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TOPIC 2

MATERIAL

LECTURE / TUTORIAL • Definition and classification of materials.

COVERAGE • Materials Purchasing procedure.
• Material/Store Control System:

i. i. EOQ - Economic Order Quantity.

ii. Calculation of EOQ using formula, graphical
iii. and tabulation method.

ii. Stock Levels: Maximum SL , Minimum SL,

Average SL , Re-order Level

iii. Stock-taking – Perpetual Stock Taking and

Continuous stock taking
Pricing the issues of materials (FIFO,
LIFO and Weighted Average)
Able to:
• Understand the materials purchasing
procedure
• calculate stock levels and economic order
quantity
• Prepare store ledger card using FIFO, LIFO
and Weighted Average Method

2.1 DEFINITION AND CLASSIFICATION OF MATERIALS

Materials are supplies purchased from outside sources, used to produce products for
sale. Examples are flour used in making bread, wood used in making furniture. Material
can be classified into direct and indirect material.

Table 2.1: Explanation on classification of materials

Classification Description
Direct material consists of all materials that can be identified with a specific
product. They are the raw materials that become part of the
product.

For example, bricks, shingles, and bath tubs would be the

direct materials when building a house.

Paper would be a direct material when making grocery bags.

Indirect material All materials that cannot be identified with any one specific
product, because they are used for the benefit of all products
rather that for any one specific product. Indirect material is part
of manufacturing overhead.

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Indirect materials also include other materials used in the

production process such as oil for machines, welding rods for
repairs, sand paper for making tables, and any other small
miscellaneous materials.

2.2 EFFICIENT MATERIAL CONTROL SYSTEM

a. Materials constitute a large part of the total cost of a product and a large sum of
money are invested in materials, therefore need to be properly controlled.

b. There should be proper coordination and cooperation among departments involved

in purchasing, receiving and inspection, storage and sales, production and
accounting of materials.

c. The following are how materials should be controlled:

i. Purchases of materials should be centralised at the purchasing department

ii. There should be proper scheduling of materials: when to buy, how much to buy,
where to buy
iii. A good method of classification of materials should be followed
iv. There should be proper inspection of materials when they are received by the
receiving department.

Table 2.2 below shows the positive effects from efficient material control systems:

Table 2.2: Effects from efficient material control system

Effects Explanation
1 Availability of There availability of all types of materials in the factory are
materials ensured so that the production may not held up for the want of
materials.

2 No excessive There would be not be excessive investment in materials.

investment in Overstocking / understocking must be avoided. Investment
materials must not tied-up funds that could be better used in other
activities.

3 Materials can be While purchasing it is seen that it is purchased at low prices.

purchased at But quality should not be sacrificed at the cost of lower price.
reasonable price Choose suppliers that offer an appropriate balance between
quality, price and delivery

4 Minimum There should be minimum possible wastage of materials while

wastage of these are being stored in warehouse or used in factory. It
materials should be allowed up to certain level known as normal
wastage.

5 No risk of In order to avoid spoilage or obsolescence , maximum quantity

spoilage or of each material is determined and proper method of issue of
obsolescence materials is followed.

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6 Avoid Material can easily be misappropriated by employees.

misappropriation Therefore, this requires an internal check on materials which
of material is a part of material control.

7 Pay right Invoices received from supplies should be approved for

amount of payment only if items of materials ordered have been received
payment to and properly checked to avoid excess payment to supplies.
suppliers

The effects in Table 2.2 would give the management of a company a greater opportunity
for increased profits by reducing material costs.

2.3 MATERIALS PURCHASING PROCEDURE

a. Purchasing procedure varies with different business forms, but all of them follow a
general pattern in the purchase and receipt of materials and payment of
obligations.

b. The important steps in purchasing and receiving procedure are as follows , shown
in Figure 2.1

Figure 2.1 : Purchasing and receiving procedures of Materials

Store
Making department
payments to send Purchase
supplier requisition
note

Account
Purchase
department
order is sent
process the
to supplier
invoices

Receiving
materials at
the receiving
department

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c. The procedures for ordering and purchasing of materials are as follows:

i. The department that requires the materials (normally the store) will send
the purchase requisition notes to purchasing department, requesting the
purchasing department to purchase the materials.

