1.Distinguish between the direct and indirect labor cost
2. Understand the various facets of labor cost control
3. Understand the concepts like labor turnover, time keeping, time booking and idle and overtime
4. Know the various methods of remuneration including incentive plans
5. Understand the pay roll accounting and disbursement of wages.
Solution Manual Cost Accounting Planning and Control by Matz.Hammer and Usry ...Bushra Sultana Malik
This Solution manual Cost Accounting Planning and Control.
Chapter 3 is not Complete.But The Complete chapter is Uploaded See my other Uploads,Chapter 3 Problems are Available.
1.Distinguish between the direct and indirect labor cost
2. Understand the various facets of labor cost control
3. Understand the concepts like labor turnover, time keeping, time booking and idle and overtime
4. Know the various methods of remuneration including incentive plans
5. Understand the pay roll accounting and disbursement of wages.
Solution Manual Cost Accounting Planning and Control by Matz.Hammer and Usry ...Bushra Sultana Malik
This Solution manual Cost Accounting Planning and Control.
Chapter 3 is not Complete.But The Complete chapter is Uploaded See my other Uploads,Chapter 3 Problems are Available.
The slides provide for the fundamental principles and calculations of cost accounting. It is useful for the foundation levels. People to go through these slides must expect the very basics of cost accounting. Also it does not only provide for the fundamentals, but it also gives more complex calculations, which are well explained.
ACG 2071 Managerial Accounting Process Costing Systems .docxbobbywlane695641
ACG 2071 Managerial Accounting
Process Costing Systems
Minicase
PROCESS COSTING PROBLEM
Spectre Chemicals produces Zaloff in a two department process. Information on the two
departments for March and April, 2011 are as follows:
March 2011:
Department 1: The company had beginning inventory of 6,000 units, 40% completed with a
cost of $45,000. During the month, the department transferred in 22,000 units of the direct
materials with a cost of $10 per unit. Ending inventory was 7,000 units, 30% completed.
Direct labor is $310,500 and factory overhead is $103,500.
Department 2: The company had beginning inventory of 5,000 units, 70% completed with a
cost of $80,000. During the month, direct labor was $175,000 and factory overhead was
$87,500. Ending inventory was 10,000 units, 50% completed.
April 2011:
Department 1: During the month, the department transferred in 20,000 units of the direct
materials with a cost of $11 per unit. Direct labor is $209,000 and factory overhead is
$104,500. Ending inventory is 10,000 units 60% completed.
Department 2: The company had beginning inventory of 5,000 units, 70% completed with a
cost of $80,000. During the month, direct labor is $175,000 and factory overhead is
$87,500.
Required:
Compute the Equivalent Units of Production, Material costs, and Conversion costs for each
department for March and April, 2011.
Complete the attached chart – one for each department and each month
Prepare a cost of production report for March and April 2011.
ACG 2071
Process Cost Systems
Created by: M. Mari
Fall 2009-1
Page 1 of 13
Process Manufacturing
Is the mass production of products in a continuous flow
of steps
Products pass through a series of sequential processes
Each process is identified a separate production,
department, workstation, or work center.
With the exception of the first process or department,
each receives the output from the prior department as
a partially processed product.
Depending on the nature of the process, a company
applies direct labor, overhead, and additional direct
materials to move the product toward completion.
Process Cost System
Assigns direct materials, direct labor, and overhead
to specific processes.
Costs are allocated by department rather than jobs
Manufacturing costs are allocated to products based
on units of production
Manufacturing costs are accumulated and transferred
by department
The total costs associated with each process are then
divided by the number of units passing through that
process to determine the cost per equivalent units
for that process
ACG 2071
Process Cost Systems
Created by: M. Mari
Fall 2009-1
Page 2 of 13
To understand how costs are allocated, first we must decide
how the costs are accumulated. One method is First in, First
out method.
Beverage Production
Costs flow fr.
A cost sheet is a document used in managerial accounting that provides a detailed breakdown of the costs associated with producing a product or providing a service. It is an essential tool for businesses to analyze and manage their costs effectively. The cost sheet typically includes various cost components classified into different categories, helping managers make informed decisions regarding pricing, production processes, and resource allocation.
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Synthetic Fiber Construction in lab .pptxPavel ( NSTU)
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Unit 8 - Information and Communication Technology (Paper I).pdfThiyagu K
This slides describes the basic concepts of ICT, basics of Email, Emerging Technology and Digital Initiatives in Education. This presentations aligns with the UGC Paper I syllabus.
Ethnobotany and Ethnopharmacology:
Ethnobotany in herbal drug evaluation,
Impact of Ethnobotany in traditional medicine,
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How to Split Bills in the Odoo 17 POS ModuleCeline George
Bills have a main role in point of sale procedure. It will help to track sales, handling payments and giving receipts to customers. Bill splitting also has an important role in POS. For example, If some friends come together for dinner and if they want to divide the bill then it is possible by POS bill splitting. This slide will show how to split bills in odoo 17 POS.
Read| The latest issue of The Challenger is here! We are thrilled to announce that our school paper has qualified for the NATIONAL SCHOOLS PRESS CONFERENCE (NSPC) 2024. Thank you for your unwavering support and trust. Dive into the stories that made us stand out!
