Discrepancies between Historical Accounting Data and the Theoretical Data Requirements for Economical Order Quantity Application

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1 Western Michigan University ScholarWorks at WMU Master's Theses Graduate College Discrepancies between Historical Accounting Data and the Theoretical Data Requirements for Economical Order Quantity Application James Edward Joyce Western Michigan University Follow this and additional works at: Part of the Business Commons Recommended Citation Joyce, James Edward, "Discrepancies between Historical Accounting Data and the Theoretical Data Requirements for Economical Order Quantity Application" (1966). Master's Theses This Masters Thesis-Open Access is brought to you for free and open access by the Graduate College at ScholarWorks at WMU. It has been accepted for inclusion in Master's Theses by an authorized administrator of ScholarWorks at WMU. For more information, please contact

2 DISCREPANCIES BETWEEN HISTORICAL ACCOUNTING DATA AND THE THEORETICAL DATA REQUIREMENTS FOR ECONOMICAL ORDER QUANTITY APPLICATION by J? E. Joyce A thesis submitted to the Faculty of the School of Graduate Studies in p a rtia l fu lfillm e n t o f the Degree o f Master of Business Adm inistration Western Michigan U niversity Kalamazoo, Michigan August, 1S66

3 ACKNOWLEDGEMENTS The basis fo r th is thesis was conceived over a period o f years, w hile employed in several d iffe r e n t occupations. Whether in e le c tro n ic s, heavy industry, lig h t sheet metal operations, e tc., a gap always seemed to e x is t between the lanquage o f the accountant and the day to day operating decisions being made in the manufacturing operations. I t is hoped th a t the results of th is thesis w ill draw to the a tte n tio n of accountants and business managers a lik e, a b e tte r understanding o f each o th e r's problems. Although, the w ritin g o f th is thesis has taken approximately fiv e years, 1 am most indebted to those individuals at Western Michigan U n iversity who have assisted me in its fin a l d r a ft. My appreciation goes to the members of my committee, Dr. Alan Leader, Mr. W illiam Morris and Mr. James Henricks fo r the many hours of e d itin g and points of c la r ific a t io n to which they contributed. James Edward Joyce

4 MASTER'S THESIS M JO YCE, James Edward DISCREPANCIES BETW EEN HISTO RICAL ACCOUNTING DATA AND TH E TH EO R ETIC A L DATA REQUIREM ENTS FOR ECONOMICAL ORDER Q U A N TITY A P P L IC A TIO N. W estern M ichigan U n iv ersity, M J 3.A., 1967 Econom ics, com m erce-business University Microfilms, Inc., Ann Arbor, Michigan

5 (c) Copyright by JAMES EDWARD JOYCE 1968

6 TABLE OF CONTENTS CHAPTER I THE PROBLEM AND ITS BACKGROUND...1 PAGE Statement of the Problem... 1 Reason fo r Analyzing the Problem... 1 S ign ificance o f the Study....3 A nticipated R esults... 4 F ield of A p p lic a tio n...5 II ECONOMICAL ORDER QUANTITY THEORY... 7 D e fin itio n of Economical Order Q u an tity...7 H istory o f Economical Order Quantity Theory... 8 The Formula Assumptions Used in the A pplication of the F o rm u la...12 I I I PURPOSE OF MEASURING THE COST FACTORS H is to ric a l Accounting P rac tic es...18 Problems Encountered in Using Present Accounting Data...21 IV DISCREPANCIES BETWEEN HISTORICAL AND THEORETICAL ACCOUNTING DATA Areas o f C o n flic t Between H is to ric a l and Theoretical Requirements H y p o th e s is...30 V RESEARCH PROCEDURES...32 C alculation of Current Economical Order Q u a n t it y...32 C alculation of New Accounting D a t a...34

7 TABLE OF CONTENTS CHAPTER PAGE Analysis of Term "Cg", Setup Costs Recalculating Economical Order Quantity Using New Data...42 Current Economical Order Quantity Results Compared to Proposed Economical Order Quantity. 43 VI CONCLUSIONS & RECOMMENDATIONS...44 Conclusions Recommended Methods of Measuring Other Cost F a c to r s...47 V II IMPLICATIONS & INFERENCES Accuracy of Economical Order Quantity Solution Improves as the Measurement o f the Cost Factors Im proves Disadvantages of Economical Order Quantity System...57 Advantages o f Economical Order Q uantity Usage Other Areas Where the Recommended Cost Measurements Can Be Applied...60 APPENDIX I APPENDIX I I APPENDIX I I I...67 BIBLIOGRAPHY... 69

8 THE PROBLEM AND Statement o f ITS BACKGROUND the Problem This study w ill in vestig ate the accuracy o f present accounting data as used in a s p e c ific business a p p lic a tio n. The p a rtic u la r business a p p licatio n is the quantative decision technique of economical order q u a n titie s. Other methods of accumulating cost informatio n which may b e tte r s u it the requirements of economical order quant i t y ap p licatio n w ill be suggested. A comparison of the results using h is to ric a l accounting data and th e o re tic a lly defined data w ill be made. Reason fo r Analyzing the Problem Many problems are encountered when the business manager a t tempts to apply h is to ric a l accounting data to decision making techniques. Comparing the d iffe re n c e in results between the h is to ric a l accounting data used and the th e o re tic a l requirements of economical order q uantity c alc u latio n s, i t can be pointed out how changes in the economical order quantity e ffe c t production scheduling, machine u t iliz a t io n and inventory c o n tro l.

