bpz6a / bpg6b advanced cost accounting … of batch costing batch costing is similar to job costing...

BPZ6A / BPG6B

ADVANCED COST ACCOUNTING UNIT I - V

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BPZ6A / BPG6B -ADVANCED COST ACCOUNTING 2

Methods of Costing : Unit Costing Tenders or Quotations Job Costing Batch Costing EBQ.

Unit – I SYLLABUS

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JOB COSTING

COMPONENTS

OF

JOB

COSTING

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Job costing It is the accounting which tracks the costs and revenues by "job" and enables standardized reporting of profitability by job. For an accounting system to support job costing, it must allow job numbers to be assigned to individual items of expenses and revenues. A job can be defined to be a specific project done for one customer, or a single unit of product manufactured, or a batch of units of the same type that are produced together.

JOB COSTING- MEANING

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JOB COST SHEET

JOB COST SHEET MODEL

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It is a specific order costing The job is carried out or the product is produced to meet the specific requirements of the order It is concerned with cost of Individual Job Cost are collected to each job at the end of its completion Work in progress may or may not exist at the end of the accounting years

FEATURES OF JOB COSTING

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BATCH COSTING

Definition of Batch Costing

A system where the cost of making a product is calculated by

the batch rather than by the individual item, including

comparing the costs of different sized batches made under

different conditions.

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Batch cost is the cluster of costs incurred when a

group of products or services are produced, and which

cannot be identified to specific products or services

within the group. For cost accounting purposes, it may

be considered necessary to assign the batch cost to

individual units within a batch.

MEANING OF BATCH COSTING

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Features of Batch costing Batch costing is similar to job costing in that each batch of similar articles is separately identifiable. A batch is a group of similar articles which maintains its identity during one or more stages of production and is treated as a cost unit. The cost per unit manufactured in a batch is the total batch cost divided by the number of units in the batch. Cost per unit in batch = Total production cost of batch

---------------------------------------------- Number of units in batch The selling prices of batches are calculated by adding a profit to the cost of the batch, i.e. very similar to job costing.

BATCH COSTING – FEATURES

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ECONOMIC BATCH QUANTITY

(EBQ) is a formula for calculating the quantity of inventory that a company should order in cases where the resupply is gradual e.g. when the company produces it's own inventory and takes a while to complete production Economic Batch Quantity = Square root of 2AO/C A = Demand of components in a year O = Setting up cost per batch C = Cost of capital and storage (carrying cost) per unit per annum

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COSTING Meaning A unit cost is the total expenditure incurred by a company to

produce, store and sell one unit of a particular product or

service. Unit costs include all fixed costs, or overhead costs, and all

variable costs, or direct material costs and direct labor costs,

involved in production. Definition The simplest way to describe unit cost is the amount of money it

takes to produce one unit. A giant corporation might build an entire

factory to produce a new product with anticipated high demand.

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OUTPUT COSTING Definition of Unit or Output costing According to Walter W. Bigg. “Unit Costing method is a method of costing applied to ascertain the cost per unit or production where standard and identical products are manufactured” Objectives of Unit / Output Costing To know the total cost of Production

To classify cost under related categories such as prime cost and

works cost

To determine the effect of each element of cost

To determine proposed setting price to earn desired profit

To determine tender price on the basis of cost data and future

prospects.

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SYLLABUS

Contract Costing

Preparation of Contract Account

Contractee Account

Preparation of Balance Sheet.

UNIT – II CONTRACT COSTING

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CONTRACT COSTING Definition of Contract Costing:

Contract costing is a specialized system of Job costing

applies to long-term contracts as distinct from short-

term jobs. Contract costing is mainly applied in civil

construction and engineering projects, ship building,

road and railway line contracts, construction of bridges

etc

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FEATURES OF CONTRACT COSTING 1. A separate contract account is maintained for each contract. 2. Each contract is considered as a cost unit. 3. A major portion of contract work is done at the contract site. 4. Expenses incurred at the contract site are considered to be direct expenses. 5. Establishment expenses like head office, central store department are treated as overhead expenses. These overheads are recovered either based on the material consumption ratio, labor cost ratio, labor hour ratio or the value of material or labor consumption ratio. 6. Number of contract works with a contractor may not be very large.

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CONTRACT COSTING - DEFINITION CIMA defines Contract cost and Contract costing as “Contract

cost is the aggregated costs relative to a single contract

designated a cost unit”.

