Scribd Logo
Upload

Welcome to Scribd!

  • Question 4

    Uploaded by

    A
    10 views3 pages
    The document shows a quantity schedule and cost accounting for a manufacturing process. It tracks opening work in progress (WIP), new input, completed units, closing WIP, normal loss, and abnormal loss. It then accounts for the costs of material, labor, and overheads charged to completed units and closing WIP. Finally, it provides the accounting entries to record these costs and transfers between accounts.

    Original Description:

    Copyright

    © © All Rights Reserved

    Available Formats

    XLSX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document
    The document shows a quantity schedule and cost accounting for a manufacturing process. It tracks opening work in progress (WIP), new input, completed units, closing WIP, normal loss, and abnormal loss. It then accounts for the costs of material, labor, and overheads charged to completed units and closing WIP. Finally, it provides the accounting entries to record these costs and transfers between accounts.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    10 views3 pages

    Question 4

    Uploaded by

    A
    The document shows a quantity schedule and cost accounting for a manufacturing process. It tracks opening work in progress (WIP), new input, completed units, closing WIP, normal loss, and abnormal loss. It then accounts for the costs of material, labor, and overheads charged to completed units and closing WIP. Finally, it provides the accounting entries to record these costs and transfers between accounts.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 3

    Question

    Quantity Schedule
    Opening WIP 15,000
    New Input 120,000
    135,000

    Completed Units 110,000


    Closing WIP 17,000
    Normal Loss 5,500
    Abnormal Loss 2,500
    135,000

    Cost charged to depart


    Completed Units
    Cost Closing
    Elements Current Cost From Op From New WIP

    Material 36,240,000 - 95,000 17,000


    Labour 14,224,000 3,000 95,000 13,600
    Overheads 11,379,200 3,000 95,000 13,600

    Cost Accounted For

    Completed Units

    From Opening WIP


    Prior Period Cost 7,125,000
    Material -
    Labour 356,789
    Overheads 285,431 7,767,221

    Current Period Output 49,026,990

    Normal Loss 2,838,405


    59,632,615
    Closing WIP
    Material 5,134,000
    Labour 1,617,445
    Overheads 1,293,956 8,045,401

    Abnormal Loss
    Material 755,000
    Labour 297,324
    Overheads 237,860 1,290,184

    Total Cost Accounted for 68,968,200

    Accounting Entries

    Material 36,240,000
    Labour 14,224,000
    OverHead 11,500,000
    Cash 61,964,000

    Process Account 61,843,200


    Material 36,240,000
    Labour 14,224,000
    Applied Overheads 11,379,200

    Process B 59,632,615
    Process 59,632,615

    Stock in trade 8,045,401


    Process 8,045,401

    Ab normal Loss 1,290,184


    Process 1,290,184

    Profit and Loss Account 1,290,184


    Ab normal Loss 1,290,184
    Normal Cost /
    Loss Ab Loss EPU Unit

    5,500 2,500 120,000 302


    5,500 2,500 119,600 119
    5,500 2,500 119,600 95
    516

    You might also like