INVENTORY ACCOUNTING PROCEDURE AT HONG PHUC COMMERCIAL AND PRODUCTION INVESTMENT JOINT STOCK AND SOME RECOMMENDATIONS

- Using documents, accounts, accounting books compatible with materialaccounting method in order to record, classify the movement of material in order to provide information in time for

1 Rationale of study

The labor process of human consist of three factors: human, labor tool and laborobject Thanks to labor process, human developed our society from primitive one

to modern one as nowadays

In labor subject, materials make up high proportion Therefore, it is important topay attention to managing materials Because if there was no material, therewould be no labor process, and our society would still be a primitive one

In a manufacturing company, the main activity is buying material, processing it

to become product then trading So, managing materials economically,effectively and efficiently is the key successful factor for any enterprise

One of the most effective ways of managing materials is accounting because itprovides people in management with complete, in time, true and fair informationabout the current situation, the movement of materials that help to plan, control,and make decisions

During the time of internship at Hong Phuc Commercial And ProductionInvestment JSC – a leading company in producing glass, I found out that many

of manufacturing companies have not really focused on inventory accountingand not taken full advantage of it to have appropriate actions Therefore, I chose

“Inventory accounting procedures at Hong Phuc joint stock and somerecommendations” as my thesis topic With this study, I would like to give somerecommendations to improve the current situation of material accountingprocedures at Hong Phuc JSC.

3 The method of study

Research method is used in this thesis is general research that combinestheory analysis with current situation analysis by gathering source documents,information from accounting books, financial statements in order to give out thesolution improving outstanding issues

4 The scope of study

My thesis studies the material accounting at Hong Phuc JSC, a temperglass JSC Because of limited time, I just study the accounting activity from

2009 to 2011

5 Organization of study

This thesis contains three chapters:

Chapter 1: Literature review on material accounting procedures at manufacturingcompany

Chapter 2: The current situation of mateial accounting at Hong Phuc JSC

Chapter 3: Some recommendations to improve the material accounting at HongPhuc JSC

CHAPTER ONE LITERATURE REVIEW ON MATERIAL ACCOUNTING AT

MANUFACTURING COMPANY

1.1 The significant of material and the requirement of material accounting

1.1.1 Responsibility of accounting for inventory

The material accounting should fulfill the following missions:

- Valuating, classifying materials compatible with VAS and managementrequirements

- Using documents, accounts, accounting books compatible with materialaccounting method in order to record, classify the movement of material in order

to provide information in time for making decision

- Analyzing, evaluating the purchase policy, buffer material and consumedamount in manufacturing process

- Recording correctly and in time the receipt of material in units, quality,types, value, lead-time

- Calculating and allocating exactly the issuing value for different purpose,checking the consumed material amount for each production line, avoiding thewaste of material

- Checking the buffer inventory, detecting slow-moving material, lowquality, having solutions to free the working capital in order to minimize cost

1.1.2 Classification of material

1.1.2.1 In terms of role and requirement of management:

- Primary materials: materials directly participate in producing process andcompose the entity of product Primary materials also include purchased semi-products: they are parts and components of product that the business buys fromother businesses to process their own products and goods

- Subsidiary materials: materials that do not compose the entity of productwhile participating in producing process Those materials may be combined withmain materials to change shape of product Subsidiary materials are used toimprove quality, features and uses of product, to preserve labor tools and toassist worker’s work

- Fuel: is subsidiary material but due to special physical and chemicalproperties, fuel is classified as a separated category and has special requirements

of preservation and using Fuel is material that provides thermal energy forproducing process Fuel can be liquid, solid or gas, such as petrol, diesel, coal,wood and gas Fuel is used in for vehicles, machines, devices that participating

in producing process

- Spare part: including wastage that is rejected after producing process.Classification of materials based on above criteria is quietly relative,because a same material may be the primary or subsidiary one depending oneach type of business This classification helps accountant to organize ledgercontrol account and detailed account, then reflecting current situation andfluctuation of materials in production process of business The classification alsohelp business to have a good awareness of economic content, role and function

of every material, then have appropriate methods of management and usingmaterials.