9 Great s trid es in q u a n tita tiv e analysis of business decisions have been made in the las t tw e n ty -fiv e years.^ The early impetus from the m ilita r y and the federal government have carried over into p riv a te e n te rp ris e.^ U n iv ers itie s o ffe r concentrated curriculums concerned w ith s ta tis t ic a l an alysis, operations research, market research and other specialized managerial sciences. Specialized jo u rn als and professional associations have been formed and have gained acceptance in the f ie ld. Management consultants in "Management Science", "Operations Research", and "Systems Analysis" have instructed business firms in the use of a wide range of modern business management techniques. Although a ll of these tools are now a v a ila b le to in vestig ate managerial problems on a quantative basis, the results obtained through these techniques are derived from h is to ric a l accounting data. Although we have had the introduction of e n tire new fie ld s of management science, no comparable innovation Sheele, Evan D., Westerman, W illiam L., Wimmert, Robert J., P rin cip les and Design of Production Control Systems, Englewood C liffs New Jersey, P rentice H a ll, In c., I960 Pp Churchman, West C. Ackoff, Russell L., and A rnoff, Leonard E., Introduction to Operations, New York, New York: John W iley and Sons, In c., 1961 Pp. x & 640. W illiam s, J. D., The Compleat S tr a te g is t, New York, New York, McGraw H ill Book Company, 1954 Pp. x i i i & 232. Spencer, M ilto n H., Ph. D., Siegelman, Louis, Ph.D., Managerial Economics, Homewood, I l li n o i s, Richard D. Irw in, In c., 1959 Pp. x iv & 445. Dooher, M.J., Successful Production Planning and C o n tro l, New York, New York: American Management Association, 1955 Pp Saaty, Thomas L., Mathematical Methods of Operations Research, New York, New York: McGraw H ill Book Company, 1959 Pp. xi & 421. Spurr, W illiam A., Ph.D., Kellogg, Lester S., M. A., and Smith, John H., Ph.D., Business and Economics S ta tis t ic s, Homewood, Il li n o i s, Richard D. Irw in, In c., 1955 Pp. xi & 579. ^W illiam s, J.D., The Compleat S tr a te g is t, New York, New York, McGraw H ill Book Company, 1954 Pp. x i i i S- 233.

10 3 has taken place in the f ie ld of accounting. This study w ill attempt to p a r tia lly investigate and estab lish cost accounting techniques more in lin e with the th e o re tic a l data required to provide management w ith accurate costing fo r decision making a p p lic a tio n. S p e c ific a lly, this paper w ill provide methods fo r measuring some o f the s ig n ific a n t costs involved in economical order quantity determ ination. S ignificance of the Study The expressed purpose of applying economical order quantity theory to manufacturing operations is the maximization of p ro fits through the optim ization o f the inventory costs and operating costs.^ The successful application of economical order quantity theory to p ra ctic a l business problems depends on the accurate determ ination and categorization of the relevant costs. I t is expected th at an analysis and accurate determ ination of the cost factors w ill then provide a basis fo r other types o f decisions to be made in the manufactu rin g and marketing of a product. These other fie ld s of decision ^Churchman, West C., Ackoff, Russell L., and A rn o ff, Leonard E., Introduction to Operations Research, New York, New York: John Wiley and Sons, In c., 1961 Pp. 199~200. Marks, Lionel S., Mechanical Engineer's Handbook, New York, New York; McGraw H ill Book Company, In c., 1958 Pp. 17 7, Dooher, M. J. Successful Production Planning and C ontrol, New York, New York ; American Management Association, 1955 Pp Sheele, Evan D., Westerman, W illiam L., Wimmert, Robert J., P rin cip les and Design of Production Control Systems, Englewood Pp Churchman, West C., Ackoff, Russell L., and A rnoff, Leonard E., Introduction to Operations Research. New York, New York: John W iley and Sons, In c., 1961 Pp Welsch, Everet W., Tested S c ie n tific Inventory C ontrol. Greenwich, Conn., Management Publishing Corp., 1959 Pp Konn, Harry, "Get Your Money O ff the S h elf", Machine and Tool Blue Book, January, 1961 Pp. 7^-78.

11 w ill not be explained fu rth er in th is study, but w ill be discussed b r ie fly in the la s t chapter e n title d, "Im plications and Inferences". Anticipated Results Upon completion of the analysis of the problem, a comparison of the economical order quantity results using h is to ric a l accounting data and the new data w ill be made. The case fo r using the new data w ill be established based on the methods by which the new data was obtained. The study w ill then recommend continuing analysis of other related costs to increase the accuracy of economical order quantity a p p lic a tio n. The formula^ to be used in comparing the economical order quant i t y results is: A d etailed analysis^ of the formula and assumptions regarding the formula w ill be presented in Chapter I I. A m ajority of the cost factors to be analyzed are now represented through present accounting methods in the formula fa c to r C]. These costs in the formula fa c to r Cl are grouped in the burden rate m u ltip lie r. The burden rate m u ltip lie r is a current cost accounting technique to prorate other manufacturing expenses based on the amount of d ire c t labor ^Churchman, West C., Ackoff, Russell L., and A rn o ff, Leonard E., Introduction to Operations Research, New York, New York: John Wiley Sons, In c., 1961 Pp ^Formula d e fin itio n s and explanation on page 12 of this paper.

12 5 required to manufacture the product.^ I t is anticip ated th a t a more accurate determ ination and measurement of these cost factors w ill considerably a ffe c t the resu ltan t economical order q u an tity. The economical order quantity w ill be affected because many of the costs now appearing in the denominator Cj fa c to r o f the formula as burden rate percentages w ill be shown to be setup costs as represented by Cs in the numerator o f the formula. Field of Application W ithin lim ita tio n s, the results of th is study should be a p p licable to a wide range of manufacturing operations. I t is expected th a t the method used to establish the new cost data can be fu rth e r refined and applied to a wide spectrum o f cost analysis. Therefore, managers in many d iffe r e n t types of corporations should be in te re s t ed in the focus of th is th esis; s p e c ific a lly in the s e n s itiv ity of economical order quantity form ulations to errors in cost data. These errors a ris e out of and are inherent in h is to ric a l accounting systems. The problem has been stated and its sig n ifican ce given. The next chapter w ill estab lish the th eo retical foundation fo r the economical order quantity formula to be used. A b r ie f h isto ry of the development and app licatio n o f economical order quantity theory w ill be presented as an aid to c la r ific a tio n of the concept. The ^Matz, Adolph, Ph.D., Curry, Othel J., Ph.D., Frank, George W., M.B.A., C.P.A., Cost Accounting, New Rochelle, New York, Southwestern Publishing Company 195^+ Pp

13 assumptions underlying economical order quantity theory and its app lic a tio n w ill be stated e x p lic it ly and discussed.

