Understanding Cost Accounting Principles and Concepts
Explore the fundamentals of cost accounting through the 14th edition by Carter. Learn about cost concepts, production costing, job order costing, process costing, activity-based accounting, joint costing, and standard costing. Dive into assessments, activities, and classifications of costs related to materials, labor, and overhead. Gain insights into fixed costs, variable costs, mixed costs, producing departments, and more in this comprehensive study.
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COST ACCOUNTING Retno Indah Hernawati retno.indah.hernawati@dsn.dinus.ac.id 0812-2578-0724 Komting Kelas mas kukuh 0855-4050-4176
Cost Accounting 14th edition by Carter 1. Cost Concept & Production Cost 2. Job Order Costing 3. Process Costing ======================= 4. Activity Based Accounting 5. Joint Costing 6. Standard Costing
Assessment Point Midtest Finaltest : 30% Activity : 40% All of test in English : 30% 100%
Activity (40%) 1. Homework (70%) 2. Class Activity (30%)
1. Homework (70%) 4 worksheets before midtest & 4 worksheets after midtest. Based on computer recommended doing by excel
CLASSIFICATIONS OF COSTS IN RELATION TO: Materials (M) (1) Labor (L) The Product Overhead (O) Production Cost = DM + DL + O (1)
CLASSIFICATIONS OF COSTS IN RELATION TO: Materials (M) Production Cost = DM + DL + O (1) Labor (L) The Product Overhead (O) Prime Cost = DM + DL Conversion Cost = DL + O Production Cost = Prime Cost + O Production Cost = DM + Conversion Cost (3) (2)
Fixed Cost (2) Variable Cost The Volume Mixed Cost
Producing Department (3) Manufacturing Department Service Department
Capital Expenditure (4) Accounting Period Revenue Expenditure
Relevant Cost (5) Relation to Decision Irrelevant Cost
Production Cost = Manufacturing Cost MC = M + L + O MC = Prime Cost + O MC = M + Conversion Cost CGM (Cost of Goods Manufactured) CGM = WiPb + MC WiPe CGS (Cost of Goods Sold) CGS = FGb + CGM - FGe
Production Cost = Manufacturing Cost MC = M + L + O MC = Prime Cost + O MC = M + Conversion Cost M = Mb + Net Purchasing Me Net Purchasing = Purchase + Freight In Purchase Discount Purchase Return
Accounting of Materials Purchase Cash Periodic Method Perpetual Method Purchase Cash Purchase Acc. Payable xxx - Materials xxx Cash - Materials xxx Acc. Payable - Materials - Acc. Payable xxx - Materials xxx Acc. Payable xxx - Acc. Payable xxx Materials xxx - - - xxx Credit xxx xxx - - - xxx Freight in Purchase xxx xxx xxx - Freight-in Acc. Payable - xxx - Discount Purchase xxx xxx - Purchase Discount Acc. Payable Acc. Payable Purchase Return - - - xxx Return xxx xxx - - - xxx
Accounting of Materials Used Direct Perpetual Method Work in Process Materials Factory Overhead Control Materials xxx - - xxx Indirect xxx - - xxx Return Direct Perpetual Method Materials Work in Process Materials Factory Overhead Control xxx - - xxx Indirect xxx - - xxx
Accounting of Labor Labor Adjusted Perpetual Method Wages & Salaries Expense Taxes Payable Wages & Salaries Payable xxx - - - xxx xxx Distribution Work in Process (D) Factory Overhead Control (In) Marketing Salaries Expense Administrative Salaries Exp. Wages & Salaries Expense Payment Wages & Salaries Payable Cash xxx xxx xxx xxx - - - - - xxx xxx - - xxx
Accounting of Overhead Overhead Applied Perpetual Method Work in Process Applied Factory Overhead Factory Overhead Conrol Acm. Depresiation of Machine Acm. Depresiation of Factory Building Cash Other Overhead Payable Applied Factory Overhead Factory Overhead Control xxx - - xxx Actual xxx - - - - - xxx xxx xxx xxx Closed xxx - - xxx
Over/Under Overhead Actual Factory Overhead Conrol Acm. Depresiation of Machine Acm. Depresiation of Factory Building Cash Other Overhead Payable Applied Factory Overhead Factory Overhead Control Under Applied Overhead Factory Overhead Control xxx - Factory Overhead Control - - - - xxx xxx xxx xxx xxx xxx xxx xxx Closed xxx - - xxx Debit balance FOC > AFO xxx - - xxx Cost of Goods Sold Under Applied Overhead Factory Overhead Conrol Over Applied Overhead - - xxx xxx Credit Balance FOC < AFO xxx - - xxx Over Applied Overhead Cost of Goods Sold - - xxx xxx
Accounting of Goods Transferred Transferred to Warehouse Perpetual Method Finished Goods Work in Process Cost of Goods Sold Finished Goods xxx - - xxx to Customer xxx - - xxx Cash/Acc. Receivable Sales xxx - - xxx
PT MAKMUR SEJAHTERA COST OF GOODS SOLD STATEMENT PER AUGUST 31, 2018 Materials, August 1 Purchase Freight-in xxx xxx xxx + xxx Discount Return xxx xxx + xxx - Net purchase Materials available to use Materials, August 31 Materials Used Direct Labor Factory Overhead: FOC (in-M) FOC (in-L) Acm. Depr. of Machine Acm. Depr. of Factory Building Factory Supplies Other Overhead Payable Total Factory Overhead Manufacturing Cost Work in Process, August 1 xxx xxx xxx + - xxx xxx xxx xxx xxx xxx xxx xxx xxx xxx xxx xxx xxx xxx xxx xxx xxx xxx xxx -/+ xxx + + Work in Process, August 31 Cost of Goods Manufactured Finished Goods, August 1 - + Finished Goods, August 31 Cost of Goods Sold Over/Under Overhead Cost of Goods Sold -
PT MAKMUR SEJAHTERA COST OF GOODS SOLD STATEMENT PER AUGUST 31, 2018 Materials Used Direct Labor Applied Factory Overhead Manufacturing Cost Work in Process, August 1 (see Ledger of WiP account) (see Ledger of WiP account) (see Ledger of WiP account) xxx xxx xxx xxx xxx xxx xxx xxx xxx xxx xxx xxx xxx -/+ xxx + + Work in Process, August 31 Cost of Goods Manufactured Finished Goods, August 1 - + Finished Goods, August 31 Cost of Goods Sold Over/Under Overhead Cost of Goods Sold -
Homework 1 1. E4-3 2. E4-5 3. E4-8 4. P4-5 (dikumpulkan by email maksimal Senin)
