Cost Accumulation and Measurement Chapter 3 Managerial Accounting Concepts and Empirical Evidence.

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Presentation transcript:

Cost Accumulation and Measurement Chapter 3 Managerial Accounting Concepts and Empirical Evidence

Dichotomy Between Variable / Fixed Costs and Direct / Indirect Costs Variable Costs Fixed Costs Direct CostsIndirect Costs

Manufacturing Vs.Non-manufacturing costs Inventoriable Costs

Manufacturing Vs. Non-manufacturing costs Period Costs

Work In Progress Ren Corporation Basic Cost / Product Flow Chart for Manufacturing Firm Finished GoodsCost of Goods Sold Indirect Manufacturing Costs Direct Manufacturing Costs Cutting Department Expanded View? Assembling Department Finished Department

Ren Corporation Expanded Cost / Product Flow Chart for Manufacturing Firm Cutting Department Direct Manufacturing Costs Materials Labor Indirect Manufacturing Costs Supplies Supervisor’s Salary Depreciation Utilities Maintenance Insurance Assembling Department Finishing Department Finished Goods Costs of Goods Sold

Ren Corporation Job Costing Sheet DM = Qty  Unit Cost $2, = 100  $20.00

Ren Corporation Job Costing Sheet DL = Hours  Rate $1,200 = 100  $12.00

Ren Corporation Job Costing Sheet App OH = Hours  OH Rate $100 = 50  $2.00

Ren Corporation Job Costing Sheet Departmental Cost ( Cutting) = DM + DL + AOH $5,400 = $2,000 + $ 3,000 + $ 400

Ren Corporation Job Costing Sheet Cum Tot (Finishing) = Dept Cost (Finsh) +Cum Tot (Asm) $7,750 = $ 1,900 +  $5,850

Ren Corporation Job Costing Sheet Cum Unit Cost = Cum Tot  Qty $77.50 = $ 7,750  100

Ren Corporation Job Costing Sheet