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Cost Accounting(含23个PPT).rar

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How Are Costs Classified???
There are two methods used by the Cost Accountant to apply costs consistently:
Manufacturing or Non-manufacturing Costs
This distinction determines if costs are associated with product or services or with support functions.
Period or Product Costs
This distinction used to determine when costs are expensed.
Manufacturing Costs
Manufacturing is the conversion of materials into finished goods.  
It requires:
Direct Labor
Direct Material
Overhead
Direct Labor
Wages and other payroll costs that can be directly associated with a unit of output.
Commonly called “Touch Labor”
Indirect Labor cannot be directly traced or cost-effectively associated with the product (included in Overhead).
Direct Material
All raw materials added during the conversion process
become an integral part of the finished goods.
Indirect Material 
difficult to determine the amount of some raw materials that are consumed during the conversion process for a specific product (included in Overhead)

Prime Costs = Direct Material + Direct Labor
Overhead
All other factory costs required for production but are not directly associated with each unit of production.
Indirect Labor
Indirect Material
Overhead
Non-Manufacturing Costs
Marketing and selling costs:
Required to get finished goods to customers.
Administrative costs:
Required to provide the administrative function of the business.
Product and Period Costs
Emphasize the timing of expenses.
Product Costs
Costs that can be directly “attached” with Product and will be expensed when the product is sold (not necessarily the period they were incurred). 
Period Costs 
Costs not easily “attached” to product and will be expensed in the period in which they were incurred. 

Collecting Costs
Job Order
Production of individual or batches of many different types of products.  
Costs can be collected for independent orders.
Process
Continuous processing of a single type of product for relatively long periods of time. 
Costs can not be cost-efficiently collected for independent orders.
Job Order Costing
Costs for independent orders are charged to a Work Order, or Job number.
Direct Labor
Charged to the work order number using a time card, production traveler (a.k.a. router), or other type of time sheet.
Direct Material
Purchased directly to the Work Order number or will be issued from general inventory and charged to the job.
Applied Overhead
The Cost Accountant will determine the amount of factory overhead costs to apply to each Work Order; usually based on the amount of labor hours, labor-wages, machine-hours or material costs.
Process Costing
Steps for determining Process costs:
1) Identify the Processing Centers
the processing activity is consistent for all the product; and 
the output is homogeneous.
2) Accumulated labor, material and overhead costs for each Processing Center over a specific time period
3) Calculate the average cost per unit over that period of time.
        Average unit cost = Total Costs/Number of units output
Actual vs. Standard Costs
Actual Costs
The actual costs paid for resources used in the conversion processes.
Evidenced by transaction documents.
Standard Costs
Predetermined costs assigned for each unit of a resource used in the conversion processes.
Standards are established by:
Time studies;
Historical data; and
Educated guesswork.
Standards are based on past results but must consider future events.
Actual vs. Standard Costs (cont)
Both systems have advantages and disadvantages.

Standard Costing is the predominate system in business.
Cost-data Collection Systems
Assessment
What determines Manufacturing vs. Non-manufacturing Costs?
What goes into Manufacturing Overhead?
What is the difference in using Product versus Period Cost designation?
What are the two ways to collect Costs?

“Direct costs are those costs that can be identified specifically with a particular sponsored project, an instructional activity, or any other institutional activity, or that can be directly assigned to such activities relatively easily with a high degree of accuracy”

WHEN CAN A COST BE DIRECTLY CHARGED?
To directly charge  a cost,  it must:
Be specifically identified to the work conducted under the project
Provide explicit benefit for a specific programmatic purpose
Be chargeable or assignable in accordance with the relative benefits received or other equitable relationship

“Normal”  facilities and administrative costs must be charged indirectly, unless:
A level of service above the “normal” level is required by the sponsored agreement
Special technical expertise or items are required by the sponsored agreement, which are not otherwise needed or available in the department
A non-federal award allows the cost

Management Accounting: It measures and reports financial and nonfinancial information that helps managers make decisions to fulfill the goals of an organization.

