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Cost Accountant I

Category: Accounting/Finance
Position Type: Regular Full-Time

Position Summary

The Cost Accountant I will be responsible for compiling production and inventory information, recording accruals, preparing intercompany invoicing to support the month end closing process in compliance with published procedures, checklists, and calendars. This role also includes compiling preliminary and final month end cost reports and performing analysis on key balances. The Cost Accountant I will participate in the annual budgeting and standard setting process including compiling key information around material cost, standardized rates, pay structures, or spending patterns. This position will also participate in the annual physical inventory. This position requires coordination with general accounting, plant personnel, engineering, purchasing, payroll, and manufacturing.

Specific Responsibilities

Compile and record financial information related to manufacturing and distribution operations for month end closing complying with documented procedures, checklist, and calendars

Compile and publish accurate cost reports to management both preliminary and final in compliance with established calendar

Compile key cost information to support product costing and/or inventory valuation

Maintain monthly reconciliation reporting information from foreign locations or reconciliation of key accounts in US locations

Compile information to support the annual budget process to establish product cost (conversion costs, material costs, transportation rates, duty rates, turnkey rates, distribution costs, corporate overhead rates)

Analyze closing results and reconcile key balances as directed

Maintain key product cost information (bill of materials, standard allowed minutes) in the Cost system

Participate in Physical Inventory

Assist in special projects or requested cost analysis

The general responsibilities of the position and the time commitment may vary slightly based on requirements of each departmental area outlined below.

Plant Accounting-The focus of this area is the manufacturing operations. This time commitment is more intensive on closing, reporting, quarterly reviews, and budgeting. Product costing will be primarily a byproduct of the budgeting process and will not be as intensive for this group. Inventory accounting will also be less intensive for this group other than participating in the annual physical inventory and monthly reconciliations.
Turnkey, Distribution & Service Company-The focus of this area is accounting for turnkey production, distribution accounting and accounting for the US service companies. The time commitment is more intensive in closing, reporting, and analyzing purchase price variances, and balancing in-transit shipments. Product costing is a byproduct of building up turnkey cost and the budgeting for the service company departments and establishing service company overhead rates.
Inventory Control- The focus in this area is accounting and reporting for movements between facilities, valuing finished goods, recording cost of goods sold, reconciling the general ledger to perpetual inventory reports, balancing in-transit reporting, and reviewing raw material price variances. The time commitment is more intensive on closing, reporting, revaluation, and physical inventory as this group administrates the physical inventory for the US supply chain.
Product Cost-The focus of this area is developing and maintaining standard and current product cost, reviewing the engineered rates for key operations, research missing cost information, processing new style requests, performing updates to existing styles and, reviewing key cost elements for reasonableness. The position supports closing, reporting, and budgeting through ensuring standards available for production costing and inventory valuation.