Product costing
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This document defines key terms related to product costing and pricing. It provides a 6-step process for computing the price per unit of a product: 1) determine total production expenses, 2) determine operational expenses, 3) combine all expenses, 4) add a 25% markup, 5) divide total costs by volume of production to get price per unit, and 6) compute prices for different units (e.g. per pack, dozen, or box) based on the per unit price and typical quantities included in those units. It also outlines a similar process for pricing merchandise.
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Process costing
Process costing is used when production is continuous and outputs are homogeneous. Costs are accumulated over multiple processes and time periods, then divided by total units to calculate average unit costs. Key differences from job costing include homogeneous outputs, sequential cost flows between processes, and inventory accumulating between processes. Costs are calculated periodically rather than by individual jobs.
COST-VOLUME-PROFIT RELATIONSHIPS
This document presents information about cost-volume-profit (CVP) analysis for Racing Bicycle Company. It includes CVP graphs and equations, contribution margin calculations, and analyses of break-even points and margin of safety. Specifically, it shows that Racing Bicycle's break-even point is at 400 units of sales for $200,000 in revenue, and its margin of safety given actual sales of 500 units is $50,000 or 20% of sales.
Variance Analysis
The document defines variances as differences between standard and actual costs. It discusses computing variances for material costs, including material cost, price, usage, mix, and yield variances. It also discusses labor cost and rate variances. Variances are classified and examples are provided to demonstrate how to calculate different types of variances based on standard and actual data. The key information is on defining and calculating different types of variances to identify reasons for deviations between actual and standard performance.
The cost of production
The document discusses the costs of production for firms. It defines various types of costs including total, average, fixed, variable and marginal costs. It explains that total costs are the sum of fixed and variable costs. It also describes cost curves such as total cost curves, average cost curves and marginal cost curves, and how they relate to each other. Specifically, it notes that average total cost curves are U-shaped and marginal cost curves intersect average total cost curves at the minimum point.
Process costing
- Process costing is used to determine average costs for standardized goods produced through continuous processes. It involves allocating costs for multiple processes to the finished goods.
- The key steps are: recording costs by process, calculating production quantities, determining normal losses, and allocating costs between processes and finished goods using weighted average or FIFO methods.
- Process costing is common in industries like manufacturing, mining, chemicals where standardized goods are produced through sequential processes and normal losses are inherent.
Variance analysis
Variance analysis involves computing the differences between actual and standard costs. It has two phases - computation of individual variances and determining the causes of variances. Variances are classified as material, labor, and overhead. Material variance is caused by differences in actual and standard quantities and prices of materials. Labor variances can be due to mix of labor grades or wage rates. Overhead variances arise from differences between actual and standard overhead amounts. Variance analysis helps identify reasons for deviations from standards and improve performance.
Classification Of Cost
This document defines and provides examples of different types of costs that can be classified in various ways for accounting and management purposes. It discusses costs classified by nature (material, labor, expenses), functions (production, selling, distribution, etc.), identifiability (direct, indirect), variability (fixed, variable, step), controllability (controllable, uncontrollable), normality (normal, abnormal), and more. Key points covered include definitions of direct costs, indirect costs, fixed costs, variable costs, product costs, period costs, and common/joint costs.
Abc costing
The document discusses activity-based costing (ABC) and activity-based management (ABM). It provides examples of how ABC can more accurately assign costs in a manufacturing company. ABC involves identifying key activities, tracing costs to those activities, and assigning costs to cost objects like products using cost drivers. This provides more accurate product costs than a traditional single-rate system. ABM then uses the ABC information for decisions to improve profits.
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Process costing
Process costing is used when production is continuous and outputs are homogeneous. Costs are accumulated over multiple processes and time periods, then divided by total units to calculate average unit costs. Key differences from job costing include homogeneous outputs, sequential cost flows between processes, and inventory accumulating between processes. Costs are calculated periodically rather than by individual jobs.
COST-VOLUME-PROFIT RELATIONSHIPS
This document presents information about cost-volume-profit (CVP) analysis for Racing Bicycle Company. It includes CVP graphs and equations, contribution margin calculations, and analyses of break-even points and margin of safety. Specifically, it shows that Racing Bicycle's break-even point is at 400 units of sales for $200,000 in revenue, and its margin of safety given actual sales of 500 units is $50,000 or 20% of sales.
Variance Analysis
The document defines variances as differences between standard and actual costs. It discusses computing variances for material costs, including material cost, price, usage, mix, and yield variances. It also discusses labor cost and rate variances. Variances are classified and examples are provided to demonstrate how to calculate different types of variances based on standard and actual data. The key information is on defining and calculating different types of variances to identify reasons for deviations between actual and standard performance.
The cost of production
The document discusses the costs of production for firms. It defines various types of costs including total, average, fixed, variable and marginal costs. It explains that total costs are the sum of fixed and variable costs. It also describes cost curves such as total cost curves, average cost curves and marginal cost curves, and how they relate to each other. Specifically, it notes that average total cost curves are U-shaped and marginal cost curves intersect average total cost curves at the minimum point.
