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Fdocuments - in Final Project Process Costing
Fdocuments - in Final Project Process Costing
PROJECT REPORT
ON
SUBMITTED BY:
(SEM-I)
K.M.AGRAWAL COLLEGE
OF
KALYAN (WEST).
UNIVERSITY OF MUMBAI
2013-14
1
PROCESS COSTING
CERTIFICATE
(MCOM – COURSE)
2
PROCESS COSTING
DECLARATION
KNOWLEDGE.
PLACE: KALYAN
DATE: ___/___/_____
________________________
PRATIK KHOLE
3
PROCESS COSTING
ACKNOWLEDGEMENT
PRATIK KHOLE
(RESERCHER)
4
PROCESS COSTING
Table Of Contents
SR. PAGE
TITLE SIGN.
NO. NO.
INTRODUCTION 6
1.
MEANING 7
2.
CHARACTERISTICS OF PROCESS COSTING 8-9
3.
ADVANTAGES OF PROCESS COSTING 10
4.
LIMITATIONS OF PROCESS COSTING 11
5.
IMPORTANT TERMS TO UNDERSTAND 12
6.
FORMAT APPROACH PROCESS ACCOUNTING QUESTIONS AND
13-14
7. ITS STEPS
PROCESS LOSSES & GAINS 15-20
8.
PRODUCT FLOW 21-23
9.
EQUIVALENT UNITS 24-26
10.
ACCOUNTING TREATMENT OF SPOILAGES 27
11.
TRANSFERRED IN 28-29
12.
VALUATION PROCESS FOR COST STATEMENT 30
13.
COST OF PRODUCTION REPORT 31-36
14.
JOINT AND BY-PRODUCTS COSTING 37
15.
BY-PRODUCT AND ITS ACCOUNTING TREATMENT 38
16.
TOTAL COST PER UNIT DETERMINATION USING NRV METHOD 39-42
17
CONCLUSION 43
18
19 REFERENCE 44
1. INTRODUCTION
5
PROCESS COSTING
Process costing is a method of costing used mainly in manufacturing where units are
continuously mass-produced through one or more processes. Examples of this include the
manufacture of erasers, chemicals or processed food.
In process costing it is the process that is costed (unlike job costing where each job is
costed separately). The method used is to take the total cost of the process and average it over the
units of production.
Process costing is a method used in a situation where production follows a series of
sequential processes. The method is used to ascertain the cost of a product or service at each
stage of production, manufacture or process. It is generally applied in particular industries where
continuous mass production is possible. In view of the continuous nature of the process and the
uniformity of the output, it is not possible or necessary to identify a particular unit of output with
a time of manufacture. The cost of any particular unit must be taken as the average cost of
manufacture over a period. This can be complicated because of the need to apportion costs
between completed output and unfinished production at the end of the period. Wastage must also
be accounted for. In process costing, it is the average cost incurred that concerns management.
1. MEANING
6
PROCESS COSTING
DEFINITION:
CIMA London defines process costing as “that form of operation costing which applies
where standardize goods are produced”
7
PROCESS COSTING
Although, details will vary from one business concern to another, there are common
features in most process costing systems that should be taken note of.
These are:
I. Clearly defined process cost centers will normally be set up for each operational stage,
which can be identified. Expenditure for each cost centre is collected and, at the end of the
accounting period, the cost of the completed units are then transferred into a stock account
or to a further process cost centre. Accurate records are, therefore, required of units
produced and part produced units and the total cost incurred by the cost centers.
II. The cost unit chosen should be relevant to the organisation.
III. The cost of the output of one process is the raw material input cost of the following
process. The cost incurred in a process cost centre could include, therefore, costs
transferred from a previous process plus the raw materials, Labour and overhead costs
relevant to the cost centre.
IV. Wastage due to scrap, chemical reaction or evaporation is unavoidable. The operation or
manufacturing should, however, be in such a way that wastage can be reduced to the barest
minimum.
V. Either the main product or by-product of the production process may require further
processing before reaching a marketable state.
VI. Continuous or mass production where products which passes through distinct process or
operations.
VII. Each process is deemed as a separate operations or production centres.
VIII. Products produced are completely homogenous and standardized.
IX. Output and cost of one process are transferred to the next process till the finished product
completed.
X. Cost of raw materials, labour and overheads are collected for each process.
XI. The cost of a finished unit is determined by accumulated of all costs incurred in all the
process divided by the number of units produced.
