Cost Accounting Projects Reports

Added on - 14 Jun 2021

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Running Head: Cost Accounting1Project Report: Cost accounting
Cost Accounting2Job costing:Normal Solution:Direct material controlDebitcreditParticularsamountParticularsamountbalance b/d25898WIP820Purchase4922balance c/d300003082030820Work in processDebitcreditParticularsamountParticularsamountBalance b/d9700Direct Material820Finished goods21120Labour7400balance c/d8800Factoryoverhead120002992029920Finished GoodsDebitcreditParticularsamountParticularsamountBalance b/d12780Sales48000WIP21120balance c/d18900gross profit330006690066900Accounts PayableDebitcreditParticularsamountParticularsamountCash8700Balance b/d5678balance c/d1900Direct material(purchase)49221060010600Cost of goods soldDebitcreditParticularsamountParticularsamountsales88000Gross profit33000Balance c/d55000
Cost Accounting38800088000Formula solution:34567891011121314151617181920212223242526272829303132333435363738394041BCDEDebitcreditParticluarsamountParticluarsamountbalance b/d=C9-C7WIP=C15Purchase=E32balance c/d30000=E9=SUM(E6:E7)DebitcreditParticluarsamountParticluarsamountBalance b/d9700Direct Material=C18-(C16+C17+C14)Finished goods=C24Labor=3700*2balance c/d=(1200+7000+600)Factory overhead12000=E18=SUM(E15:E16)DebitcreditParticluarsamountParticluarsamountBalance b/d12780Sales48000WIP=C26-(C23+C25)balance c/d18900gross profit=88000*(60/160)=E26=SUM(E23:E24)DebitcreditParticluarsamountParticluarsamountCash8700Balance b/d5678balance c/d1900Direct material (purchase)=E34-E31=SUM(C31:C32)=C34DebitcreditParticluarsamountParticluarsamountsales88000Gross prrofit=C25Balanc c/d=E41-E39=C39=C41Direct material controlWork in processFinished GoodsAccounts PayableCost of goods sold
Cost Accounting4
Cost Accounting5Management accounting & history:Roman colesium is one of the ancient places of Roman. It was a theatre and it wasknown for its architecture and the various activities which have been played in the place.History (2018) explains that in former time, the building was one of the highest visited placein the roman but with the time, people have lose their interest in the place and until 18thcentury, people were using the place for building material. In 18thcentury, two third part ofthe place had been destroyed and then the related parties made few changes into the place tomake it attractive again and made it in such a manner that people could use it.It explains that the changes are the part of everything in the world. Every place, thing,item, tool, techniques, machineries etc must be changed with time. If it doesn’t happen than
Cost Accounting6the thing loses its importance. Same has happened with the cost accounting, in last fewdecades, the managers have lost their interest in the cost accounting techniques due to its nonpractice tools and techniques. But few innovation and the modern technologies have helpedthe manager to develop the trust again and manage the better performance of the company onthe basis of modern cost accounting..Figure1Process costing:Normal Solution:Casablanca LimitedProduction ReportProcess 1PhysicalEquivalent UnitsTotalFlowsMaterialLabourUnits to account for:From beginning WIP5600Units started during the year45600Total units to account for51200Units accounted for:
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