Process costing
- Process costing is used to determine average costs for standardized goods produced through continuous processes. It involves allocating costs for multiple processes to the finished goods.
- The key steps are: recording costs by process, calculating production quantities, determining normal losses, and allocating costs between processes and finished goods using weighted average or FIFO methods.
- Process costing is common in industries like manufacturing, mining, chemicals where standardized goods are produced through sequential processes and normal losses are inherent.
Variance analysis
Variance analysis involves computing the differences between actual and standard costs. It has two phases - computation of individual variances and determining the causes of variances. Variances are classified as material, labor, and overhead. Material variance is caused by differences in actual and standard quantities and prices of materials. Labor variances can be due to mix of labor grades or wage rates. Overhead variances arise from differences between actual and standard overhead amounts. Variance analysis helps identify reasons for deviations from standards and improve performance.
Classification Of Cost
This document defines and provides examples of different types of costs that can be classified in various ways for accounting and management purposes. It discusses costs classified by nature (material, labor, expenses), functions (production, selling, distribution, etc.), identifiability (direct, indirect), variability (fixed, variable, step), controllability (controllable, uncontrollable), normality (normal, abnormal), and more. Key points covered include definitions of direct costs, indirect costs, fixed costs, variable costs, product costs, period costs, and common/joint costs.
Abc costing
The document discusses activity-based costing (ABC) and activity-based management (ABM). It provides examples of how ABC can more accurately assign costs in a manufacturing company. ABC involves identifying key activities, tracing costs to those activities, and assigning costs to cost objects like products using cost drivers. This provides more accurate product costs than a traditional single-rate system. ABM then uses the ABC information for decisions to improve profits.
Activity based costing
Activity based costing (ABC) is a management accounting approach that allocates direct and indirect costs to products and services based on the activities and resources required to produce them. It provides more accurate cost and profit information than traditional methods by tracing costs to activities and then to cost objects using activity drivers. The key steps in ABC are identifying activities and resources, assigning resource costs to activities, and assigning activity costs to cost objects using activity consumption drivers. This allows management to understand cost and profitability at a more granular level and improve decision making.
Cost overhead
Overheads meaning, classification as per factory overheads, administration, selling, R&D, allocation, apportionment and absorption, cost drivers, reapportionment, capacity, treatment of idle capacity
Standard costing
Standard costing is a technique that uses predetermined standards for costs and revenues to control performance through variance analysis. Standards are established for inputs and outputs and are used to assess performance, control costs, motivate staff, and provide guidance to improve performance. Variances measure the difference between actual and standard costs and revenues and are classified into material, labor, overhead, and sales categories to identify reasons for non-standard performance. Material variances include price, usage, mix, and yield components.
Traditional & Abc
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Cost Of Production
This chapter discusses the costs of production for firms. It will examine what costs are included in a firm's total costs, how costs are related to the production process and output quantity, and the meaning of average and marginal costs. The chapter analyzes cost concepts like total, average, and marginal costs. It also discusses the relationship between costs and a firm's production function as well as the differences between fixed and variable costs.
Types of cost
This presentation defines different types of costs and explains them. There are opportunity costs versus actual costs, direct versus indirect costs, fixed versus variable costs, and average versus marginal costs. It also discusses historical costs versus replacement costs, explicit versus implicit costs, total costs, and the managerial uses of understanding different cost types.
Absorption And Variable Costing
This chapter compares absorption costing and variable costing. Absorption costing treats fixed manufacturing overhead as a product cost, while variable costing treats it as a period cost. When production equals sales with no inventory changes, net income is the same under both methods. When production exceeds sales, absorption costing nets income is higher as fixed costs are deferred in inventory. When production is less than sales, absorption net income is lower as fixed costs in inventory are released. Over multiple periods with equal total production and sales, total net income is the same under both methods.
Break even analysis
Break-even analysis is a study of costs, revenues and sales of a firm and find out the volume of sales where the firm’s costs and revenues will be equal. The Break-even point is the zone of no-profit and no-loss as the costs equal revenues.
Costs, revenue and profit
Fixed factors are inputs that cannot be adjusted in the short run, like capital or land, while variable factors like labor and materials can be adjusted. In the short run with at least one fixed factor, firms experience diminishing returns from adding more of a variable factor. In the long run, all factors can be adjusted, but firms are constrained by technology. Economies of scale can result in lower long-run costs as output increases due to factors like specialization and bulk purchasing. Firms aim to earn profits by setting price and output levels where total revenue exceeds total costs.
Process costing explained
Process costing explained with examples free of cost .It is for students of managerial accounting ,read this to quickly go through process costing.
http://www.brightscholarships.com
Twitter @scholarshipskys
Activity based costing
1) ABC identifies activities associated with overhead costs and assigns costs to each activity.
2) Costs are then allocated to products based on cost drivers for each activity that influence the costs.
