PHOTOCHEMICAL
Introduction
There are various ways for determining of the value of ones inventory. The commonly used type by small businesses is average cost or weighted average cost of identical units. Using the total actual cost of all similar items available for sale divided by the number of units available for sale would result in a weighted average cost per unit times the number of units which are not sold gives you the value of your inventory.
First-In, First-Out costing (FIFO) has the assumption that the goods purchased first are the first goods to be sold and therefore the goods purchased last are the ones that remain in the inventory. Last-In, First-Out (LIFO) has the assumption that the goods purchased recently will be sold first leaving the older ones in the inventory. Specific identification costing requires that each item sold or remaining in inventory is separately identified in respect to the cost it was purchased at. In the choice of the costing method one should consider the most practical issues of how the valuation can be accurately accomplished. (Horngren, et al 658)
Project team and its leader
This will be an individual project and I will work on it personally. I will however involve my colleagues whom we are in the same profession for assistance when necessary. Of importance to the research proposal will be my college professor who will give the technical assistance I will need in carrying out all the necessary processes in the project. I will collaborate with the companies dealing with photochemical emissions for they will be useful in giving me the necessary data and information that will be of great use in my project.
Project partners
The partners in my research will be basically all the corporations who can benefit from the outcome of the research proposal. I will collaborate with specific companies who work with photochemical reactions for the best output. Other useful groups will be the funding agencies who will offer me the finances to ensure that the research comes into fruition.
The college will also be part of the project for I will use its members for support academically as well as morally. The department dealing with photochemistry will be the main partner in the project for I will use its resources; lectures and facilities. They will also benefit from what I will come up with in my research.
Problem statement
The main issue to be solved in my research will be the use of inventory costing in the photochemical companies. Specifically I will look into the Allied photochemical Inc. that engages in the manufacture of UV curable electronic inks, paints and coatings. It also offers color UV coatings which include conduits, drum sticks, aluminum, strapping material, propane tank, brake automotive pulley, stabilization bar, cylinder, and machined metal and clear UV coatings which comprise of steel, concrete, ceramic tile, PVD plastics, and PVD metal among other photochemical products.
Due to its wide range of products we will do a research to identify the best inventory costing system which will suit its operations. This is because well set up and well managed financial system is the basis of any business. Without well organized financial systems and records and the ability to review your data in reports that are meaningful a company cannot perform its best. Therefore Allied Inc and the other companies for photochemical will benefit by knowing what best they can apply so as to attain the best business results. (Bloomberg business week, 96)
Project objectives
The main objective of this research is the identification of the correct means for evaluation of for the inventory systems for the photochemical industries. I chose to work on this project due to the increasing mismanagement in this industry which has resulted in the lack of knowledge. As a result they have been operating at low profits or worse they have been incurring social overheads which include intense environmental harm by pollution. The research will help the companies avoid the poor management as well as the reduction in the environmental pollution.
Project design
The project design will involve gathering, synthesizing and analysis of information with adequate objectivity and detail to support a program decision that will make maximum use of resources to achieve the results that are desired.
Methodology
The project methodology will involve five phases.
Phase 1: Assessment of the impact of poor financial records and poor inventory costing has caused the photochemical companies as well as the social overheads. This will be done by getting data from different sources.
Phase 2: Assessment of anticipation in the change of the financial systems by the company. This will be accomplished by engaging specific company in this case the Allied Photochemical Inc.
Phase 3: Assessment of the existing financial systems and the inventory costing procedures in the companies
Phase 4: Data collection from companies to get to how it operates
Phase 5: Data analysis to so as to come up with a conclusion about the inventory costing system that suits the company.
(Kumar, 83)
Schedule
The project is slated to take an approximate of three months. During this time all the necessary assessment will be conducted, data collected and analyzed, conclusions made and then a report will be crafted.
Estimated total cost
The project is estimated to cost an approximate of US$3,000. This will be divided so as to cater for needs of labor fees for personnel, travel expenses, communication, chargeable items, and stationery for the reporting of the findings. It will also be used for financing of any special assistance for the data analysis and reporting.
Funding requested
I have requested for assistance from the various lead agencies that are likely to benefit from my findings. The Allied Photochemical Inc. is among them since I will use it to conduct my research. They are the main beneficiary to the research and therefore they confirmed to be ready to fund a bit of my activities.
Project deliverables, payments and reporting
Since I will be conducting the research as an individual I will fund most of the activities. The assistance I will be getting from the other groups will be voluntary and I will not be repaying them backI will personally do the reporting of the findings after the research is over based on the results that will have been obtained from the data collected. I will give the conclusions as well as the recommendations that I will find right for the subject under consideration.
Reference
Bloomberg business week (2010) Allied photochemical Inc. USA
Horngren, C.T. et al (2007) Cost accounting: A managerial emphasis, USA: Prentice Hall
Kumar, R. (2005) Research methodology, 2nd Edition: Sage publications
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