14 ECONOMICAL ORDER QUANTITY THEORY This capter of the thesis w ill estab lish the d e fin itio n of economical order q u a n titie s, re la te b r ie f ly the h isto ry of economical order quantity theory, estab lish the formula to be tested and s ta te the assumptions necessary fo r ap p licatio n of the formula. Economical order quantity calcu latio n s are used in th is study fo r testin g the relevance of h is to ric a l accounting data. The a p p lication of economical order quantity theory is applied to manufactured and purchased parts to maximize p r o f it a b ilit y. In its broadest sense, economical order qu an tity theory is one of many inventory control techniques. In analyzing the theory o f economical order q u a n titie s, i t w ill be recognized that i t can be a complicated solution to inventory c o n tro l. Mathematicians and operations research personnel have spent many years re fin in g the theory and devising p ra c tic a l formulas fo r d iffe r e n t inventory control problems. The formulas are based on certain ra tio n al assumptions which w ill be discussed in this chapter. However, i t must be pointed out th at the results of the fo rm ula-application are no b e tte r than the v a lid ity of the data applied to the formula. D e fin itio n of Economical Order Quantity A general d e fin itio n of economical order q u an tities is o b tain ing th at quantity of parts which re s u lt in the lowest to ta l cost. A more d e ta ile d, concise d e fin itio n would be: 7

15 8 "In general, the greater the quantity of units produced at a time, the lower w ill be the fixed cost incurred fo r each u n it. The cost of processing the ihdividual order through the planning function and the setup changes fo r machines are fixed costs and may not vary with the number o f units in the order or load; th erefore, spreading these costs over the largest possible number of units is d e s irable. However, w hile these u n it costs are declining w hile load size increases, others are ris in g. For instance, the costs of storage and insurance and the carrying charges fo r cap ita] invested are risin g as load s ize increases. The most economical load size is th at point a t which the dec lin in g cost and the risin g cost provide a minimum to ta l u n it co st." ^ There are even more sophisticated d e fin itio n s of economical 2 3 q u a n titie s.'» The various d e fin itio n s of economical order quantity b a s ic a lly s ta te that the main problem to be solved is to minimize cost by establishing the correct relatio n sh ip between the cost of carrying parts in inventory and the cost of producing or purchasing parts. Although the theory was developed over 40 years ago, p ra c tical application has not been widely adopted. History of Economical Order Quantity Theory 4 Most companies fo llo w e ith e r the accountant or production- oriented methods of inventory co n tro l. These two methods of ^Marks, Lionel S., Mechanical Engineer's Handbook, New York, New York: McGraw H ill Book Company, In c., 1958 Pp. 17-7, ^Churchman, West C., Ackoff, Russell L., and A rn off, Leonard E., Introduction to Operations Research, New York: John Wiley and Sons, Inc Pp ^Welch, Everet W., Tested S c ie n tific Inventory C ontrol, Connecticut Management Publishing Corp., 1959 P. 15. ^Scheele, Evan D., Wimmert, Robert J., and Westerman, W illiam L., P rinciples and Desiqn of Production Control Svsterns. Englewood C lif f s, N. J.: P re n tic e -H a l1, In c., I960 Pp " *

16 9 inventory control are pointed out as being in use through I960, even though economical order quantity formulas were developed in the early 1900's, l i t t l e progress has been made since the early 1940's. In P rin cip les and Desiqn of Production Control Systems, Scheele, Wimmert and Westermanl describe two extreme methods o f inventory c o n tro l. "The mathematical determ ination o f the quantity o f an item to be ordered at any one time was one of the f i r s t subjects of investigation by the pioneers o f s c ie n tific management. By the e a rly 1900's many formulas had been developed, but u n til a fte r World War II the ap p licatio n of these formulas was very 1im ited., The production-oriented solution: 'Produce in very large lots in order to minimize setup and procurement c o sts.' The tre a s u re r-, co m p tro ller-, or accountant-oriented solution: 'Produce in very small lots in order to minimize the investment in stock' " In A lfo rd 's^ Laws o f Management App1ied to Manufacturing, ad d ition al h isto ry o f economical order q u an tities is given. Much has been w ritte n about economical order q u a n titie s. Churchman, Ackoff, and A r n o f f 3 l i s t th ir ty -th r e e texts (not cited elsewhere in th is paper) dealing w ith some phase o f economical order q u a n titie s. However, in the texts c ite d, very l i t t l e i f any attempt is made to 1Scheele, Evan D., Wimmert, Robert J., and Westerman, W illiam L., P rin ciples and Design of Production Control Systems, Englewood C l if f s, N.J.: P re n tic e -H a l1, In c., I960 Pp A lford, L.P., Laws of Management App1ied to Manufacturing, Ronald Press Company, 1925 P ^Churchman, West C., Ackoff, Russell L., and A rn o ff, Leonard E., Introduction to Operations Research. New York: John W iley and Sons, Inc Pp

