Job Costing Process: Assignment
12 Pages2351 Words160 Views
Added on 2020-01-16
Job Costing Process: Assignment
Added on 2020-01-16
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JOB COSTING PROCESSCOSTING
Table of ContentsQUESTION 1...................................................................................................................................1a) Complete the table and calculate opening balance of the Direct materials control account...1b) Did you create the manual solution or the spreadsheet solution first? Why?.........................2c) Give your own examples of job costing, process costing and operations costing..................2QUESTION 2...................................................................................................................................2a) Prepare a production cost report for May, showing allocation of costs to closing WIP andproduction transferred to next department..................................................................................2b) Prepare WIP account for first production department for May..............................................3QUESTION 3...................................................................................................................................3a) Calculate gross profit for products..........................................................................................31. Physical units approach to allocate joint costs........................................................................32. Net realisable value approach to allocate joint costs..............................................................4b) Explain the reasons for your treatment of the by-product revenue and Describe one otherway in which the by-product could have been deal with............................................................5QUESTION 4...................................................................................................................................5a) Apply IF function to determine favourable or unfavourable variances..................................5b) Prepare business report...........................................................................................................5QUESTION 5...................................................................................................................................6a) Prepare budget showing purchases, COGS and inventory for nine months...........................6b) Describe budgeting as non-technical process.........................................................................6c) Find a humorous cartoon image relevant to budgeting on the web........................................7
QUESTION 1a) Complete the table and calculate opening balance of the Direct materials control accountDirect material accountParticularsAmountParticularsAmountTo balance B/d105645By WIP62900To Account payable5255By factory overhead48000110900110900WIP accountParticularsAmountParticularsAmountTo balance B/d6700To direct labour1200To direct material7000To overhead48000By balance B/d629006290062900Finished goods accountParticularsAmountParticularsAmountTo balance B/d8790By COGS89380To balance B/d8790To completed jobs62900By balance c/d89008938089380Accounts payable accountParticularsAmountParticularsAmountTo bank6700By balance B/d2345To balance B/d900By Direct material5255760076001
COGS accountParticularsAmountParticularsAmountTo direct material5255By inventories94635To Finished goods8938094635946352
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