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PROCESS COSTING
XII. The cost of normal and abnormal losses usually incurred at different stages of production is
added to finished goods.
XIII. The interconnected processes make the final output of by-product or joint products
possible.
XIV. The production is continuous. The product is homogeneous, The process is standardized.
Output of one process become raw material of another process. The output of the last
process is transferred to finished stock
XV. Costs are collected process-wise, Both direct and indirect costs are accumulated in each
process. If there is a stock of semi-finished goods, it is expressed in terms of equivalent
units. The total cost of each process is divided by the normal output of that process to find
out cost per unit of that process.
9
PROCESS COSTING
10
PROCESS COSTING
11
PROCESS COSTING
1) Normal loss :-
This is the term used to describe normal expected wastage under usual operating
conditions. This may be due to reasons such as evaporation, testing or rejects.
2) Abnormal loss:-
This is when a loss occurs over and above the normal expected loss. This may be due to
reasons such as faulty machinery or errors by labourers.
3) Abnormal gain:-
This occurs when the actual loss is lower than the normal loss. This could, for example,
be due to greater efficiency from newly-purchased machinery.
4) Work in progress (WIP):-
This is the term used to describe units that are not yet complete at the end of the period.
Opening WIP is the number of incomplete units at the start of a process and closing WIP is the
number at the end of the process.
5) Scrap value:-
Sometimes the outcome of a loss can be sold for a small value. For example, in the
production of screws there may be a loss such as metal wastage. This may be sold to a scrap
merchant for a fee.
6) Equivalent units:-
This refers to a conversion of part-completed units into an equivalent number of wholly-
completed units. For example, if 1,000 cars are 40% complete then the equivalent number of
completed cars would be 1,000 x 40% = 400 cars. Note: If 1,000 cars are 60% complete on the
painting, but 40% complete on the testing, then equivalent units will need to be established for
each type of cost. (See numerical example later.)
12
PROCESS COSTING
Cost of Process:
The cost of the output of the process (Total Cost less Sales value of scrap) is transferred
to the next process. The cost of each process is thus made up to cost brought forward from the
previous process and net cost of material, Labour and overhead added in that process after
reducing the sales value of scrap. The net cost of the finished process is transferred to the
finished goods account. The net cost is divided by the number of units produced to determine the
average cost per unit in that process. Specimen of Process Account when there are normal loss
and abnormal losses.
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PROCESS COSTING
STEP 1:- Draw up a T account for the process account. (There may be more than one process,
but start with the first one initially.) Fill in the information given in the question.
PROCESS ACCOUNT
Particulars Units Rs. Particulars Units Rs.
STEP 2:- Calculate the normal loss in units and enter on to the Process account. (The value will
STEP 3:- Calculate the abnormal loss or gain (there won’t be both). Enter the figure on to the
Process account and open a T account for the abnormal loss or gain.
STEP 4:- Calculate the scrap value (if any) and enter it on to the Process account. Open a T
account for the scrap and debit it with the scrap value.
Note: Although this proforma includes both losses and WIP, the Paper F2/FMA syllabus
specifically excludes situations where both occur in the same process. Therefore, don’t expect to
have to complete all of the steps in the questions.
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PROCESS COSTING
2. ABNORMAL LOSS:
Any loss caused by unexpected abnormal conditions such as plant breakdown,
substandard material, carelessness, accident etc. such losses are in excess of pre-determined
normal losses. This loss is basically avoidable. Thus abnormal losses arrive when actual losses
are more than expected losses. The units of abnormal losses in calculated as under :
ABNORMAL LOSSES = ACTUAL LOSS – NORMAL LOSS
The value of abnormal loss is done with the help of following formula:
VALUE OF ABNORMAL LOSS :
Total cost increase – Scrap value of normal loss x Units of abnormal loss
Input units – Normal loss units
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PROCESS COSTING
Abnormal Process loss should not be allowed to affect the cost of production as it is
caused by abnormal (or) unexpected conditions. Such loss representing the cost of materials,
Labour and overhead charges called abnormal loss account. The sales value of the abnormal loss
is credited to Abnormal Loss Account and the balance is written off to costing P & L A/c.
Abnormal Loss A/C.
DR. CR.
PATICULARS UNITS RS. PARTICULERS UNITS RS.
