微观经济学Cost accounting systems.pptVIP

Reading Assignment Chapter 21 A comprehensive reading of the whole chapter is required, together with Demonstration Problem on P. 864– 865 and P. 877 - 879 Chapter 21: Questions 4, 5, 8, 15, 20, 25, 29, 32 BE21.2, BE21.3, BE21.5, BE21.11, BE21.12 E21.2, E21.5, E21.12, E21.13 P21.1, P21.3, P21.6, P21.7, P21.8 BYP21.2, BYP21.3, BYP21.9 Suggested questions to ensure your lecture understanding REPORTING JOB COST DATA continued Partial income statement PowerPoint presentation by Dr Anne Abraham, University of Western Sydney * Sales $50 000 Cost of Sales Finished goods inventory, 1 July $ 0 Cost of goods manufactured 39 000 Cost of goods available for sale 39 000 Less: Finished goods inventory, 31 July 0 Cost of sales 39 000 Gross profit $11 000 WALLACE MANUFACTURING PTY LTD Income Statement (partial) For the month ended 31 July 2010 JOB ORDER COSTING SYSTEMS FOR SERVICE ENTITIES People rather than equipment dominate the process in providing services Services are not physical products But job order costing systems can be applied so the costs of resources can be assigned to each individual job or client Direct labour is a major component in the cost structure PowerPoint presentation by Dr Anne Abraham, University of Western Sydney * PROCESS COST SYSTEMS Process costs systems are used to apply costs to similar products that are mass produced in a continuous fashion They are tracked through a series of connected manufacturing processes or departments An individual WIP Inventory account is maintained for each production department or manufacturing process PowerPoint presentation by Dr Anne Abraham, University of Western Sydney * LO6 Similarities and differences between job order and process cost systems Similarities Manufacturing cost elements Accumulation of costs of materials, labour and overhead Flow of costs Differences Number of WIP accounts used Documents to track costs