17 analyze and measure setup costs, u n it costs and inventory costs. Welch^ in his book Tested S c ie n tific Inventory Control stated the follow ing: "The 'New Approach1 to 1nventory Control Today's business magazines are devoting much space, and our management seminars are devoting much time, to th is 'new approach1 to inventory c o n tro l. The 'economic order q u a n tity ' and the 's t a t is t ic a l reorder p o in t1 formulas are being treated as new discoveries in the techniques o f management o f goods. The facts are th a t a few fa r sighted experts were w ritin g about inventory formulas in such magazines as the Harvard Business Review as fa r back as Several companies have been known to have been applying them fo r as long as tw e n ty -fiv e years. Yet fo r some reason, acceptance o f the application of formulas is ju s t beginning to come into its own in modern business." Landy^ fu rth e r states th at the accuracy of economical order q u a n titie s is no b e tte r than the cost data used in determining them. "Volumes have been w ritte n concerning economic quant i t i e s, order poin ts, e tc., by men more capable than the author; hence, no attempt is going to be made here to influence anyone in the use o f economical lo t q u an tity o r to explain how to a rriv e a t the quantity in the f i r s t place. However, le t i t be said that the inventory condition o f any company w ill be only as good as the major data upon which decisions are being based plus common sense used by those making the decisions." ^Welch, Everet W., Tested S c ie n tific Inventory C ontrol, Connecticut Management Publishing Corp., 1959 P. 15- ^Landy, Thomas M., Production Planning and Control, New York: McGraw-Hill Book Company^ I n c., 1"95U P. 212.

18 I t appears from the lite r a tu r e and the w r ite r 's contacts with others in in d u s trial management that use o f economical order quantity theory has not been w idely accepted by management. I t is the auth o r's opinion that th is condition is due to several facto rs. These factors include management's uncertainty in applying mathematical formulas, ignorance, lack o f accurate measurement techniques and proper overhead a llo c a tio n s. This paper w ill examine the major cost factors used in economical order q u an tity a p p lic a tio n. The analysis w ill then center on a p a rtic u la r p art used in the manufacture o f in d u s trial fork l i f t trucks. I t is suggested th a t comparable analysis could be made of other industries and products w ith s im ila r resu lts. I t can be seen from the history o f economical order quan tities th at most businesses have not taken advantage o f the theory. The formulas themselves have been a v a ila b le fo r some tim e. The formula used in th is paper is a standard one. TEC The Formula^ ^Churchman, West C., Ackoff, Russell L., and A rn o ff, Leonard E., 1ntroduction to Operations Research, New York: John W iley and Sons, In c., 1961 Pp

19 1.2 ^o = 2 N R Cs r~c; On the preceding page is the graph and formula fo r one type of inventory problem governed by the assumptions on the follow ing pages, Following is a l i s t of symbols used above. q = Input, or quantity ordered. ~ Qo = Optimum order quantity. T = Period fo r which a policy is being established. R = Total requirement fo r period T. Cl Cs = Holding cost per u n it of goods fo r a unit of time. = Setup Cost per production run. TEC= Total expected relevant cost (In this chapter TEC is sometimes called the to ta l expected cost. A ctu a lly, inasmuch as such costs as the price of the item are not affected by the s ize o f'ru n and hence are not included in Models I through V I, we re a lly mean to ta l expected relevant costs.) Assumptions Used in the Application of the Formula I t should be understood at this point that the formula is a model based on certain assumptions. These assumptions estab lish a workable model by sim p lifyin g actual conditions: D irect labor and m aterial costs per u n it do not appreciably change w ith small changes in volume production. Setup costs are fixed regardless of quantity because the method o f operation does not change. The inventory cost fa c to r is a pre-determined, fixed percentage of u n it cost fo r a ll part numbers. Later in the paper a more accurate method of measuring inventory costs w ill be described. The amount o f inventory on hand fo r a p a rtic u la r part is a maximum a t the beginning of its inventory period and is zero immediately before replenishment, the depletion occur ing at a constant ra te. The average amount of inventory

20 on hand over the e n tire period can be represented by where q is the o rig in a l lo t s ize. 2 The f i r s t assumption states th at d ire c t labor and m aterial cost per u n it do not change w ith small changes in volume. I t should then be recognized th at the outcome of the formula may cause large changes in volume of product. At this new production level the o rig in a l d ire c t labor and m aterial cost may be involved. I f orders were being run every month fo r a q uantity of ten units each, the tendency would be to use the present m aterial cost and d ire c t labor cost of the part in the formula. The results of the formula might then show th at i t is more economical to make one run a year of one hundred twenty parts. This, of course, could p re c ip ita te a change in method and / or permit the operator to perform at a higher level of e f f i ciency. Also, i f special m aterials were used in the manufacture of the p a rt, the cost of the m aterial might be reduced because of larger volume purchases. This reduction in d ire c t labor and m aterial costs would have no e ffe c t on the quantity predicted by the E.O.Q.. formula, as long as the economical order quantity recommended a s in g le year's run at one time. Should the results of the formula show th at the parts should be run one time a month, i t might then be necessary to re-evalu ate the m aterial cost fo r larger q u an tities as well as an increase in e f f i ciency so th a t these costs changes could be introduced into the form ula, re su ltin g in a d iffe r e n t value fo r the economical order quanti ty.