3. ABNORMAL GAINS:
The margin allowed for normal loss is an estimate (i.e. on the basis of expectation in
process industries in normal conditions) and slight differences are bound to occur between the
actual output of a process and that anticipates. This difference may be positive or negative. If it is
negative it is called ad abnormal Loss and if it is positive it is Abnormal gain i.e. if the actual
loss is less than the normal loss then it is called as abnormal gain. The value of the abnormal gain
calculated in the similar manner of abnormal loss. The formula used for abnormal gain is:
Abnormal Gain :-
Total Cost incurred – Scrap Value of Normal Loss x Abnormal Gain Unites
Input units – Normal Loss Units
The sales values of abnormal gain units are transferred to Normal Loss Account since it
arrive out of the savings of Normal Loss. The difference is transferred to Costing P & L A/c. as a
Real Gain.
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PROCESS COSTING
DR. CR.
PARTICULARS UNITS RS. PARTICULARS UNITS RS.
ILLUSTRATION:
Product A is obtained after it passes through three distinct processes. You are required to
prepare Process accounts from the following information:
PARTICULARS PROCESS
X Y Z TOTAL
RS. RS. RS. RS.
1,000 Units @ Rs. 6 Per Unit were introduced in Process X. Production overhead to be
distributed as 100% on Direct Wages.
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PROCESS COSTING
SOLUTION :
PROCESS X A/C.
DR. CR.
PARTICULAR UNITS RS. PARTICULAR UNITS RS.
PRODUCTION
OVERHEADS 4,000
1,000 19,200 1,000 19,200
PROCESS Y A/C.
DR. CR.
PARTICULAR UNITS RS. PARTICULAR UNITS RS.
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PROCESS COSTING
PRODUCTION
OVERHEADS 8,000
ABNORMAL GAIN @
RS. 76 PER UNIT 36 2,736
876 58,260 876 58,260
2,736 2,736
Working Note:-
PROCESS Y:-
(A) Normal loss :- 950 X 10 == 95 Units
100
19
PROCESS COSTING
Abnormal Loss has been credited with Rs.120 being the amount realized from the sale of
scrap and Abnormal Loss.
PROCESS Z:
(A) Normal Process. 15% of 840 units = 840 X 15 = 126 Units
100
Sale of scrap = 126 X Rs. 10 = Rs. 1,260
The Cost of Abnormal Gain has been calculated in the usual way
Abnormal Gain A/C has been debited with Rs.360 being less amount, recovered on the
sale of loss of units which were 90 units instead of normal 126 units. i.e., 36 x 10 = Rs. 360.
8. PRODUCT FLOW
As a product passes from one cost centre to another, per unit cost and total cost should be
determined. As shown in figure 2, the total cost incurred at the lower level of processing is to be
20
PROCESS COSTING
seen as the transferred in cost of the higher level to which cost of additional material and
conversion cost must be added before arriving at its total costs. That total cost may be a
transferred in cost, if the production process is not complete, or the final total cost of production,
if finished products have been arrived at. Product flows have to be accompanied by their total
costs at each level of processing.
ILLUSTRATION :-
A product passes through three distinct processes (A, B, and C) to completion. During the
period 15th May, 2009, 1000 liters were produced. The following information is obtained:
Indirect overhead expenses for the period were N30,000 apportioned to the processes on
the basis of wages. There was no work-in-process at the beginning or end of the period.
Required:
Calculate the cost of output to be transferred to finished goods stock and the cost per liter.
SOLUTION:-
PROCESS A A/C.
21
PROCESS COSTING
75 75,000 75 75,000
PROCESS B A/C.
PROCESS C A/C.
Note:
(A) Indirect expenses were apportioned as follows:
22
PROCESS COSTING
(B) The cost per liter of the product is N161 and, so, the selling price must be higher than that
amount if the business is to make any profit
(C) Indirect expenses include all expenses that cannot be directly traced to the productive
process and, so, they include general administrative, selling and distributive cost.
9. EQUIVALENT UNITS
At the end of a given period, in the course of the production process, it is virtually certain
that some items will only be partly completed (working- process). Some of the costs of the
period, therefore, are attributable to these partly completed units as well as to those that are fully
completed. In order to spread the costs equitably over part-finished and fully completed units, the
concept of equivalent units‟ is used.
23
PROCESS COSTING
For the calculation of costs, the number of equivalent units is the number of equivalent
fully completed units which the partly completed units represent. For example, in a given period
production was 3,000 completed units, and 1,600 partly completed were deemed to be 60%
complete.