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DIFFERENCE BETWEEN JOB & CONTRACT Basis of Distinction

Job Costing Contract Costing

1. Cost Unit Each job is treated as a cost unit.

Each contract is treated as a cost unit.

2. Execution of work

Job work s executed in factory premises.

Contract work is executed at the site of contract.

3. Indirect Costs

Indirect costs are higher Indirect costs are lower

4. Pricing Pricing is influenced by individual condition and general policy of the organisation.

Pricing is influenced by the specific clauses of the contract.

5. Size Size of the job is smaller Size of the contract is larger 6. Number The numbers of jobs are

usually large. The number of contracts undertaken is usually small.

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ACCOUNTING TREATMENT ACCOUNTING TREATMENT OF CONTRACT COSTING

•Accounting for Completed Contracts

•Accounting for In complete Contracts

Some Important Terms Contractee : Who gives the contract. Contractor : Who takes the contract. Tender Price & Deposit: Will not be shown in Contract A/c. Contract Price : Will be credited to contract a/c., when Contract is completed. Work completed : Will not be shown (Calculate on the basis of Contract price) in Contract Account. Work Certified : Will debited to WIP a/c and Credited to Contract a/c. [work completed and also certified by the architect] Work uncertified : Will be shown under “WIP” Account. [Work completed but not certified]

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CALCULATION OF PROFIT

To calculate the profit on uncompleted contract 1. When contract is completed “ Whole profit or loss is carried

to General Profit & Loss Account”.

2. When contract is uncompleted : (on the basis of contract price)

A. When certified work is less than 25 % : Profit carried forward to WIP A/c. No profit should be transferred to Profit & Loss A/c.

B. When certified work is more than 25 % and less than 75

%. (On the basis of 2/3 cash ) of cash recd. P & L A/c = Notional profit x 1x 3 work certified To WIP A/c = Notional Profit – P & L A/c

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CONCEPT OF WORK CERTIFIED & UNCERTIFIED

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ESCALATION - CONCEPT Escalation Clause : In case of fixed price contracts, the contractor is likely to b put to disadvantage on account of subsequent rise in price of materials, labour rate and other expenses. In case of fall in price, the contractee will be at a disadvantage. The purpose of his clause is to provide protection to both the parties against losses which are likely to arise due to variations in the prices. Escalation Clause is generally inserted in the building and engineering contracts. It provides for modification in the contract price with the change in price of materials and labour. The value of contract is changed in proportion to the rise or fall in prices. For Example, if the price of material rise by 20% compared to the basis price of material agreed upon the contract price is proportionately increased. It must, however, be remembered that the increase in contract price is allowed only in respect of materials purchased after the rise in price of materials.

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PROBLEMS IN CONTRACT

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METHOD OF CONTRACT COSTING The contract costing method is used mostly by builders, civil contractors, ship builders, and construction and mechanical engineering firms. Generally, the contract is undertaken at the site of contract i.e. customer and according to the specifications of customer. More over, the period inquired to complete a contract is fairly long time or usually more than one year. The main purpose of preparing contract account is the ascertainment of cost of each contract separately and profit on each contract.

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CONTRACT COSTING – LEDGER

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PROBLEMS CONTRACT COSTING

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Unit – III Process Costing SYLLABUS

Process Costing

Features of Process Costing

Process Accounts

Process Losses and Gains.

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MEANING & FEATURES OF PROCESS COSTING ‘Process costing is a method of costing used to ascertain the cost of production of each process, operation or stage of manufacture where processes are carried on having one or more of the following features: (i) Where the product of one process becomes the material of

another process or operation,

(ii) Where there is simultaneous production at one or more

process of different products, with or without by product,

(iii) Where, during one or more processes or operations of a

series, the products or materials are not distinguishable from

one another, as for instance, when finished products differ

finally only in shape or form’

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DEFINITION OF PROCESS COSTING

Process costing has been defined by Kohler as:

“A method of accounting whereby costs are charged to

processes or operations and averaged over units produced; it is

employed principally where a finished product is the result of a

more or less continuous operation, as in paper mills, refineries,

canneries and chemical plants; distinguished from job costing,

where costs are assigned to specific orders, lots or units.”