21 14 The second assumption states th a t the setup costs are fix e d, regardless of q u a n tity. I f a p a rtic u la r p art analyzed by E.O.Q,. formula showed that i t should be run in much higher q u a n titie s, i t might prove advantageous to in vestigate a change of method to improve the operation and th is, o f course, would then a ffe c t the s e t up costs. The th ird assumption is th a t the inventory cost fa c to r is predetermined and a fixed percentage of u n it cost fo r a ll parts. This is a misleading assumption in the ap p licatio n of economical order quantity theory. ( Inventory investment cost and c ertain taxes are d ir e c tly related to the u n it cost o f the part stored in inventory.) The other costs which make up the inventory cost fa c to r are related to such things as the w eight, size and obsolescence fa c to r of the p a rtic u la r p a rt. The inventory cost fa c to r analysis w ill be stated in much more d e ta il in a la te r portion of th is paper. The fourth and la s t major assumption is the basis fo r choosing the p a rtic u la r economical order quantity formula shown on Page 12. This economical order q u an tity formula was developed on the basis of a constant ra te o f declin e o f the inventory on hand fo r a p a rtic u la r p art number. This means th a t any p art number to be used w ith th is formula should b a s ic a lly be o f maximum quantity when placed in inventory and withdrawn from inventory fo r use on a regular basis, and normally the q u an tity usage does not vary. When the usage of a p art varies over a short period and is withdrawn from stock at

22 random in te rv a ls, other economical order quantity formulas^ should be used. Regardless o f the p a rtic u la r economical order quantity formula, the same problem of measuring the cost factors e xis ts. As stated e a r lie r, the formulas are usually based on h is to ric a l accounting data which could generate incorrect economical order q u an tities because h is to ric a l accounting data is used in the formula c alcu latio n s. In the next chapter o f th is th e s is, h is to ric a l accounting practices w ill be summarized. I t w ill be shown how these accounting practices are used to a rriv e at the d o lla r value o f the cost factors in the economical order quantity formula. The chapter w ill then discuss the problems encountered in using h is to ric a l accounting data. ^Churchman, West. C., Ackoff, Russell L., and A rnoff, Leonard E., Introduction to Operations Research, New York: John W iley and Sons, In c., 1961 Pp *+.

23 PURPOSE OF MEASURING THE COST FACTORS "Let i t be said th at the inventory condition o f any company w ill be only as good as the major data on which decisions are being based plus common sense used by those making the decisions." ^ Having economical order quantity formulas a v a ila b le did not necessarily mean that p ractical inventory solutions could be reached. Accurate costs must be used in the formulas. There are at least three h is to ric a l accounting methods by which costs are accumulated fo r use in economical order quantity formulas. Two of these methods are given extensive treatment in the te x t, "Cost 3 Accounting". k Matz refers to a quotation by Theordore Lang to describe an actual cost system as "a cost system, which records and summarizes costs as they occur, and which determines costs only a fte r manufacturing operations have been performed or services rendered." Matz goes on to explain th a t, even though actual costs o f m aterial and labor were used, the overhead or burden was applied on some fixed ^Landy, Thomas M., Production Planning and C ontrol. McGraw-Hill Book C o., In c., 1950 P New York ^ib id. ^Matz, Adolph, Ph. D., Curry, Othel J., Ph. D., Frank, George W., M.B.A., C.P.A., Cost Accounting. New Rochelle, New York: Southwestern Publishing Company, 195^ Pp ^Lang, Theodore (E d.), Cost Accountants' Handbook. New York, New York: The Ronald Press Co., 19^7 P As reported in Matz. 16

24 rate basis; thus showing th a t even the "actual cost system" doesn't liv e up to its name. Matz^ then begins to explain the standard cost system which is w idely used in this country today. In a standard cost system a ll costs are pre-determined in advance of production. Accounts are designed to c o lle c t actual costs and the d iffe re n c e between actual costs and standard costs are collected in separate accounts termed variances. The th ird accepted accounting method is known as d ire c t costing. D irect costing is not a widely accepted technique in the United States at the present time. The differences between the standard costs absorption technique and d ire c t costing are well expressed in an a r t ic le "D ire ct Costing to the Rescue" in Business Week magazine in March of The essential argument presented fo r d ire c t costing is repeated here: "The W idgitronics plant is operating at a pre-determined 'norm al1 or standard ra te. But th is assumption doesn't hold up in p ra ctic e. The re s u lt was th at in January, when production was high and sales low, the company showed a 'p r o f i t '; in February, when conditions were reversed, there was a ' loss'." 2 The a r t ic le goes on to s ta te th a t the figures given by the ^Matz, Adolph, Ph. D., Curry, Othel J., Ph. D., Frank, George W., M.B.A., C.P.A., Cost Accounting. New Rochelle, New York: South-Western Publishing Company, 1954 Pp. X-800. ^Business Week, "D ire c t Costing to the Rescue." Finance Dept., New York, New York: McGraw-Hill Publishing Company, (B e ll, E l l i o t t V. E d.), March, 1962, Pp

25 standard absorption costing technique d id n 't make sense to anyone try in g to control costs. The figures were then reappraised under d ire c t costing ru les. The d ire c t costing rules as stated were "only costs d ir e c tly associated w ith production went into the value of the inventory. The overhead, rather than being allocated to the product lin e s, was simply charged to the monthly p r o fit and loss statem ent." The resu lts in comparing the two systems reversed the p r o fit and loss portions of the two months being compared. Any of the three aforementioned account methods is acceptable in the f ie ld of accounting.1 For the purpose o f this study, the standard cost absorption method represents present accounting practic e s, and in th is study w ill be referred to as h is to ric a l accounting. H is to ric a l Accounting Practices There are many variatio n s o f the standard cost system. For the purposes of th is study, the v a ria tio n used w ill be th a t of the Clark Equipment Company. of d ire c t labor. Machine setup cost is treated as another segment The main elements o f this standard cost system are d ire c t m a te ria l, d ire c t labor, machine setup and overhead costs. This system is only concerned w ith the manufacturing costs and does not consider s e llin g expense or general ad m in istrative expenses. The overhead costs are the manufacturing expenses and represent one ^ h e d ire c t cost method is not accepted by the Federal Government fo r income tax purposes and the American In s titu te of C e rtifie d Public Accounts does not consider i t acceptable fo r public documents Therefore, d ire c t costing is not w idely used.