Total equivalent production = completed units plus equivalent units produced in work in
progress.
= 3,000 + (60% of 1,600)
= 3,000 + 960
= 3,960 units
The total costs for the period would be spread over the total equivalent production as follows:
ILLUSTRATION :-
The production and cost data of Elsemco Shoemakers for the month of January, 2005
were as follows:
Materials 4,22,400
Labour 3,95,600
Overhead 2,25,000
Total cost 10,43,000
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PROCESS COSTING
Production was 8,000 fully completed units and 2,000 partly completed. The percentage
completion of the 2,000 units work-in process was:
Material 80%
Labour 60%
Overhead 50%
Required:
Find the value of completed production and the value of work-in process (WIP).
SUGGESTED SOLUTION :-
Cost Equiv. units in Fully comply Total Total cost Cost /
elements WIP units production unit
Material 2000 X 80% 8,000 9,600 4,22,400 44
= 1,600
Labour 2000 X 60% 8,000 9,200 3,95,600 43
= 1,200
Overhead 2,000 X 50% = 8,000 9,000 2,25,000 25
1,000
10,43,000 112
To check the value of WIP, the cost per each cost element is to be multiplied by the
number of equivalent units of production in WIP related to each cost element.
25
PROCESS COSTING
1,600 44 70.400
Material
1,200 43 51,600
Labour
1,000 25 5,000
Overhead
Total 1,47,000
PROCESS ACCOUNT
Elements Units Total cost Elements Units Total cost
Material 10,000 4,22,400 Goods transferred
Labour 3,95,600 to next stage 8,000 8,96,000
Overhead 2,25,000 WIP c/d 2,000 1,47,000
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PROCESS COSTING
part of the cost of good production. This is because in the production of good units normal
spoilage occur. Since the spoilage arises under efficient operating conditions, it can be estimated
with some degree of accuracy.
Abnormal process spoilages are those above the level deemed normal in the production
process. Abnormal spoilage cannot be predicted and may be due to special circumstances such as
plant breakdown, inefficient working, or unexpected defects in materials. Abnormal spoilage is
the difference between actual spoilage in the period and the normal (estimated) spoilage.
Abnormal gain is where the actual spoilage is less than the normal spoilage.
The cost of abnormal spoilage is to be charged to the profit and loss account unlike the
cost of normal spoilage which is to be part of the good products‟ total cost. Process account is to
be credited as abnormal loss account is debited. The abnormal loss account is then to be closed to
the profit and loss account.
Abnormal gain realized is to be credited to the abnormal gain account as process account
is debited. The abnormal gain account is to be closed to the credit of profit and loss account.
11.TRANSFERRED IN :-
It is important to remind the reader that the output of one process level forms the input
material to the next process level. The full cost of the completed units transferred forms the input
material cost of the subsequent process and, by its nature, must be 100% complete. Material
introduced is an extra material required by the process and should always be shown separately. If
there are partly completed units at the end of one period, there will be opening WIP at the
beginning of the next period. The values of the cost elements of the brought forward WIP are
normally known and they are to be added to the costs incurred during the period.
ILLUSTRATION :-
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PROCESS COSTING
A process has a normal spoilage of 5% which has a resale value of N150 per kg. Find the
cost per kg of good production, if material cost is 27,000 and conversion cost is 13,000 of
producing 100 kg.
Find the abnormal spoilage and its value if good production was 91 kg and cost per kg of
good production is the same (that is 413.16 per kg).
SUGGESTED SOLUTION :-
Abnormal spoilage = 9 kg - 5 kg = 4 kg
PROCESS ACCOUNT
Particulars (kg.) Value Particulars Kg. Value
Note:
Abnormal Spoilage Cost Was Determined As Follows:
1,652 1,652
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PROCESS COSTING
12.VALUATION PROCESS
FOR
COST STATEMENT
A number of stages are passed through in the valuation process for cost statement.
First,
The physical flow of the units of production must be calculated having regards to the
total number of units to be accounted for, regardless of the degree of completion.
Secondly,
The equivalent units involved in the physical flow are to be calculated. In this respect, it
is often necessary to divide the flow into its material cost element and conversion cost element as
the degree of Completion may vary between them.
