Impact Of Standard Costing On Profitability And Managerial Effectiveness Of A Manufacturing Industry

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Impact Of Standard Costing On Profitability And Managerial Effectiveness Of A Manufacturing Industry

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PROJECT TOPIC AND MATERIAL ON IMPACT OF STANDARD COSTING ON PROFITABILITY AND MANAGERIAL EFFECTIVENESS OF A MANUFACTURING INDUSTRY

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  • Name: Impact Of Standard Costing On Profitability And Managerial Effectiveness Of A Manufacturing Industry
  • Type: PDF and MS Word (DOC)
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CHAPTER ONE

INTRODUCTION

The impact of standard costing on profitability and managerial effectiveness of a manufacturing industry. The standard costing as a tool for either improves or not improving profitability and managerial effectiveness. Unlike its contemporaries in the field of science, it deals with human beings and calculating significant information. Standard costing as a long established concept is the management function of planning and control. In effect, yardstick has been of vital importance for planning and control exercise. As a matter of facts, problems associated with production and earning a profit was recognized for many years before the concept of standard costing was invented. One of the earlier attempt at costing was by James Dodson. He showed how the books were kept by a shoemaker ranging from this period onwards, there was a steady development of costing developed in the time of our early scientific management proponents such as Fredrick W. Taylor, Henry Fayol and others. These standards cost reveal goals, spur actions and efforts for effective management and equally provide checks such that exceptional profit oriented goal performance can be achieved and the reverse adequate punishment to be exercised for bad performance. Standard costs cause appraisal to be made over production facilities and form management intentions and capabilities and is a first step strength and weakness appraisal. These led to the preference of standard costing to other method. With the development of standard costing system in 1920s, it was brought into the accounting system such that total variances might be accumulated as well as detailed variances. These steps gave rise to formal expression that significant costs were not actual and historical cost but standard or planning costs and their variances.

1.1 BRIEF HISTORICAL BACKGROUNDS: Ferdinand Industries Nigeria Ltd is a company used in this study. This company is located at Urualla in Ideato North Local Government Area of Imo State of Nigeria. It is a limited liability company incorporated in1975. The management of industries is made up of: (i) Executive Directors (ii) General Manager (iii) Factory and department managers and other employees. (iv) Other employees. The company has two major operational industries used for this project, which includes: 1. Ferdinand Aluminium Manufacturing Industry 2. Ferdinand Filters Manufacturing Industry. Ferdinand Industries Nigeria Limited started operation with initial capital base of seven hundred and fifty thousand naira (N750,000.00) as the authorized and subscribed capital. This initial capital base does not include loans obtained from financial institutions and assets obtained on lease, subject to gradual payments. Ferdinand Group of Companies Plc are subsidiaries while Ferdinand Group of Company Plc is a holding company housing these industries and others.

FERDINAND ALUMINIUM MANUFACTURING INDUSTRY Ferdinand aluminium manufacturing industry started operation fully in 1975 with staff strength of two hundred workers made up of male and female. This industry is headed by a manager who takes directives from the executive director. Ferdinand aluminium manufacturing industry produces a range of high quality aluminium domestic and cooking utensils which include: (i) Heavy gauge luxury castrates (ii) Fry pans (iii) Kettles (iv) Luxury aluminium plates (v) Luxury aluminium cups (vi) Luxury aluminium bowels with cover The above enumerated products are produced in sets, and their brand name is ‘Touch’ the emblem of the products bears a ‘Touch’ as the trade mark. The staff of Ferdinand Aluminium Manufacturing industry is trained under the expertise acquired from A.I kalogeros (export) Limited, Cyprus. The raw material used for production by this industry is got locally. It is obtained from Aikan Aluminium or first Aluminium Plc, Port Harcourt. FERDINAND FILTER MANUFACTURING INDUSTRY Ferdinand Filter Manufacturing Industry started operation in 1982 with staff strength of two hundred male and female workers. The industry is headed by a General Manager who takes directives from the executive director. Ferdinard Filter Manufacturing Industry produces high quality and high performance Ferdinand Soparies automotive filters used by different motor vehicle and industrial plants. The staff of Ferdinand filter manufacturing industry are trained under the expertise acquired from Soparies Company Limited: a company based in France. Among the different types of filters produced include: (a) Opinion Filter (b) Element filter (c) Special filter and (d) Air cleaner The above enumerated products are produced in different branches and sizes and below is the detailed analysis of the different types of filters produced.

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