Learn more. The working life of the machine as also the scrap value was estimated at 10 yrs and Rs. 7,50,000 on 1.1.06. Now customize the name of a clipboard to store your clips. Cost Accounting Books. Option # 2: A scrap account is opened with the full amount of the scrap of the Secondary Distribution 7. 20 per 100 units and the machine consumed 10 units per hour. of the worker of the week. Corporation in respect of its raw materials for the month of December 1988: On 31.12.88 a shortage of 100 units was found. Clipping is a handy way to collect important slides you want to go back to later. Such losses or wastages are classified into two categories: 1. Economic Ordering Quantity 3. (ii) FIFO; and (iii) Simple Average methods. The accounts of Basudev Manufactures Ltd. for the year ended 31st December 1988 show the following: Prepare a Cost Sheet for the year ended 31.3.86 from the following figures extracted from the books of Best Engineering Co. Materials purchased 2,50,000, Wages paid 2,00,000, Carriage inward 2,000, Consumable Stores 10,000, Wages of Storekeeper 7,000, Depreciation of Plant & Machinery 10,000, Materials destroyed by Fire 5,000, Repairs & Renewals 5,010, Office Manager’s Salary 10,000, Salary to Office Staff 20,500, Printing & Stationary 10,000, Power 10,500, Lighting for Office Building 2,000, Carriage outward 3,000, Freight 5,000, Entertainment 2,500, Warehousing charges 1,500, Legal charges 2,000, Expenses for participating in Industrial exhibition-6,000. On 31st December 2006, when the accounts were closed, the portion of the contracts was as follows: The total establishment expenses incurred during the year amounted to Rs. The following are the details supplied by J.K. These are to be charged to the two contracts in proportion to wages. The worker’s day rate is Rs. As the wages and material cost increased by Rs. Content Guidelines 2. See our Privacy Policy and User Agreement for details. (iii) Finished Stock 40,030. 19,662-50. 3. Cost Accounting Problems on Labour Hour Rate (3 Problems): 6. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. Process Cost Accounting Job Order Cost System Process Cost Systems An accounting system used to apply costs: To similar products That are mass-produced In a continuous fashion Accumulating Manufacturing Costs- Same As In Job Order Assigning Material Costs Fewer requisition slips than in job order since materials are for a process rather than specific job. Looks like you’ve clipped this slide to already. A manufacturing company has two production departments X and Y and three service departments: Store, Maintenance and Time Keeping. MMAATTEERRIIAALLSS Assume there are 300 working days in a year. Total Assets value = Rs. 2. From the following figures relating to the manufacture of a Electronic Product during the month of July 1990, prepare a statement showing Cost and Profit per unit: Closing Finished Stock= Opening Finished Stock + Production – Sales. 10 and that the set-up cost per batch is Rs. Saha & Bose Ltd. has made a contract with Mitra & Das Ltd. to supply 4,800 T.V. 17,500 Prepare the. The material cost is Rs. 005 = 2/3 × 2,25,000/2,50,000 × 62,000 = 37,200, (b) Contract No. (Here opening Stock rate i.e. It was found that since the date of signing of the contract the price of material and rate of wages increased by 25%. 7. The cost of material of the product is Rs. You can change your ad preferences anytime. Abnormal loss. Calculate the factory works cost of the product under: Production department of a company pays its workers standard wages @ Rs. The units completed by the four workers were as under: A = 950 units, B = 900 units, C = 960 units, D = 850 units. Introduction Raw Materials can be defined as … Calcutta Engineering Co. has three production departments X, Y and Z and one service department S. From the following particulars calculate Labour Hour Rate of each of the departments X, Y and Z: There were 125 working days of 8 hours each. At the end of the year the following information were collected: The above contract contained an escalator clause: “In the event of price of raw material and rates of wages increased more than 10%, the contract price would be increased accordingly by 25% of the rise in the cost of materials and wages beyond 10% in each case.”. No overtime is worked and payment is made in full for all units worked on, including those subsequently rejected. The pre-separation point costs are apportioned to joint products according to weight. Labour hour rates = Expenses/Labour hours worked. The following are the details of Process X, Process Y and Process Z: Stock in process is valued at Prime Cost and Finished stock at the price at which it is received from process III.

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