Financial Accounting:(1)Its focus is on reporting to external parties;(2)It measures and records business transactions. (3)It provides financial statements based on generally accepted accounting principles.

Cost Accounting:(1)It provides information for both management accounting and financial accounting.  (2)It measures and reports financial and nonfinancial data.

Cost Management:(1)It describes the activities of managers in planning and control of costs. (2)It includes the continuous reduction of costs. (3)It is a key part of general management strategies and their implementation.

Different Costs for Different Purposes:A cost concept used for the external reporting purpose need not be the appropriate concept for the purpose of internal routine reporting to managers.

Cost and Cost Terminology
Cost is a resource sacrificed or forgone to achieve a specific objective.
An actual cost is the cost incurred (a historical cost) as distinguished from budgeted costs.
A cost object is anything for which a separate measurement of costs is desired.

Cost Drivers:The cost driver of variable costs is the level of activity or volume whose change causes the (variable) costs to change proportionately.

The number of bicycles assembled is a cost driver of the cost of handlebars.

Manufacturing companies purchase materials and components and convert them into finished goods.
A manufacturing company must also develop, design, market, and distribute its products.

Merchandising companies purchase and then sell tangible products without changing their basic form.

Service companies provide services or intangible products to their customers.
Labor is the most significant cost category.

Types of Inventory
Manufacturing-sector companies typically have one or more of the following three types of inventories:
1. Direct materials inventory
2. Work in process inventory (work in progress)
3. Finished goods inventory

Merchandising-sector companies hold only one type of inventory – the product in its original purchased form.
Service-sector companies do not hold inventories of tangible products.

Classification of Manufacturing Costs
Direct materials costs
Direct manufacturing labor costs
Indirect manufacturing costs

Inventoriable Costs
Inventoriable costs (assets)…
become cost of goods sold…
after a sale takes place.

Period Costs:
Period costs are all costs in the income statement other than cost of goods sold.
Period costs are recorded as expenses of the accounting period in which they are incurred.

Direct Materials + Direct Labor = Prime Costs

Direct Labor + Manufacturing Overhead = Conversion Costs

Manufacturing Overhead = Indirect Labor/Indirect Materials/Other,water etc.

Manufacturing labor-cost classifications vary among companies.
The following distinctions are generally found:
Direct manufacturing labor
Manufacturing overhead


Manufacturing overhead:Indirect labor+Managers’ salaries+Payroll fringe costs+Forklift truck operators (internal handling of materials)+Janitors+Rework labor+Overtime premium+Idle time


Overtime premium is usually considered part of overhead.
Assume that a worker gets $18/hour for straight time and gets time and one-half for overtime.
How much is the overtime premium?
$18 × 50% = $9 per overtime hour
If this worker works 44 hours on a given week, how much are his gross earnings?
Direct labor 44 hours × $18 = $792
Overtime premium 4 hours × $9 = 36
Total gross earnings $828

Cost-Volume-Profit Assumptions and Terminology
1. Changes in the level of revenues and costs arise only because of changes in the number of product (or service) units produced and sold.
2. Total costs can be divided into a fixed component and a component that is variable with respect to the level of output.
3. When graphed, the behavior of total revenues and total costs is linear (straight-line) in relation to output units within the relevant range (and time period).
4. The unit selling price, unit variable costs, and fixed costs are known and constant.
5. The analysis either covers a single product or assumes that the sales mix when multiple products are sold will remain constant as the level of total units sold changes.
6. All revenues and costs can be added and compared without taking into account the time value of money.

Operating income = Total revenues from operations – Cost of goods sold and operating costs (excluding income taxes)

Net income = Operating income – Income taxes

Contribution margin percentage (contribution margin ratio) is the contribution margin per unit divided by the selling price.