1.1.2.2: In terms of aim and use of materials, as well as regulations of reflecting material cost on accounting account:

- Materials are directly used in producing and manufacturing

- Materials are used for other needs: management at workshops,production teams, sales, overall management

1.1.2.3: In terms of source of materials:

- Purchase

- Self-made or self-processed

- Outsourcing-processed

- Received from joint-venture partners

However, to ensure supplying of material for continuous production andclose control, it is necessary to have a well-awareness of available amount andfluctuation of every material Thus, the classification should be very detailedbased on physical, chemical and specification of material

1.2 Principles and methods for valuing inventory

1.2.1 Principles for valuing inventory

As valuing inventory, it is necessary to ensure 4 following principles:

 Accrual accounting basis : The transaction incur relating to asset,liability, and owner equity, revenue, cost( including materials) must berecorded at the time the transaction incurred, not at the time of cash inflow orcash outflow

 Historical cost : Materials are booked at their value when they arepurchased This means that value of material in accounting book is the cost topurchase them, not their market price In addition, the value of material is notallowed to change unless there is another rule in a specific standard.

 Consistency : This principle requires that similar items should behaven similar accounting treatment In preparing accounts, consistencyshould be observed in two respects: 1 similar items within a single set ofaccount should be given similar accounting treatment 2 the same treatmentshould be applied from one period to another in accounting for similar items.This allows valid comparisons to be made from one period to the next.Therefore, it is the material managing method, the recognition method, theway calculating cost of goods sold; VAT calculation and declaration… must

be applied consistently

 Materiality : Under materiality concept, only materiality itemsshould be appeared in financial statement Items are materiality if theiromission or misstatement would influence the economic decisions of usersbased on the financial statements

1.2.2: Methods of valuing materials

1.2.2.1 The value of materials when they are recorded into accounting books.Materials are booked at historical cost The historical cost of materialsincludes the purchase price, conversion cost, and other cost to make material

in location and ready for use

 In case, the materials are bought outside:

+If materials are objects to tax and the company follows the deductionmethod:

+If materials are objects to sale tax or the company applies the direct VATmethod:

+

Import dutyand VAT

of importedgoods

+ Ordering

Trade discount

or purchasereturn value

 In case, materials are self-processed materials:

+ Processing

Carriageinward

1.2.2.2 Methods for calculating the cost of goods sold

There are 4 methods of calculating the cost of goods sold:

- LIFO

Strength and weakness.

- Strength: Value of issuing is the value of the latest purchase, therefore itwill be close to the market price, meeting requirement of Matching concept(matching between revenue and cost)

- Weakness: value of closing material is value of the oldest purchase.Therefore, it will not be close to the market price When preparing financialstatement, it is not really compatible with the historical cost and market valueprinciple

 FIFO

The content of method: This technique assumes that material items are issued inthe order in which they are received from suppliers This means that the firstmaterial items purchased are the fist items issued.

Strength and weakness

- Strength: closing material is unit cost of the latest purchase Therefore, itwill be close to the market price The figure showed in balance of financialposition obeys the historical cost and market value principal

- Weakness: the value of issuing material will not close to the marketprice, therefore it will completely not compatible with the matching principle

- Cumulative or continuous weighted average: the average unit cost ofprevious accounting period is the opening value of material for this accountingperiod Each time or receipt, accountants have to recalculate the average unitcost, and for each time of issuing, the issuing unit cost is the latest average unitcost

- Periodic weighted average: each time of issuing, accountants just recordthe number and at the end of accounting period, accountants calculate theaverage unit cost, then calculating the closing balance value.

Strength and weakness

Strength and weakness

- Strength: the value of issuing material is close to the purchase price andreflects correctly the operation situation The company also can adjust profit, forexample, if the company wants to decrease the price, increase the profit, so the

company should issue unit with lower purchase price In contrast, if the companywants to have low profit, and high price, it should issue units with the highpurchase price.

- Weakness: each time of receipt, the company must manage materialclosely, in unit and in value Therefore, the material management will becomplex, time consuming, and costly

-Applicable conditions: this method is suitable for the company, which haslow range of product and high value

1.3 General accounting for material according to perpetual method

1.3.1: Source documents for material accounting

According to current accounting regulations, receiving or issuing material relates

to many different accounting documents, including obligatory document,instructional documents as well as optional document However, all ofdocuments must have basic items, complying with receiving, issuing process,rotating cycle for the management purpose, recognition and reconciliationrequirement To reflect the receipt and issuing of materials, accountants have toissue and use these following documents:

- Vat invoice

- Carriage inward invoice

- Goods receipt note

- Material issuing note

- Internal transfer material note

- Physical counting material report

Besides the obligatory documents, it depends on the management requirement ofmaterials; the company can use other documents in order to meet the currentsituation.