3) For Aerotech, activities included machinery, setup, engineering, and facilities. Costs for each activity were assigned to products based on relevant cost drivers like machine hours or engineering transactions. This provided a more accurate allocation of overhead costs than traditional volume-based methods.
Factors affecting pricing
Fixed and variable costs, competition, opportunity cost, demand, and supply all affect pricing. Direct competition refers to businesses selling similar products, while indirect competition sells dissimilar products. Price competition uses price to attract customers, while non-price competition uses other factors. Demand depends on factors like utility, price, advertising, fashion, and consumer needs/wants. Supply is affected by costs of production, price, demand, profit goals, competition, and technology. Elasticity of demand, economic conditions, regulations, distribution channels, and company objectives also impact price.
Fixed & variable cost
This document discusses variable costs and fixed costs. It provides examples to illustrate the differences between variable and fixed costs.
Variable costs change depending on production volume, while fixed costs remain the same regardless of production volume. Materials and labor are examples of variable costs, while rent, insurance and salaries are examples of fixed costs. As production increases, total variable costs increase but fixed costs per unit decrease. Calculating total, fixed, and variable costs per unit helps predict costs at different activity levels.
Process costing ppt
TOPIC Process costing , meaning,features application ,procedure,process losses and equivalent production
Process costing
Process costing is a method used by manufacturing industries to calculate the cost of production at each stage of converting raw materials into finished goods. It involves allocating total manufacturing costs to products based on normal production levels. Process costing is used in industries like chemicals, textiles, steel, and sugar that involve sequential production processes with continuous flow of goods. The method determines an average cost per equivalent unit and helps control costs, calculate inventory values, and assign product prices at each stage of multiple processes.
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This document discusses standard costs and variance analysis. It begins by defining standard costs and the two types of standards used - quantity and price standards. It then discusses how variances from standards are analyzed and how this analysis cycle is used. The document provides examples of setting direct material and direct labor standards and computing variances for both. It discusses responsibility for variances and how variances are used.
Cost concept and analysis
This document discusses various cost concepts that are relevant for business operations and decision making. It groups the concepts into accounting cost concepts and analytical cost concepts. Some key accounting cost concepts discussed include opportunity cost vs actual cost, business cost vs full cost, explicit vs implicit cost, and out-of-pocket vs book cost. Analytical cost concepts discussed include fixed vs variable cost, total/average/marginal cost, short-run vs long-run cost, incremental vs sunk cost, historical vs replacement cost, and private vs social cost.
Job costing slides
The document discusses job costing, which is a product costing method used for unique products made to customer specifications. It describes job costing systems, different costing methods (actual, normal, standard), and reasons why normal and standard costing are preferable to actual costing. The document also provides examples of job costing sheets and case studies calculating costs for different job orders.
Unit iii cost and revenue
Unit III discusses cost and revenue concepts. There are several types of costs including fixed costs that do not vary with output, variable costs that depend on output, average costs that are total costs divided by units of output, and marginal costs which are the change in total costs from producing one additional unit of output. Revenue refers to the value that customers place on a firm's products or services. A cost function describes the relationship between a firm's total costs and its level of output. Key determinants of a firm's costs include input prices, size of plant, rate of output, and efficiency.
Ch04 m 06_09_10
The document provides solutions to brief exercises on managerial accounting topics including:
1) Calculating predetermined overhead rates and applying overhead using direct labor hours.
2) Differences between traditional and activity-based costing systems, with ABC assigning more overhead to low-volume products.
3) Appropriate cost drivers for various manufacturing activities like materials handling, machine setups, and quality control.
18.3 Example of Product costing
A firm purchased 100 units of stock on January 1, 2015. The product cost includes the supplier's price of $7 per unit, cartage inwards of $1 per unit, and a share of annual customs duty and delivery van depreciation. This results in a total product cost of $8 per unit. The financial statements show the firm selling the 100 units for $16 each, generating a gross profit of $600 and net profit of $100 after deducting other expenses.
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The document discusses product cost controlling and accounting. It covers topics like legal requirements for valuation of raw materials, work in process, and finished goods. It also discusses management requirements like supporting cost reduction and strategic/operational decision making. The document outlines different cost controlling methods like by order, period, or sales order. It provides examples of when each method would be used. It also describes components of cost controlling like cost object controlling, cost planning, actual costing, variance calculation, and period-end closing procedures.
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Activity based costing
Activity based costing (ABC) is a management accounting approach that allocates direct and indirect costs to products and services based on the activities and resources required to produce them. It provides more accurate cost and profit information than traditional methods by tracing costs to activities and then to cost objects using activity drivers. The key steps in ABC are identifying activities and resources, assigning resource costs to activities, and assigning activity costs to cost objects using activity consumption drivers. This allows management to understand cost and profitability at a more granular level and improve decision making.