Sales = Variable expenses - Fixed expenses
Total revenues = Total costs

Abbreviations
SP =  Selling  price
VCU = Variable cost per unit
CMU = Contribution margin per unit
CM% = Contribution margin percentage
FC = Fixed costs
Q = Quantity of output units sold (and manufactured)
OI = Operating income
TOI = Target operating income
TNI = Target net income

(Selling price × Quantity sold) – (Variable unit cost × Quantity sold) – Fixed costs = Operating income
Let Q = number of units to be sold to break even
$70Q – $42Q – $84,000 = 0
$28Q = $84,000
Q = $84,000 ÷ $28 = 3,000 units

Target Operating Income
(Fixed costs + Target operating income) divided either by Contribution margin percentage or Contribution margin per unit

Multiple Cost Drivers
Would the operating income of the Pants Shop be lower or higher if the business sells pants to more customers?
The cost structure depends on two cost drivers:
1. Number of units
2. Number of customers


Contribution Margin versus Gross Margin
Contribution income statement emphasizes contribution margin.
Financial accounting income statement emphasizes gross margin.

Source Documents
Job cost record
Materials requisition record
Labor time record

Actual costing is a system that uses actual costs to determine the cost of individual jobs.
It allocates indirect costs based on the actual indirect-cost rate(s) times the actual quantity of the cost-allocation base(s).
Normal costing is a method that allocates indirect costs based on the  budgeted indirect-cost rate(s) times the actual quantity of the cost allocation base(s).

Transactions
Purchase of materials and other manufacturing inputs
Conversion into work in process inventory
Conversion into finished goods inventory
Sale of finished goods

Direct Materials Used + Direct Labor and Overhead - Cost of Goods Manufactured = Ending WIP Inventory

Cost of Goods Manufactured - Ending Finished Goods Inventory = Cost of Goods Sold

Account for end-of-period underallocated or overallocated indirect costs using alternative methods.

End-Of-Period Adjustments
Underallocated indirect costs
Overallocated indirect costs

Approaches to disposing underallocated or overallocated overhead:
1. Adjusted allocation rate approach
2. Proration approaches
3. Immediate write-off to Cost of Goods Sold approach

Proration Approach
Basis to prorate under- or overallocated overhead:
– total amount of manufacturing overhead allocated (before proration)
– ending balances of Work in Process, Finished Goods, and Cost of Goods Sold

Direct-cost tracing
Indirect-cost pools
Cost-allocation basis

1. Design of Products and Process
The Design Department designs the molds and defines processes needed (details of the manufacturing operations).
2. Manufacturing Operations
Lenses are molded, finished, cleaned, and inspected.
3. Shipping and Distribution
Finished lenses are packed and sent to the various customers.

A cost hierarchy is a categorization of costs into different cost pools.
Cost drivers bases (cost-allocation bases)
Degrees of difficulty in determining cause-and-effect relationships

ABC systems commonly use a four-part cost hierarchy to identify cost-allocation bases:
1.Output unit-level costs
2.Batch-level costs
3.Product-sustaining costs
4.Facility-sustaining costs

These are resources sacrificed on activities performed on each individual unit of product or service.
Energy
Machine depreciation
Repairs

Batch-Level Costs
These are resources sacrificed on activities that are related to a group of units of product(s) or service(s) rather than to each individual unit
of product or service.
Setup-hours
Procurement costs

Product-Sustaining Costs
These are often called service-sustaining costs and are resources sacrificed on activities undertaken to support individual products or services.
Design costs
Engineering costs

These are resources sacrificed on activities that cannot be traced to individual products or services but support the organization as a whole.
General administration
– rent
– building security


Identify the indirect costs associated with each cost-allocation base.
Overhead costs incurred are assigned to activities, to the extent possible, on the basis of a cause-and-effect relationship.

Many companies have evolved their costing system from using a single cost pool to using separate indirect-cost rates for each department:
Design
Manufacturing
Distribution

Financial planning models are mathematical representations of the interrelationships among operating activities, financial activities, and other factors that affect the master budget.

