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Copyright 2011 by The McGraw-Hill Companies, I nc. All rights reserved.

McGraw-Hill/I rwin
Product Costing and Cost
Accumulation in a Batch
Production Environment
Chapter 3
3-2
Product and Service Costing
Financial
Accounting
Product costs are
used to value
inventory and to
compute cost of
goods sold.
Managerial
Accounting and
Cost Management
Product costs are
used for planning,
control, directing, and
management decision
making.
3-3
Direct material cost Product cost transferred
Direct labor cost
Manufacturing overhead when product is finished
Expense closed into
Income Summary at end
of accounting period
Work-in-Process Inventory Finished Goods Inventory
Cost of Goods Sold Income Summary
Flow of Costs in Manufacturing Firm
3-4
Used for production of large, unique, high-cost items.
Built to order rather than mass produced.
Many costs can be directly traced to each job.
TWO TYPES:
Job-shop operations
Products manufactured in very low volumes or one
at a time.
Batch-production operations
Multiple products in batches of relatively small
quantity.
Process
Costing
Job-Order
Costing
Types of Product-Costing Systems
3-5
Job Number F16 Description
Date Started Nov. 1, 20x1 Date Completed
Number of Units Completed 80
Date Quantity Cost
11/1 7,200 sq ft $18,000
Date Quantity Cost
Various
dates 600 $12,000
Date Quantity Cost
11/30 600 $18,000
Date Cost Balance
JOB-COST RECORD
Direct Material
Requisition Number Unit Price
$2.50
Direct Labor
Requisition Number Unit Price
Direct Labor Hours $30.00
80 deluxe alum. fishing boats
Nov. 22, 20x1
Various time cards $20
Manufacturing Overhead
Requisition Number Unit Price
803
Cost Item
Total direct material
Amount
Cost Summary
$18,000
Total direct labor
Total manufacturing overhead
12,000
18,000
Total cost
Unit cost
Shipping Summary
Units Shipped
Units Remaining
in Inventory
Job-Order Cost Accounting
3-6
Overhead is applied to jobs using a predetermined
overhead rate (POHR) based on estimates made at
the beginning of the accounting period.
POHR =
Budgeted manufacturing overhead cost
Budgeted amount of cost driver (or activity base)
Overhead applied = POHR Actual activity
Based on estimates, and
determined before the
period begins
Actual amount of the allocation
base, such as direct labor hours,
incurred during the period
1
2
Manufacturing Overhead Costs
3-7
Raw Materials
Material
Purchases
Direct
Material
Direct
Material
Mfg. Overhead
Indirect
Material
Indirect
Material
Work in Process
(Job-Cost Record)
Job-Order System Cost Flows
3-8
Direct
Labor
Mfg. Overhead
Indirect
Material
Direct
Material
Indirect
Labor
Direct
Labor
Indirect
Labor
Wages Payable
Work in Process
(Job-Cost Record)
Job-Order System Cost Flows
3-9
Direct
Labor
Mfg. Overhead
Indirect
Material
Direct
Material
Overhead
Applied to
Work in
Process
If actual and applied
manufacturing overhead are
not equal, a year-end
adjustment is required. We
will look at the procedure to
accomplish this later.
Indirect
Labor
Direct
Labor
Overhea
d
Applied
Indirect
Labor
Wages Payable
Work in Process
(Job-Cost Record)
Job-Order System Cost Flows
3-10
Cost of
Goods
Mfd.
Finished Goods
Cost of
Goods
Sold
Cost of
Goods
Mfd.
Cost of Goods Sold
Cost of
Goods
Sold
Direct
Material
Direct
Labor
Overhea
d
Applied
Work in Process
(Job-Cost Record)
Job-Order System Cost Flows
3-11
Alternative 1 Alternative 2
If Manufacturing Close to Cost
Overhead is . . . Allocation of Goods Sold
UNDERAPPLIED INCREASE INCREASE
Work in Process Cost of Goods Sold
(Applied OH is less Finished Goods
than actual OH) Cost of Goods Sold
OVERAPPLIED DECREASE DECREASE
Work in Process Cost of Goods Sold
(Applied OH is greater Finished Goods
than actual OH) Cost of Goods Sold
Overapplied and Underapplied
Manufacturing Overhead -
Summary
3-12
Schedule of Cost of Goods Manufactured
Direct material:
Raw material inventory, beginning $xxx
Add: Raw material purchases xxx
Raw material available for use $xxx
Deduct: Raw material, ending xxx
Raw material used $xxx
Direct labor xxx
Manufacturing overhead
Indirect material $xxx
Indirect labor xxx
Other actual overhead charges xxx
Total actual manufacturing overhead $xxx
Add: Overapplied overhead
or Deduct: Underapplied overhead xxx
Overhead applied to work-in-process xxx
Total manufacturing costs $xxx
Add: Work-in-process inventory, beginning xxx
Subtotal $xxx
Deduct: Work-in-process inventory, ending xxx
Cost of goods manufactured $xxx
Schedule of Cost of Goods Manufactured Schedule of Cost of Goods Sold

Schedule of Cost of Goods Sold
Finished goods inventory, beginning $xxx
Add: Cost of goods manufactured* xxx
Cost of goods available for sale $xxx
Deduct: Finished goods inventory, ending xxx
Cost of goods sold $xxx
Add: Underapplied overhead
or Deduct: Overapplied overhead xxx
Cost of goods sold (adjusted) $xxx
* From Cost of Goods Manufactured Schedule
3-13
Actual direct material
and direct labor
combined with
actual overhead.
Actual direct material
and direct labor
combined with
predetermined overhead.
Using a predetermined rate makes it
possible to estimate total job costs sooner.
Actual overhead for the period is not
known until the end of the period.
Actual and Normal Costing
3-14
Departmental Overhead Rates
Department
1
Department
2
Department
3
Products
Cost pools
Direct
Labor
Hours
Machine
Hours
Raw
Materials
Cost
Stage One:
Costs assigned
to pools
Stage Two:
Costs applied
to products
Departmental Allocation Bases
Indirect
Materials
Other
Overhead
Indirect
Labor
3-15
CAN BE USED IN NONMANUFACTURING
ORGANIZATIONS
THE JOB
Cases
Programs
Contracts
Missions
CHANGING TECHNOLOGY IN MANUFACTURUNG
OPERATIONS
Computerized data interchange has eliminated much of
the paperwork associated with job-order cost systems.
Scanning devices have simplified data entry to record material and
labor use.

Job-Order Costing

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