Material costing
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Materials refer to all components consumed during manufacturing and constitute a substantial portion of total production costs. Materials are classified as direct or indirect, with direct materials forming part of the finished product while indirect materials are used indirectly. Computing material costs involves starting with the purchase price, adding taxes, freight, and duties, and subtracting any rebates, discounts or refunds to calculate the total material cost.
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Presented by: Aquib Ali, Ajay Gupta and Ashwin Showi. (M.Com students)
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Bba ii cost and management accounting u 1
The document discusses key concepts in cost accounting including meaning of costing, cost accounting, elements of cost (material, labor, expenses), classification of costs (fixed, variable, semi-variable), and scope of cost accounting which includes cost ascertainment, cost records, and cost control. It also defines concepts like prime cost, overhead, production overhead, administration overhead, selling and distribution overhead, and total cost. Life cycle costing is introduced as a technique that considers all costs over the lifetime of a product or asset.
Unit V.pptx
Cost accounting is concerned with recording, classifying, and summarizing costs to determine the cost of products or services. It provides information to management for decision making through operational planning and control, special decisions, and product decisions. The objectives of cost accounting are determining selling prices, controlling efficiency, preparing financial statements, and providing a basis for operating policies. Elements of cost include direct and indirect materials, direct and indirect labor, direct and indirect expenses, and overhead. Overhead is further classified as factory, office and administration, and selling and distribution overhead. Total cost is the sum of prime cost, factory cost, office cost, and selling and distribution overhead. A cost sheet analyzes and classifies expenses by cost center and cost unit in
Inventory management
This document discusses inventory management. It defines inventory as materials held until needed for production, consumption, or sale. There are direct inventories like raw materials, work in progress, and finished goods. Indirect inventories include tools and supplies. The objectives of inventory management are to minimize costs and disruptions while maintaining sufficient stock. Economic order quantity and ABC analysis are discussed as methods to classify and control inventory levels.
Mca i fma u 4.2 marginal costing
This document discusses various concepts related to cost accounting, including definitions of cost, classifications of costs, elements of cost, and overhead costs. It defines direct and indirect costs, fixed and variable costs, and classifications like prime cost, factory overhead, administrative overhead, and selling overhead. It provides examples and explanations of different types of costs like material, labor, expenses that make up the total cost of production and sales. The document is intended to provide a comprehensive overview of fundamental cost accounting concepts.
Bca i fma u 4.2 marginal costing
This document discusses various concepts related to cost accounting including definitions of cost, classifications of cost, elements of cost, and overhead costs. It defines cost as the value of economic resources used in production and classifies costs as direct or indirect, fixed or variable. The key elements of cost are defined as material, labor, and expenses. Overhead costs are classified as production, administration, or selling and distribution overhead. Formulas are provided for calculating prime cost, factory overhead, cost of production, and total cost.
Cost sheet and their elements
The document discusses the three basic elements of manufacturing costs: direct materials, direct labor, and factory overhead. Direct materials include all materials that become part of the finished product. Direct labor refers to personnel costs required for manufacturing. Factory overhead consists of all other costs required for manufacturing that do not fall into direct materials or labor, such as indirect labor, utilities, and depreciation. These three elements - direct materials, direct labor, and factory overhead - make up the total cost of production. Administrative and selling overheads are also discussed.
Classification of cost
There are various ways to classify costs. Costs can be classified based on elements like material, labor, and expenses which can be further divided into direct and indirect categories. Costs can also be classified based on the product into direct and indirect costs. Additionally, costs can be classified based on the level of production as either fixed or variable costs. Classification can also occur based on the function like production, administration, selling, and distribution costs. Other bases for classification include controllability and whether the costs are for decision making like shutdown or sunk costs.
WHAT IS COST SHEET
The document discusses cost sheet analysis and the elements of cost. It defines cost as the amount of expenditure incurred or attributable to a specific activity or thing. Cost accounting involves classifying, accumulating, assigning, and controlling costs. The total cost is analyzed by elements including direct materials, indirect materials, direct labor, direct expenses, and overheads which are subdivided into manufacturing, administration, selling, distribution, and research and development overheads. A cost sheet or statement of cost presents costing information and is used to determine and present the cost under unit costing, especially when there is a single main product.
Cost Classification in Management Accountingx
The document discusses different ways to classify costs for accounting and decision making purposes. It covers:
1. Direct and indirect costs can be classified as production or non-production costs. Direct costs like materials and labor can be traced to specific products, while indirect costs like maintenance cannot.
2. Costs are also classified as fixed, variable, or mixed depending on how they change with activity levels. Variable costs change with activity while fixed costs do not.
3. For decision making, costs are classified as relevant or irrelevant. Only future costs changed by a decision and opportunity costs are relevant. Sunk costs that cannot be recovered are irrelevant.
Managerial accounting by Adnan Sami
This document discusses key concepts in managerial accounting including the differences between managerial and financial accounting, the definitions of cost, direct and indirect materials and labor, factory overhead, variable and fixed costs, product costs, and period costs. It provides examples for each term to illustrate the concepts.
Classification of materials
This document discusses the classification of materials. There are several objectives for classifying materials, including saving time and costs, planning and controlling inventory, and meeting customer demand. Materials can be classified based on the conversion process, such as raw materials, work in progress, and finished goods. They can also be classified by their nature, such as consumables, chemicals, or packaging. Additionally, materials are classified based on quality and usability, for example serviceable versus unserviceable, or finished versus semi-finished materials. Common types of inventories discussed are production, maintenance/repair/operating, in-process, and goods in transit.
