Costing An introduction: Students’ Manual by Colin Drury

By Colin Drury

The purpose of the second one variation of this booklet is to supply an advent to the idea and perform of price and administration accounting. a value accounting process accumulates monetary info for inventory valuation and revenue dimension while a administration accounting approach accumulates, classifies and reviews details that may help managers of their decision-making, making plans and keep watch over actions. This ebook is worried with either price and administration accounting, with equivalent emphasis being put on either structures. meant essentially for college kids who're pursuing a 12 months fee and administration accounting direction, the publication is perfect for these forthcoming this topic for the 1st time. it's compatible for origin expert (CACA, CIMA and twelve months collage beginning classes, organization of Accounting Technicians, BTEC greater and nationwide degree, "A" point accounting and a primary point costing direction for undergraduate measure scholars.

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20 Cost control problem requiring the preparation of a performance report using equivalent production calculations. 5 (a) Cleansing agent process account Ingredient Wages Overheads A B c kg 2,000 3,000 6,000 £ 1,600 Completed production 1,500 WIP c/fwd (1,170 + 516) 2,400 3,764 1,882 11,000 £11,146 kg 8,600 2,400 £ 9,460 1,686 11,000 £11,146 Calculation of cost per unit: Materials Labour Overheads Total cost £ 5,500 3,764 1,882 Completed units Equiv. WIP (1) Equiv. WIP (2) Total equiv. 10 9,460 £11,146 Note that 11,000 kg were put into the process and 8,600 kg were completed.

Because of the unequal wage rates in the cutting department the direct wages percentage method is inappropriate. 00 (a) (i) (a) (ii) (b) The accounting entries for overheads are presented in Chapter 5. You will find when you read this chapter that a credit balance in the overhead control account represents an over-recovery of overheads. Possible reasons for this include: (i) actual overhead expenditure was less than budgeted expenditure; (ii) actual production activity was greater than budgeted production activity.

45 = £11,340) 10,857 (36,000/37,600) Normal loss allocation WIP per cost statement Completed production 19,089 WIP £ 732 (3,200/39,200) 483 1,215 39,024 609,112 628,201 40,239 (b) The following characteristics distinguish process costing from job costing: (i) The cost per unit of output with a process costing system is the average cost per unit whereas job costing traces the actual cost to each individual unit of output. (ii) Job costing requires that a separate order and job number is used to collect the cost of each individual job.

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