In the books of a Company Cost Sheet for the period ended…….. Units Produced….. Name of the product unit sold…. | |Particulars |Total cost Rs. |Unit Cost Rs.| | |Opening stock raw materials | | | |Add |Purchases of Raw Materials |
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directly attibuted to cost and which cannot be directly attributed but are incurred upto their sales. You need to know the composition of cost at different stages. This will help you in the analysis of cost of a product so that same can be used for its proper management. In this lesson you will learn about cost sheet and its various components. OBJECTIVES After studying this lesson, you will be able to: state the meaning and type of Cost Sheet; state the importance of Cost Sheet; explain the components
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Cost Sheet For the period ended…………….. Raw Material Inventory, Beginning Add: Purchase of Raw Material Less: Purchase return & allowances Less: Purchase discount Net Purchase Add: Trade in or Freight in Cost of Goods purchased Cost of raw material available for use Less: Raw material inventory, Ending Cost of raw material used/consumed Add: Direct Labor Prime Cost Add: Factory Overhead: Indirect Material Indirect Labor Other indirect expenses
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breakfast habits change as they grow older. Take hot cereal as an example, there is a clear relationship between age and consumption incidence: • 15-24 years old: 37% • 25-34 years old: 45% • 35-49 years old: 53% • 50-64 years old: 64% [insert chart?] The percentage of those aged 50-64 consuming hot cereal for breakfast is 1.7 times that of the younger generation (aged 15-24)! The greatness of hot cereal is not to be denied and much appreciated by the older clan. As one becomes older, a lower
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Cost concepts, classification of cost, cost sheet and material costing Cost concepts, classification of cost, cost sheet and material costingCost concepts, classification of cost, cost sheet and material costingCost concepts, classification of cost, cost sheet and material costingCost concepts, classification of cost, cost sheet and material costingCost concepts, classification of cost, cost sheet and material costingCost concepts, classification of cost, cost sheet and material costingCost concepts
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job having different production requirements. 2. Costs are accumulated by individual job. 3. Job cost sheet is the key document controlling the accumulation of costs by a job. 4. Unit costs are computed by job on the job cost sheet (Similarities between Job Order and Process Costing System, nd). Process Costing: 1. A single product is produced either on continuous basis or for long periods. All units of product are identical. 2. Costs are accumulated by departments. 3. The department
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allocated, considering the constraints, to each advertising medium in order to optimise average impact. It also helps in finding out the total and individual costs of advertisements. Layout of model (in blocks): 1) Requirements- minimum and maximum amount of ads required can be entered in this block for each advertising medium. The Cost per unit of each medium is also entered in the requirements area. 2) Resources available- This is the funds available section and would act as a constraint
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Dr. Stephanie White, is concerned about the dilemma of coping with reduced budgetsd and demand for services. In order to plan for reduced budgets, she must first identify where costs can be cut or reduced and still keep the agency functioning. Below data from past year. Program Area Costs Administration Salaries: Administrator 60,000 Assist 35,000 2 Secretaries 42,000 Supplies 35,000 Advert & promotion 9,000 Professional meetings/dues 14,000 Purchased Services:Acct & bill 15,000 Custodial 13,000
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the management functions. Know how to calculate Cost of Good Sold and Cost of Goods Manufactured. What is product cost, manufacturing costs and period costs? What are the three inventory accounts and how are they presented on the balance sheet? What is gross profit? What is the value chain? What is ERP? What is just-in-time inventory? What is TQM? What is the balanced scorecard? CHAPTER 15 Explain the characteristics and purposes of cost accounting What is Job order costing? What is
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manufacturing overhead consists of costs that cannot be practically traced to jobs. Therefore, if these costs are to be assigned to jobs, they must be allocated rather than traced. 3-2 Job-order costing is used in situations where many different products or services are produced each period. Process costing is used in situations where a single, homogeneous product, such as cement, bricks, or gasoline, is produced for long periods. 3-3 The job cost sheet is used to record all costs that are assigned to a particular
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