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APPLICATION OF PROCESS COSTING The method is useful in the case of: (i) Metallurgical industries (like steel and aluminum)

(ii) Chemical industries (like plastics and drugs) (iii) Food processing industries (like cheese, chocolates, etc.) and (iv) Any other industry where there is continuous output involving two or more processes.

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PRODUCTION PROCESS Example of Production Process

Coconut Oil

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CONCEPT OF LOSS

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FORMAT PROCESS COSTING

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NORMAL LOSS A/C

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ABNORMAL GAIN A/C

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DIFFERENCE BETWEEN JOB & PROCESS

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COMPARISON

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PROBLEMS IN PROCESS COSTING To have a look about production process click the following

https://youtu.be/SFwWk_iCo8c

https://youtu.be/w_MAM1n2FH0

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https://youtu.be/OngDNbMhNOQ

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Operating Costing

Transport ,

Power Supply,

Cinema Theater

UNIT – IV SYLLABUS OPERATION & OPERATING COSTING

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Operation costing, also known as service costing, is a costing

method that combines process costing and job costing.

Operation costing is not a new method but it is the technique to

use the method of job costing, batch costing and process

costing for calculating the cost of that business products whose

production are operating day and night. So, all expenses in

operation costing are recurring in nature. Operation costing is

also useful where units of products are same and one or two type

products are producing.

OPERATION COSTING - MEANING

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The major purpose of operating costing is to calculate the cost of the services that are offered by the organization. It is essential to decide the unit of cost in such types of cases. The

cost units change from industry to industry. For instances, cost

per ton kilometre is to be determined while in case of passenger

transport, in goods transport industry, cost per passenger

kilometre is to be calculated. The next step is to collect and identify several costs Fixed or standing charges Semi-fixed or maintenance charges Variabe or running charges.

NATURE OF OPERATION COSTING

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Operating costing is applied by an organization, which provides service to the public as a whole instead of manufacturing an article, and sells the same. For example, Transport undertaking electricity, theatre, hospitals, schools and the like. For example, Electricity, powerhouse, canteen and the like. The service cost in operating cost should be find out to understand whether an organization or cost center render services to others or sell the services to the general public.

If the services are sold, the operating expenses and the extent of services rendered are taken into consideration to find out the service cost.

APPLICATION OF OPERATION COSTING

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Goods Transport service (Lorry, goods train, air transport of goods, trucks etc. - Per tone km. Passenger Transport service (Bus, Mini Bus, Train, Boat, Passenger train, air transport etc. - Per Passenger km. Hospitals - Per bed, per patient, per day Electricity Supply - Kwh, Horse power Canteen Service - Man-men/cup of tea or coffee Boiler House - Cubic centimeters Road Maintenance - Per Km Private Transport - Running Hour, Trip Km Hotel - Per room, per bed Street lighting - Per point, per lamp Gas - Cubit meters, Kg Water Supply - Gallons, Liters Cinema theatres - Per man show

MEASUREMENT IN OPERATION COSTING

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1. Efficiency in rendering service is improved. 2. To provide a basis for fixing accurate quotation and fare. 3. To ensure that the services are provided in proper time. 4. To control the fuel consumption and its expenses. 5. To ensure that the service equipments are properly maintained. 6. To provide cost comparison between own service and alternative service 7. To compare the cost of one service center with another. 8. To determine the apportionment cost 9. To decide the price that can be charged for use of vehicle. 10. To control the cost of maintenance and repairs. 11. To select efficient and suitable routing of vehicles 12. To avoid the under utilization of capacity and idle time of the work force. 13. To absorb the fixed costs proportionately and systematically that is allocated to the units of services.

OBJECTIVES OF OPERATION COSTING

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content: font size 20

OPERATION COST SHEET Particulars Total (Rs.) Per Unit A. Standing Charges : Garage Rent , Insurance, Road Tax, License Fee Driver's, Conductor's , Cleaner's Wages, Establishment Charges Interest on Capital Total (A) Particulars Total (Rs.) Per Unit B. Running and Maintenance Charges Petrol/Diesel, Lubricating Oil Repairs and Maintenance, Tyres and Tubes Depreciation Total (B) Operating Cost (A + B )

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IMPORTANCE OF OPERATION COSTING

1. Ensuring that fixed costs incurred on provision of service are fully utilised. 2. Ascertaining that the maintenance of facilities is neither neglected not excess costs is incurred on maintenance. 3. Comparing cost of providing a service during a period with the cost incurred in the same organisation during the previous period. 4. Ascertaining the most economic input for providing a particular service 5. Evaluating alternatives, e.g., carry freight by tempo, truck or railway. 6. Determining whether to produce a service or buy it from outside 7. In case of production of service for use internally by different departments within the organisation, the cost per unit of service needs to be calculated for determining the charge to departments/products 8. In case of production of service for sale to outsiders, the cost per unit of service needs to be ascertained for determining the selling price and profitability of services.