1.3.2: System of accounts for material accounting according to perpetual

method:

-152: Inventory: 152 has 5 subsidiary accounts: 1521 (primary material)

1522 (secondary material); 1523 (fuel); 1524(spare parts); 1526 (principalconstructing equipment); 1528 (other material)

Table 1.1: General accounting following perpetual system

Acc 241

1: Purchase including by in foreign currency

1a: The value of material purchase, carriage inward, handling cost, normal loss

of material

1b: Material in consignment

1c: Vat input

1d: Storage the material in consignment

2: The import duty, excise duty (if have)

3: Trade discount in purchase

4: Purchase directly transfer to the construction site, skipping storage

5: Purchase in foreign currency used for manufacturing activity

6: Surplus material value after physical stocktaking

7: Purchase return

8: Material receive from joint venture partner, or from government

9: Store self constructed, outsourcing process, or scrap value

10 Different due to revaluation

11 Present, gift received

12 Materials received in case of exchanged

13 Issued material for manufacturing, trading

14: Issuing self constructed, outsourcing processed material

15: Issued for joint venture, short term investment

16: Issuing material for exchange, credit, present

17: Deficient of material after physical stocktaking

1.4 Accounting for materials according to the periodic method.

This method doesn’t reflect the movement of material daily in the inventoryaccounts (152,153,156…) The accounts only reflect the value of inventories atbeginning and closing of the month Each day, the movement of materials isreflected in acc 161- purchase

Table 1.2: General accounting following periodic system

1. TK151, 152, 153 TK 611 TK151, 152, 153

Transfer opening inventory value Transfer closing inventory value

TK111, 112, 331 TK111, 112, 331 Purchase inventory issue inventory

1.5 Accounting for devaluation of materials

Conditions for making provision: Provision for material is provision forthe loss of material due to decline in value This provision is accrued into theoperating expense for the current year that helps the company have financialsources to cover the loss in budgeting year in order to ensure that the companyrecords the material value not higher than the market value

Accountants make provision, charge of and credit of provision at the end

of the financial year Materials for production (including damaged, obsolete,slow-moving material…) that have book value lower than NRV are objects toprovision In addition, these items must meet the following conditions:

- Having legitimate invoice

- Are materials that belong to the company

In case, materials have NRV is lower than historical cost but the price ofproduct made from this material does not devalue, these materials are notpermitted to make provision

Making provision method

Provision

Actualamount ofmaterial

sellingcost

The provision amount depends on each type of material and listed in thedetail accounting book for material

Account for recording provision

Provision is recorded into 159 account- provision for decline in value of material

to adjust the historical cost to the NRV

159: Provision for material

Debit side: Credit of provision, reducing cost of goods sold

Credit side: Provision for the current year, increasing the cost of goodssold

Credit balance carriage forward reflects the current provision

1.6 Detailed accouting on the movement of material

1.6.1 Parallel inventory card method

* Rule: storekeeper just record the number of unit, accountants record bothunits and value

* Content: the movement of material is recorded by storekeeper basing on thedelivery notes, and goods received notes And storekeeper just record thenumber of units on bin cards Bin card follows regulation form and is opened forevery type of material, each bin card reflects the movements of material innumbers

Table 1.3: Bin card Bin card

- Each day, basing on the delivery notes, goods received note, storekeeperwill checks whether these document are litigate or not, recording the actualreceipt and issuing into the bin card At the end of each day, storekeeper willcalculate the remained material in order to record into “balance” column.Storekeeper must usually reconcile the figure on the bin card and the physicalamount in store And storekeeper also must transfer the delivery note, goodsreceipt note to the Accounting Department daily or monthly

- At Accounting Department: accountants use material ledger account torecord the movement of material in number and in value

Table 1.4: Material ledger account

Material ledger accountAccount:…

Table 1.5 : Recording maner according to Parallel inventory card method

- Advantages : Advantages: record simply and collate simply

- Disadvantages: storekeeper and accountant record identically

- Applicable scale: enterprises have little kinds of inventories, limitedprofessional ability