ii. The purchasing department then (after selecting the best supplier) place
the order and send the purchase order to supplier. 1 copy each of the
purchase order is sent to account department and the receiving
department.

iii. The supplier will deliver the materials together with delivery note and
invoice.

iv. When the materials are delivered, the receiving department will make
inspection to confirm the materials delivered are consistent with the
information stated in the purchase order. If the materials delivered are
correct, then the materials will be sent to store. The receiving department
will prepare the good received notes, sending a copy of it to purchasing
department

v. The account department then will make payment to the supplier

d. Documents used upon purchasing procedures are described in Table 2.3 below:

Table 2.3: Documents used in Purchasing of materials

Steps Documents Explanation

1 Purchase • A document used as a formal request to the
Requisition Note purchasing department to order goods or
services.
• A purchase requisition note is prepared by the
storekeepers for regular stores items which are
below or approaching the minimum level of
stock or to replace stock of materials and parts
in stores.
• A typical purchase requisition note contains
details, such as number, data, department,
quantity description, specification, signature of
the person initiating the requisition, and
signature of one or more officers approving the
purchase. (refer to Figure 2.2)
• Copies of the purchase requisition notes are
sent to the purchasing department and
accounting department.
2 Purchase order • A document sent by the purchasing department
to the supplier to place the orders of materials.
• The purchase order is formal contract for the
supply of materials.
• The order should clearly state the materials
required and the price and provide information,
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such as delivery period and the department for

whom the materials are purchased (refer to
Figure 2.3)
3 Goods received • A document prepared by the receiving
notes department that performs the function of
unloading and unpacking materials which are
received by an organisation.
• In this task, the receiving department does many
activities, such as counting materials received,
making physical inspection of goods received,
comparing goods received with the description
on the purchase order, making a record of goods
received, notifying the purchasing department of
discrepancies discovered and damage in transit.
• Both the condition and quality of the materials
may need checking and for materials or parts
with a high degree of accuracy and performance,
a formal inspection may be necessary.
• The example of receiving report (goods received
note) is shown by Figure 2.4.

4 Approved invoices • An invoice is a document by the supplier/seller

to a buyer, relating to a sale transaction and
indicating the products, quantities, and agreed
prices for products or services the seller had
provided the buyer.
• Payment terms are usually stated on the invoice.
These may specify that the buyer has a
maximum number of days in which to pay and is
sometimes offered a discount if paid before the
due date.
• An example of an invoice is shown by Figure 2.5.
5 Documents for • Documents used to make payment is either
payment cheque or cash.
• But nowadays, companies may use internet
banking to pay their bills.

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Figure 2.2 – Purchase Requisition Note

Figure 2.3 : Purchase Order Form

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Figure 2.4 : Goods Received Note

Figure 2.5 : Sample of An Invoice

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2.4 STORE CONTROL SYSTEM

a. The store control begins from the moment materials are received by the
storekeeper. An efficient storekeeping is essential to ensure :

i. That too much stock is not held as this would mean too much capital is tied
up unnecessarily and increased costs of storage
ii. That too litle stock is not held as this will result in production holds-up due to
insufficient stock
iii. That materials can be protected against pilferage or deterioration as this may
result in lossess
iv. That materials can be received and issued speedily so that production is not
held up
v. That the materials can be located speedily. This in turn requires proper
planning of the layout so that no delays to production could arise
vi. That materials can be identified speedily. This in turn requires the materials
to be classified and coded properly so that wrong materials are not sent to
production.

b. There are a number of methods used for the purpose of maintaining stores control.
But, the focus of our syllabus is only on 3 methods : EOQ, Stock level and Stock
Taking & Pricing of materials.

2.4.1 ECONOMIC ORDER QUANTITY (EOQ)

a. EOQ is the acronym for economic order quantity. The economic order
quantity is the optimum quantity of goods to be purchased at one time in
order to minimize the annual total costs of ordering and carrying or holding
items in inventory. EOQ is also referred to as the optimum lot size to be
ordered.

