Hubbell Policies

Example:

Plant A

2013 Ending Inventory (1)

2013 Cycle Count Adjustments (2)

Calculated Annual Percentage (3), (=2/1)

Q1-2014 Inventory Balance (4)

Factor (5)

Reserve Requirement (=3*4*5)

A's

2,237,242

27,450

1.23%

1,971,473

0.25

6,047

B's C's D's

1,378,364 1,071,406

15,992 37,962

1.16% 3.54% 0.32%

1,306,081

0.33 0.50 1.00

5,051

986,520

17,477

2,174,188 7,000

2,573,944 6,838,018

8,287

Total

6,861,200

88,403

36,862

ADMINISTRATION

Roles and Responsibilities. The business unit controller will be responsible for ensuring cycle count reserves are calculated and recorded in accordance with this procedure.

Monitoring, Evaluation and Review. Internal audit reviews will be conducted on a discretionary basis.

Exceptions. Exceptions to this procedure must be approved by the Corporate Controller.

ACCOUNTING AND DISCLOSURE

None

REPORTING

None

DEFINITIONS

None

RELATED DOCUMENTS (Policies, Guidelines, Standards) • FIN-34 Physical Inventory Policy • FIN-19 Cycle Counting Policy

VERSION

Version

Approval

Effective 2014.08.01 2019.08.15

Changes

1 2

J. Capozzoli, A. Hsieh, S. Mais J. Capozzoli, K. Lane, S. Mais

Original Issue

Conformed to new template

61