26 portion of the chart of accounts.^ The chart of accounts of the manufacturing expenses are the cost factors to be analyzed, consistin g of fo rty -e ig h t major cost factors (excluding d ire c t labor, d ire c t m aterial and machine setup). Except fo r d ire c t labor, machine setup and m a te ria l, the other cost factors are treated as overhead by the accounting department. To compute an overhead rate based on d ire c t labor d o lla rs, the accounting department^ establishes an overhead rate fo r each d ire c t labor department. The overhead ra te fo r the machining department is not necessarily the overhead rate fo r the welding department. Not only does each d ire c t labor department have d iffe r e n t manufacturing expenses fo r setup, m aterials handling, lig h tin g, supplies, e tc., but each d ire c t labor department uses a d iffe r e n t percentage of assistance from the general service departments. The general service departments are cost accounting, engineering, purchasing, ind u s tria l engineering, e tc. Some manufacturing expenses are collected by the accounting department through the use o f special charge numbers. The charge number refers to the d ire c t labor department in which the manufacturing expense occurred. For example, the charge number might ^Matz, Adolph, Ph. D., Curry, Othel J., Ph. D., Frank, George W., M.B.A., C.P.A., Cost Accounting. New Rochelle, New York: South-Western Publishing Company, 195^ Pp '^Clark, E., Overhead Rates, I D is trib u tio n of Overhead Rates, Cost Accounting Department. B a ttle Creek, Michigan: Clark Equipment Company, 1961, P. 1.

27 20 be reported to the accounting department showing fiv e hours of setup cost to an order in the machine shop, department 603. Some expenses, such as heat, lig h t, power, e tc., are prorated as costs to d ire c t labor departments by the departmental flo o r area in square fe e t compared to the to ta l plant flo o r space. Other general service department expenses are allocated in s t i l l a d iffe re n t manner. Appendix 1 illu s tra te s the method o f a llo c a tin g general service department expenses. Once a year the cost accounting department sends to each department manager the illu s tr a tio n shown in Appendix I. This form lis ts a ll of the d ire c t labor departments. The managers are requested to l i s t, by percentage, the to ta l amount of th e ir general service department's budget which was expended fo r each o f the d i rect labor departments lis te d. The grand to ta l o f a ll these percentages must equal one-hundred percent of each general service department's budget. Calculation of the to ta l overhead rate fo r a d ire c t labor department consists of to ta lin g the manufacturing expenses by charge number, the prorated expenses of heat, lig h t, power, e tc., and the allocated costs of the general service departments fo r that p a rtic u la r d ire c t labor department. The to ta l o f these expenses divided by the to ta l d ire c t labor d o llars expended by the d ire c t labor department fo r that fis c a l year equals the overhead percentage fo r th a t d ire c t labor department. This percentage becomes the overhead rate fo r the new fis c a l year u n til the ra te is readjusted at the end

28 21 of the year. Many problems are encountered in using th is present standard cost accounting data. The Problems Encountered in Using Present Accounting Data The problems in using present standard cost accounting data are related d ire c tly to the economical order quantity formula = 2 R s T Cl M The f i r s t problem arises in establishing the d o lla r cost of the fa c to r Cs in the formula. Cs represents the setup cost per production run and the standard cost method only establishes the setup costs fo r the machining operations. Under the standard cost method the overhead costs are broken into three categories. The f i r s t category is v a ria b le costs, the second is fixed costs, and the th ird category is the costs which are p a rtly fixed and p a rtly v a ria b le. These terms are defined in Cost Accounting by Matz, Curry and Frank.^ V ariable expenses are d ir e c tly proportional to volume and normally are those costs d ir e c tly under the control o f the production foreman. Fixed costs do not vary in d ire c t proportion to volume and are generally assigned to the operating periods. cost re s p o n s ib ility larg ely rests w ith the top executives. Fixed V ariable costs are f u lly absorbed in the production cost of the period; Matz, Adolph, Ph.D., Curry, Othel J., Ph. D., Frank, George W., M.B.A., C.P.A. Cost Accounting. New Rochelle, New York: South- Western Publishing Company, 195^ Pp

29 whereas fixed costs may or may not be absorbed during the operating period. Some expenses are sem i-variable in nature. For example, one foreman may be s u ffic ie n t to supervise the work of a department up to a c e rta in level of production; whereas a second foreman may be added at some s p e c ific in te rv a l. However, the increase or decrease in th is kind o f expense is not in d ire c t proportion to volume. In examining the k8 cost factors 1 which make up the overhead expense category, i t should be recognized that such groups as production planning, purchasing and receiving, standards, inspection, shop c le rk s, e tc., are sem i-variable. A portion of th e ir costs must be considered setup costs. The basis fo r th is is due to the purchas ing p o licy where the frequency of reorder is closely tied to the fr e quency o f production runs. S im ila r arguments can be made fo r the other factors lis te d. Whether these costs are placed in the Cs category or the C] category w ill make a d iffe re n ce in the solution generated by the economical order q u an tity formula. I f these costs are placed in the Cs category, the s ize of the economical order quan t i t y w ill increase. The standard cost method treats these costs as a percentage o f d ire c t labor in the Cl portion of the economical order q u an tity of the formula. Increasing the C] fa c to r decreases the economical order quantity s ize. The C] fa c to r in the formula ^Factors established by C lark Equipment Company in th e ir partic u la r v a ria tio n of a standard cost system.

30 23 represents the holding cost per u n it of goods fo r a unit of time. In the standard cost system, the holding costs (inventory costs) are represented by a percentage of d ire c t labor, m aterial and overhead. I t is suggested that the major problem outlined in th is chapte r is the exclusion of some relevant costs in the h is to ric a l accounting d e fin itio n o f setup costs and inventory carrying costs. The next chapter w ill fu rth e r examine methods fo r measuring overhead cost factors and w ill analyze discrepancies between the method used in the standard cost system and these other methods to be recommended. The standard cost method w ill be referred to as h is to ric a l and the proposed methods w ill y ie ld the th eo retical data required fo r improved economical order quantity formula a p p licatio n.