Thirdly,
Having already established the physical units to be accounted for by means of the first
two stages, the total equivalent units and the current equivalent units involved are to be
calculated. These are to be accounted for in respect of the cost elements (transferred in cost,
material cost and conversion cost).
Fourthly,
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PROCESS COSTING
The unit costs are to be calculated, paying attention to the stock valuation method
assumed (FIFO, WAP, LIFO, etc.).
ILLUSTRATION :-
Within the production department of Savannah Sugar Company Limited, there are two
processes which produce the finished product. Raw materials are introduced initially at the
commencement of Process 1 and further raw materials are added at the end of process 2.
Conversion costs accrue uniformly throughout both processes. The flow of the product is
continuous, the completed output of process 1 passes immediately into process 2 and the
completed output of process 2 passes immediately into the finished goods warehouse.
The following information is available for the month of June:
Process 1
Particulars Unit / Rs.
Opening WIP unit 35,000
Materials 2,10,000
Conversion (2/5 complete) 52,500
Completion of units in June unit 1,68,000
Units commenced in June unit 1,40,000
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PROCESS COSTING
Closing WIP
(½ complete as to conversion) unit 7,000
Material introduced in June 7,70,000
6,30,000
Conversion cost added in June
Process 2
Particulars Unit / Rs.
Opening WIP unit 42,000
Materials from process 1 3,43,000
Conversion (2/3 complete) 3,92,500
Completion of units in June unit 1,54,000
Units commenced in June
Closing WIP
(2/8 complete as to conversion)
Material introduced in June unit 56,000
Conversion cost added in June 4,62,000
22,0,5,000
Required:
Give the cost of production report of Theresa Alice Sugar Company Limited for the
month of June, using each of the WAP and FIFO methods, and showing clearly the cost of
finished production and WIP at end of the period.
SUGGESTED SOLUTION :-
Tutorial Note:
The units to be accounted for, total equivalent units and current equivalent units are to be
determined before going to the cost statement, using each of the two stock valuation methods.
The heading of the report should be well expressed.
Cost of Production Report of Theresa Alice Sugar Company Limited for the month of
June, using Weighted Average Price (WAP) Method.
Process 1
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PROCESS COSTING
Note :-
(a) Conversion WIP ending = 1/2 x 7,000 = 3,500 units
(b) Conversion WIP beginning = 2/5 x 35,000 = 14,000 units
COST STATEMENT
Cost Elements Cost of Current Total Cost T. E. U. Cost
WIP Cost /Unit
(beginning)
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PROCESS COSTING
53,130
Another way (which is easier) of determining the cost of WIP ending is to find the
difference between total cost and cost of the completed units.
Note:
The difference of N70 is due to the approximation made to two decimal places.
Cost of Production Report Using First-In-First-Out (FIFO) Method.
Process 1
Particulars Current cost C. E. Units Units Cost
Material 7,70,000 1,40,000 5.50
Conversion 6,30,000 1,57,500 4.00
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PROCESS COSTING
COST STATEMENT
Cost Elements Cost of Current Total Cost T. E. U. Cost
WIP Cost /Unit
(beginning)
Transferred In 3,43,000 16,09,440 19,52,440 2,10,000 9.2973
Material 0 4,62,000 4,62,000 1,54,000 3.0000
Conversion 3,92,000 22,05,000 25,97,000 1,75,000 14.8400
7,35,000 42,76,440 50,11,440 TC/UNITS 27.1373
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PROCESS COSTING
Note that the difference of 7 is due to the approximation made to four decimal places.
Process 2:
Using FIFO Method
PARTICULARS CURRENT CURRENT UNIT
COST EQUIV. UNITS COST
35
PROCESS COSTING
However, it is not always that we have only one type of product from a processing
operation. It is possible for a single raw material to yield two or more products simultaneously
when processed. Such products are known as joint products. For example, when crude oil (a
single raw material) is processed or refined, petrol, kerosine, gas, etc, could be obtained from it.
The cost of processing a production input (raw material) that would amount to joint
products is known as joint cost. The joint cost is to be restricted to the split-off point (point after
which each joint product would be incurring separate processing cost). Joint cost is not to be
traced to any particular product but rather to all the joint products as a group. There are many
ways of apportioning joint cost to joint products for financial accounting purposes. These would
be discussed in this chapter.
In practice, it is normal to identify one product out of the joint products as the main or
principal product and the rest to be treated as joint products or as by-products. In the example
above, it is clear that petrol is the main product to be identified as crude oil is processed. Pairs of
shoes could be main products as leather is processed, while bags, wallets, etc, could be joint or
by-products.
