【文章內(nèi)容簡(jiǎn)介】 ired: PowerPoint presentation by Dr Anne Abraham, University of Western Sydney 27 July 31 Accounts Receivable 50 000 Sales 50 000 (To record sale of Job no. 101) July 31 Cost of Sales 39 000 Finished Goods Inventory 39 000 (To record cost of Job no. 101) REPORTING JOB COST DATA ? Cost of goods manufactured schedule is used to summarise cost data for all jobs manufactured and sold ? This schedule records: – Direct materials and direct labour – Manufacturing overhead costs applied (not actual costs incurred) PowerPoint presentation by Dr Anne Abraham, University of Western Sydney 28 REPORTING JOB COST DATA continued ? Cost of goods manufactured schedule PowerPoint presentation by Dr Anne Abraham, University of Western Sydney 29 Work in process, 1 July $ 0 Direct material used $24 000 Direct labour 28 000 Manufacturing overhead applied 22 400 Total current manufacturing costs 74 400 Total cost of work in process 74 400 Less: Work in process, 31 July 35 400 Cost of goods manufactured $39 000 WALLACE MANUFACTURING PTY LTD Cost of Goods Manufactured Schedule For the month ended 31 July 2020 REPORTING JOB COST DATA continued ? Partial ine statement PowerPoint presentation by Dr Anne Abraham, University of Western Sydney 30 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 Ine Statement (partial) For the month ended 31 July 2020 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 ponent in the cost structure PowerPoint presentation by Dr Anne Abraham, University of Western Sydney 31 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 32 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 ? Point at which costs are totalled ? Unit cost putation PowerPoint presentation by Dr Anne Abraham, University of Western Sydney 33 LO7 Similarities and differences between job order and process cost systems continued Features Job order costing Process costing WIP accounts One for each job One for each process Documents used Job cost sheets Production cost report Determination of Each job Each period total manufacturing costs Unitcost (Cost of each job) 247。 (Total manufacturing putations (Units produced for costs) 247。 (Units produced the job) during the period) PowerPoint presentation by Dr Anne Abraham, University of Western Sydney 34 Process cost flow ? Flow of costs does not follow specific jobs or batches ? Costs are accumulated and then assigned to Work in Process ? Different WIP Inventory accounts are used for different departments or stages of production ? Costs of units pleted in one department are transferred to next department as goods move through manufacturing process PowerPoint presentation by Dr Anne Abraham, University of Western Sydney 35 LO8 Flow of costs in process cost system PowerPoint presentation by Dr Anne Abraham, University of Western Sydney 36 Assignment of manufacturing costs – journal entries 1. Materials costs – Materials are usually added to production at the beginning of first process, then at varying times for subsequent processes – To record materials used in production: PowerPoint presentation by Dr Anne Abraham, University of Western Sydney 37 Work in Process Machining XXX Work in Process – Assembly XXX Raw Materials Inventory XXX (To record materials used) LO9 Assignment of manufacturing costs – journal entries continued 2. Factory labour costs –Assigned to production according to stages of process –To assign factory labour to production: PowerPoint presentation by Dr Anne Abrah