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1、_一、 Accounting for materials1. EOQ Co=cost of placing one order Ch= holding cost per unitD=demand per annum Q=re-order quantity Annual stockholding Costs =Annualstockordering=精品资料_ EBQ一边生产一边消费Q=batch sizeD=demandperannumCh=cost of holdingoneunitforoneyearCo=cost of setting abatch readyto beproduce精品
2、资料_R=annual replenishment rate2.Stock control system .minimum stock levelreorder level (average usage ×average lead time) maximum stock level精品资料_Maximum level = reorder level + reorder quantity (minimum usage ×minimum lead time) average inventory = safety inventory + free inventory=physic
3、al inventory + inventory on order inventory requisitioned (not issued)二、 Accounting for labor1. direct labor costTime-based system Wages = (Hours worked×basic rate精品资料_ofpayperhour)+(overtimehoursworked×overtimepremium per hour )Idle time: time spentdoingnothingiscalled idle time.Overtimep
4、remium:overtime hours arepaid at a higher ratethanthebasichourly rate.Bonus payments: apayment in additiontoabasicsalary,either for achievingor exceeding certaintargets.PieceworksystemsWages =Units produced×Rateof pay per unit精品资料_2. labor turnoverLabor turnover =3. labor efficiencyExpectedhour
5、s toproduceoutput （ stdhours) Efficiency ratio=* 100%Actualhours to produceoutputXX Capacity ratio= Production volume ratio=上式 =三、 Accounting for overheads1.absorption costingPrime cost / direct costOverheads / indirect costProduction overheads (indirect materials, indirect labor, indirect expenses)
6、 Non-production overheads (administration overheads, selling and distribution overheads) Absorption rate=精品资料_ Predetermined absorption rate=2. under/over absorbed a. If Actual overhead incurred Absorbed overhead = NEGATIVE (N), then overheads are over absorbed (O) (NO)b.If Actual overhead incurred
7、Absorbed overhead = POSITIVE (P), then overheads are under absorbed (U) (PU) Overhead absorbed=Actual activity * absorption rate based on the budget.Cost ledger: a manufacturing organization might record its costs in a set of ledger accounts, called cost ledger.The ledgers not contain accounts for b
8、ank, debtors, non-current assets. Cost control accounts, it is for recording the matching double entry whenever the entry would be to an account not contained in the cost ledger. Raw material, WIP or Finished goods a. Buy: Dr raw material Cr cost control b. issue: Dr WIPDr productionDr non-productio
9、nCr raw materialc. finished: Dr finished goodCr WIP Labora.Pay: Dr salary and wagesCr cost controlb.Apportion: Dr WIPDr productionDr non-productionCr salary and wages Manufacturing overheada. Incurred: Dr production精品资料_Cr cost controlb. Absorption: Dr WIPCr productionc. Over-absorbed: Dr production
10、CrUnder-absorbed: DrCr production四、 1.job costing精品资料_ Price=unit cost + profit price= unit cost+ （unit cost “1”*n% ）2. Batch costing Cost per unit batch =五、 1.Normal lossSolution procedures:Calculate the number of normal loss unitsCalculate the expected number of output unitsTotal the process costs
11、Calculate the cost per unitWrite up the process account and normal loss account2. Abnormal lossWIP: work-in-progress product.Equivalent units: units of output remains in an uncompleted state can be expressed as a proportion of a completed unit.3. Weight average methodEquivalent units: all completed
12、units and the closing WIP work done.Costs to be accounted for: opening stock values and current costs.Cost per equivalent unitCosts of finished productionComplete the process account4.TheFIFO methodEquivalent units: the completion of opening WIP, units started and completed in the period, the work d
13、one on closing WIP. Costs to be accounted for: current cost added.精品资料_Cost per equivalent unit.Cost of finished production: cost from opening WIP value at the beginning ofthe period add conversion cost added in this period, cost of finished goods which started and completed in this period, value of closing WIP. Complete the process account精品资料_Welcome ToDownload !欢迎您的下载，资料仅供参考！精品资料