Cost Accounting : PERTEMUAN V Dr Rilla Gantino, SE., AK., MM MM-FEB

Teks penuh

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Cost Accounting : PERTEMUAN V

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KEMAMPUAN AKHIR YANG DIHARAPKAN

Mahasiswa mampu menguraikan pengerian

liabilities dan equity, jenis-jenis nya dan menilai liabilities dan equity serta mengerti tentang

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Cost and management

accounting

Provides management with costs for

products, inventories, operations or functions and compares actual to

predetermined data

It also provides a variety of data for

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Functions of managerial

accounting

Determining the cost

Providing relevant information for

better decision-making

Providing information for planning,

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Planning

Deals with the estimation of product

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Control

Deals with the maintenance of

product costing record, comparison of actual performance with standards or budgets, anlaysis of variances,

recommendation of corrective

actions, controlling cost to ensure operational efciency and

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Decision-making

Deals with whether it is more

proftable to make or buy a

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Application

Cost accounting has extended from

manufacturing operations to a

variety of service industries such as hotels, bands, airline, etc

Cost accounting system should be

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Element of cost

Cost objectCost

Cost unit

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Cost object

It is an activity or item or operation

for which a separate measurement of costs is desired

E.g. the cost of operating the

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Cost

It is the amount of expenditure

incurred on a specifc cost object

Total cost = quantity used * cost per

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Cost unit

It is a quantitative unit of product or

service in which costs are

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Cost centre

It is a location or function of an

organisation in respect of which costs are ascertained

E.g. the rent, rates and maintenance

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Proft centre

It is location or function where

managers are accountable for sales revenues and expenses

E.g. division of a company that is

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Cost classifcation

Direct cost

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Direct cost

Cost that can be identifed

specifcally with or traced to a given cost object

The direct costs consist of the

following three elements:

Direct materialsDirect labour

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Direct materials

The cost of materials – the cost of

materials used entering into and

becoming the elements of a product or service

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Direct labour

The cost of remuneration for working

time

E.g. assembly workers’ wages in toy

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Direct expenses

Other costs which are incurred for a

specifc product or service

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Indirect cost (overhead)

Cost that cannot be identifed

specifcally with or traced to a given cost object

They are identifed with cost centres

as overheads

Indirect materials – Indirect labour

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Indirect materials

Such as stationery, consumable

supplies, spare parts for machine

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Indirect labour

Such as salaries of factory

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Indirect expenses

Such as rent, rates, depreciation,

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Cost accumulation

•Prime cost = direct materials + direct labour + direct expenses

•Production cost = Prime cost + factory overhead OR

= Direct materials + Conversion cost

*Conversion cost is the production cost of converting raw materials into finished product

•Total cost = Prime cost + Overheads (admin, selling,distribution cost)

OR

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Cost coding

A code is a system of symbols

designed to be applied to a classifed set of items to give a brief, accurate reference, facilitating entry, collation and analysis

Coding is important in modern

computerised accounting systems for catergories various composite

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Reasons

To reducing error owing to

descriptions

Enable easy recalling

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Cost behaviour

Costs can be classifed into variable,

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Variable cost

It increases or decreases in direct

proportion to levels of activity, but the unit variable cost remains

constant

E.g. cost of food served in a

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Fixed cost

Total fxed cost remains constant

over a relevant range of activity level but unit fxed cost falls with an

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Semi-variable cost

It processes characteristics of both

fxed and variable cost

It increases or decreases with

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Step cost

It remains constant for a range of

activity levels, then, on further

increase in activity, the cost jumps to a new level and remains constant

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Cost for stock valuation

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Unexpired cost

Unexpired costs are the resources

that have been acquired and are

expected to contribute to the future revenue

They will be recorded as assets in

current period

They will be charged as expenses

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Expired costs

Expired costs are the expenses

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Product cost

Product cost are related to the goods

purchased or produced for resale

If the products are sold, the product cost

will be included in the cost of goods sold and recorded as expenses in current period

If the products are unsold, the product

costs will be included in the closing stock and recorded as assets in the balance

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Period cost

Period cost related to the operation

of a business

They are treated as fxed cost and

charged as expenses when they are incurred

They should not be included in the

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 Includes cost to purchase goods plus

freight-in

Beginning inventory Plus: Purchases, net Plus: Freight-in

Less: Ending inventory

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Net sales revenue $$$$ Cost of goods sold $$$$

Gross proft $$$

Operating expenses $$$

Operating income $$$

Other income (expense) $$

Net income $$$

Any Company Income Statement

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Net sales revenue $128,500

Cost of goods sold:

Beginning inventory $7,400 Plus: Purchases 62,800 Less: Ending inventory (6,000)

Cost of goods sold 64,200

Gross proft 64,300

Selling and administrative expense 45,400

Net income $18,900

Gonzales Brush Company Income Statement

For the year ended December 31, 2011

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Cost of goods

sold

Units sold Unit cost of one brush

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 Use labor, plant, supplies and facilities to

convert raw materials into fnished products

 Three kinds of inventory

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Direct costs Indirect costs

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Cost object: Anything for which managers want a separate measurement of cost

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 Includes only indirect costs related to

manufacturing

 Examples:

◦ Indirect materials

◦ Indirect labor

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 Other costs related to the manufacturing

facility and plant assets

◦ Repairs & maintenance

◦ Utilities

◦ Rent & insurance

◦ Property taxes

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Net sales revenue $$$$$$$

Cost of goods sold:

Beginning fnished goods inventory $$$$$$ Plus: Cost of goods manufactured $$$$$ Less: Ending fnished goods inventory ($$$$$)

Cost of goods sold $$$$$$

Gross proft $$$$$$

Selling and administrative expense $$$$$

Operating income $$$$$$

Any Manufacturing Company Income Statement

For the year ended December 31, 2011

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Type of company Inventoriable

product costs Period costs (Expenses)

Service company None Salaries, depreciation, utilities, advertising, insurance, property taxes

Merchandising company

Purchases plus freight

in Salaries, depreciation, utilities, advertising, insurance, property taxes and delivery expense

Manufacturing company

Direct materials, Direct labor and manufacturing

Ofce salaries,

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Direct labor &

manufacturi ng overhead

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Beginning Work in process inventory $$$ Add: Direct materials used

Beginning direct materials inventory $$$ Plus: Direct materials purchased $$$ Less: Ending direct materials inventory ($$$)

Direct materials used $$$

Direct labor $$$

Manufacturing overhead $$$

Total manufacturing costs incurred during the year $$$ Total manufacturing costs to account for $$$ Less: Ending Work in process inventory $$$

Any Manufacturing Company

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Direct materials

inventory Work in process inventory Finished goods inventory

Beginning

inventory Beginning inventory Beginning inventory + Purchases and

freight-in + Direct materials used + Cost of goods manufactured = Direct materials

available for use + Direct labor = Cost of goods available for sale + Manuf. overhead

- Ending inventory - Ending inventory - Ending inventory

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Beginning Work in process inventory $6,000 Add: Direct materials used 15,000

Direct labor 7,000

Manufacturing overhead 18,000

Total manufacturing costs incurred during the year 40,000 Total manufacturing costs to account for 46,000 Less: Ending Work in process inventory (3,000) Cost of goods manufactured $ 43,000

Max-Fli Golf Company

Schedule of Cost of Goods Manufactured For the year ended December 31, 2010

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