在您的组织内部，谁能真正知道存货的持有成本？Sharon Methods做到了。 

她负责管理平均价值为600万美元的库存，该库存每周7天，每天24小时支持生产操作。 

Sharon Methods希望知道与持有库存有关的所有成本。她知道她必须首先确定成本的所有组成要素，然后通过插入自己的具体数字来进行计算。 

通过成本要素的调查确定了以下成本要素。 

设施。这通常包括用于存放和存储库存的资本设施，以及任何资本化的物料搬运设备。 根据税法，资本货物的费用显示为折旧，在当前期间，在税收影响之后，折旧将为30万美元，即库存值的5％。

 人员。人事费用包括管理费用，外加人员接收，存储，监控和发出库存商品的费用。 当前的库存员工支出为每年$ 378,000，占库存价值的6.3％。

 保险。公司的财产通常以一定比率投保，每100美元的价值可能在0.04美元至0.06美元之间，并以一年中的平均存货为基础。

 Methods的组织费率为$ 0.04每$ 100。以600万美元计，年度总保费将为2400美元，即0.04％。收缩率。收缩是指由于各种活动（例如偷窃和盗窃，破损，过时（包括经济和技术），停止使用的影响或过剩）而造成的价值损失的年度百分比。方法的会计部门建议，这种库存的年度缩减为18,000美元，即0.3％。税收。一些州对库存征税。在适用的州内，税率会根据库存是制成品还是备件和辅助用品而有所不同。在零件和供应品类别中，税率会根据商品是否将用于成品生产而有所不同。在“方法”状态下，此库存将按1％的税率纳税（$ 6,000,000 x 0.01 = $ 60,000）。资金的机会成本。资本的机会成本是对资本的下一次最佳利用的回报价值。在与组织的财务分析师讨论该问题时，Methods知道有三种查看此问题的方法。她意识到自己必须使用与组织财务经理相同的资本成本，这意味着她必须使用加权平均资本成本（WACC）。（有关查看资本机会成本的其他两种方法的更多详细信息，请参阅第15页的方框。）WACC将库存中占用的资本成本视为组织从所有来源（包括所有借入形式）的加权平均资本成本。资金，优先股和普通股股东的回报期望。在与分析师交谈时，Methods了解到她的组织的总资本包括15％的借入资金（税后5.4％的利息），15％的优先股（8％的利率）和70％的普通股（股东期望的10％）返回。有了这些信息，Methods就会计算出加权平均资本成本，如下框所示。以9％的比率计算，每年占用库存资金的成本为6,000,000美元x 0.09 = 540,000美元。计算成本方法认识到要计算满负荷的持有成本占总平均库存价值的百分比，她必须包括上述所有成本。计算方法如下。HFL = F + P + I + S + T + CC平均库存价值x 100其中：HFL =满载存货成本，F =基本设施折旧P =人员成本I =保险成本S =收缩系数T =税收成本CC =资本成本当Methods插入她的已知数据时，她得到以下计算：HFL = $ 300,000 + $ 378,000 + $ 2,400 + $ 18,000 + $ 60,000 + $ 540,000 x 100 $ 6,000,000 = $ 1,296,000 $ 6,000,000 x 100 = .2164 x 100 = 21.64％此计算表明，Methods在计算库存成本时使用了成本成本。或者，她可以使用总库存价值的百分比得出相同的结论：HFL = 5％+ 6.3％+ 0.04％+ 0.3％+ 1％+ 9％= 21.64％寻找储蓄方法最近改善了她的采购流程允许将库存减少20万美元的方法，她希望计算出这代表的节省额。她知道整整21。只有她能够按比例减少与人员，建筑物，货架和材料处理设备有关的成本，才能节省6％。实际上，$ 200,000的存货价值减少将不会导致资本设施的折旧成本降低，并且由于剩余工作量变化不大，因此不会减少员工数量。方法认识到，通过减少存货价值而消除的成本仅包括收缩系数，存货特定税金和加权平均资本成本。由于平均库存中反映的保险成本非常小，因此不在计算之列。因此，按百分比计算如下。HAL = S + T + CC = 0.3％+ 1％+ 9％= 10.3％其中：（全部以百分比表示）HAL =存货可避免的负荷（成本）S =收缩系数T =税费CC =资本成本可报告的节余为0.103 x 200,000美元或20,600美元。方法很快指出这些计算代表了整个库存。如果计算要在EOQ公式中使用的持有成本（H），则只需将项目的单位成本乘以10.3％，即可得出一年持有一个单位的成本。通过检查与六个关键要素相关的适当成本，Methods能够算出其真实的库存账面成本。然后，她将这些信息用作降低成本的工具，因为她确切知道每个因素在总成本中占多少。到底，她了解到，降低存货的美元价值并不是降低存货成本的唯一考虑因素。CPM采购经理H. Ervin Lewis，位于南卡罗来纳州约翰逊维尔的Wellman Inc.采购总监。CPMAlert模块3“第14页方框”资金来源有效利率对WACC银行贷款的权重贡献0.09 x（1- 0.40）= 0.054 * 0.15 0.0081优先股0.08 0.15 0.0120普通0.10 0.70 0.0700加权平均资本成本= 0.0900或9％ （以上总和）*税率之后，设定40％的公司税率其他两个选项“第15页方框” Sharon Methods了解到有三种不同的方法来查看资本机会成本。她在方案中使用的加权平均资本成本（WACC）与其组织的财务经理使用的方法相匹配。这是其他两种方法。1.如果库存投资被认为是相对无风险的，则管理层可以按照组织的银行借贷利率对库存中捆绑的美元进行估值。由于利息是所得税申报表上的可扣减费用，因此与利息支付相关的实际现金流出必须减少税率。换句话说，实际流出是借入资金的税后成本。方法的组织以9.00％的利率（i）借入运营资本，并以40％（t）的税率缴纳所得税。她计算出借入资金的税后成本为[ix（1-t）]或[0.09 x（1-0.40）] = 0.054。借入资金的税后成本为5.4％。2.在某些组织中，管理层珍视在“障碍”中被库存占用的资本的机会成本 投资回报率。就是说，它是以投资接受的最低回报率进行估值的。根据组织行业和市场固有的风险级别，该级别可能远高于WACC。

