Published on March 5, 2014
SCHOOL OF AGRI-BUSINESS MANAGEMENT “Nurturing Young Agri-Business Professionals for Evergreen Growth” SCHOOL OF AGRI-BUSINESS MANAGEMENT Sher-e-Kashmir University of Agricultural Sciences and Technology of Jammu
TOPIC :Costing for Material, Labour and Overhead Course Title– Managerial Accounting & Control
BRANCHES OF ACCOUNTING BOOK-KEEPING FINANCIAL ACCOUNTING COST ACCOUNTING MANAGEMENT ACCOUNTING
COST ACCOUNTING COST ACCOUNTING IS THE CLASSIFICATION,RECORDING, AND APPROPRIATE ALLOCATION OF EXPENDITURE FOR THE DETERMINATION OF THE COSTS OF THE PRODUCT OR SERVICES
ELEMENT OF COST MATERIAL COST DIRECT MATERIAL INDIRECT MATERIAL LABOUR COST DIRECT LABOUR INDIRECT LABOUR OVERHEAD EXPENSES DIRECT EXPENSES INDIRECT EXPENSES
OVERHEAD OVERHEAD MAY BE DEFINED AS THE COST OF INDIRECT MATERIALS , INDIRECT LABOUR AND SUCH OTHER EXPENSES INCLUDING SERVICES WHICH CANNOT CONVENIENTLY BE CHARGED TO A SPECIFIC UNIT (I.E. INDIRECT EXPENSES).
PRODUCTION OVERHEADS Overheads means all indirect costs which are part and parcel of the total cost of production. But there is a great difficulty to know the amount if indirect cost of which a final output should bear. Because there is no direct relationship between indirect cost(overhead) and the production. Therefor through different stages of distribution of oh these are finally charged(i.E.ABSORBED) to the final output there are some stages to distribute the overhead
CLASSIFIATION OF OVERHEAD BY FUNCTIONAL BY BEHAVIOURWISE BY ELEMENTWISE Factory exp. Fixed exp. Ind. material Selling exp. Variable exp. Ind. Labour Semi variable exp. Ind. expenses Distribution exp. BY CONTROLLABILITY Controllable exp. Uncontrolla -ble exp.
ALLOCATION OF COST Allocation Of Overhead Means, Whole Items Of Overheads Are Allocated To Production And Service Departments. Cost Allocation Is Defined As The Allotment Of Whole Items Of Cost To Cost Centers Or Cost Unit e.g. indirect wages of production dept. ‘A’ is to be allocated to dept. ‘A’ only. Similarly, wages of service dept. ’S’ is to be allocated to dept. ‘S’ only.
Tutorial 4 - Costing for Overhead - Free download as ... RM Direct material Direct labour Direct expenses Production overhead Administrative overhead ...
To define the labour overhead cost for all ... settings for material costing-costing sheet ... Overhead. Still I don't see any labour ...
Costing a phantom material ... On the phantom material is overheads ... A quick solution is of course just to include the labor/overhead in the ...
... Standard costs for materials, labour, and variable overhead ... deals with material, labour, and variable overhead ... costing systems ...
Job Costing and Overhead ... amounts of material, labor, and overhead. ... that use job costing. Without allocating overhead to ...
Procedures for Materials, Labor, and Factory Overhead Costs Accumulations: In process costing, materials, labor, ...
... How to calculate cost (direct material, direct labour, overhead) ... Live Doubt Clearing Session on Material Costing (1 June 2015, 4PM ...
Browse all. Upload Sign in Join. Books Audiobooks Comics Sheet Music
Bill of Materials and Standard Costing Application Guide ... The Roll Up Report shows the component costs split into Material, Labour and Overhead.