Goods received note

Detailed Inventory account book

Material issuing note

Sheet of issuing-receivng

inventory Bin card

1.6.2 Rotating book recording method

of inventory They also supervise the quantity and value in each month.Each kind of inventories is recorded in a line of account books Afterfinishing the work of recording in collating books, accountants collate thefigures in the books, store cards and related account books

Material issuing note Bin card

Sheet of receipt

Sheet of issuing

Collating book

 Applicable record identically scale: enterprises have many kinds ofinventories, many transactions and don’t have detailed accountants

1.6.3 Balance book recording method

At the end of the month, basing on the bin cards, the storekeeper checksand records the amount of inventories in balance book The balance book

is opened for each store and is used for the whole year Before eachmonth, the accountant gives it to the storekeeper After recording data, thestorekeeper sends it to the accountant to check and calculate the grossamount The inventory accountant has to usually guide and check therecording of storekeeper

 At accounting department: the inventory accountant receives storage notesand delivery notes of source documents He (she) will checks and collateswith the invoices Then, he (she) will calculate the gross amount andrecord it in the column of gross amount in delivery notes

Based on the calculated delivery note, the accountant records it into thesheet of storage-issuing-closing inventories This sheet is opened for eachkind of stores

Then, based on the increasing in the month and the opening balance, theaccountant calculates the closing balance The accountant will collate thisfigure with the figure in the balance book

*Recording steps

Table 1.7: Recording steps according to balance book recording method

*Advantages: it avoids recording identically between storekeeper andaccountant It also reduces volume of work in recording

* Disadvantages: the inventory accountant only supervises the value ofinventories If the managers want to know the fluctuation of inventories, theyhave to check in warehouse It is difficult to compare between the warehouse andthe accounting department If there is any error, it is difficult to detect

Goods received

Sheet of progressive receipt

Balance book Sheet of storage-issuing-closing

inventory Bin card

Material issuing note Sheet of issuing Sheet of progressive issuing

* Applicable scale: enterprises have many kinds of inventories, the volume ofstorage- issuing inventories is high, the accountants have high professionalability…

CHAPTER 2:

MATERIAL ACCOUNTING PROCEDURES AT HONG PHUC

COMMERCIAL AND PRODUCTION

INVESTMENT JSC 2.1 Introduction to Hong Phuc JSC

2.1.1 General information

- Business name: Cong ty Co Phan Dau Tu & Thuong Mai Hong Phuc

- International name: Hong Phuc Commercial And Production Investment JointStock

- Abbreviation: HIP., JSC

- Field of operation: Production and trading of construction material

- Headquarters’: A12, block 13, Dinh Cong new urban area, Hoang Mai district,Hanoi

- Office: No.128, Khuat Duy Tien Street, Thanh Xuan District, Hanoi

2.1.2 Establishment of the company

In 2008, Hong Phuc Joint Stock company was started up with main operation ofproducing and processing glass At the same time, a high output capacity facilitywith area of more than 10.000 m2 was set up at Phu Nghia Industrial zone,Chuong My, Hanoi Furthermore, company decided to invested in modern,imported production line worth more than 20 billion VND

In September 2011, the production facility was moved to new location of morethan 20.000 m2 at Nhu Quynh Industrial zone, Van Lam, Hung Yen Newfacility creates not only advantages of place and trading, but also a source ofwell-trained, experienced and enthusiastic young labor Besides, new andmodern production line of European technology was also updated

2.1.3 Business field

- Reinforced glass (safety temper glass)

+ Flat temepered glass: Maximum size of 7.5 meters, annual capacity of800.000m2

+ Curved tempered glass: Annual capacity of 300.000 m2

+ This year, Hong Phuc will start producing following products:

- Safety stick glass

- Interior and exterior glass: colored glass, auto-clean glass

+Products of Hong Phuc brands are fully satisfied all international standardssuch as ANSIZ 97.1 of America, BS 6206 of United Kingdom, as well as other

current standards of Vietnam In 2009, temper glass of Hong Phuc was certified

by Institue of construction material, Ministry of construction

2.1.4 Potential and outlook of company

Despite the world financial and economic crisis, foreign investment in Vietnamstill witnessed continuously development, in which real estate and constructionprojects account for major proportion This is an open market for materialproducer like Hong Phuc to take the chances of growing up Further more,higher and higher living standard of people make safety and luxury productsbecome essential Architects and designer is paying more attention to glass inconstruction, specially the trend of surrounding the building and creatingpartition by glass which is unalternatable elegant Thus, with young and well-trained labor force as well as modern technology, Hong Phuc commits to providecustomers with all the best products and services In the future, Hong Phuc willspend every endeavour to fulfill the goal of becoming one of the top constructionglass and safe glass producer in Vietnam