Direct-material price variance = (Actual price – Budgeted price) * Actual quantity

Direct-labor price variance = (Actual price – Budgeted price) * Actual quantity

Direct-material efficiency variance =(Actual quantity  – Standard quantity)*Standard price
Direct-labor efficiency variance = (Actual quantity  – Standard quantity)*Standard price

Effectiveness is the degree to which a predetermined objective or target is met.
Efficiency is the relative amount of inputs used to achieve a given level of output.
Variances should not solely be used to evaluate performance.


Standard Costing
Standard cost per input unit * Standard input allowed for one output unit

Developing Budgeted Variable Overhead Allocation Rates
Step 1:
Choose the time period used to compute the budget.
Pasadena Co. uses a twelve-month budget period.

Step 2:
Select the cost-allocation base. 
Pasadena budgets 26,000 labor-hours for a budgeted output of 13,000 suits in year 2004.

Step 3:
Identify the variable overhead costs.
Pasadena’s budgeted variable manufacturing costs for 2004 are $312,000.

Step 4:
Compute the rate per unit of each cost-allocation base.
$312,000 ÷ 26,000 hours = $12/hour

What is the budgeted variable overhead cost rate per output unit (dress suit)?

2.00 hours allowed per output unit × $12 budgeted variable overhead cost rate per input unit = $24 per suit (output unit)

Developing Budgeted Fixed Overhead Allocation Rates
Step 1:
Choose the time period used to compute the budget.
The budget period is typically twelve months.
Step 2:
Select the cost-allocation base.
Pasadena budgets 26,000 labor-hours for a budgeted output of 13,000 suits in year 2004.

Step 3:
Identify the fixed overhead costs. 
Pasadena’s fixed manufacturing budget for 2004 is $286,000.

Step 4:
Compute the rate per unit of each cost-allocation base. $286,000 ÷ 26,000 = $11

What is the budgeted fixed overhead cost rate per output unit (dress suit)?
2.00 hours allowed per output unit*$11 budgeted fixed overhead cost rate per input unit = $22 per suit (output unit)

Management may have maintained some extra capacity.
Production volume variance focuses only on costs.
This variance results from “unitizing” fixed costs.

Different Purposes of Overhead Cost Analysis
The greater the number of output units manufactured, the higher the budgeted total variable manufacturing overhead costs and the higher the total variable
manufacturing overhead costs allocated to output units.

Overhead variances are examples of financial performance measures.
What are examples of nonfinancial measures?
Actual labor time, relative to budgeted time 
Actual indirect materials usage per labor-hour, relative to budgeted indirect materials usage

Inventory-Costing Methods
The difference between variable costing and absorption costing is based on the treatment of fixed manufacturing overhead.
Direct Materials + Variable Factory Labor + Variable Overhead = Work in Process Inventory

Work in Process Inventory → Finished Goods Inventory → Cost of Goods Sold

Actual Costing
1、Variable Costing
2、Absorption Costing
3、Throughput Costing

Normal Costing
1、Variable Costing
2、Absorption Costing
3、Throughput Costing

Standard Costing
1、Variable Costing
2、Absorption Costing
3、Throughput Costing

Choice of Cost Object Example If the number of taxis owned by a taxi company is the cost object, annual taxi registration and license fees would be variable costs.

If miles driven during a year on a particular taxi is the cost object, registration and license fees for that taxi are fixed costs.

Time Span
Whether a cost is variable or fixed with respect to a particular activity depends on the time span.
More costs are variable with longer time spans.

Relevant Range
Variable and fixed cost behavior patterns are valid for linear cost functions only within the given relevant range.
Costs may behave nonlinear outside the range.

What is cost estimation?
It is the attempt to measure a past cost relationship between costs and the level of an activity.
Past cost-behavior functions can help managers make more accurate cost predictions.

Opportunity cost is the contribution to income that is forgone (rejected) by not using a limited resource in its next-best alternative use.

Direct materials costs vary with the number of units produced.
Direct manufacturing labor costs vary with direct manufacturing labor-hours.
Ordering and receiving, testing and inspection, and rework costs vary with their chosen cost drivers.

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