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Accounting for Job Order Costing - Direct Materials
Direct materials
(i) Dr Stores ledger control Account Cr Cash Account - for cash purchasers X
(ii) Dr Stores ledger control Account Cr Creditors Account - for credit purchasers X
(b) Return of materials to suppliers
Dr Cash Account or creditors control Account X
Cr Stores ledger control Account X
(c) Issue of materials from the store
Dr - W.I.P. Control Account X
Cr stores ledger control Account for direct materials. X
Indirect materials: Dr Factory overheads control Account X
1. Single product or single mix of products 2. Variable cost, fixed cost and selling price are constant 3. The level of production will equal the level of sales Example:
Sam Edwards has been the accounting manager for Jade Manufacturing in a highly competitive international market for ten years. Jade Manufacturing produces heavy equipment for two m
contribution per unit 8 fixed cost=800.find B.E.P?
Administration Costs Budget This represents the costs of all administration expenses. Every department or budget centre will be responsible for the preparation of its own bud
Frame-it Ltd is a manufacturer of metal picture frames. The firm's two product lines are designate S (small frames: 12 x18 cm) and L (large frames: 20 x 25 cm). The primary raw mat
Bentley Plastics Ltd. Has annual fixed cost of $450,000, variable costs of $15 per unit and a contribution rate of 40% a. What annual revenue is required to break even? b.
Under what conditions is a market-based transfer price optimal?
give informatiom
Implementation of Re-Apportionment of Overheads The re-apportionment of service department costs may be implemented in a number of methods. The Two extremes are as a) Wh
Methods of Labour Remuneration There Labour remuneration methods can be broadly classified into two factors as: i. Time rate or on the basis of the time spend in the factor
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