Cost overhead
Overheads meaning, classification as per factory overheads, administration, selling, R&D, allocation, apportionment and absorption, cost drivers, reapportionment, capacity, treatment of idle capacity
Standard costing
Standard costing is a technique that uses predetermined standards for costs and revenues to control performance through variance analysis. Standards are established for inputs and outputs and are used to assess performance, control costs, motivate staff, and provide guidance to improve performance. Variances measure the difference between actual and standard costs and revenues and are classified into material, labor, overhead, and sales categories to identify reasons for non-standard performance. Material variances include price, usage, mix, and yield components.
Traditional & Abc
The document discusses activity-based costing (ABC). It provides an example of calculating activity rates for a purchase invoice processing activity. It shows calculating the activity usage and unused activity amounts as well as the total cost of resources supplied broken into usage and unused amounts. The document also provides an example comparing traditional overhead allocation and ABC for two products. ABC results in more accurate product costs than traditional methods.
Cost Of Production
This chapter discusses the costs of production for firms. It will examine what costs are included in a firm's total costs, how costs are related to the production process and output quantity, and the meaning of average and marginal costs. The chapter analyzes cost concepts like total, average, and marginal costs. It also discusses the relationship between costs and a firm's production function as well as the differences between fixed and variable costs.
Types of cost
This presentation defines different types of costs and explains them. There are opportunity costs versus actual costs, direct versus indirect costs, fixed versus variable costs, and average versus marginal costs. It also discusses historical costs versus replacement costs, explicit versus implicit costs, total costs, and the managerial uses of understanding different cost types.
Absorption And Variable Costing
This chapter compares absorption costing and variable costing. Absorption costing treats fixed manufacturing overhead as a product cost, while variable costing treats it as a period cost. When production equals sales with no inventory changes, net income is the same under both methods. When production exceeds sales, absorption costing nets income is higher as fixed costs are deferred in inventory. When production is less than sales, absorption net income is lower as fixed costs in inventory are released. Over multiple periods with equal total production and sales, total net income is the same under both methods.
Break even analysis
Break-even analysis is a study of costs, revenues and sales of a firm and find out the volume of sales where the firm’s costs and revenues will be equal. The Break-even point is the zone of no-profit and no-loss as the costs equal revenues.
Costs, revenue and profit
Fixed factors are inputs that cannot be adjusted in the short run, like capital or land, while variable factors like labor and materials can be adjusted. In the short run with at least one fixed factor, firms experience diminishing returns from adding more of a variable factor. In the long run, all factors can be adjusted, but firms are constrained by technology. Economies of scale can result in lower long-run costs as output increases due to factors like specialization and bulk purchasing. Firms aim to earn profits by setting price and output levels where total revenue exceeds total costs.
Process costing explained
Process costing explained with examples free of cost .It is for students of managerial accounting ,read this to quickly go through process costing.
http://www.brightscholarships.com
Twitter @scholarshipskys
Activity based costing
1) ABC identifies activities associated with overhead costs and assigns costs to each activity.
2) Costs are then allocated to products based on cost drivers for each activity that influence the costs.
3) For Aerotech, activities included machinery, setup, engineering, and facilities. Costs for each activity were assigned to products based on relevant cost drivers like machine hours or engineering transactions. This provided a more accurate allocation of overhead costs than traditional volume-based methods.
Factors affecting pricing
Fixed and variable costs, competition, opportunity cost, demand, and supply all affect pricing. Direct competition refers to businesses selling similar products, while indirect competition sells dissimilar products. Price competition uses price to attract customers, while non-price competition uses other factors. Demand depends on factors like utility, price, advertising, fashion, and consumer needs/wants. Supply is affected by costs of production, price, demand, profit goals, competition, and technology. Elasticity of demand, economic conditions, regulations, distribution channels, and company objectives also impact price.
Fixed & variable cost
This document discusses variable costs and fixed costs. It provides examples to illustrate the differences between variable and fixed costs.
Variable costs change depending on production volume, while fixed costs remain the same regardless of production volume. Materials and labor are examples of variable costs, while rent, insurance and salaries are examples of fixed costs. As production increases, total variable costs increase but fixed costs per unit decrease. Calculating total, fixed, and variable costs per unit helps predict costs at different activity levels.
Process costing ppt
TOPIC Process costing , meaning,features application ,procedure,process losses and equivalent production
Process costing
Process costing is a method used by manufacturing industries to calculate the cost of production at each stage of converting raw materials into finished goods. It involves allocating total manufacturing costs to products based on normal production levels. Process costing is used in industries like chemicals, textiles, steel, and sugar that involve sequential production processes with continuous flow of goods. The method determines an average cost per equivalent unit and helps control costs, calculate inventory values, and assign product prices at each stage of multiple processes.
Acc mgt noreen08 standard costs
This document discusses standard costs and variance analysis. It begins by defining standard costs and the two types of standards used - quantity and price standards. It then discusses how variances from standards are analyzed and how this analysis cycle is used. The document provides examples of setting direct material and direct labor standards and computing variances for both. It discusses responsibility for variances and how variances are used.
