MRP COSTING AND BUDGETING CHECKLIST

Created by ChecklistGuro (https://checklistguro.com)

--- COST ELEMENT DEFINITION ---
[ ] Cost Element Code
[ ] Cost Element Description
[ ] Standard Cost
[ ] Estimated Cost
[ ] Notes/Justification
[ ] Cost Category (Raw Materials, Labor, Overhead, Freight)
[ ] Currency (USD, EUR, GBP)

--- BILL OF MATERIALS (BOM) COSTING ---
[ ] Raw Material Cost per Unit
[ ] Labor Hours per Unit
[ ] Machine Hours per Unit
[ ] Scrap Rate (%)
[ ] Yield Rate (%)
[ ] Notes on Costing Assumptions
[ ] Costing Method (Standard, Actual, Estimated)

--- ROUTING AND LABOR STANDARDS ---
[ ] Standard Labor Hours per Unit
[ ] Standard Setup Time (Minutes)
[ ] Standard Machine Hours per Unit
[ ] Detailed Routing Description
[ ] Routing Status (Active/Inactive) (Active, Inactive)
[ ] Routing Last Updated Date

--- OVERHEAD ALLOCATION ---
[ ] Overhead Allocation Rate (%)
[ ] Description of Overhead Allocation Method
[ ] Base Hours/Units for Allocation
[ ] Cost Pools Included in Overhead (Rent, Utilities, Depreciation, Maintenance, Administration)
[ ] Last Overhead Rate Review Date
[ ] Rationale for Current Allocation Rate

--- INVENTORY VALUATION ---
[ ] Inventory Valuation Method (1=FIFO, 2=Weighted Average)
[ ] Initial Inventory Value
[ ] Cost of Goods Sold (COGS)
[ ] Ending Inventory Value
[ ] Inventory Valuation Date
[ ] Notes/Comments Regarding Inventory Valuation

--- VARIANCE ANALYSIS SETUP ---
[ ] Material Usage Variance Threshold (%)
[ ] Labor Rate Variance Threshold (%)
[ ] Overall Production Variance Threshold (%)
[ ] Variance Report Frequency (Daily, Weekly, Monthly)
[ ] Reporting Responsibility (Who receives variance reports?) (Production Manager, Finance Department, MRP Planner)
[ ] Next Variance Analysis Review Date

--- BUDGET ALIGNMENT ---
[ ] Projected Material Costs (Total)
[ ] Budgeted Material Costs (Total)
[ ] Projected Labor Costs (Total)
[ ] Budgeted Labor Costs (Total)
[ ] Projected Overhead Costs (Total)
[ ] Budgeted Overhead Costs (Total)
[ ] Cost Variance Threshold (Percentage) (0-5%, 6-10%, 11-15%)
[ ] Budget Period End Date

--- COST ROLL-UP VERIFICATION ---
[ ] Component Level Cost (per unit)
[ ] Assembly Level Quantity
[ ] Calculated Sub-Assembly Cost
[ ] Direct Labor Cost per Assembly
[ ] Overhead Allocation per Assembly
[ ] Final Product Cost (System Calculated)
[ ] Final Product Cost (Manual Calculation)
[ ] Cost Discrepancy? (Yes, No)

--- PURCHASE PRICE VARIANCE TRACKING ---
[ ] Standard Purchase Price (per unit)
[ ] Actual Purchase Price (per unit)
[ ] Quantity Purchased
[ ] Variance Amount (Positive/Negative)
[ ] Variance Category (e.g., Material, Labor, Overhead) (Material, Labor, Overhead, Other)
[ ] Variance Explanation/Reason
[ ] Transaction Date
[ ] Supporting Documentation (e.g., Purchase Order, Invoice)

--- PERIOD-END COSTING PROCEDURES ---
[ ] Costing Period End Date
[ ] Inventory Reconciliation Adjustment
[ ] Explanation of Significant Adjustments
[ ] Labor Variance Adjustment
[ ] Material Usage Variance Adjustment
[ ] Costing Method Used (Standard Costing, Actual Costing, Average Costing)
[ ] Cost Accountant Signature

--- END OF TEMPLATE ---
Transform this text into a digital, automated, and trackable mobile app!
Visit: https://checklistguro.com/templates/mrp/mrp-costing-and-budgeting-checklist
(Click "Install Template" to launch your digital inspection tool immediately)