31 DISCREPANCIES BETWEEN HISTORICAL AND THEORETICAL ACCOUNTING DATA The previous chapter examined the standard cost method as an h is to ric a l accounting p ra c tic e. I t is also noted that standard cost is one of the few accounting methods acceptable to the federal government fo r inventory evaluation. W ill the standard cost method provide the th e o re tica l accounting data required fo r economical o r der quantity application? As the th e o re tic a l accounting data requirements fo r economical order quantity are analyzed, i t may be necessary to not only mainta in the standard cost system, but to provide supplementary cost data. F o rty-eig h t major cost factors were isolated in the In d u strial Truck D ivision of Clark Equipment Company. These fo rty -e ig h t cost factors are: A. Setup, inspection, tab u latin g (in p a r t), shop clerks. B. Labor, m a te ria l. C. Physical inventory. D. Foremen, vacation and holiday, downtime, union a c tiv ity, employee's w elfare, workmen's compensation, social s ec u rity. E. Freig h t. F. Rework and re p a ir, d e fe ctiv e and spoilage, scrap and recovery, warranty. G. Supplies, power, d epreciation, heat, others, m is c e llaneous, taxes, repairs and maintenance, plant p rotection. 2k with permission of the copyright owner. Further reproduction prohibited without permission.

32 25 H. Die, j i g and fix tu r e. I. Development costs. J. Engineering, tool design. K. In te rp la n t tran sp o rtatio n. L. M aterials sto rin g, inplant transportation garage, supplies s to ring. M. Timekeeping. N. Personnel 0. Production planning. P. Purchasing, receiving. Q.. Tabulating (rem ainder). R. Cost accounting. S. M e tta llu rg y T. Cost estim ating. U. Standards. V. Plant adm inistration W. Shipping. In the present accounting system, no d is tin c tio n is made between fixed and v a ria b le overhead costs and setup costs. A ll these costs are treated as a percentage of d ire c t labor d o lla rs. C alculation of the K" inventory cost fa c to r fo r use in the economical order quantity formula is very d i f f i c u l t. The in i t i a l method suggested, the one c u rren tly in use by Clark Equipment Company may be one o f the least d esirab le. In the recommendations to fo llo w, a more accurate method w ill be o u tlin e d. A ll in-process inventories are presently accumulated in one account. This means

33 26 th a t there is no inventory segregation of purchased parts, in -p la n t manufactured parts-,, ass embl i es or sub-assemblies. Thus, based on a v a ila b le accounting inform ation,^ the accuracy of c alc u latin g the inventory cost fa c to r fo r in -p la n t manufactured parts is subject to considerable e rro r. Inventory fa c to r "K" $ Obsolescence 151, Inventory charges Allowances reported during the year Year in count 41, Design changes Valuation reduction D e te rio ra tio n Other (taxes) 63, Cost o f borrowing money (6% o f average inventory) 351, Total Inventory Costs $ 606, n _ Cost o f Carrying Inventory Per Year ~ Average Inventory Evaluation Therefore, "K" = $606,431.00/ $5,852, = approximately 10%. A ll of the items a ttrib u ta b le to the cost of carrying inventory are lis te d above under inventory fa c to r "K". The In d u strial Truck D ivision o f Clark Equipment Company accumulates a ll of these accounts into four basic accounts which are: Obsolescence, year in count, others (such as ta x e s ), and cost of borrowing money. The In d u s tria l Truck D ivision average inventory evaluation at _, General Ledger Accounts, In d u s trial Truck D iv is io n, C lark Equipment Company, B a ttle Creek, Michigan, 1962.

34 27 any time during the year was some $5, 852, o f which approximately $ 1, 200, represents parts manufactured in the p lan t. D ividing the inventory costs by the average inventory evaluation fo r the e n tire year gives an average "K" to apply in the formula. The inventory cost factor^ inventory applied to a ll p arts. is an average cost of carrying the This cost fa c to r averages together raw m aterials inventory, goods inventory costs. in-process inventory costs, and finished Because of the company's account accumulation techniques, i t is not now possible to break out these charges against individual part numbers fo r obsolescence, d e te rio ra tio n, and allowances reported during the year. At some fu tu re date w ith a change in the accounting system to a llo c a te these charges against s p e c ific part numbers, i t w ill be possible to apply a v a ria b le "K" fa c to r against individual part numbers when applying the economical order quantity theory. This in turn would give much b e tte r accuracy to the application of the E.O.Q. form ula. Although accounting records show the inventory cost fa c to r as being 10%, the corporation uses a fa c to r of 24%. Twenty-four percent is the most typical carrying cost fig u re used 2 by industry. I t is not known how individual companies derive th e ir carrying costs, C lark's method may be suggestive o f typical thinking. Wan DeMark, R.L., Now a ' Hidden Control fo r Hidden Costs'. R eprint from Purchasing News, February 1959, d is trib u te d by Van DeMark, P.O. Box 44, S t. C la ir, Michigan Pp ^ ib id.