Cost concept and analysis
This document discusses various cost concepts that are relevant for business operations and decision making. It groups the concepts into accounting cost concepts and analytical cost concepts. Some key accounting cost concepts discussed include opportunity cost vs actual cost, business cost vs full cost, explicit vs implicit cost, and out-of-pocket vs book cost. Analytical cost concepts discussed include fixed vs variable cost, total/average/marginal cost, short-run vs long-run cost, incremental vs sunk cost, historical vs replacement cost, and private vs social cost.
Job costing slides
The document discusses job costing, which is a product costing method used for unique products made to customer specifications. It describes job costing systems, different costing methods (actual, normal, standard), and reasons why normal and standard costing are preferable to actual costing. The document also provides examples of job costing sheets and case studies calculating costs for different job orders.
Unit iii cost and revenue
Unit III discusses cost and revenue concepts. There are several types of costs including fixed costs that do not vary with output, variable costs that depend on output, average costs that are total costs divided by units of output, and marginal costs which are the change in total costs from producing one additional unit of output. Revenue refers to the value that customers place on a firm's products or services. A cost function describes the relationship between a firm's total costs and its level of output. Key determinants of a firm's costs include input prices, size of plant, rate of output, and efficiency.
Ch04 m 06_09_10
The document provides solutions to brief exercises on managerial accounting topics including:
1) Calculating predetermined overhead rates and applying overhead using direct labor hours.
2) Differences between traditional and activity-based costing systems, with ABC assigning more overhead to low-volume products.
3) Appropriate cost drivers for various manufacturing activities like materials handling, machine setups, and quality control.
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18.3 Example of Product costing
A firm purchased 100 units of stock on January 1, 2015. The product cost includes the supplier's price of $7 per unit, cartage inwards of $1 per unit, and a share of annual customs duty and delivery van depreciation. This results in a total product cost of $8 per unit. The financial statements show the firm selling the 100 units for $16 each, generating a gross profit of $600 and net profit of $100 after deducting other expenses.
Co product costing detailed trng
The document discusses product cost controlling and accounting. It covers topics like legal requirements for valuation of raw materials, work in process, and finished goods. It also discusses management requirements like supporting cost reduction and strategic/operational decision making. The document outlines different cost controlling methods like by order, period, or sales order. It provides examples of when each method would be used. It also describes components of cost controlling like cost object controlling, cost planning, actual costing, variance calculation, and period-end closing procedures.
Product costing ppt
This document describes a product costing software that provides several key features for automating and improving the product costing process. The software allows users to perform simulations on product costs, analyze gaps between customer and actual bills of materials, manage different bill of material versions, and generate reports. It is intended to help eliminate issues with manual and Excel-based costing processes for both automotive OEMs and tier 1 suppliers. The software offers cost savings opportunities through improved visibility and accuracy of product costing information.
Product costing
1. Khalid Aziz teaches financial accounting and cost accounting courses for various qualifications including ICMAP stages 1-4, ICAP modules B and D, B.Com, BBA, MBA, and PIPFA.
2. He provides crash courses and fresh classes in financial accounting and cost accounting for individuals and groups.
3. Contact information is provided for Khalid Aziz located in Karachi, Pakistan.
METHODS & TECHNIQUES OF COSTING
The document discusses different types of audits:
- Statutory audits are legally required reviews of a company's or government's financial records to determine if they provide an accurate representation of their financial position.
- Non-statutory audits are voluntary and terms are agreed upon between the auditor and proprietor.
- Internal audits are independent reviews conducted within an organization to evaluate risk management, controls, and governance processes.
- Special audits are specifically requested to detect potential errors, irregularities, or fraud.
Product costing lo
This document discusses product costing and different costing approaches. It explains that traditional costing can distort costs by improperly assigning overhead costs based on units produced rather than activities. The document then describes activity-based costing, noting that it assigns overhead costs to products based on their consumption of different activities, providing more accurate cost data especially for companies with many products.
Product Costing
This document discusses different product costing systems and which one is most appropriate given a company's strategy and environment. It outlines elements to consider like costing objectives, requirements, and system components. Based on the analysis, it recommends an activity-based costing system that tracks full and variable costs for business control, allocates joint costs based on sales value at split off point, and uses process costing with a weighted average and FIFO cost flow assumption.
Product Costing Solution
This document discusses the need for product costing solutions and Vedant Resources and Infrastructure Development's should costing services. It notes that product costs account for 70% of revenue and are key to profit but detailed cost breakdowns are unknown in the concept stage. The challenges include engineers being unfamiliar with manufacturing processes and limited cost data during development. Vedant provides should costing, tear down analysis, local sourcing support, and cost estimation to help understand cost drivers, optimize design for cost, and aid in supplier negotiations. Their approaches include bottom-up, parametric, and rough order of magnitude cost modeling at different levels of detail and speed.
