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Xcostcon Cost Accounting Cycle

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17 views14 pages

Xcostcon Cost Accounting Cycle

Uploaded by

abrylle opiniano
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PPTX, PDF, TXT or read online on Scribd
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Cost Accounting

Cycle/Job Order Costing


Chapter 3
High and Low Method
(Review)
Another way of computing for

b= 2,295,324.80/ 183,289.60

b= 12.5229407451

a= 11,060.53 – ( 366.40b)

a= 6,472.13

Budgeted OH at 480 repair hrs

6,473.13 + 12.52 x 480 = 12,483.14


Cost Classifications on Financial
Statements – Balance Sheet

Merchandiser Manufacturer
Current Assets Current Assets
 Cash  Cash
 Receivables  Receivables
 Prepaid
Expenses
 Prepaid Expenses
 Merchandise Inventory  Inventories
Raw Materials
Work in Process
Finished Goods

2-5
Cost Classifications on Financial
Statements – Balance Sheet

Merchandiser Manufacturer
Current Assets Current Assets
 Cash  Cash
Those materials
 Receivables  waiting to be
Receivables
 Prepaid  processed.
Prepaid Expenses
Expenses
 Merchandise Inventory  Inventories
Raw Materials
Work in Process
Finished Goods

2-6
Cost Classifications on Financial
Statements – Balance Sheet

Merchandiser Manufacturer
PartiallyAssets
Current complete
Current Assets products – material to
 Cash
 Cash which some labor
 Receivables
and/or overhead has
 Receivables
 Prepaid been added.
 Prepaid Expenses
Expenses
 Inventories
 Merchandise Inventory
Raw Materials
Work in Process
Finished Goods

2-7
Cost Classifications on Financial
Statements – Balance Sheet

Merchandiser Manufacturer
Current Assets Current Assets
 Cash  Cash
 Receivables
Completed products
 Receivables
 awaiting sale.
Prepaid Expenses
 Prepaid
Expenses
 Inventories
 Merchandise Inventory
Raw Materials
Work in Process
Finished Goods

2-8
Cost of Goods Sold

 Merchandising Business
Beginning Merchandise Inventory
+ Purchases
Merchandise available for sale
- Merchandise Inventory End
Cost of Goods Sold

• Manufacturing Business
Beginning Finished Goods Inventory
+ Cost of Goods Manufactured
Total Goods Available for Sale
- Finished Goods Inventory End
Cost of Goods Sold
Flow of Costs in a Manufacturing Firm – single production

Direct Materials
Upon 100% complete Unsold units
Direct Labor Work-in-process Finished Goods Finished Goods-end
Sold units
Factory Overhead
Cost of Goods Sold
- normal
Flow of Costs in Job-order Costing or with multiple productions
Direct Materials
Direct Labor WIP (Job A) FG - A
Factory Overhead

Direct Materials

Direct Labor WIP (Job B) FG - A Cost of Goods Sold


(normal) or before
adjustment of under or over
Factory Overhead application of FOH

Direct Materials

Direct Labor WIP (Job C) FG - A


Factory Overhead

*WIP – Work-in-process *FG – Finished Goods


Direct Materials:

Illustrative Materials, beg 4,900


Purchases 8,000
Example of Less: Purchase returns 350 7,650

Cost of
Total Available for use 12,550
Less: Materials, end 4,550

Goods Sold Direct Labor


Indirect Materials 1,000 5,550 7,000
8,000

Statement Factory overhead


Total Manufacturing Cost
8,000
23,000
Add: Work in process, beg 4,600
Cost of Goods put into process 27,600
Less: Work in process, end 6,000
Cost of goods manufactured 21,600
Add: Finished goods, beg. 4,000
Total goods available for sale 25,600
Less: Finished goods, end 5,600
Cost of goods sold - normal 20,000
Add(less): Underapplied(overapplied) Factory overhead 1,000
Cost of Goods Sold – Actual/Adjusted 21,000
Job Cost Sheet
References

 Cost Accounting and Control - De Leon, et al., (2019)


 Cost Accounting and Control – Cabrera (2019)

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