the ability of its sales function for achievement of its marketing objectives, where emphasis is heavily placed on sales management issues. As far as I am concerned on the steps towards the charging of overhead cost to the units, all overhead cost that are traceable to various costs centres are first dealt with, that is, the process of charging to a cost centre the overhead costs, arises solely because the cost must be incurred solely by the cost centre. The effect of overhead costs of “UNLIEVER PLC” on selling price of a product could be obtained through the indirect material, clock cord payment for product workers who have spent their time on the maintenance of equipment along side with invoices from supplies and agencies for electricity bills, vents, rates and petrol among other items.
Lever Brother Nigeria PLC, a leading company in the industrial sector is involved in the manufacturing and marketing of detergent, soap, skin cream, tooth paste, squash drink, edible oils, fats tea and coffee as well as range of petroleum jelly and other personal care products. The aim of the company is to lead in out core market of fast consumer product and achieve strong profitable growth by the best at identifying and meeting consumers need through delivery of superior valued products. The objectives of the company is to bring in expatriates who are willing and able to work in Nigeria and who will contribute as well as to help train Nigeria Lever Brother PLC, it has been dedicated to the production of top product brands for Nigeria for over seventy years.
1.2 Statement of the Study
In this present time of poor economy situation of the country, there has been a persistence race of poor variance on the cost of a product, which mostly was due to the lack of control. The primary motive of a firm is to set a standard on its products in order to achieve its goals and objectives. Thus, the need for the satisfaction parameter to be enjoy by the society a large that, any company that makes profit must be able to enjoy more people thereby satisfying an essential aspect of the societal need. Unfortunately, some organisations concentrate more on manufacturing as only the conversion of raw materials to finished goods through the utilization of labour and overhead without paying much attention to the cost of good sold during the given period.
As some organisation face serious unfavourable returns, “UNLIEVER PLC” is facing a serious profit squeeze. Hence, this project will analyse the effect of overhead cost control on the selling price of product, that could considerably enhance a company.
1.3 Objectives of the Study
The aim and objectives of this research work are:
1. To know the activities involve in the physical charging of raw materials to finish goods.
2. To identify the process of charging to cost centre of a fair share of common item of cost.
3. To identify the actual overhead cost that can be trace directly to each cost centre.
4. To know that the differentiation of actual overhead and absorbed factory overhead is essential.
5. To know that the marketing sales and subsequent services to the output of a business is an essential role to be played on the selling price of a product.
1.4 Research Questions
1. How can the processes of charging to cost centre of a fair share of common item of cost can be identify?
2. How can we identify the actual overhead cost that can be trace directly to each cost centre?
3. How essential is the differentiation between the actual overhead and absorbed factory overhead?
4. What is the role played on the selling price of a product by the marketing sales and subsequent services to the output of a business?
5. What are the activities involved in the physical charging of raw material to finish goods?
1.5 Significance of the Study
It is a common knowledge that when there is boom, management then, employs less of the overhead cost techniques. They can afford to incur more cost, as the effect of such cost will not be felt on the over all profit. However, in the period of depression management often try to employ all the method of overhead cost in minimize cost benefit analysis of a product. This will further make the management to employ effect cost of product technique so as to minimize the selling price of product.
1.6 Scope of Study
This study emphasise on effect of overhead cost on selling price of a product using the Lever Brother Nigeria PLC Warri branch also called Unilever plc, as a case study. The price of a product must be determined as if it is obviously known that it is the price charged by a company on its product that will determine if the product succeed or fail and which can make the company record losses or profitable. A company relies mostly on the ability of its sales function for the achievement of its marketing objectives, where emphasis is heavily placed on sales management issues.
Overhead cost stand as the employment of management in the performance of any necessary operation so that pre-established objectives and aim of quality and time may be attained at the lowest possible outlay of goods and services.
1.7 Limitations of Study
In the course of conducting this research work, the researcher encountered some hindrances that stand as limitation to the study, these problems include the followings.
1. Finance- In carrying out a project of this nature, the commonest problem is finance. A student who could not lay hands on bulk sum of money to use, lack of funds becomes an obvious impediment.
2. Inadequate information- The relevant materials or data to aid the researcher to a successful result is very problematic in the sense that some of the officers are afraid of letting out or giving out vital information for security reasons.
3. Time Constraint- For a student of this nature, lot of time is required by the researcher to conduct exclusive survey of the topic at hand, but the researcher shove the time available to shuttle from place to place to get the necessary information needed for this work.
1.8 Definition of Terms
1. Overhead: There are cost which are not part of prime cost. It is the addition of all indirect cost.
2. Adverse variance: This occurs when the actual cost is greater than the standard or budgeted cost.
3. Value of chain: This is all activities that are needed to be carried out before a consumer receives a final product.
4. Product Stages: This relies on the quality, branding, experience of its product and services for the sole determinant of its success.
5. Selling Stages: This relies on the ability of its sales function for the achievement of its marketing objective where emphasis is heavily placed on sales management issues.
6. Budget: This is a statement of planned actions in monetary terms indicating revenue to be generated, expenditure to be incurred and capital items to achieve a given objective for particular time or period.
