Building Teamwork Through Communication
Name: Ong sithawon
4231111315
Chhay sokundaneth
2265111373
Lov sonirata
4231111144
Assignment
I.
1. Process costing is a costing method used where it is not possible to identity separate units of production or jobs, usually because of the continuous nature of the production processes involved. 2. Normal loss is the loss expected during a process. It is not given a cost 3. Abnormal loss Is the entre loss resulting when actual loss is greater than normal or expected loss, and it is given wst.
5 Equivalent unit are national whole unit which represent incomplete work and which are used apportion cost between work in process and completed output.
6 Abnormal gain is the resulting when actual loss is less than the normal or expected loss it is given a negative cost.
II.
1) How much has raw material been used a) Raw material inventory (Dec 31) 1,100 b) Raw material inventory (Jan 1) 1,010 c) Purchased of raw material 3,900
Total 6,010 2) Calculate indirect production costs d) indirect labor costs 2,900 e) other selling and administrative 400 f) Deprecation on factory building 380 g) Rental for space for managing 170 h) Rental for ware house space to 310 i) Insurance on factory and 360 j) Indirect material used 490 k) Depreciation on factory 210 l) Electricity for factory 600 m) Electricity for sale and adult 250
Total Indirect production 6,070 3) Calculate cost of goods manufactured
Cost of manufactured =
(Direct production cost + Manufacture overhead) + (B. work – E. work)
(7,900) + (2,900+ 490) + (810- 830)
Cost of goods manufactured = $11270 4) Prepare income statement
Sales Revenues 20,580
Cost of goods sold 11,130
Gross profit 9,450
Less Property taxes for factor 240
Less Income tax expense 510
Net income 8,700
Question 2 Apportionment of overhead costs using Reciprocal Method Equipment
4231111315
Chhay sokundaneth
2265111373
Lov sonirata
4231111144
Assignment
I.
1. Process costing is a costing method used where it is not possible to identity separate units of production or jobs, usually because of the continuous nature of the production processes involved. 2. Normal loss is the loss expected during a process. It is not given a cost 3. Abnormal loss Is the entre loss resulting when actual loss is greater than normal or expected loss, and it is given wst.
5 Equivalent unit are national whole unit which represent incomplete work and which are used apportion cost between work in process and completed output.
6 Abnormal gain is the resulting when actual loss is less than the normal or expected loss it is given a negative cost.
II.
1) How much has raw material been used a) Raw material inventory (Dec 31) 1,100 b) Raw material inventory (Jan 1) 1,010 c) Purchased of raw material 3,900
Total 6,010 2) Calculate indirect production costs d) indirect labor costs 2,900 e) other selling and administrative 400 f) Deprecation on factory building 380 g) Rental for space for managing 170 h) Rental for ware house space to 310 i) Insurance on factory and 360 j) Indirect material used 490 k) Depreciation on factory 210 l) Electricity for factory 600 m) Electricity for sale and adult 250
Total Indirect production 6,070 3) Calculate cost of goods manufactured
Cost of manufactured =
(Direct production cost + Manufacture overhead) + (B. work – E. work)
(7,900) + (2,900+ 490) + (810- 830)
Cost of goods manufactured = $11270 4) Prepare income statement
Sales Revenues 20,580
Cost of goods sold 11,130
Gross profit 9,450
Less Property taxes for factor 240
Less Income tax expense 510
Net income 8,700
Question 2 Apportionment of overhead costs using Reciprocal Method Equipment