One way of differentiating between by-product and joint product is to consider their cost
of production or sales value. A product that cost between 10% to 15% of the main product cost
should be treated as a byproduct. Any product that costs between 15% to 40% of the main
product cost is a joint product. Any product that costs above 40% of the identified main product
cost should also be treated as a main product. As a result of changes in price, therefore, a by-
product can become a joint-product or even a main product and vice versa.
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PROCESS COSTING
the split off point is usually negligible, compared to the total market value of all the joint
products or the market value of the main product.
The usual treatment of by-product is to deduct its Net Realizable Value (NRV) from the
total joint cost (JC) and then divide the net joint cost among the joint or main products. The NRV
of the by-product is the difference between its market value and its separate processing cost.
ILLUSTRATION
Wambai Shoemakers has a process that yields two main products: A and B and a by-
product C at a total cost of N3,000,000. There are 1000 units of C requiring no further processing
and each can be sold at N60 with negligible market cost. The two main products take equal share
of joint cost.
REQUIRED
What should be the share of Product A from the Joint Cost?
SUGGESTED SOLUTION
The total market value of Product C = 1000 x 60 = 60,000.
This is its NRV, since its market cost is negligible.
Net Joint Cost = 3,000,000 – 60,000 = 2,940,000
Share of Product A = 2,940,000 = 1,470,000
2
NOTE
It can be concluded that in deducting the NRV of by-product C from the Joint Cost, we
are in effect assigning to the by-product a joint cost which is equal to its NRV.
37
PROCESS COSTING
38
PROCESS COSTING
unit of each of the joint products. The ratios of the sales value of the joint products are to be used
as basis of apportioning the joint cost.
The problems with this method are two-fold: One, a product may have zero value at the
point of separation but significant value with little processing cost after the split-off point.
Secondly, a product may have high selling price at the split-off point and hence high sales value
but may involve large selling and distribution cost (advert, carriage, etc) so that its value is much
less than its selling cost.
ILLUSTRATION
`Assuming that Anadariya Company Ltd has estimated the following selling prices for its
three products at the point of separation:
K = 400/unit
S = 440/unit
T = 340/unit
Use the Sales Value method to apportion the joint cost and determine the per unit cost of each of
the three products.
SUGGESTED SOLUTION :-
(A)
PRODUCT UNIT SP/UNITS SALES VALUE RATIO SHARE OF JC
40,00,000 10,00,000
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PROCESS COSTING
S = 3,00,000
T = 1,60,000
Determine the share of the joint cost to the three (3) products. Show also the per unit cost
of each of the three products.
SUGGESTED SOLUTION:-
(1)
PRODUCT UNIT SP/UNITS SALES VALUE SPC NRV SHARE OF JC
VALUE
Note:
(A) Net Realizable Value (NRV) = Sales Value Less separate processing costs (SPC).
(B) The total of the NRV of all the joint products is obtained and the joint cost is shared in
proportion to the NRV of each product.
(C) This method is the „best‟ as it considers the quantity (units) produced of all the joint
products, their sales values and their further processing costs.
40
PROCESS COSTING
Note:
It should be understood that profit is always the difference between total revenue (sales
value) and total cost. That economics principle is very much applicable in joint-product costing.
18. CONCLUSION
This chapter has introduced the meaning of process costing, its application areas, and how
it can be put to use for proper accountability. The characteristics of process costing, how
products flow in the course of processing, the equivalent units of production to be transferred to
the next stage of production, accounting for spoilages/losses and the valuation process for cost of
41
PROCESS COSTING
production report have all been treated. Finally, cost of production and report write-ups have
been adequately illustrated, using highly standardized exercises. Process costing, which is
arguably the most widely used costing in the world, has been given adequate coverage it
deserves.
The chapter has also put the readers through joint products costing, where three different
methods of apportioning joint cost to joint products were discussed. By-product, and its
accounting treatment, has also been discussed.
19.REFERENCE:-
LOTS OF BOOKS AND WEBSITES ARE AVAILABLE FOR THIS PROJECT BUT THE
ABOVE MATERIAL OR INFORMATION ABOUT “THE PROCESS COSTING” IS
COLLECTED FROM THE FOLLOWING SOURCES:-
1. INTERNET
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PROCESS COSTING
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