Kế toán, kiểm toán - Chapter 3: Product costing and cost accumulation in a batch production environment
CAN BE USED IN NONMANUFACTURING ORGANIZATIONS
THE JOB
Cases
Programs
Contracts
Missions
CHANGING TECHNOLOGY IN MANUFACTURUNG OPERATIONS
Computerized data interchange has eliminated much of the paperwork associated with job-order cost systems.
Scanning devices have simplified data entry to record material and labor use.
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Product Costing and Cost Accumulation in a Batch Production EnvironmentChapter 3Product and Service CostingFinancial AccountingProduct costs are used to value inventory and to compute cost ofgoods sold. Managerial Accounting and Cost ManagementProduct costs are used for planning, control, directing, and management decision making.Our focus changes from financial Flow of Costs in Manufacturing Firm Used for production of large, unique, high-cost items. Built to order rather than mass produced. Many costs can be directly traced to each job.TWO TYPES:Job-shop operationsProducts manufactured in very low volumes or one at a time. Batch-production operationsMultiple products in batches of relatively small quantity.ProcessCostingJob-OrderCostingTypes of Product-Costing SystemsJob-Order Cost Accounting Overhead is applied to jobs using a predetermined overhead rate (POHR) based on estimates made at the beginning of the accounting period.POHR =Budgeted manufacturing overhead costBudgeted amount of cost driver (or activity base)Overhead applied = POHR × Actual activity Based on estimates, and determined before the period beginsActual amount of the allocation base, such as direct labor hours, incurred during the period12Manufacturing Overhead CostsRaw MaterialsMaterialPurchasesDirect MaterialDirect MaterialMfg. OverheadIndirect MaterialIndirect MaterialWork in Process(Job-Cost Record)Job-Order System Cost FlowsDirect LaborMfg. OverheadIndirect MaterialDirect MaterialIndirectLaborDirect LaborIndirectLaborWages PayableWork in Process(Job-Cost Record)Job-Order System Cost FlowsDirect LaborMfg. OverheadIndirect MaterialDirect MaterialOverheadApplied to Work inProcessIf actual and applied manufacturing overhead are not equal, a year-end adjustment is required. We will look at the procedure to accomplish this later.IndirectLaborDirect LaborOverhead AppliedIndirectLaborWages PayableWork in Process(Job-Cost Record)Job-Order System Cost FlowsCost ofGoodsMfd. Finished GoodsCost ofGoodsSold Cost ofGoodsMfd. Cost of Goods SoldCost ofGoodsSold Direct MaterialDirect LaborOverhead AppliedWork in Process(Job-Cost Record)Job-Order System Cost FlowsOverapplied and Underapplied Manufacturing Overhead - SummarySchedule of Cost of Goods Manufactured Schedule of Cost of Goods SoldActual direct materialand direct labor combined withactual overhead.Actual direct materialand direct labor combined withpredetermined overhead. Using a predetermined rate makes itpossible to estimate total job costs sooner. Actual overhead for the period is notknown until the end of the period.Actual and Normal CostingDepartmental Overhead RatesDepartment1Department2Department3 Products Cost poolsDirect Labor HoursMachineHoursRawMaterialsCostStage One:Costs assignedto poolsStage Two:Costs appliedto productsDepartmental Allocation BasesIndirectMaterialsOtherOverheadIndirectLaborCAN BE USED IN NONMANUFACTURING ORGANIZATIONSTHE JOB CasesProgramsContractsMissionsCHANGING TECHNOLOGY IN MANUFACTURUNG OPERATIONSComputerized data interchange has eliminated much of the paperwork associated with job-order cost systems.Scanning devices have simplified data entry to record material and labor use. Job-Order Costing
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