Table 2.4 : Ordering Cost Vs Carrying Cost

Costs Description
Costs of ordering of • Ordering costs are the expenses incurred to
inventory : create and process an order to a supplier
• Ordering costs are the costs related to the
Acronym Used : “O” preparation of a supplier’s order, including the
cost of placing an order, inspection costs,
documentation costs, and others.

Costs of carrying or • are the costs a business pays for

holding of inventory : holding/keeping inventory in stock.
• Examples: taxes, insurance, employee costs,
Acronym used : “C” depreciation, the cost of keeping items in
storage, the cost of replacing perishable items.
• Carrying costs are regularly referred to as a
percentage of the business’ inventory value.

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b. Economic order quantity (EOQ) is an equation for inventory that

determines the ideal order quantity a company should purchase for its
inventory given a set cost of production, demand rate and other variables.

c. In inventory management, economic order quantity (EOQ) is the order

quantity that minimizes the total holding costs and ordering costs. It is one of
the oldest classical production scheduling models

d. EOQ is one of the most prominent models used widely for effective inventory
management. EOQ calculates the ordering quantity of inventory using inputs
of carrying cost, ordering cost, annual usage of the said inventory.

e. There are 3 methods to find EOQ, as shown in Figure 2.6 below:

.Figure 2.6: Methods to find EOQ

EOQ can be
determined by
using

Formula Tabulation
Graphically (equation method
model)

i) Use of Graph to determine EOQ

Graph 2.1 : Graphically determination of EOQ

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— Under this method, the carrying cost, ordering cost and total cost are shown on
graph.
— It is based on the principle that the total carrying cost increases as the order
size increases.
— However, the ordering cost decreases if the order size increases. T
— the point at which the ordering cost and carrying cost intersects each other, total
cost is minimum.

ii. Using formula – EOQ Model

• The formula is :

√2 𝐷 𝑂
𝐸𝑂𝑄 =
C
Where:
D= total demand for the material during a given period or the annual
quantity used (annual consumption)
O= costs of placing and receiving orders (ordering costs)
C= the annual cost of carrying (holding) one unit of material

• Underlying assumptions in an Economic Order Quantity model are:

Ø That there is a known, constant stockholding cost

Ø That there is a known, constant ordering cost,
Ø That rates of demand are known,
Ø That there is a known constant price per unit
Ø That replenishment is made instantaneously, ie the whole batch is
delivered at once.
Ø That costs to be used in EOQ calculations must be marginal costs. Fixed
costs are excluded.

Comprehensive Illustration 1:

Berjaya Cetak Sdn Bhd prints Sunday Times newspaper. The company consumes
36,000 litres of ink every month. The cost of storing the ink is RM3 per litre per
annum. The ordering cost is RM120 per order

Required:

i. Calculate the company's Economic Order Quantity using equation method.

(2 marks)

ii. Calculate total cost (ordering and storage) for the ink.
(3 marks)

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Your answer:

i D
O
C
EOQ

ii. Total cost of EOQ

iii) Use Tabulation method

• This method is normally used when by increase in the quantity of purchases,

there is change in the price also.
• In this method carrying cost is calculated on average i.e. 1/2 of quantity
purchased.
• The least of ordering cost and carrying cost taken together will be the EOQ.
The table in Figure 2.7 can be used to determine the EOQ.

Figure 2.7 : Tabulation method of EOQ

No of orders (N)

Order size (Q)

Average stock (Q/2)

Carrying cost (TCC) (Cx Q/2)

Ordering cost (TOC) (OxN)

Total costs (TCC + TOC)

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Comprehensive Illustration 2:

Ummuqri Bhd, a local company manufactures a product called Jinny. Each unit of
Jinny requires two kilograms of material Alpha. The demand for product Jinny is
3,000 units per month. The company buys the material Alpha from a supplier at a
purchase price of RM30 per kilogram. The ordering cost of material Alpha is RM25
per order. The material then is kept in the store with the total storage cost of RM1
per kilogram (inclusive breakage cost of RM0.30 per kilogram).

