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Management Accounting (MA)Assignment | Costing System

   

Added on  2020-05-16

6 Pages527 Words53 Views
Running head: MANAGEMENT ACCOUNTINGManagement accountingName of the universityName of the studentAuthors note

1MANAGEMENT ACCOUNTINGTable of ContentsRequirement a:.................................................................................................................................2Requirement b:.................................................................................................................................2Requirement c:.................................................................................................................................2Requirement d:.................................................................................................................................3Requirement e:.................................................................................................................................4Requirement f:.................................................................................................................................4Requirement g:.................................................................................................................................4Reference & Bibliography:..............................................................................................................5

2MANAGEMENT ACCOUNTINGRequirement a:Costing system based on job order is mainly used by manufacturing business forevaluating total number of products produces in a single batch and it is used extensively.Allocation of costs becomes difficult for companies, job for different products and orders needsto be determined. Computation of expenses per unit is done by cost that is allocated to anyparticular job divided by number of unit produced in the job (Christ and Burritt 2015). Requirement b:ParticularsSE523PS612CH421DS174TotalOpening WIP2000025000150000Quantity Completed200000150005000Closing WIP Units02500000Opening Value of Work-in-Process$ 3,00,000$ 3,00,000Raw Material$ 2,21,000$ 2,21,000Labor Cost$ 2,00,500$ 2,00,500Manufacturing Overhead$ 97,500$ 97,500Closing Value of Work-in-Process$ 0$ 8,19,000$ 0$ 0$ 8,19,000Requirement c:ParticularsAmountDirect Raw Material$ 13,800Labor Cost$ 43,200Manufacturing Overhead$ 22,000$ 79,000Opening WIP$ 4,31,000Less: Closing WIP$ 0Cost of Goods Manufactured$ 5,10,000Quanity Completed15000Cost per Units completed$ 34

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