35 28 As the E.O.Q.. theory is proven in manufacturing there w ill be a tendency on the part of accounting to make more and more d ire c t a l locations to s p e c ific part numbers which w ill a lle v ia te these averaging techniques from the E.O.Q.. formula a p p licatio n. One reason fo r wanting to increase the inventory cost fa c to r from 10% to 24% is a fa lla c y in thinking on the part of the representation of the inventory cost fa c to r. I t is f e l t that rather than u tiliz in g 6% as the cost of borrowing money, a fa c to r should be used which represents corporate p r o fit on sales d o llars as the fa c to r fo r the corporation. I t then can be seen that the d iffe re n ce between 10% and 24% is 14% additional increase in inventory cost fa c to r established by the corporation. By adding that 6% already allowed fo r borrowing money to the 14%, a p r o fit markup o f 20% has been added to the inventory cost fa c to r. The fa lla c y in using a p r o fit markup as part of the percentage in penalizing the cost o f carrying inventory is that simply turning the inventory into cash and devoting i t to business expansion is no assurance that the market w ill be there fo r the increased volume of manufacturing. In a c tu a lity, simply the employment of cap ita l to expand business means very l i t t l e unless the order rate can keep pace w ith production expansion. The corporation likew ise can usua lly borrow money fo r expansion at 6%. There is no reason to penalize the average inventory cost fa c to r fo r the additional 14%. However, fo r the present we are using th is additional 14% in our economical order quantity form ulation because of the stated corporate

36 29 po1i cy. Areas o f C o n flic t Between H is to ric a l and Theoretical Requirements In the company's accounting system, no d is tin c tio n is made between fixed and v a ria b le overhead costs and setup costs. costs are treated as a percentage of d ire c t labor d o lla rs. A ll these As the analysis proceeds, overhead costs w ill be distinguished from setup costs. In order to develop measurements which w ill more accurately s a tis fy the th e o re tica l requirements of economical order quantity a p p lic a tio n, c ertain techniques must be employed fo r measuring cost fac to rs. The techniques employed fo r measuring the cost factors are: A. Time Study. 1. D ire c t labor hours. 2. Machine setup hours. B. Wage Rates. 1. D ire ct labor employees. 2. Overhead personnel. 3. A dm inistrative personnel. C. C alculating Fringe B enefits. 1. Insurance. 2. Social S ecurity. 3. Retirement. D. R atio-delay Studies. 1. M aterials handling costs. 2. Route sheet order cost. 3. Inspection. 4. Number o f operations per route sheet. E. Individual Part Number Cost Measurement By. I. B.M. Routine. 1. Setup. 2. M aterials handling. 3. Labor, m aterial and overhead.

37 F. Develop Formulas Based on R ep etitive Constants and V ariab le Data. 1. Routine sheet order cost. 2. Setup cost. 3. M aterials handling cost. k. Inspection. 5. Labor, m aterial and overhead. G. Systems Paperwork Flow Analysis to Prorate Costs of Overhead. 1. Cost accounting. 2. Purchase order cost. 3. Receiving inspection ro u tine. 4. Order processing. H. Cost Accounting Prorated Figures fo r Some Overhead Expenses. 1. Annual report of overhead cost allocated against d ire c t labor- 2. Periodic adjustments. I. Model Simulation to S im p lify Complex In ter- Relationships. 1. Inventory cost fa c to r "K". 2. Economical order quantity form ula. 3. M aterials handling costs. J. Pragmatic Solutions Recommending Continued Analys is. 1. Overhead accounts. 2. Recommendations fo r other uses of conclusions set fo rth in th is paper. Hypothes i s I t is hypothesized th at a comparison of results obtained fo r economical order quantity using h is to ric a l accounting data, with the results from use of the new accounting data w ill show a s ig n ificant d iffe re n c e. The newly calculated facto rs w ill y ie ld : 1. D ifference in economical order q u a n titie s. 2. D ifference in numbers o f orders to be run per year.

38 3. D iffe re n t to ta l inventory cost per year. In the next chapter, a calcu lation of economical order quantity w ill be made fo r a manufactured part using present accounting data. Calculations fo r proposed new accounting data w ill be presented and the new data w ill be used in the economical order formula: The comparison of the two results w ill provide the te s t of the hypothesis.

39 RESEARCH PROCEDURES An economical order quantity w ill be calculated fo r a p a rtic u la r p art using the present standard cost data. The to ta l cost per year w ill be calculated using standard cost data. New cost data w ill then be generated and the economical order quantity and to tal annual cost w ill be recalculated. The results from the present and proposed data w ill be compared. Calculation of Current Economical Order Quantity The follow ing calculations are used to determine the economical order q u an tity according to the formula (page 12), using standard cost accounting data^ fo r part number : A. M aterial cost per piece 9t x 1.28 lbs. $ B. Overhead rate^ 59*+% C. Standard labor cost D. Cl, inventory cost fa c to r x u n it cost E. Inventory cost factors/month 2% F. U nit cost**, A + (CxB) + C 0.36 ^Clark Equipment Company (in d u s tria l Truck D iv is io n ), "Standard Cost C alcu latio n s." J... B. M. P rin t- out of ^Calculated as a % o f d ire c t labor. ^See page (27) o f th is thesis fo r d e riv a tio n. ^Matz, Adolph, Curry, Othel J., Frank, George W. Cost Accountinq. New Rochelle, New York: South-Western Publishing Company 195^ Pp

40 G. Setup cost, Cs ( $ 3.00/h r. H. R, Monthly usage I. T, time period $ units 1 month The setup hours, number o f operations, d ire c t labor cost, e tc., are given on the route sheet and tool sheet.^ qo 2 R CS T Cl 2 x 50 x 6 = 285 pieces I.0072 Number of Runs per Year R x 12 qo 50 x = 2.11 Number of Months Supply 12 months = No.of runs 5.6 Total Yearly Cost NO. RUNS (Set up + u n it cost + inventory cost) Where Inventory = Cost ^ Inventory Cost Factor x No. of Months Supply x u n it cost Inventory Cost = 2% x (5.6 /2 ) x 285 pcs. x $0.36 = $ 5-75 Total Yearly Cost = 2.11 ($6 setup pcs. x $ $5-75) = $240 See Append ix I I. ^Churchman, West C., Ackoff, Russell L., and A rn o ff, Leonard E., Introduction to Operations Research. New York: John W iley and Sons, In c., 1961 P. 203.

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