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Lecture Advanced management accounting - Chapter 6

This chapter presents the following content: What are service organisations? differences between service and manufacturing businesses; value chains in service firms, retailers and wholesalers; service production environments; activity-based costing for services; case study: Service costing at Adelaide Bank; when should firms estimate their service costs? flow of costs in service firms; costing in retail and wholesale businesses. | Lecture 6: Cost Accounting Systems Continued Reference Book : Managerial Accounting By Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso Managerial Accounting 12th edition by Garrison, Noreen, Brewer Cost Accounting Systems Continued Manufacturing costs are assigned to Work in Process with Debits to Work in Process Inventory Credits to Raw Materials Inventory Factory Labor Manufacturing Overhead Assigning Manufacturing Costs to Work in Process Job Order Cost Flow 3 Job Cost Sheet Used to record costs chargeable to specific jobs. Constitutes the subsidiary ledger for the work in process account. Each entry to a Work in Process Inventory must be accompanied by a corresponding posting to one or more job cost sheets. Job Order Cost Flow 4 Job Order Cost Flow 5 Assigned to a job when materials are issued Materials requisition slip Written authorization for issuing raw materials. May be directly issued to use on a job - direct materials. May be considered indirect materials – part of manufacturing overhead. Assigning Manufacturing Costs to WIP Raw Material Costs Job Order Cost Flow 6 Job Order Cost Flow 7 Assigning Raw Material Costs Illustration: Wallace uses $24,000 of direct materials and $6,000 of indirect materials in January, the entry is: Jan. 31 Work in Process Inventory 24,000 Manufacturing Overhead 6,000 Raw Materials Inventory 30,000 Job Order Cost Flow 8 Assigning Raw Materials Cost The sum of the direct materials columns of the job cost sheets should equal the direct materials debited to Work in Process Inventory. Job Order Cost Flow 9 10 Assigned to jobs on the basis of time tickets Time tickets are prepared when the work is performed Time tickets indicate Employee Hours worked Account and job charged Total labor cost Factory Labor Costs Job Order Cost Flow 11 Job Order Cost Flow 12 Illustration: The time tickets are later sent to the payroll department, which applies the employee’s hourly wage rate and computes the total labor cost. If the $32,000 total . | Lecture 6: Cost Accounting Systems Continued Reference Book : Managerial Accounting By Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso Managerial Accounting 12th edition by Garrison, Noreen, Brewer Cost Accounting Systems Continued Manufacturing costs are assigned to Work in Process with Debits to Work in Process Inventory Credits to Raw Materials Inventory Factory Labor Manufacturing Overhead Assigning Manufacturing Costs to Work in Process Job Order Cost Flow 3 Job Cost Sheet Used to record costs chargeable to specific jobs. Constitutes the subsidiary ledger for the work in process account. Each entry to a Work in Process Inventory must be accompanied by a corresponding posting to one or more job cost sheets. Job Order Cost Flow 4 Job Order Cost Flow 5 Assigned to a job when materials are issued Materials requisition slip Written authorization for issuing raw materials. May be directly issued to use on a job - direct materials. May be considered indirect materials – part of .