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To understand more on operating costing click the following link http://vle.du.ac.in/mod/book/print.php?id=13799&chapterid=31252 http://www.yourarticlelibrary.com/cost-accounting/operating-costing/top-5-problems-on-operating-costing-with-solution/76133 http://vle.du.ac.in/mod/book/print.php?id=13799&chapterid=31252 http://www.yourarticlelibrary.com/cost-accounting/cost-sheet/top-5-problems-on-cost-sheet-with-solutions/76090 http://www.belearning.in/tybaf/wp-content/uploads/sites/9/2015/09/Operating-Costing.pdf

PROBLEMS IN OPERATION COSTING

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Marginal Costing as a Technique Marginal Costing BEP Analysis Profit Planning Contribution Key Factor Margin of Safety. Marginal Costing Decision making Sales – Mix Exploring New Markets Make or Buy Decisions Shut down or Continue.

UNIT – V SYLLABUS MARGINAL COSTING

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MEANING OF MARGINAL COSTING The increase or decrease in the total cost of a production run for making one additional unit of an item. It is computed in situations where the breakeven point has been reached: the fixed costs have already been absorbed by the already produced items and only the direct (variable) costs have to be accounted for. Marginal costs are variable costs consisting of labor and material costs, plus an estimated portion of fixed costs (such as administration overheads and selling expenses).

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Variable cost per unit remains constant; any increase or decrease in production changes the total cost of output. Total fixed cost remains unchanged up to a certain level of production and does not vary with increase or decrease in production . It means the fixed cost remains constant in terms of total cost. Fixed expenses exclude from the total cost in marginal costing technique and provide us the same cost per unit up to a certain level of production.

NEED FOR MARGINAL COSTING

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oEasy to operate and simple to understand. oMarginal costing is useful in profit planning oIt is useful in decision making about fixation of selling price, export decision and make or buy decision. oBreak even analysis and P/V ratio are useful techniques of marginal costing. oEvaluation of different departments is possible through marginal costing. oBy avoiding arbitrary allocation of fixed cost, it provides control over variable cost. oFixed overhead recovery rate is easy. oUnder marginal costing, valuation of inventory done at marginal cost.

ADVANTAGES OF MARGINAL COSTING

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1. The total costs cannot be easily segregated into fixed costs and variable costs. 2. Moreover, it is also very difficult to per-determine the degree of variability of semi-variable costs. 3. Under marginal costing, the fixed costs remain constant and variable costs are varying according to level of output. 4. There is no meaning in the exclusion of fixed costs from the valuation of finished goods since the fixed costs are incurred for the purpose of manufacture of products. 5. In the case of loss by fire, the full amount of loss cannot be recovered from the insurance company since the stocks are under valued. 6. Tax authorities do not accept the valuation of stock since the shock does not show true value. 7. The calculation of variable overheads does not include all the variable overheads. o the management.

DISADVANTAGES OF MARGINAL COSTING

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8. The profit fluctuates as per the fluctuation of sales volume. Hence, the preparation of periodic operating statements becomes unrealistic. 9. The elimination of fixed costs renders cost comparison of jobs difficult. 10. The management cannot take a quality decision with the help of contribution alone.. 11. The fixed costs are constant only for short period. In the long run, all the costs are variable. 12. Firms may find it difficult to cover up costs and earn a fair return on capital employed when they follow marginal cost principle in times of recession when demand is slack and price reduction becomes inevitable to retain business. 13. Marginal cost pricing requires a better understanding of marginal cost technique. Some accountants are not fully conversant with the marginal techniques themselves.

