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THE EFFECT OF PRODUCTION COST CONTROL IN A MANUFACTURING COMPANY
ABSTRACT
This study is designed to appraise the effect of production cost control in a manufacturing industry/company. The effect of cost control in a manufacturing industry is varied and highly challenging. They are concerned with future planning and direct the operation and decision making and other financial plans, processing financial information falls within their areas of competence. For effective cost control, the company should practice process costing methods in it’s true meanings. This means that cost should be ascertained along the production process for adequate and effective cost control mechanism, this will go along way in reducing the production cost.
TABLE OF CONTENTS
Title page
Approval page
Dedication
Acknowledgement
Abstract
Table of contents
CHAPTER ONE
Introduction
Background of the study
Statement of the problem
Objectives of the study
Research questions
Significance of the study
Scope of the study
Limitation of the study
Definition of term
CHAPTER TWO
Literature review
Introduction
Nature of cost accounting
What cost control means
The concept of cost control and cost minimization
Steps involved in cost control
The need for cost control strategies and techniques
Cost control / cost minimization techniques and strategies worth study
The nature and classification of cost
CHAPTER THREE
Research methodology and design
Introduction
Research design
Sources / methodology of data collection
Population and sample size
Sampling technique
Validity and reliability of measuring instrument
Method of data analysis
CHAPTER FOUR
Presentation and analysis of data
Introduction
Data presentation, classification and calculation
Analysis of data
Test of hypotheses
Interpretation of result
CHAPTER FIVE
Summary, conclusion and recommendations
Introduction
Summary and findings
Conclusion
Recommendations
References
Appendix
CHAPTER ONE
1.0 INTRODUCTION
Manufacturing is the transformation of raw materials into finished goods through the use of labour and the factory facilities. It is clear from this point of view that currently the prices of raw materials are exorbitant to the extent that manufacturing industries are in a serious profit squeeze. They are struggling to maintain satisfactory earnings in a situation that increases are becoming more difficult to obtain even atleast proportional degree of cost.
Manufacturing companies whether sole proprietorship, corporation among others must have an objective and the primary objective of these company is to maximize profits. It therefore follows that for a company or organization to make profit, it must have control over the cost of it’s production and services.
BACKGROUND OF THE STUDY
It is paramount that the feature of every organization is in the pursuit of a goal(s) and objective and this target exists in different dimension. So to maintain the level of earning or to increase earnings following this situations, companies have to take drastic measures to control, if not reduce costs do away with waste and increase productivity at al ebbs.
This research work is conducted to see in general the effect of cost in a manufacturing industry and also to verify the discriminate increase in the price of commodities produced by companies which have attracted the attention of many citizens, especially those who know the applications of the continuous rise in price (inflation) on nation’s economy in general. This rapid increase in price of manufactured goods can be attributed to the cost of production of goods and services and it is in light of this reason that the need for cost control rises.
This research work will therefore attempt to give a comprehensive account of the cost control in the field of manufacturing company with a particular emphasis on Longman furniture company Enugu.
In other words, the purpose of this study is to examine the various cost control measure being used in manufacturing company using Longman furniture company as a case study.
The consequence of these reasons is necessary because the industry/company involved in the manufacturing of many products faced with discriminate rise in price of their product which is attributed to the cost of production, when cost control is applied the product cost will be reduced.
1.2 STATEMENT OF THE PROBLEM
For sometimes, major discussions have been going on in government circles, among the members of the public and within private organizations about serious cost control. Some of these problem include:
The discriminate increase in the price of commodity by companies
Some manufacturing industries are in a serious profit squeeze, struggling to maintain satisfactory earnings.
The rapid increase in price of manufactured goods as a result of high cost of production of goods and services.
1.3 OBJECTIVE OF THE STUDY
The sole objectives of this study
To examine the cost control system in operation at Longman furniture company Enugu.
To evaluate them as to their effectiveness or otherwise
To find out all the inherent deficiency
To make recommendation for solving identified problems and possibly improved and undated any absolute techniques lines with recent trends.
To find out the effect of cost control in the price of a product, growth of the firm and operating expenses.
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