2.1.5 Organizational management

Management apparatus of the company including the Board of directors, theboard chairman, chief executive and deputy directors, who are closely linkedwith each other This relationship is shown in the diagram below:

Deputy CEO of production

Production facility

Accounting

General administration

CEO Chair of BOD

HR Assistant Accounting

department

Human resource BOD

(1): In charge of proposing strategic decisions, medium-termdevelopment plans and annual business plans of the company, supervisingand directing the executive director in daily business operation of thecompany, managing the organizational structure and regulations of thecompany.

(2) The chairman of the board: In charge of programming, planning ofboard’s operation; supervising the implementation of decision made byboard

(3) Chief executive officer (CEO): The highest authority, responsible forbusiness operation of company to board of directors and implement assignedrights and duties

(4) Deputy CEO: Advising CEO on business affair, in charge ofdepartment of sales and projects

(5) Deputy Director of production: advise the director of productionproblems and responsible for manufacturing facility

(6) Sales department: Proposing and implementing business plan, dealingwith customer system, coordinating with accountant and productiondepartment to provide the best services

(7) Human resources department: advising the director of buildingregulations on salaries, bonuses, management of labor schemes proposingorganizational structure of management.

(8) Accounting Department: assisting the directors of management onimplementation of financial work, capital mobilization, effectively utilizingand management of capital preserving and developing capitalthroughout operation

(9) Production facility: including foreman, deputy foreman, productionteams as well as deliver team, lorry team, catering team

2.1.6 Accounting organization

Functions and duties of the accounting department:

- Organization of the accounting system, conducting business recordsand accounting of economic transactions arising during operation of thecompany, on the basis of continuous improvement of organizationalstructure to comply with ordinance of statistics

- Establish a complete and timely submitted accounting reports, statisticsand settlement under the provisions of the State and the company's charter

- Planning, organizing, checking, maintaining and renewing themanagement accounting profession

- Checking the preservation and storage of accounting documents

- Perform budget and financial management activities of the company

- Planning and making short-term financial decisions

- The relationship between the accounting department and otherfunctional departments.

- Advising the Director on planning financial strategies, analyzing thefinancial situation and inspecting budget control of the company

- Obtaining information on personnel and operations of the accountingdepartment

- Obtaining information on the company's financial situation through theboard and create an intimate relationship, support other departments withinthe company

- Report on the implementation of accounting ordinances as well asaccounting work of company to the board of directors as regularly orirregularly requirements

- Maintaining relationship with functional departments: tax, Department

of Planning and Investment, the client system, banking…

2.1.7 Accounting apparatus in the company

The organizational structure of the accounting firm was organized in theform of concentration All accounting work is conducted in the companygathered at the accounting department Hence all the accounting work doneconcentratively in the accounting department At production teams or plantwithout its own accounting department, there is only economic statisticsstaff to guide and conduct the initial accounting of income and checkingdocuments, periodicals send these documents to the accounting department

Accounting apparatus including 1 chief accountant, 1 cashier and 5

bookkeepers Each employee is in charge of different parts but intimately

related with each other

 Organization of the accounting apparatus:

Table 2.2: Organization of the accounting apparatus

(1) Chief Accountant:

+ Organizing and managing the accounting department

+ Information classification and management

in advance, bank accountant

(6) Material, fixed assets accountant

(7) Wage accountant

Statistician

(2)

General

accountant

+ Checking monthly tax return, monthly financial statements, recordsand the annual financial statements.

