Costing As An Essential Instrument In Materials Management And Control

The major objective of this research project is to examine the role which costing plays in materials control and management with a view to project the need of cost department in every industrial organization. In order to highlight the foregoing objective, the survey method of research was employed in the study. Both primary and secondary sources of were utilized in gathering relevant information. The primary sources consists of the questionnaire and oral interview while the secondary sources were gathered from existing literature on the subject matter of the study. The method data analysis used were simple percentages and chi-square (x2). The study has proved that costing is a veritable instrument for materials management in any industry. This study recommends the recognition of a cost department, and of course, the creation of good working environment to enable the department function effectively. Finally, the study also made a case for the development of the study of costing beyond the existing level in all our tertiary institutions. Industrial operators should liase with Government to ensure that the curriculum of various institutions are developed to incorporate the increased importance of costing, and at the same time, see to the adequate funding of the programme.