This presentation discusses joint product and by-product costing. It defines joint products as two or more products produced simultaneously by the same process that become separate at the split-off point. By-products are minor secondary products from a manufacturing process. Several methods are presented for allocating joint costs to joint products, including sale value at split-off, net realizable value, and physical units. By-products are not allocated joint costs. Cost and non-cost methods for treating by-products are also discussed.
A power point presentation describing some basic definitions, father of cost accounting, Indian aspect of cost accounting and Various Methods and Techniques of costing.
Presented by: Aquib Ali, Ajay Gupta and Ashwin Showi. (M.Com students)
at the Bhopal School of Social Sciences(BSSS) on 6 September, 2017
A power point presentation describing some basic definitions, father of cost accounting, Indian aspect of cost accounting and Various Methods and Techniques of costing.
Presented by: Aquib Ali, Ajay Gupta and Ashwin Showi. (M.Com students)
at the Bhopal School of Social Sciences(BSSS) on 6 September, 2017
Activity based costing is considered to be useful only for Manufacturing Organizations whereas reality is that it is equally usefull to Service providers
the document is on Cost volume profit analysis.
(Cost-volume-profit (CVP) analysis is used to determine how changes in costs and volume affect a company's operating income and net income.)
This power point presentation related to process costing. which is useful to students who studying B.com, BBA,M.COM MBA etc.
It involves short notes on definition of process costing,its features,applications,difference between process costing and job costing, advantages and disadvantageous of process costing, procedure of process costing,format of process account, process losses and abnormal gain.
To understand the basic concepts of marginal cost and marginal costing.
To understand the difference between the Absorption costing and Marginal Costing.
To learn the practical applications of Marginal costing.
To understand Breakeven charts & Limitation
Activity based costing is considered to be useful only for Manufacturing Organizations whereas reality is that it is equally usefull to Service providers
the document is on Cost volume profit analysis.
(Cost-volume-profit (CVP) analysis is used to determine how changes in costs and volume affect a company's operating income and net income.)
This power point presentation related to process costing. which is useful to students who studying B.com, BBA,M.COM MBA etc.
It involves short notes on definition of process costing,its features,applications,difference between process costing and job costing, advantages and disadvantageous of process costing, procedure of process costing,format of process account, process losses and abnormal gain.
To understand the basic concepts of marginal cost and marginal costing.
To understand the difference between the Absorption costing and Marginal Costing.
To learn the practical applications of Marginal costing.
To understand Breakeven charts & Limitation
An alternative to absorption costing is marginal costing .
Under this technique only variable costs are changed as product costs and included in inventory valuation.
Fixed manufacturing costs are not allowed to products but are considered as sand thus charged directly to profit and loss account of the year.
Fixed cost also do not enter in stock valuation.
Both absorption costing an marginal costing treat on manufacturing costs
The Relative Sales Value method helps in allocating joint costs based on the prices at which products will be sold. It is basically the process calculating all costs of multiple products produced at the same time in the factory and further helps in analyzing and tracking the profit they will earn from the investment made. Copy the link given below and paste it in new browser window to get more information on Relative Sales Value:- http://www.transtutors.com/homework-help/accounting/inventories-valuation-using-relative-sales-value/
Marginal costing is a costing technique wherein the marginal cost, i.e. variable cost is charged to units of cost, while the fixed cost for the period is completely written off against the contribution.
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A presentation on joint product and by product costing
1. A PRESENTATION ON JOINT
PRODUCT AND BY-
PRODUCT COSTING
BY:
JYOTISMAN DAS MOHAPATRA
CHITTARANJAN PRUSTY
DEBASHISH KHOSLA
JAYANT BISOI
2. INTRODUCTION
It describes the joint production processes and their
outputs—joint products and by-products. Several
methods are developed to allocate joint costs to
joint products. By-products are not usually allocated
any of the joint costs. Instead, non cost methods are
frequently used to account for by-products. This
concludes with the caution that allocated joint costs
are not useful for output and pricing decisions.
Further processing costs are used in management
decision making.
3. JOINT PRODUCT
Joint products are two or more products produced
simultaneously by the same process.
Joint products become separate and identifiable at the
split-off point.
Joint products (such as butter, cheese, and cream from
milk, and fuel oil, gasoline, and kerosene from crude oil)
are separately unidentifiable, and incur undifferentiated
joint costs, until they reach the split-off point.
4. BY-PRODUCT
A by-product is a secondary product derived from a
manufacturing process .
It is not the primary product or service being produced.
A by-product is the 'output from a joint production process
that is minor in quantity and/or Net Realisable Value (NRV)
when compared to the main products'.
These are deemed to have no influence on reported
financial results, by-products do not receive allocations of
joint costs.
A by-product can be useful and marketable or it can be
considered waste.
5. JOINT & SEPARABLE COST
Joint costs are the total of the raw material, labor, and
overhead costs incurred up to the initial split-off point.
Joint costs can be allocated to the final product only in some
arbitrary manner because such costs cannot be traced
directly to the products they benefit.
Joint cost allocation is much less useful for cost control and
managerial decision making.
Separable costs are those costs incurred after the split-off
point; they can be easily traced to individual products.
6. METHODS OF APPORTIONMENT OF JOINT COST
1. Sale value at split of point
2. Reverse cost method
3. Net realisable value method(NRV)
4. Physical unit method
7. Sale value at split of point
The simplest joint product cost allocation method is the
sales value at split-off method, whereby you determine the
proportion of total revenue that each product coming from a
joint production process will generate, and
then apportion all joint costs based on the relative
proportions of revenue that are to be earned by
each product.
if Product A earns $10 and Product B earns $5, then 2/3 of
the total joint cost will be allocated to Product A and 1/3 of
the total joint cost will be allocated to Product B.
8. Reverse cost method
Market value method or Reversal cost method is similar to
the last technique (By Product Revenue deducted from
Production Cost).
it reduces the manufacturing cost of the main product , not
by the actual revenue received.
This estimate must be made prior to split-off from the main
product……..
9. Net realisable value method(NRV)
The net realizable value, also known as NRV, is the return that you
would expect to get on an item after the item has been sold and the
cost of selling that item has been subtracted.
Calculating NRV is fairly simple.
Take the selling price of an item and you subtract any costs that you
incurred getting that item ready for sale.
NRV= Sale value after further processing – further processing cost
10. Physical Units Method of apportionment
Therefore, the basic of apportionment is the physical
volume of units found at the point of separation.
This method is applied if the joint products are capable of
being expressed in the some unit of measurement.
Moreover, if any loss arising during processing is also
apportioned on the same basis.
If the units of measurement of joint products are
heterogeneous, this method cannot be applied.
This method has the assumption of all the joint products
equally desirable and valuable.
13. Non-cost method
Miscellaneous or other income method
Credit of by-product net sale value to the process account
By-product sales deducted from the total cost