Costing of Formal Shirt
This document provides information on costing of apparel products, including definitions of key terms, components and classification of costs, and an example cost sheet. It defines costing as estimating resources required to produce a product, while pricing determines the sale value. Costs are classified as direct materials, direct labor, factory overhead, administration overhead and selling/distribution overhead. Overhead includes both fixed and variable indirect expenses. The cost sheet example shows costs broken down by category and calculates total cost of sales.
cost accounting.UNIT 1.pptx
Cost accounting aims to capture a company's total cost of production by assessing variable and fixed costs. It determines costs of materials, labor, and overhead at each step of production. Cost accounting objectives include cost control, reduction, price determination, decision making, and price ascertainment. A cost sheet formally documents fixed, variable, direct, and indirect costs incurred from start to finish of production to determine total cost and price per item. It includes elements like direct materials, labor, expenses, and various types of overheads. Prime cost refers to direct materials and labor costs, while work cost is the sum of prime costs and factory overheads. Cost of production encompasses all expenses to create and deliver a product or service, such as raw
Product Classification: Convenience, Shopping, Specialty.pptx
Products can be classified as either durable or non-durable based on how long they last. Durable products such as refrigerators and cars are used over an extended period of time, while non-durable products like food and soap are consumed quickly. Products and services can also be classified as either consumer or industrial. Consumer products are purchased by final users for personal use, while industrial products like materials, capital items, and supplies are bought for business use or further processing. Industrial products include raw materials, manufactured parts, capital equipment, operating supplies, and business services.
Ppt on Cost accounting and its classifications
Cost accounting involves classifying costs according to their nature, function, variability, and controllability. There are several types of costs:
- Direct costs like materials and labor that are clearly traceable to production. Indirect costs like utilities that are not directly traceable.
- Fixed costs that do not vary with production like rent. Variable costs that vary with production like materials. Semi-variable costs that vary but not proportionately.
- Controllable costs a manager can influence like direct labor. Uncontrollable costs outside a manager's control like depreciation.
- Normal costs incurred during regular operations. Abnormal costs from unexpected events like fires.
Assignment
Cost accounting is concerned with recording, classifying, and summarizing costs to determine the costs of products or services. It also involves planning, controlling, and reducing costs, and providing information to management for decision making. Cost accounting includes elements such as direct and indirect materials, direct and indirect labor, and expenses. It utilizes methods like job costing, process costing, and standard costing. The objectives of cost accounting are cost ascertainment, estimation, control, reduction, determining selling prices, and facilitating financial reporting and operating policies.
Akaun Chapter 8
This document discusses key concepts in managerial accounting, including:
1. The differences between managerial and financial accounting in terms of users, reports, purposes, and verification.
2. The importance of managerial accounting information for decision making through planning, directing, and controlling.
3. Key cost concepts like classifications of costs by behavior, function, and period.
4. Preparing key statements for manufacturing companies including the statement of cost of goods manufactured, income statement, and balance sheet.
Costng accounting
Financial accounting and management accounting are two branches of accounting that differ in their purpose and users. Financial accounting focuses on preparing financial statements for external users to provide a fair view of the company's financial position. Management accounting aims to provide both qualitative and quantitative information to internal managers to assist with decision making, planning, and controlling operations. While financial accounting follows accounting principles and standards to prepare standardized financial reports, management accounting is flexible and customized based on management's needs.
Understanding the Different Types of Production Costs.pdf
This document discusses the different types of production costs including fixed costs, variable costs, semi-variable costs, direct costs, and indirect costs. Fixed costs remain constant regardless of production levels, variable costs change depending on production levels, and semi-variable costs have both fixed and variable components. Direct costs can be directly attributed to a product or service, while indirect costs cannot be directly attributed. Understanding these different cost types helps businesses determine pricing and profitability.
Elements of cost ppt k@pil
The document discusses various aspects of classifying and defining costs. It defines direct costs as costs that can be traced to a specific cost object, like direct materials and direct labor. Indirect costs are costs that cannot be directly traced to a cost object, like manufacturing overheads. It provides examples of different types of direct and indirect costs such as direct materials, direct labor, indirect materials, and indirect labor. The document also discusses classifying costs by their nature into material, labor, and expenses costs. It defines various cost elements and cost centers.
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Product Classification: Convenience, Shopping, Specialty.pptx
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Understanding the Different Types of Production Costs.pdf
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Material costing
- 2. MEANING OF MATERIAL • Materials: The term 'materials' refers to all commodities or components which are consumed in the process of manufacture.
- 3. Materials cost is one of the important elements of cost of product or unit. It constitutes a substantial proportion of the total cost of production. ● For material cost control purposes, it is very essential to know the important aspects of material, material control and material purchase control.
- 5. Direct Materials: Direct Material are form part of the finished products. They can be easily identified with a particular cost unit. For example- cotton used in textile mills, timber used in furniture industries.
- 6. Indirect Materials : Indirect materials indirectly used for conversion from raw materials into finished products. They cannot be easily identified with a particular cost unit. For example- spare parts, tools, nails, lubrications etc.
- 7. COMPUTATION OF MATERIAL COSTING Cost of Purchase (Purchase price of raw material ) R.s xxx Add – Taxes Carriage Inward Freight Duties R.s xxx Less – Rebates Trade Discount Refundable Duties R.s xxx MATERIAL COST R.S xxx