COST OF GOODS SOLD CHECKLIST



COST OF GOODS SOLD CHECKLIST

|[pic] Any anticipated inflation impact that would increase costs? |

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|[pic] Any differences in standard operating procedures (SOPs) for all elements affecting critical daily operations. |

|(Internal controls, record keeping, inventory control, separation of functions, money handling, customer/patron |

|complaints, etc.)? |

|• Easily accessed by entire staff? |

|• Reviewed and updated at least annually? |

|• Developed with staff input? |

|• Periodically reviewed by staff and documented? |

| |

|[pic] Do your purchasing/bidding processes provide for: |

|• Solicitation of price quotes from at least three sources for purchases over $5000? |

|• Assurance that purchases below $5000 are equivalent to fair market value? |

|• Taking advantage of AFNAFPO, NEX, government sources, contract and prime vendor processes? |

|• Taking advantage of the buying power in collective purchasing with your Region/like-business/Program area colleagues? |

|(e.g., golf, bowling, child care, youth, recreation equipment, etc.) |

| |

|[pic] Is a procedure in place that guarantees that you know your total cost before calculating and setting fees, prices |

|and charges? Your total costs include: |

|• Actual cost of item, ingredients, material, product, etc. |

|• Freight charges. |

|• Packaging/shipping and handling charges. |

|• Actual yield from raw product. |

|• Production methods that cause loss/waste of product. |

|(DO NOT include labor costs when calculating costs.) |

|• Impact of markdown sales, etc. |

| |

|[pic] Any changes to your selling prices? |

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|[pic] Any new or different point-of-sale equipment? |

| |

|[pic] Any differences in the sizes/variety/quality of the products sold? |

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|[pic] Any mandated changes to the mark-up/cost of goods percentages? |

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