Costing system job costing
Job order costing systems use a predetermined overhead rate to apply manufacturing overhead to jobs, which can result in overapplied or underapplied overhead for the period depending on actual overhead costs. Over or underapplied amounts are allocated to work in process, finished goods, and cost of goods sold inventory accounts or closed directly to cost of goods sold based on the percentage of total overhead applied to each account. This process ensures overhead costs are properly matched with the time period they relate to.
Costing system
The document discusses job-order costing, including:
1. Job-order costing is used when different products are produced to customer orders and the unique nature of each job requires tracing costs.
2. Manufacturing overhead is allocated to jobs using a predetermined overhead rate based on an allocation base like direct labor hours.
3. Underapplied or overapplied overhead can occur if actual overhead differs from the amount applied using the predetermined rate.
Absorption costing
This document discusses absorption costing and overhead allocation. It defines overheads as indirect costs that cannot be directly traced to products or departments. It explains that absorption costing shares overheads between products on a fair basis using allocation, apportionment, and absorption. Various overhead categories and cost centers are described. Methods for allocating and reapportioning overhead like direct and step-down methods are covered. Finally, it discusses determining predetermined overhead rates and absorbing overhead into production costs.
Job and batch costing
The document discusses job costing and batch costing. It defines job costing as a method where cost is compiled for specific jobs or work orders, rather than for stock. Cost is charged directly to jobs for materials, labor, and expenses. Overhead is apportioned to jobs based on department rates. Batch costing determines cost per unit by dividing total batch costs by the number of units in a batch. The document also discusses determining economic batch quantity to minimize setup and carrying costs, and provides examples of job and batch costing applications.
Chapter4 job costing
This document discusses key concepts in job costing, including:
1) Job costing systems track costs for distinct jobs or orders, as opposed to process costing for mass production.
2) Direct costs like materials and labor can be traced to specific jobs, while indirect costs like overhead must be allocated using cost pools and allocation bases.
3) The seven steps of job costing include identifying the job, direct costs, allocation bases, overhead rates, applying overhead, and calculating total job costs. Journal entries track costs through production.
4) Variances between actual and allocated overhead are written off to cost of goods sold at completion to adjust for over or under allocation.
Job costing Tutorial
This document discusses job costing concepts including:
- Job costing is used to track costs of individual jobs or batches. Costs like direct materials, direct labor, and overhead are accumulated for each job.
- Process costing is used to track costs of mass production through departments. Costs are assigned to products based on units produced.
- Examples show calculating overhead rates and applying overhead to jobs based on direct labor hours. Job costs are transferred to finished goods and then cost of goods sold.
Unit 9 costing methods
This document discusses different costing methods used in management accounting including job costing, process costing, batch costing, contract costing, and service costing. It provides examples and explanations of key concepts in job costing like job cost sheets, predetermined overhead rates, and manufacturing overhead. Process costing is explained as a method used for mass production of nearly identical units where costs are accumulated and assigned to units produced. Batch costing is defined as identifying and assigning costs to a set amount of similar goods produced in a batch. Contract costing applies especially to long-term construction projects performed over multiple periods. Finally, service costing calculates the full costs of services an entity provides using direct and indirect costs.
Powerpoint on budgets
A budget is a financial plan for future costs and revenues over a specific period of time. Budgets have several purposes, including comparing planned costs to actual costs, controlling costs, planning production levels, and comparing performance over time. Operating budgets include sales, production, materials usage, and materials purchase budgets. Principal budgets include cash, master, and flexible budgets. A cash budget forecasts receipts and payments on a weekly or monthly basis. A master budget combines all subsidiary budgets into a projected income statement and balance sheet. A flexible budget allows comparisons of actual performance to the budget by adjusting for different activity levels and separating fixed and variable costs.
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Final ProjectEnvironmental Geology LabThe purpose of this assi.docx
Final Project
Environmental Geology Lab
The purpose of this assignment is to apply what you have learned this semester to your own place of residence. I want you to use the address where you are currently living to draft a report to answer the following questions, if possible.
1. Are there any __________ hazards here or near here? If so, what are they? How serious a threat are any of these hazards? How often does it/they occur? Is anything being done to prevent damage to your residence if this hazard were to occur there? If so, what are the preventions? If not, what could be done?
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Problem 7-19
1.
Per 16-Ounce T-Bone
Revenue from further processing:
Sales price of one filet mignon (6 ounces × $3.60 per pound ÷ 16 ounces per pound)
$1.35
Sales price of one New York cut (8 ounces × $2.00 per pound ÷ 16 ounces per pound)
1.00
Total revenue from further processing
2.35
Less sales revenue from one T-bone steak
2.25
Incremental revenue from further processing
0.10
Less cost of further processing
0.20
Profit per pound from further processing
($0.10)
2.The T-bone steaks should be processed further into the filet mignon and the New York cut. This will yield ($0.10) per pound in added profit for the company. The $0.55 “profit” per pound for T-bone steak mentioned in the problem statement is not relevant to the decision, since it contains allocated joint costs. The company will incur the allocated joint costs regardless of whether the T-bone steaks are sold outright or processed further; thus, this cost should be ignored in the decision.