Required:

i. Determine the demand per annum of material Alpha.

ii. Tabulate a table for number of orders of 30, 40, and 50.
iii. Based on your answer in (ii), determine the Economic Order Quantity (EOQ)
of material Alpha.
(10 marks)

Your answer:

i D

ii. O

EOQ TABLE
1 Number of order (N) in times

2 Quantity ordered (Q) - units

3 Average quantity (Q/2) - units

4 TOC

5 TCC

6 Total cost

iii EOQ is _____________units when the total cost is at the lowest/cheapest at

RM _________

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2.4.2 STOCK LEVELS

• One of the purposes of stores control is to ensure that there is no risk of

overstocking or understocking.
• To avoid such situations, organizations employ a system of stock levels to
determine the reorder level and the maximum or minimum quantity to store
• Figure 2.8 below is the graphic illustration of stock levels model.

Figure 2.8 : Stock levels model

• How much a storekeeper will request will depend on the above three levels.
Let us look at each of the stock levels.

Table 2.5: Explanation of stock levels

Stock levels Explanation
Formula : ROL = Maximum consumption/usage X
Maximum Reorder Period (ROP)
Reorder Level This is the level between the maximum and minimum stock
(ROL) levels. At this level a request for new supplies will be made.
The level is fixed after considering:

a) The rate of consumption

b) The time required to obtain new supplies
c) The maximum level of material

Minimum Stock Formula : ROL – (Normal/average consumption X

level (MinSL) also Normal/average ROP)
known as Buffer This is the lowest quantity to which the stocks should fall. It
Stock is fixed after considering:

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a) The rate of consumption

b) The time required to obtain new supplies
c) The normal or average consumption of material

Maximum Stock Formula : ROL – (Minimum consumption x Minimum

level (MaxSL ROP) + EOQ/ROQ
This is the maximum quantity of material should ever be held.
It is fixed after considering:

a) The rate of consumption

b) The time required to obtain new supplies
c) The economic order quantity (EOQ)
d) The risks of loss, deterioration adn obsolescence
e) The storage space

The EOQ will be the amount of inventory which will be

ordered when the stock falls to the ROL.

The Reorder Quantity (ROQ) can also be used if insufficient

information to determine the EOQ.

Average stock Formula :

level (Maximum stock level + Minimum Stock Level) / 2

The average of Max SL and MinS L

Comprehensive Illustration 3 (taken from Final Examination ACC116 Mac

2016)

Puspa llham Sdn Bhd manufactures 20,000 units of knitted table cloth annually.
Each unit of the knitted table cloth requires 3 meters of polyester fabric. The
company’s costing officer records that the purchase price of the fabric is RM25.00
per meter. The company has to incur RM60 ordering cost per order and its
stockholding cost per meter is 20% of the purchase price.

The production of knitted table cloth is between 200 to 300 units per week and the
order will take place at a minimum of 2 weeks and maximum of 4 weeks.

Required: Calculate for the polyester fabric:

a) Economic Order Quantity using the formula method

b) Reorder level point.
c) Maximum stock level.
d) Minimum stock level.
(10 marks)

Answer:

D = 20,000 units x 3 m = 60,000 m polyester fabric

O = RM60
C = 20% x RM25 = RM5
Max Usage = 300 units x 3 m = 900 m Max ROP = 4 weeks

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Min usage = 200 units x 3 m = 600 m Min ROP = 2 weeks

Average usage = (900+600)/ 2 = 750 m Average ROP = (4 + 2)/2 = 3 w

a EOQ

2DO 2 X 60,000 X RM60

C RM5

= 1,200 meters

b ROL = Max U x Max ROP

= 900m x4 w
= 3,600 m

c Max stock level = ROL – (min U x Min ROP) + EOQ

= 3600 – (600 x 2w) + 1200
= 3,600 m

d Min stock level = ROL – (Ave U x Av ROP)

= 3600 m – (750 m x 3w)
= 1,350 m

2.4.3 STOCK TAKING AND PRICING & ISSUES OF MATERIALS

• Stock taking – it is necessary to know the level of every line of stock at any
time after every receipts and issue of materials.
• There are 2 methods of stock taking; perpetual inventory system and
continuous inventory system.