CONTN…. DISADVANTAGES

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1 Marginal Costing Equation

SALES – VC = FC + PROFIT

2 Contribution = Sales – VC OR Profit + FC

3. Profit Volume Ratio = Contribution / Sales

4 Break Even Point = FC / PV Ratio

5. Break Even Point(Quantity) = FC / Contribution p.u

6. Margin Of Safety = Total Sales – Break even Sales

7. Margin Of Safety(In Rupees) = Profit / PV Ratio

8. Margin Of Safety(Quantity) = Profit / Contribution p.u

FORMULA MARGINAL COSTING

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1. CONTRIBUTION = PROFIT + FC

2 . Sales(In Rupees) = Contribution / PV

Ratio

3. Profit = Contribution – FC

4. Contribution = Sales * PVR

5. Finding the Selling Price = Total VC / VCR

6. Finding the Profit = MOS * PVR

FORMULA MARGINAL COSTING

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Contribution is the difference between sales and marginal cost, and it is used to recover the fixed costs first. Any excess of contribution over fixed costs would be profits. When a business manufactures more than one product, the computation of profit realized on individual products may be difficult due to the problem of apportionment of fixed costs to different products. The rationale of contribution lies in the fact that fixed costs are done away with under marginal costing. The concept of contribution helps to determine the break-even point, profitability of products, departments, etc., to select product mix for profit maximization, and to fix selling prices under different circumstances such as trade depression, export sales, price discrimination, etc. Contribution is the definite test to ascertain whether a product or process is worthwhile to continue among different products or processes.

CONCEPT OF CONTRIBUTION

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CONTRIBUTION CALCULATION

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The break-even point (BEP) or break-even level represents the sales

amount—in either unit (quantity) or revenue (sales) terms—that is

required to cover total costs, consisting of both fixed and variable

costs to the company. Total profit at the break-even point is zero

BREAK EVEN ANALYSIS

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The excess of actual or budgeted sales over the break even

volume of sales is called margin of safety. At break even point

costs are equal to sales revenue and profit is zero.

Margin of safety, therefore, tells us the amount of sales that can

be dropped before losses begin to be incurred.

With a high margin of safety business have low risk of not

breaking even and with a low margin of safety business have high

risk of not breaking even.

MARGIN OF SAFETY

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Pricing Decisions Profit Planning and Maintaining a Desired Level of Profit Make or Buy Decisions Problem of Key Selection of a Suitable or Profitable Sales Mix Effect of Changes in Sales Price Alternative Methods of Production Determination of Optimum Level of Activity Evaluation of Performance Capital Investment Decisions

DECISIONS UNDER MARGINAL COSTING

http://www.accountingnotes.net/cost-accounting/marginal-costing/managerial-problems-and-marginal-costing/7705














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1. Defining and clarifying problem

2. Collecting and analyzing data

3. Analyzing problem

4. Finding alternative solutions

5. Evaluating each alternative

6. Selection of best alternative

7. Appraisal of result

STEPS IN DECISION MAKING PROCESS

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Marginal costing can be a useful

tool for evaluating some types of

decisions.

Automation investments

Cost reporting

Customer profitability

Internal inventory reporting

Profit-volume relationship

Outsourcing

USES OF MARGINAL COSTING

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COMPARISON

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COST VOLUME PROFIT ANALYSIS Cost-Volume-Profit (CVP) analysis is a managerial accounting technique that is concerned with the effect of sales volume and product costs on operating profit of a business. It deals with how operating profit is affected by changes in variable costs, fixed costs, selling price per unit and the sales mix of two or more different products. CVP analysis has following assumptions: 1.All cost can be categorized as variable or fixed. 2.Sales price per unit, variable cost per unit and total fixed cost are constant. 3.All units produced are sold.

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USES OF MARGINAL COSTING

Cost-volume-profit (CVP) analysis is used to determine how

changes in costs and volume affect a company's operating

income and net income. In performing this analysis, there are

several assumptions made, including: Sales price per unit is

constant. Variable costs per unit are constant. Total fixed costs are

constant. Everything produced is sold. Costs are only affected

because activity changes. If a company sells more than one

product, they are sold in the same mix

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ELEMENTS OF MARGINAL COSTING

The three elements involved in CVP analysis are: Cost, which means the expenses involved in producing or selling a product or service. Volume, which means the number of units produced in the case of a physical product, or the amount of service sold. Profit, which means the difference between the selling price of a product or service minus the cost to produce or provide it

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PROBLEMS IN MARGINAL COSTING

https://youtu.be/i_7dxah6h3w

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bpz6a / bpg6b advanced cost accounting … of batch costing batch costing is similar to job costing...

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