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Project Report | Cost and control Job Costing

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Added on  2020-04-01

Project Report | Cost and control Job Costing

   Added on 2020-04-01

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RUNNING HEAD: COST AND CONTROL1Project Report: Cost and control
Project Report | Cost and control Job Costing_1
COST AND CONTROL2Job costing:a.Solution:Normal View:Direct material controlDebitcreditParticularsamountParticularsamountbalance b/d23655WIP4810Purchase6155balance c/d250002981029810Work in processDebitcreditParticularsamountParticularsamountBalance b/d6700Direct Material4810Finished goods30110Labour14800balance c/d8200Factory overhead120003831038310Finished GoodsDebitcreditParticularsamountParticularsamountBalance b/d8790Sales48000WIP30110balance c/d8900gross profit180005690056900Accounts PayableDebitcreditParticularsamountParticularsamountBalance b/d2345Cash6700Direct material (purchase)6155balance c/d180085008500Cost of goods soldDebitcredit
Project Report | Cost and control Job Costing_2
COST AND CONTROL3ParticularsamountParticularsamountsales48000Gross profit18000Balance c/d300004800048000Assumption: the labour cost is $ 4 per hour.Formula View:34567891011121314151617181920212223242526BCDEDebitcreditParticluarsamountParticluarsamountbalance b/d=C9-C7WIP4810Purchase=J7balance c/d25000=E9=SUM(E6:E7)DebitcreditParticluarsamountParticluarsamountBalance b/d6700Direct Material=C18-(C16+C17+C14)Finished goods=C24Labor=3700*4balance c/d=(1200+7000)Factory overhead=12000=E18=SUM(E15:E16)DebitcreditParticluarsamountParticluarsamountBalance b/d8790Sales48000WIP=C26-(C23+C25)balance c/d8900gross profit=48000*(60/160)=E26=SUM(E23:E24)Direct material controlWork in processFinished Goods345678910111213141516GHIJDebitcreditParticluarsamountParticluarsamountBalance b/d2345Cash6700Direct material (purchase)=J9-J6balance c/d1800=SUM(H7:H8)=H9DebitcreditParticluarsamountParticluarsamountsales48000Gross prrofit=C25Balanc c/d=J16-J14=H14=H16Accounts PayableCost of goods soldManual solution:
Project Report | Cost and control Job Costing_3
COST AND CONTROL4b.Management accounting and history: Process Costing:
Project Report | Cost and control Job Costing_4

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