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Contribution margin lost by closing the plant for two months ($14 per gallon × 22,000 gallons)
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Costs avoided by closin ...
1.11 calculating costs, revenues and profit
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1.11 calculating costs, revenues and profit
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2) Revenue from selling different quantities of boxes at a set retail price.
3) Profit or loss by subtracting total costs from total revenue. The examples show the business initially losing money for low quantities but earning a profit by selling more boxes.
The document defines key terms like costs, revenue, price, and profit and provides examples of how costs are classified as fixed or variable and how profits increase
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Fundamentals of accounting - manufacturing
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4. Reconciliation ensures calculations are correct and no units are lost by accounting for the total number of units.
Principles_of_Managerial_Economics_-_Yahya_Alshehhi
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DOC-20221129-WA0004cot an work aacounting ppt foile for becom and mocm..pptx
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Chapter 11 Cost Volume Profit Analysis : A Managerial Planning Tool
This document provides examples and explanations of cost-volume-profit (CVP) analysis concepts. It includes definitions of key CVP terms like break-even point, contribution margin, variable cost ratio, and sales mix. Examples are provided to demonstrate how to calculate break-even units and sales using CVP formulas. The effects of changes in variables like fixed costs, variable costs, selling price, and sales mix on break-even points are also illustrated.
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This document discusses process costing, which is a method of cost accounting used in manufacturing industries. It involves breaking production down into sequential processes and computing an average cost per unit by dividing total production costs for a period by the units produced. Key aspects covered include accounting treatment of material, labor, and overhead costs for each process, treatment of normal and abnormal losses and gains, and methods for valuing work-in-progress inventory using either FIFO or weighted average costing. An example is provided to illustrate the calculation of process costs using both methods. Advantages of process costing include ease of preparing quotes while limitations include inability to evaluate performance or reliability for costing multiple product types.
TALLER N°2
This document discusses the application of calculus derivatives in accounting and business administration fields. It provides examples of how derivatives can be used to calculate marginal income and marginal cost. For marginal income, the document gives an example calculating the approximate and exact income from producing and selling one additional unit. For marginal cost, it similarly provides an example of finding the marginal cost function and using it to approximate versus exactly calculating the cost of one additional unit of production. The conclusion discusses how marginal cost calculation is commonly used to determine optimal production levels by finding where marginal benefits from additional production outweigh marginal costs.
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The document discusses cost-volume-profit (CVP) analysis and its key concepts. It defines variable costs, fixed costs, and mixed costs. It also explains contribution margin, break-even point, and how to use contribution margin to determine the volume needed to achieve a target profit level. Sample calculations are provided to illustrate computing contribution margin, contribution margin ratio, unit contribution margin, and using unit contribution margin to calculate break-even point.
Derivadas en Contabilidad y Auditoría
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2. The second exercise calculates cost and revenue functions to find the marginal cost, total cost of the 101st unit, and marginal utility of producing that unit.
3. The conclusion is that derivatives are useful tools for accounting and auditing as they allow approximating values like changes in revenue and costs, and estimating errors. Marginal costs and utilities can also be analyzed optimally using derivatives.
Break Even Charts Simplified
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Acctg presentation chap 19 bam disimulacion
The document discusses several accounting concepts including standard costs, variable costing, quality costs, and joint costs. Standard costs are estimates of what costs should be and are used to evaluate actual costs and variances. Variable costing separates fixed and variable costs to help with short-term decision making. Quality costs include prevention, appraisal, internal failure, and external failure costs associated with controlling and failing to control quality. Joint costs are allocated to joint products using methods like the sales value method which allocates costs based on relative sales values of each product.
Scented candles, act 333
This document provides a cost analysis of manufacturing scented candles. It discusses the manufacturing process, maximum monthly production capacity, estimated costs including direct materials, direct labor, manufacturing overhead and support costs. Costs are classified and budgets are developed using both traditional simple costing and activity-based costing methods. Under simple costing, the full cost per candle is estimated at Tk. 98, while activity-based costing estimates the cost per candle at Tk. 80. The document aims to apply managerial accounting concepts to product costing for scented candles.
1Break-Even AnalysisMarketers need to understand break.docx
1
Break-Even Analysis
Marketers need to understand break-even
analysis because it helps them choose the
best pricing strategy and make smart
decisions about the short- and long-term
profitability of the product.
This is an analysis that tells you how many
products you need to sell to cover your costs.
Profitability
Profitability Definitions
Revenue the money we take in from sales
Cost the money it costs us to make and sell our product
Profit the money we have left over from our revenue
after we pay all of our costs
Revenue - Costs = Profit
Price the money a consumer pays for one unit of product
the money we take in from one unit of product
Price x Units = Revenue
Revenue/Units = Price
2
Exercise 1
Product
Units Sold in
August
Price per
Unit
Cost per Unit
Bulletin Board 400 $3.00 $1.00
Magnetic White Board 600 $4.00 $3.00
Combination Board 250 $5.00 $3.50
Exercise 1
1. What was Stick-It-Up’s total sales revenue in August?
2. What was Stick-It-Up’s total profit in August?
3. What product contributed the most to sales revenue in August?
What percentage of the sales revenue did it contribute?