+ Reporting to the company's director

+ Training accounting personnel and professional skills

(2) General accounting:

+ Subscribing detail of debt situation for supplier

+ Gathering and allocating production costs and production costs

+ Accounting for the sales process, determine sales and business results.+ Preparing financial statements of the company

(3) Cashier: responsible for managing inflow and outflow of cash.Basing on the voucher, receipt, payment voucher, the cashier pays out andcollects money according to the value recorded in income and expenditurereceipt

(4) Liabilities accountant: tracking debt situation of customers,comparing the debt and debt collection

(5) Cash, cash in advance, bank deposits accounting: Responsible forchecking the validity, legality of original documents, then forming thereceipt voucher and expenditure voucher At the same time, dealing withbanks

(6) Material, fixed assets accounting: accounting operations related toimport, export of raw materials, tools, monitoring details of the situation

of import, export and inventory of such materials on the number of andvalue

(7) Wage accountant: collect information, document from HR department

in order to calculate the salary, social insurance, health insurance, bonus foremployees according to the regulations

2.1.8 Accounting policy

- Fiscal year: from 1/1 to 31/12

- Accounting mode: Viet Nam accounting system following the decree

no 15/2006-QĐ/BTC at 20/3/2006 and adjusted circular

- Currency used in accounting is VND

- Company applies the deduction method for calculating and declaringVAT

- Recording inventory:

The COGS and value of closing inventory is determined by cumulativeweighted average

The inventory is recorded according to the perpetual method

- Depreciation method: depreciation rate is determined in circular no203/2009/TT-BTC of MOF, this circular guides management anddepreciation of fixed asset The fixed asset is booked at historical cost, anddepreciated by straight-line method

- Accounting books form: General journal

The company uses the following books:

- General journal

- Journal, General journal

- Material ledger

Table 2.3: Procedure of recording.

Currently, accounting activity is carried out by Aggues accounting software The computer of accountant are linked by internal network, each

responsible for the specific package This software is produced by ABC Co,following the regulations

Accounting process: the source document is recorded into accountingpackage This package automatically analyzes the information Then theinput information is automatically is recorded into the general journal,general ledger, and books of prime entry…then the package will beautomatically prepare the financial statement When accountant needs anyinformation, he/she just go to “Menu” and print out

Using accounting package help to record, calculate, analyze and provideinformation faster and more exactly

- Account system:

Besides following the account system of regulations, accountant canopen other account for management Aggues package has open accountsystem, so accountant can create new account when necessary

- Source document system:

For each accounting package, it has the available source document forthe users When a transaction incur, the accountant responsible for thatpackage will input the source document into package Different type ofpackage has different interface with items suitable for that transaction

2.2 Material accounting procedure at Hong Phuc JSC

2.2.1 The characteristic and classification of materials

Characteristic:

Material at Hong Phuc joint stock is purchased in order to meet production activity Material at this company has the same characteristic with material

at other business area: attending in production process, consumed

completely in that process, transfer its value into the product However, it does not completely change its initial shape The company purchase normal glass, then after the process of cutting, whetting, drilling, and especially tempering in very high temperature, the product is temper glass that can suffer a huge force

Classification:

Material is classified basing on the thin of glass:

-glass 10mm

-glass 12mm

-glass 15mm

-glass 6mm

2.2.2: Recognition the value of material when buying

Material is recorded according to the historical cost principle

With material is imported

Historical

cost

= Purchaseprice(excludingVAT)

+ Importedduty

+ Orderingcost

- Trade discount

or purchasereturn valueWith material is purchased in Vietnam:

to the purchase

-Trade discount,purchase returnvalue

2.2.3: Cost of goods sold and value of material remained in store at the end

of month

The company calculates the cost of goods sold and closing material

value by cumulate weighted average Cost of goods sold is determined by

the issuing unit and the average unit cost in period Each time of receipt,

accountant will recalculate the average cost of material.

The average unit cost= Q1 x unit cost 1+Q2 x unit cost 2+…Qn x unit cost n

Total amount

Q1: quantity of material received the first times

Q2: the quantity of material received the second times

Qn: the quantity of material received the n times

Total amount=opening balance+ purchase

Value of material in store at the end of month

remained in store

weighted average

2.2.4 Procedure of receiving material

Current inventories run down to the level where a reorder is required

The store department issues a purchase requisition, which is sent to the

purchasing department, authorizing the department to order furtherinventory An example of a purchase requisition is showed below

When receiving the purchase requisition, purchasing department

draws up a purchase order, which is sent to the supplier Purchased order is

made 3 copies: one is kept by Purchasing Department and sent to customer,one is transferred to the Accounting Department, and one is transferred tothe storekeeper