logo

Project Report: Cost Accounting

   

Added on  2021-06-17

22 Pages2659 Words46 Views
Running Head: Cost Accounting 1Project Report: Cost accounting

Cost Accounting 2Job costing:Normal Solution:Direct material controlDebitcreditParticularsamountParticularsamountbalance b/d25898WIP820Purchase4922balance c/d300003082030820Work in processDebitcreditParticularsamountParticularsamountBalance b/d9700Direct Material820Finished goods21120Labour7400balance c/d8800Factory overhead120002992029920Finished GoodsDebitcreditParticularsamountParticularsamountBalance b/d12780Sales48000WIP21120balance c/d18900gross profit330006690066900Accounts PayableDebitcreditParticularsamountParticularsamountCash8700Balance b/d5678balance c/d1900Direct material (purchase)49221060010600Cost of goods soldDebitcreditParticularsamountParticularsamountsales88000Gross profit33000Balance c/d55000

Cost Accounting 38800088000Formula 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 Accounting 4

Cost Accounting 5Management accounting & history: Roman Coliseum is an ancient place which is a massive stone amphitheatre. It was commissioned around by Emperor Vespasian in AD 70-72 as a gift to People of Roman. It has been opened for public in Ad 80 by the Vespasian’s son. After 4 great centuries of use, this magnificent arena has been ignored and neglected by the people. After that until 18thcentury, this place was just used by the people for source of building materials. Two third of Coliseum has been destroyed by the people till that time (History, 2018). This case explains that no changes have been done in the building for a longer period and thus people have started neglecting and ignoring it. The same principle applied for the cost accounting. Earlier, the entire production house used to take the help of cist accounting techniques to measure the total cost of the production and other related data. But with the time, people have started losing their interest in the old cost accounting techniques and looking forward for the change. So, the new changes have been done in the cost accounting tools and modern techniques and tools have been introduced. These tools have helped the people to rely again on the cost accounting process of the company.

Cost Accounting 6. Figure 1Process costing:Normal Solution:Casablanca LimitedProduction ReportProcess 1Physical Equivalent UnitsTotalFlowsMaterialLabourUnits to account for: From beginning WIP5600 Units started during the year45600Total units to account for51200Units accounted for: Completed and transferred out456004560045600 Ending WIPTotal units accounted for51200Total equivalent Units4560045600Summary of cost to be

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Concepts and the Process of Cost Accounting
|15
|2831
|20

Cost accounting Assignment PDF
|23
|2771
|71

Cost Accounting Projects Reports
|23
|2626
|93

Project Report | Cost and control Job Costing
|17
|1831
|37

Management Accounting and History | Project Report
|22
|2481
|39

Assignment On Cost Management Accounting
|22
|2739
|36