What are the responsibilities and job description for the Inventory Cost Accountant position at Practical Applications?
Primary Functions / Responsibilities :
- Month-end closing duties, reconciliations, and analysis relating to inventory as well as the income statement down to the gross margin level, including standard cost of sales, variances, scrap, reserves and inventory cycle count adjustments.
- Reconcile perpetual inventory accounts to the G / L monthly.
- Thorough understanding of Bill of Materials / routings and other supporting documents and their impacts on manufacturing costs
- Responsible for maintaining material cost standards, labor rates, and manufacturing overhead and keeping information updated in ERP system.
- Review cycle count adjustments with operations to understand the cause and propose corrective action to avoid repeat variances.
- Prepare and monitor monthly the Inventory Obsolescence Reserve and work with Operations and Program Managers to charge back customers where appropriate to eliminate excess.
- Organize, coordinate and implement the annual Physical Inventory with Operations and the Company's outside Financial Auditors as well as participate in the annual external audit with the Auditors.
- Ability to analyze, interpret, and communicate information effectively to all levels of the organization.
- Work closely with Continuous Improvement personnel to ensure all proposed changes to inventory items and BOMs are vetted and the financial impacts are understood and agreed to prior to implementation.
- Proactive analysis of variances and communication of issues and opportunities to management
- Responsible for monitoring standard costs and working closely with Supply Chain and Operations to implement necessary cost rolls
- Backup responsibilities within the finance department for vacation / other absence coverage.
Education / Qualifications