Figure 2.9 – Stock taking procedure

Stock taking

Perpetual Periodic
inventory system Inventory system

• Perpetual inventory system is a method of recording stock balances on the

perpetual inventory records after every receipt and issue of materials. This
system ensures that day to day stock movements are controlled. This
method is to help material control.

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• Periodic inventory system is a method where no detailed record of

inventory is being maintained during the year. An actual physical count of
materials remain on hand is required at the end of each period.

• The stcok levels ascertained by perpetual inventory system must agree with
the stock balances ascertained by a physical stock checks. Periodic or
continuous inventory system is to confirm that perpetual inventory
system is working efficiently.

• The person responsible to record the stock movements in store is a

storekeeper. There are some types of documents kept to record the stock
movements. When the storekeeper receives the materials, he enters the
materials received into the bin or on the shelf.

• The material received is recorded on a bin card (Figure 2.10), which is

attached to the bin or shelf. Entries are also made in the bin card when
materials are issued from store. Therefore, all physical movement of
materials are recorded in the bin card.

Figure 2.10 -Bin Card

• A more detailed record of each item of material is kept on a stock record card
or stores recod card (Figure 2.11) by the storekeeper. Some organizations
do not maintain the bin card as it is duplicating the function of stores record
card.

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Figure 2.11 – Stock record card or Stores record card

• Another document is the material requisition note .This note is prepared

by the departments requiring the material. This note must be presented to
the storekeeper for a proper authorization of materials requested. If the
materials are available in store, the storekeeper will release the materials to
the departments requested and make necessary entries in the bin card or
stock record card.

• Any return of material to the store is documented by means of the material

return note .The details of the material return note is entered in the bin card
or stock record card.

• As for the purpose of costing the materials, the cost accounting department
keeps the store ledger card or stores ledger account (Figure 2.12). The
information found in the bin card or stock record cards are also be found in
the store ledger card or stores ledger account. The stores ledger
card/account records material in quantity and money terms.

Figure 2.12 – Stores Ledger Card/ Account

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• The differences between store ledger card and bin card are shown in Table
2.6 below:

Table 2.6 :Differences between Bin Card and Store Ledger Card
Bin Card Store ledger card
A record of quantities only A record of both quantities and
values (RM)
Maintained by storekeeper Maintained by costing department
Normally posted just before the Always posted after the
transactions take place transactions take place
Each transaction is individually Transactions maybe summarized
posted and posted periodically
Usually kept inside the store Kept outside the stores

• Method to calculate value of inventory are FIFO, LIFO and Weighted

Average Price Method. Table 2.7 explains each method of inventory
valuation.

Table 2.6 : Explanation inventory valuation method

Method Explanation
FIFO First-In, First-Out (FIFO) is one of the methods commonly used
to calculate the value of inventory on hand at the end of an
accounting period and the cost of goods sold during the period.

This method assumes that inventory purchased or

manufactured first is sold first and newer inventory remains
unsold.

LIFO Last-In, First-Out is one of the common techniques used in the

valuation of inventory on hand at the end of a period and the
cost of goods sold during the period.

LIFO assumes that goods which made their way to inventory

(after purchase, manufacture etc.) later are sold first and those
which are manufactured or acquired early are sold last.

Thus LIFO assigns the cost of newer inventory to cost of goods

sold and cost of older inventory to ending inventory account.
This method is exactly opposite to first-in, first-out method.

WEIGHTED
AVERAGE Weighted Average cost method (WAVCO) calculates the cost
of ending inventory and cost of goods sold for a period on the
basis of weighted average cost per unit of inventory.
Weighted average cost per unit is calculated using the
following formula:

Weighted Average Total Cost of Inventory

=
Unit Cost Total Units in Inventory

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Comprehensive Illustration 4 : FIFO method - : Exam Oct 2015

Firdaus Enterprise manufactures nano-oil products. Virgin coconut oil is one of the main
ingredients in making the products. Due to small storage space, the company practices First-
ln First-Out in managing their stock movement. The following were the transactions which
took place in the month of March 2015.

On 1 March 2015, there were 2,500 litres of coconut oil left in the store. First 1,500 litres were
purchased in January 2015 for RM15,000. The remaining balance was purchased in March
2015 for RM12,000.