The Roman Empire A Historical Colossus.pdfkaushalkr1407
The Roman Empire, a vast and enduring power, stands as one of history's most remarkable civilizations, leaving an indelible imprint on the world. It emerged from the Roman Republic, transitioning into an imperial powerhouse under the leadership of Augustus Caesar in 27 BCE. This transformation marked the beginning of an era defined by unprecedented territorial expansion, architectural marvels, and profound cultural influence.
The empire's roots lie in the city of Rome, founded, according to legend, by Romulus in 753 BCE. Over centuries, Rome evolved from a small settlement to a formidable republic, characterized by a complex political system with elected officials and checks on power. However, internal strife, class conflicts, and military ambitions paved the way for the end of the Republic. Julius Caesar’s dictatorship and subsequent assassination in 44 BCE created a power vacuum, leading to a civil war. Octavian, later Augustus, emerged victorious, heralding the Roman Empire’s birth.
Under Augustus, the empire experienced the Pax Romana, a 200-year period of relative peace and stability. Augustus reformed the military, established efficient administrative systems, and initiated grand construction projects. The empire's borders expanded, encompassing territories from Britain to Egypt and from Spain to the Euphrates. Roman legions, renowned for their discipline and engineering prowess, secured and maintained these vast territories, building roads, fortifications, and cities that facilitated control and integration.
The Roman Empire’s society was hierarchical, with a rigid class system. At the top were the patricians, wealthy elites who held significant political power. Below them were the plebeians, free citizens with limited political influence, and the vast numbers of slaves who formed the backbone of the economy. The family unit was central, governed by the paterfamilias, the male head who held absolute authority.
Culturally, the Romans were eclectic, absorbing and adapting elements from the civilizations they encountered, particularly the Greeks. Roman art, literature, and philosophy reflected this synthesis, creating a rich cultural tapestry. Latin, the Roman language, became the lingua franca of the Western world, influencing numerous modern languages.
Roman architecture and engineering achievements were monumental. They perfected the arch, vault, and dome, constructing enduring structures like the Colosseum, Pantheon, and aqueducts. These engineering marvels not only showcased Roman ingenuity but also served practical purposes, from public entertainment to water supply.
The French Revolution, which began in 1789, was a period of radical social and political upheaval in France. It marked the decline of absolute monarchies, the rise of secular and democratic republics, and the eventual rise of Napoleon Bonaparte. This revolutionary period is crucial in understanding the transition from feudalism to modernity in Europe.
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Operation “Blue Star” is the only event in the history of Independent India where the state went into war with its own people. Even after about 40 years it is not clear if it was culmination of states anger over people of the region, a political game of power or start of dictatorial chapter in the democratic setup.
The people of Punjab felt alienated from main stream due to denial of their just demands during a long democratic struggle since independence. As it happen all over the word, it led to militant struggle with great loss of lives of military, police and civilian personnel. Killing of Indira Gandhi and massacre of innocent Sikhs in Delhi and other India cities was also associated with this movement.
2. MATERIALS INVENTORY
- made up of the balances of materials
and supplies on hand
WORK IN PROCESS INVENTORY
- cost of goods that were started in process but is not yet
completed
FINISHED GOODS INVENTORY
- cost of goods already completed but not yet sold
9. ◦ Materials are purchased on account at a cost of
50,000
Materials 50,000
Accounts Payable 50,000
10. Direct materials costing P40,000 and indirect
materials costing P1,900 are issued to the
factory
Work in Process 40,000
Factory overhead control 1,900
Materials 41,900
11. Total payroll amounted to P36,000 consisting
of P20,000 earned by laborers , P7,000 for
factory supervision, P9,000 for sales and
administrative employees
Payroll 36,000
Accrued Payroll 36,000
Accrued Payroll 36,000
Cash 36,000
12. Recording the distribution or classification of
the payroll
Work in process 20,000
Factory overhead control 7,000
Selling and administrative expenses control 9,000
Payroll 36,000
13. Depreciation expense for the building is
P3,750. The office occupies 1/10 of the
building and the factory occupies 9/10 of the
building
Factory overhead control 3,375
Selling and administrative expenses control 375
Accumulated depr- building 3,750
14. Depreciation for machinery and equiment
used in the factory is 2,500
Factory overhead control 2,500
Accum. Depr. – machinery and equipment 2,500
15. The cost of heat, light and power for the
month was P3,000. 1/10 is allocated to the
office and 9/10 to the factory
Factory overhead control 2,700
Selling and administrative expenses control 300
Accounts payable 3,000
16. Miscellaneous expenses for telephone, office
supplies, travel and rental of office furniture
and equipment totaled
Selling and administrative expenses control 1,500
Accounts payable 1,500
17. Factory overhead is charged to production at
85% of direct labor cost
Work in process 17,000
Factory overhead applied 17,000
18. Assuming all goods started in process have
been finished
Finished goods 77,000
Work in process 77,000
Direct materials 40,000
Direct labor 20,000
Factory overhead 17,000
77,000
19. All the finished goods were sold with a mark-
up of 10,000 pesos on credit
Accounts receivable 87,000
Sales 87,000
Cost of goods sold 77,000
Finished goods 77,000
20. All the accounts receivable were collected in
full
Cash 87,000
◦ Accounts receivable 87,000