Within your organization, who truly knows the cost of carrying inventory? Sharon Methods does. 

She's responsible for management of an inventory with an average value of $6 million which supports a 7 days a week, 24 hours a day manufacturing operation. 

Methods wishes to know all the costs associated with holding inventory. She knows she must first determine all the elements of cost and then perform the calculation by inserting her specific figures. 

Elements of Cost Methods' investigation identified the following elements of cost. 

Facilities. This typically includes capital facilities which house and store inventory, plus any capitalized material handling equipment. Expense for capital goods is shown as depreciation in accordance with tax laws and, in the current period, after the tax effect, depreciation will be $300,000, or 5 percent of the inventory value.

 Personnel. Personnel charges include expenses for management plus a staff to receive, store, monitor, and issue inventoried goods. Current inventory staff expense is $378,000 per year, or 6.3 percent of the inventory value.

 Insurance. A firm's property is typically insured at some rate, perhaps $0.04 to $0.06 per $100 of value, and is based on average inventory over a year.

 Methods' organization has a rate of $0.04 per $100. For $6 million, the total annual premium would be $2,400, or 0.04 percent. Shrinkage. Shrinkage is an annual percentage of loss in value resulting from various activities, such as pilferage and theft, breakage, obsolescence (including economic and technological), the effect of discontinued use, or surplus. Methods' accounting department advised that annual shrinkage of this inventory is $18,000, or 0.3 percent. Taxes. Some states levy taxes on inventories. Within the states that do, tax rates vary depending on whether the inventory is finished goods or spare parts and support supplies. Within the parts and supplies category, tax rates will vary depending on whether or not the goods will be used in production of finished product. In Methods' state, this inventory will be taxed at a 1 percent rate ($6,000,000 x 0.01 = $60,000). Opportunity cost of capital. The opportunity cost of capital is the value of returns on the next best use of the capital. In discussing the issue with her organization's financial analysts, Methods learned that there are three ways to view this. She recognized that she must use the same cost of capital as her organization's financial managers, which meant she must use a weighted average cost of capital (WACC). (For more details on the two other ways to view opportunity costs of capital, see the box on page 15.) WACC recognizes the cost of capital tied up in inventory as the organization's weighted average cost of capital from all sources including all forms of borrowed funds, preferred stock, and common stockholder expectations of return. In speaking with her analysts, Methods learned that her organization's total capital consists of 15 percent borrowed funds at 5.4 percent interest after taxes, 15 percent of preferred stock at an 8 percent rate, and 70 percent of common stock at a stockholder expectation of 10 percent return. Given this information, Methods calculated the weighted average cost of capital as shown in the box below. At 9 percent, the annual cost of tying up capital in inventory is $6,000,000 x 0.09 = $540,000. Calculating the Costs Methods recognizes that to calculate fully loaded holding costs as a percentage of total average inventory value, she must include all the costs above. That would be calculated as follows. HFL = F + P + I + S + T + CC Average Inventory Value x 100 Where: HFL = Fully loaded cost to carry inventory, expressed as a percentage F = Depreciation of capital facilities P = Cost of personnel I = Cost of insurance S = Shrinkage factor T = Cost of taxes CC = Cost of capital When Methods plugs in her known figures, she gets the following calculation: HFL = $300,000 + $378,000 + $2,400 +$18,000 + $60,000 + $540,000 x 100 $6,000,000 = $1,296,000 $6,000,000 x 100 = .2164 x 100 = 21.64% This calculation shows that Methods used dollars of cost in figuring her cost of inventory. Alternatively, she could have used percentages of total inventory value and arrived at the same conclusion: HFL = 5% + 6.3% + 0.04% + 0.3% + 1% + 9% = 21.64% Looking for Savings Methods recently improved her purchasing process in ways that permitted lowering inventories by $200,000 and she wishes to calculate the savings this represents. She knows that the full 21.6 percent would be saved only if she were able to proportionally decrease costs associated with personnel, the building, shelving, and materials handling equipment. In reality, the $200,000 reduction in inventory value will not result in a lower depreciation cost for capital facilities and, given that remaining workloads will change little, staff will not be reduced. Methods recognizes that costs eliminated by this inventory value reduction include only the shrinkage factor, inventory specific taxes, and the weighted average cost of capital. Since the cost of insurance as reflected in average inventory is so small, it is left out of the calculation. So, as a percentage, the calculation is as follows. HAL = S + T + CC = 0.3% + 1% + 9% = 10.3% Where: (All expressed as a percentage) HAL = Avoidable load (cost) to carry inventory S = Shrinkage factor T = Cost of taxes CC = Cost of capital Reportable savings, then, are 0.103 x $200,000, or $20,600. Methods was quick to point out that these calculations represent the entire inventory. If calculating the cost of holding (H) for use in the EOQ formula, one would simply multiply the unit cost of the item by 10.3 percent to get the cost of holding one unit for one year. By examining the appropriate costs associated with the six key elements, Methods was able to figure her true inventory carrying costs. She then used this information as a tool for lowering costs because she knows exactly how much each factor figures into her total costs. In the end, she learned that reducing the dollar value of inventory is not the only factor to consider when trying to lower inventory carrying costs. By H. Ervin Lewis, C.P.M., director of purchasing at Wellman Inc., in Johnsonville, South Carolina. C.P.M.Alert Module 3 "Box page 14" Source of Funds Effective Rate Weight Contribution to WACC Bank Loans 0.09 x (1 - 0.40) = 0.054* 0.15 0.0081 Preferred Stock 0.08 0.15 0.0120 Common 0.10 0.70 0.0700 Weighted Average Cost of Capital = 0.0900 or 9% (sum of above) *after tax rate, assusming a 40% corporate rate Two Other Options "Box page 15" Sharon Methods learned there are three different ways to view opportunity cost of capital. The one she used in the scenario on weighted average cost of capital (WACC), to match the method used by her organization's financial managers. Here are the other two methods. 1. If an investment in inventory is considered relatively risk-free, management may value the dollars tied up in inventory at the organization's bank borrowing rate of interest. As interest is a deductible expense on income tax returns, the actual cash outflow associated with interest payments must be reduced by the tax rate. In other words, the real outflow is the after tax cost of borrowed funds. Methods' organization borrows operating capital at 9.00 percent interest (i) and pays income taxes at a rate of 40 percent (t). She calculated the after tax cost of borrowed funds at [i x (1-t)] or [0.09 x (1-0.40)] = 0.054. The after tax cost of borrowed funds is 5.4 percent. 2. In some organizations, management values the opportunity cost of capital tied up in inventory at the "hurdle" rate of return for investment. That is, it's valued at the minimum rate of return management will accept from investments. Depending on the level of risk inherent in an organization's industry and markets, that may be significantly higher than the WACC.

67.MATHEMATICALMODELFORCALCULATINGINVENTORYCARRYINGCOST.pdf