4. What product contributed the most to profit in August? What
percentage of the profit did it contribute?
5. If sales of magnetic white boards went up by 20%, how much
more would it contribute to sales revenue? To profits?
6. Suppose that increasing sales of magnetic white boards by 20%
would cost the company $500 per month in advertising expenses.
Should they spend the $500 per month on additional advertising?
Exercise 1
What was Stick-It-Up’s total revenue in August?
Revenue from:
Bulletin Boards 400 x $3.00 $1,200.00
Magnetic White Boards 600 x $4.00 $2,400.00
Combination Boards 250 x $5.00 $1,250.00
Total Revenue $4,850.00
Product
Units Sold in
August
Price per
Unit
Cost per Unit
Bulletin Board 400 $3.00 $1.00
Magnetic White Board 600 $4.00 $3.00
Combination Board 250 $5.00 $3.50
3
Exercise 1
What was Stick-It-Up’s total profit in August?
Cost of:
Bulletin Boards 400 x $1.00 $400.00
Magnetic White Boards 600 x $3.00 $1,800.00
Combination Boards 250 x $3.50 $875.00
Total Cost $3,075.00
Profit = Total Revenue - Total Cost = $4,850 - $3,075 = $1,775
Product
Units Sold in
August
Price per
Unit
Cost per Unit
Bulletin Board 400 $3.00 $1.00
Magnetic White Board 600 $4.00 $3.00
Combination Board 250 $5.00 $3.50
Exercise 1
What was Stick-It-Up’s total profit in August?
Profit on:
Bulletin Boards 400 x ($3.00-$1.00) $800.00
Magnetic White Boards 600 x ($4.00-$3.00) $600.00
Combination Boards 250 x ($5.00-$3.50) $375.00
Total Profit $1,775.00
Product
Units Sold in
August
Price per
Unit
Cost per Unit
Bulletin Board 400 $3.00 $1.00
Magnetic White Board 600 $4.00 $3.00
Combination Board 250 $5.00 $3.50
Exercise 1
What product contributed the most to revenue in August? What
percentage did it contribute?
Bulletin Boards $1,200.00
Magnetic White Boards $2,400 ...
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Product costing
- 1. PRODUCT COSTING PROF. VIVIAN R. RENION
- 2. TERMS DEFINE PRODUCTION COST – PRICE EXPENSES UNIT QUANTITY VOLUME OF PRODUCTION MARK-UP
- 3. PRODUCTION COST The total accumulated cost required to produce a product
- 4. PRICE The accumulated monetary value of an item base in its quality, benefits, cost of production, and demand.
- 5. EXPENSES The amount paid to materials, and labor or any payables directly or indirectly paid for producing the product.
- 6. UNIT Ex: Pieces Boxes Dozen Bottles
- 7. QUANTITY The number of product in a single unit.
- 8. VOLUME OF PRODUCTION The total number of product produced in a single production.
- 9. MARK-UP The amount added on top of the actual production cost.
- 10. HOW TO COMPUTE FOR THE PRICE PER UNIT. For production: Step 1. Determine the total production expense. Expenses: Materials: 30,000 Labor : 20,000 Overhead: 10,000 Total Expenses: 60,000
- 11. Step 2: Determine Operational Expenses Expenses: Materials: 20,000 Labor : 10,000 Overhead: 3,000 Operating Exp: 33,000
- 12. Step 3: Combined all Expenses Production Expenses: 60,000 Operational Expenses: 33,000 Total Expenses 93,000
- 13. Step 4: Add the mark-up Total Expenses: 93,000 Mark-up (93,000 x .25) 23,250 Total cost 116,250
- 14. Step 5: Divide the total expenses to the volume of production: 116,250 / 5,000pcs. = 23.25/pc.
- 15. Step 6: Compute for the price per pack, dozen, boxes: Per pack Formula: price per piece x number of pieces in 1 pack. (If 1 pack contains 10 pcs. the computation is ) 23.25 x 10 = 232.50 ( you can sold 1 pack from 230 to 232.50) (note: in this case 1 pack should be sold to discounted price in consideration to the number of
- 16. Per dozen Formula: Unit price per piece x 12 23.25 x 12 = 279 ( you can sold 1 dozen from 275 to 279)
- 17. Per box: If 1 box contain 10 packs the computation would be: price per pack x 10 232.50 x 10 = 23,250/box (you can sold 1 box from 22,500 to 23,250 per box)
- 18. PRICING IN MERCHANDISING Step 1: Compute for all expenses Expenses: Merchandise: 50,000 Labor : 40,000 Overhead : 30,000 132,500 Mark-up (132,00 x .25) : 33,125 Total 165,625
- 19. Price per unit: 165,625 / total number of unit