You either get what you want or your money back. T&C Apply
You can find more project topics easily, just search
-
SIMILAR ACCOUNTING FINAL YEAR PROJECT RESEARCH TOPICS
-
1. IMPACT OF MICRO FINANCING ON THE GROWTH OF SMALL AND MEDIUM SCALE ENTERPRISES IN KADUNA NORTH LOCAL GOVERNMENT AREA
» TABLE OF CONTENT Title page i Declaration ii Certification iii Dedication iv Acknowledgement v Table of content vi Abstract viii CHAPTER ONE: INTRODUC...Continue Reading »Item Type & Format: Project Material - Ms Word | 52 pages | Instant Download | Chapter 1-5 | ACCOUNTING DEPARTMENT
-
2. BUDGETING AS A TOOL FOR PLANNING AND CONTROL IN A MANUFACTURING INDUSTRY
» ABSTRACT This research work was focused on investigation on the use of budgeting as a tool for planning and control in a manufacturing industry . The ...Continue Reading »Item Type & Format: Project Material - Ms Word | 52 pages | Instant Download | Chapter 1-5 | ACCOUNTING DEPARTMENT
-
3. THE EFFECT OF BUDGETING AND BUDGETARY CONTROL ON THE PERFORMANCE OF MANUFACTURING COMPANY IN NIGERIA
» CHAPTER ONE 1.0 INTRODUCTION The success of every organization depends largely on effective planning and control. Planning and control are pre conditi...Continue Reading »Item Type & Format: Project Material - Ms Word | 52 pages | Instant Download | Chapter 1-5 | ACCOUNTING DEPARTMENT
-
4. IMPACT OF INFORMATION AND COMMUNICATION TECHNOLOGY ON ORGANIZATION PERFORMANCE. (A CASE STUDY OF ZENITH BANK PLC
» CHAPTER ONE 1.0 BACKGROUND TO THE STUDY The world today is shaped by the advancement in the field of information and communication technology (ICT). T...Continue Reading »Item Type & Format: Project Material - Ms Word | 73 pages | Instant Download | Chapter 1-5 | ACCOUNTING DEPARTMENT
-
5. THE SIGNIFICANCE OF TAX INCENTIVE AND LNFRASTRUCTURAL DEVELOPMENT ON ENTREPRENEURSHIP
» CHAPTER ONE INTRODUCTION 1.1 BACKGROUND TO THE STUDY One of the common tools for macro economic development in developing countries is tax incentives....Continue Reading »Item Type & Format: Project Material - Ms Word | 80 pages | Instant Download | Chapter 1-5 | ACCOUNTING DEPARTMENT
-
6. THE POLITICS OF MARGINALISATION ETHNICITY AND RELIGION
» Abstract Nigeria is a multi ethnic nation with cultural differences between its component ethnic groups. From the north to the coast, the range in typ...Continue Reading »Item Type & Format: Project Material - Ms Word | 52 pages | Instant Download | Chapter 1-5 | ACCOUNTING DEPARTMENT
-
7. ASSESSING THE IMPACT OF COMPUTERIZED ACCOUNTING SYSTEM USAGE ON ORGANIZATION PERFORMANCE IN TANZANIA: CASE STUDY ON LGAs IN ARUSHA REGION
» CHAPTER ONE INTRODUCTION 1.1 Introduction The statement of problems, objectives of the research, also the significant of the re...Continue Reading »Item Type & Format: Project Material - Ms Word | 101 pages | Instant Download | Chapter 1-5 | ACCOUNTING DEPARTMENT
-
8. EFFECT OF TREASURY SINGLE ACCOUNT ON THE PERFORMANCE OF NIGERIA BANKS (A CASE STUDY OF ZENITH BANK PLC)
» CHAPTER ONE 1.0 INTRODUCTION 1.1 BACKGROUND OF STUDY The activities of treasury single account are mostly seen among the commercial banks in banking s...Continue Reading »Item Type & Format: Project Material - Ms Word | 64 pages | Instant Download | Chapter 1-5 | ACCOUNTING DEPARTMENT
-
9. EFFECT OF AUDIT COMMITTEE CHARACTERISTICS ON FINANCIAL REPORTING QUALITY OF LISTED DEPOSIT MONEY BANKS IN NIGERIA
» CHAPTER ONE INTRODUCTION 1.1 Background to the Study Corporate financial report provides fundamental information to a wide range of groups; its main p...Continue Reading »Item Type & Format: Project Material - Ms Word | 76 pages | Instant Download | Chapter 1-5 | ACCOUNTING DEPARTMENT
-
10. FORENSIC ACCOUNTING AS A TOOL FOR FRAUD DETECTION AND PREVENTION (A STUDY OF ENUGU SOUTH LOCAL GOVERNMENT COUNCIL)
» ABSTRACT The study examines the effect of forensic accounting as a tool for fraud detection and prevention in an organization. The aim of this study i...Continue Reading »Item Type & Format: Project Material - Ms Word | 65 pages | Instant Download | Chapter 1-5 | ACCOUNTING DEPARTMENT