MAC 2015 Transactions

3 Sent 2,400 litres to production department
7 Bought 3,100 litres at RM15.20 per litre from Amos Sdn Bhd
9 Sent 1,850 litres to production department
14 Bought 2,000 litres at RM16.20 per litre (after net of 10% discount).
17 Sent 2,750 litres to production department
19 Returned 500 litres on material issued purchased on 14 March 2015
to supplier
22 Bought 3,250 litres at RM18.20 per litre from Neptune Sdn Bhd
25 Sent 2,900 litres to production department.

The physical stock-taking identified 430 litres left in the store on 28 March 2015.

Required: Prepare the store ledger card for the month of March 2015 by showing the
closing stock value.
(14 marks)

Your answer:

Store Ledger Card for the ______________

Date Purchases Issues Balances
Qty Cost / Total Qty Cost / Total Qty Cost / Total
unit value unit value unit value
Units RM RM Units RM RM Units RM RM

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Comprehensive Illustration 5 : LIFO method - : Exam Mac 2017

Digital Chaos Sdn Bhd produces a variety of gaming tools. One of the components used is a
microchip which is imported from the United States. The company keeps its inventory based
on LIFO (Last-In-First-Out) method.

Their record discloses that 3,500 units were in the store at the beginning of the current period
in December 2016, which comprises of 1,300 units priced at RM12.00 purchased in November
2016, 700 units priced at RM10.00 purchased in October 2016 and the remaining priced at
RM8.00 purchased in September 2016.

The following transactions took place in December 2016:

2 Issued 2,800 units to the production department.

5 Purchased 1,900 units at RM12.00 per unit.
8 Issued 1,400 units to the production department.
13 Purchased 4,200 units at RM11.00 per unit. The price stated was after
the 15% trade discount given by the supplier.
16 Purchased 1,500 units at RM13.00 per unit.
19 Issued 1,800 units to the production department.
24 Issued 1,400 units to the production department.
27 Returned to the supplier 2, 00 units purchased on 13th December 2016.
30 Issued 20 units to the production department.

The physical stock count conducted on 31 December 2016 showed that there was a balance
of 1,250 units of microchips.

Required: Prepare a store ledger card for December 2016.

(12 marks)

Your answer

Store Ledger Card for the ______________

Date Purchases Issues Balances
Qty Cost / Total Qty Cost / Total Qty Cost / Total
unit value unit value unit value
Units RM RM Units RM RM Units RM RM

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Comprehensive illustration 6 – Weighted average method - Common-test Feb 2016

Al-Ihsan Sdn.Bhd. manufactures a single product called Choki-Choki. The cocoa powder is the
main ingredient used in making Choki-Choki.

Opening stock for July 2015 of the cocoa powder was 1,000 kg where 800 kg was purchased
on 27 June 2015 at RM2.30 per kg and 200 kg at 2.50 per kg on 30 June 2015. The purchases
and issues of cocoa powder for the month were as follows :

July 2015
3 Purchased 1,000 kg at RM3.10/kg
6 Purchased 2,000 kg at RM3.00/kg
9 Issued 2,500 kg at RM8/kg
12 Purchased 3,000 kg at RM3.20/kg
17 Return to store supplier 200 kg the material purchased on 12 July 2015
20 Issued 2,000 kg at RM9/kg
28 Issued 1,800 800 kg at RM10/kg

The physical stock taking as at 31 July 2015 found 400 kg of cocoa powder in store.

Required : Prepare a store ledger card for July 2015, using the weighted average
price method. Show your calculation at two decimal places.
(10 marks)

Your answer

Store Ledger Card for the ______________

Date Purchases Issues Balances
Qty Cost / Total Qty Cost / Total Qty Cost / Total
unit value unit value unit value
Units RM RM Units RM RM Units RM RM

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POINTS TO PONDER:

Regardless of the methods used, FIFO, LIFO or Weighted Average Price Method, the
closing inventory units will be the same but NOT the value.

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TEMPLATE STORE LEDGER CARD

Store Ledger Card for the ______________

Date Purchases Issues Balances
Qty Cost / Total Qty Cost / Total Qty Cost / Total
unit value unit value unit value
Units RM RM Units RM RM Units RM RM

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