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Costing for material labour and overhead

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Information about Costing for material labour and overhead
Business & Mgmt

Published on March 5, 2014

Author: ankitabhan1

Source: slideshare.net

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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.

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