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Figure 7-2. Closeout of the Ship's Store Afloat Financial Control Record
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Figure 7-3. Closeout of the Journal of Receipts
A  large  difference  always  exists  in  the  cup- type  soda  Vending  Machines  and  the  Fountain columns; however, this is because all entries have been posted at cost price except for the entries for Sales  that  are  posted  at  a  marked-up  price  (the cash  that  was  actually  received).  The  value  of Sales,  then,  is  the  sum  of  the  cost  value  of  the items sold plus the profit that has been received. The  large  difference,  therefore,  is  actually  gross profit.  Since  it  is  a  forced  figure,  overages  and shortages   cannot   be   strictly   accounted   for. However, gross profit should be about 60 percent of   the   sales   figure   for   Vending   Machines. Generally,  the  gross  profit  for  the  fountain  should be about 30 to 40 percent, depending on the size of the individual servings. Large deviations from these  percentages  should  be  investigated. If clothing items are sold in a separate retail outlet,  a  separate  column  on  the  Financial  Con- trol   Record   should   show   no   difference   in   the Receipt and Expenditures subtotals since there is a  standard  price  and  no  markup  is  involved. However,   small   differences   may   appear   for various  common  reasons. The  Other  Cost  Material  column,  which  is used  only  in  a  combined  operation,  should  also have no difference in its subtotals since no sales are involved. Material is received, expended, and inventoried  at  cost  price.  A  difference  of  a  few cents  might  be  the  result  of  rounding  off  cost prices of material upon receipt or receipt of stock at a new price that was used for expenditures of old   and   new   stock   alike.   Any   large   financial difference should be substantiated by a difference you   find   when   you   are   closing   out   the   stock records for cost of operation items. For example, if the stock record for laundry soap was short 50 pounds and the cost price is 20¢ per pound, there should   be   a   $10   shortage   in   the   Other   Cost Material  column.  Likely  sources  of  error  in  this column are the improper pricing of breakouts and errors  in  posting. The total of the Cost of Operation column is the value of all material broken out as a cost of operation and used in the laundry or barbershop. This value also includes vending machine repair parts. Once  you  have  examined  the  subtotals  and totals,  you  should  check  the  recordskeeper’s recaps of each column. You will need this infor- mation for closing out the remaining records. You will also need this information to evaluate the suc- cess  of  the  store  operation  and  the  accuracy  of the store operator in accounting for the stocks in that  person’s  custody. The  first  recap  is  for  the  retail  store.  The difference  should  have  been  entered  and  identified as an overage or shortage, as shown in figure 7-2. The  difference  as  a  percentage  of  sales  should have  been  entered  in  parentheses.  All  differences, regardless  of  size,  should  be  reported  on  the reverse  side  of  the  NAVCOMPT  153. The second recap provides information about the vending machine operation. The Cost of Sales figure  is  the  difference  between  the  gross  profit (subtotal  difference)  and  the  vending  machine (VM) sales. The gross profit figure is also entered in  the  recap  along  with  the  percentage  of  gross profit  to  sales.  Finally,  the  Cost  of  Operation figure, which was obtained by adding all the VM entries  in  the  Cost  of  Operation  column  of  the NAVSUP  235,  should  have  been  entered. In  a  combined  operation,  the  Other  Cost Material  (OCM)  column  is  recapped.  All  that  is required  is  the  value  of  the  Cost  of  Operation column  less  the  VM  entries  and  any  difference existing  in  the  OCM  column. In a separate operation, there is no Other Cost Material   recap   that   lists   the   value   Cost   of Operation—Material from the Cost of Operation column.   Recaps   should   also   be   included   for clothing   items   and   the   fountain   operation, whenever  applicable.  An  example  of  a  separate operation closeout of a Ship’s Store Afloat Finan- cial  Control  Record  is  shown  in  figure  7-2. Journal of Receipts Closing   out   the   NAVSUP   977   involves nothing  more  than  totaling  the  record.  All  six columns of the record should be totaled and two recaps of receipts should be prepared. See figure 7-3.  For  the  first  recap,  the  totals  of  the  three ship’s store columns should be added as well as the totals for the three clothing columns. You will use  the  first  recap  in  closing  out  the  Journal  of Expenditures. For the second recap, the totals of each of the three types of receipts for both ship’s store and clothing should be added. You will use the  second  recap  in  preparing  the  financial statements. See figure 7-3. Journal of Expenditures Many  expenditures  have  been  posted  to  the Journal   of   Expenditures   (NAVSUP   978) throughout the accounting period. Remember, all entries  are  made  at  cost  price.  These  include transfers, surveys, markdowns (below cost), and some issues. Other expenditures, however, have 7-10

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