By Colin Drury
The purpose of the second one variation of this booklet is to supply an creation to the speculation and perform of rate and administration accounting. a value accounting approach accumulates monetary info for inventory valuation and revenue dimension while a administration accounting approach accumulates, classifies and reviews details that would help managers of their decision-making, making plans and regulate actions. This booklet is worried with either rate and administration accounting, with equivalent emphasis being put on either structures. meant essentially for college kids who're pursuing a 365 days rate and administration accounting direction, the publication is perfect for these imminent this topic for the 1st time. it's compatible for origin expert (CACA, CIMA and 365 days collage starting place classes, organization of Accounting Technicians, BTEC better and nationwide degree, "A" point accounting and a primary point costing path for undergraduate measure scholars.
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Extra info for Costing: An introduction Teachers’ Manual
Allocation of boiler house 1,400 700 2,100 1,400 1,400 228,400 531,700 346,100 442,400 1,400 140 420 280 420 228,540 532,120 346,380 442,820 35 17 53 35 228,575 532,137 346,433 442,855 Allocation of canteen Allocation of Boiler house (1) Note: (1) (1,400) (7,000) 140 140 (140) Apportioned in the ratio 20 : 10 : 30 : 20 and no reallocation to canteen. Alternatively, the simultaneous equation method can be used: Let X = Total overheads for canteen after boiler house charges have been allocated. Let Y = Total overheads for boiler house after canteen charges have been allocated.
These questions include losses in process which are charged only to completed production. 12 involve losses in process which generate sales revenue. 12 are the most difficult questions. 12 with losses in process apportioned between work in progress and completed production. 15 Preparation of process accounts with normal and abnormal losses not requiring equivalent production calculations plus a description of weighted average and FIFO methods of stock valuation. 19 Calculation of cost per equivalent unit using the FIFO basis.
19 (a) (i) Production statement Input: Opening WIP Materials input £ 21,700 105,600 127,300 Output: Completed units ClosingWIP N ormalloss (balance) 92,400 28,200 6,700 127,300 Statement of equivalent production and calculation of cost per unit Materials Conversion cost Opening WIP £ 56,420 30,597 Current cost £ 276,672 226,195 Total cost £ 333,092 256,792 Compo units Closing WIP equiv. units 92,400 92,400 28,200 14,100 Total equiv. 0278 Losses are detected at the start of the process and therefore should be allocated between completed units and closing WIP.
Costing: An introduction Teachers’ Manual by Colin Drury