Cost Accountant

Cost Accountant

Job Title: Cost Accountant Division/Department Reports to: Accounting 

FLSA Status: Exempt Work Comp Code: 8810

Employee Department: 1800 Employee Status: Full-time 

Effective Date: 07/15/2025 Labor Type: SGA

 EEO Code: Professional

Summary:

Responsible for assigning inventory numbers creating costing bills of material, calculating unit costs for material and freight, as well as prepare inventory costs for analysis. Prepare, analyze and review inventory costing sheets to be used for book and income tax reporting and setting unit sales prices.

Primary Responsibilities:

Financial Management:

• Compute and update material costs in a cost element program daily based on
• Actual prices from supplier invoices
• Allocation of domestic freight charges
• Allocation of international freight charges including duties and custom charges
• Any additional adjustments for discounts, tooling expenses, etc.
• Respond to managements needs for special costing projects
• Update inventory costing sheets by:
• Calculating material, labor, and overhead for injection, extrusion and assembly
• Verifying proper assets costs are being used for calculation
• Analyzing the change in unit cost since the last calculation
• Reporting the details in gross margin and selling general and administrative costs
• Work with IT on any changes needed to the costing tool based on changes in production
• Verify all items in system have a standard cost on daily and monthly basis
• Participate in the weekly check run review and signatures required

Inventory:

• Process and develop routings for rework or display production
• Assign item numbers for inventory items
• Set bill of materials for displays and racking kits and enter sales comments describing display for pick ticket and sales orders
• Prepare, review and analyze physical inventory.
• Participate in meetings leading up to physical inventory
• Review issues that occurred in the prior physical and develop improvements
• Work with IT group to improve reporting system issues from the prior year
• Audit standard box counts for this year and compare to prior year.  
• Request second count on any unexplained material variances
• Review physical counts being reported for strange amounts, incorrect part numbers of unusual pack sizes
• Finalize physical counts
• Cost raw components and updated unit costs for new standards
• Update and analyze costing bills of material to productions bills of material
• Finalize subassembly and finished goods costing

• Assist in inventory discrepancies resolution related to production reporting errors, BOM errors, Syspro issues, etc.
• Prepare receipts and review discrepancies for outside warehouse transfers
• Manage month-end close process related to inventory
• Verify that all inventory has positive balances
• Adjust inventory for any dispatched inventory
• Review for any other transactions needed in other Libman Companies

Other

• Review daily production reports and verify accuracy of back flushing when staff account and primary person are absent
• Back-up for entering U.S. dollar wire payments into the banking web site or approving their disbursement when needed
• Back-up Plant Engineer when absent by creating all bill of material changes and review the backflushing reports before sending these to accounting
• Maintain costing file on items both electronic and hard copy
• Shred documents
• Other duties as assigned

Knowledge and Skill Requirements:

• Bachelor’s degree in accounting with five years of accounting experience
• Knowledge of generally accepted accounting rule
• Knowledge of income tax basis rules
• Working knowledge of freight costing including custom and duties
• Knowledge of Microsoft Office
• Able to operator the following office machines
• Adding machine
• Copy machine
• Computer
• Fax machine
• Scanner

Physical Demands:

• Must be able to work at a computer for long periods of time.  
• Must be able to lift 15-20 pound occasionally

Working Conditions:

• Working conditions are normal for an office environment.
• Work requires extensive work using a computer
• Responsibilities may require evening and weekend work in response to work load

Special Requirements:

• Pre-employment drug screen and physical
• Background check

Employee Benefits

• 40 hours of non-paid time off starts at time of hire and requires supervisor approval to use.
• PTO accrual starts at time of hire; 1 hour earned for every 40 hours worked. PTO can be used for any reason after 90 days of employment.
• Vacation accrual starts once eligibility time has been met; requires supervisor approval to use. Increase in vacation time earned is based on years of service schedule.
• 10 paid holidays once eligibility time has been met.
• Healthcare, dental, and vision along with other voluntary insurances available to employees who have met their eligibility time and work at minimum 30 hours a week.
• $50k life insurance policy provided to employees who have met their eligibility time and work a minimum of 30 hours a week. Additional coverage available at a discounted rate.
• Employee Assistance Program to all employees and their eligible family members with 24/7 access.
• 401 (k) retirement for employees 21 years and older with ability to contribute 1st of the month following date of hire. Company match up to 50% of a 6% employee contribution after 90 days. Company contributions are discretionary and will be made after our internal approval processes are completed and all requirements have been met.
• Profit Sharing for employees 21 years and older, have met minimum required worked hours as of January 1st or July 1st based on date of hire. This is automatically contributed to annually. Company contributions are discretionary and will be made after our internal approval processes are completed and all requirements have been met.
• Costco membership to employees with at least 1 year of service on or before April 1st.
• Tuition reimbursement/seminars for continued education. Company approval is required and must be related to employee’s current or potential future position with the company,

 ONSITE REQUIRED IN ARCOLA 5 day work week