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Cost Accounting

The document contains calculations of various manufacturing costs such as: 1) Computation of predetermined overhead rate based on estimated overhead and direct labor costs. 2) Tracking of direct materials issued and inventory balances. 3) Calculation of actual overhead costs incurred and comparison to applied overhead amounts. 4) Determination of work-in-process, product, and cost of goods manufactured costs for the period. 5) Computation of cost per unit for a job with total units produced.

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Camille G.
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452 views12 pages

Cost Accounting

The document contains calculations of various manufacturing costs such as: 1) Computation of predetermined overhead rate based on estimated overhead and direct labor costs. 2) Tracking of direct materials issued and inventory balances. 3) Calculation of actual overhead costs incurred and comparison to applied overhead amounts. 4) Determination of work-in-process, product, and cost of goods manufactured costs for the period. 5) Computation of cost per unit for a job with total units produced.

Uploaded by

Camille G.
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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Compute for the Predetermined Overhead Rate

Total Estimated Factory Overhead


Divide: Total Direct Labor Cost
Job Y13 - Factory Labor Hours Cost (3,500*30) ₱105,000.00
Add : Job Y14 - Factory Labor Hours Cost (2,800*30) 84,000.00
Job Y15 - Factory Labor Hours Cost (1,600*30) 48,000.00
Predetermined Applied Overhead Rate

Comoute for the Direct Materials Account at the end of August

Direct Materials Invetory, August 1


Add: Direct Materials Purchased in August
Total Direct Materials Available for Production
Less: Direct Materials Issued to Production
Job Y13 - Direct Materials Used ₱16,380.00
Add: Job Y14 - Direvt Materials Used 24,220.00
Job Y15 - Direct Materials Usesld 14,000.00
Direct Materials Inventory, August 31

Compute for the Total Actual Factory Overhead Incurred in August

Rent
Add: Utilities ₱180,600.00
Repairs & Maintenance 188,500.00
Depreciation 131,100.00
Other 56,000.00
Indirect Labor Cost (6,900*30) 207,000.00
Total Actual Factory Overhead

Compute the Ending Balance of Work-in-Process Inventory Account For August

Work in Process (Job Y13), August 1


Add: Total Production Costs
Direct Materials Issued in Production ₱54,600.00
Add: Direct Labor Costs 237,000.00
Applied Factory Overhead 900,600.00
Less: Job Y13, Total Cost
Work-in-Process (Job Y13), August 1 ₱41,000.00
Add: Direct Materials Issued - Job Y13 16,380.00
Direct Labor Cost - Job Y13 (3,500*30) 105,000.00
Applied Factory Overhead - Job Y13 (3,500*30*3.8) 399,000.00
Work in Process (Job Y13), August 31

Compute the Amount of Product Cost for August


Direct Materials Issued in Production
Add: Direct Labor Costs
Applied Factory Overhead
Total Product Cost

Compute the Amount of Cost of Goods Manufactured for August

Work-in-Process Inventory, August 1


Add: Total Production Costs
Less: Work-in-Process Inventory, August 31
Cost of Goods Manufactured

Compute the amount of Overapplied or Underapplied Overhead

Total Actual Factory Overhead


Less: Total Applied Factory Overhead
(Overapplied) Underapplied Overhead

Compute the Cost per Unit of Job Y13 if it has a Total of 100 Units
Job Y13, Total Cost Incurred - August
Work-in-Process (Job Y13), August 1 ₱41,000.00
Add: Direct Materials Issued - Job Y13 16,380.00
Direct Labor Cost - Job Y13 (3,500*30) 105,000.00
Applied Factory Overhead - Job Y13 (3,500*30*3.8) 399,000.00
Divide: No. of Units Produced
Cost per Unit - Job 13

Compute the Amount of Cost of Goods Sold

Finished Goods Inventory, August 1


Add: Cost of Goods Manufactured
Less: Finished Goods Inventory, August 31
Cost of Goods Sold
Less: Overapplied Overhead
Adjusted Cost of Goods Sold
₱900,600.00

237,000.00
₱3.80

₱36,500.00
55,000.00
₱91,500.00

54,600.00
₱36,900.00

₱131,500.00

763,200.00
₱894,700.00

₱41,000.00

1,192,200.00

561,380.00
₱671,820.00
₱54,600.00
237,000.00
900,600.00
₱1,192,200.00

₱41,000.00
1,192,200.00
671,820.00
₱561,380.00

₱894,700.00
900,600.00
-₱5,900.00

₱561,380.00
100.00
₱5,613.80

₱0.00
561,380.00
-
₱561,380.00
5,900.00
₱555,480.00
Compute for the Predetermined Overhead Rate

Total Estimated Factory Overhead


Divide: Total Direct Labor Cost
Job Y13 - Factory Labor Hours Cost (3,500*30) ₱111,000.00
Add : Job Y14 - Factory Labor Hours Cost (2,800*30) 90,000.00
Job Y15 - Factory Labor Hours Cost (1,600*30) 54,000.00
Predetermined Applied Overhead Rate

Comoute for the Direct Materials Account at the end of August

Direct Materials Invetory, August 1


Add: Direct Materials Purchased in August
Total Direct Materials Available for Production
Less: Direct Materials Issued to Production
Job Y13 - Direct Materials Used ₱16,860.00
Add: Job Y14 - Direvt Materials Used 27,420.00
Job Y15 - Direct Materials Usesld 14,200.00
Direct Materials Inventory, August 31

Compute for the Total Actual Factory Overhead Incurred in August

Rent
Add: Utilities ₱336,600.00
Repairs & Maintenance 190,500.00
Depreciation 133,100.00
Other 58,000.00
Indirect Labor Cost (6,900*30) 213,000.00
Total Actual Factory Overhead

Compute the Ending Balance of Work-in-Process Inventory Account For August

Work in Process (Job Y13), August 1


Add: Total Production Costs
Direct Materials Issued in Production ₱58,480.00
Add: Direct Labor Costs 255,000.00
Applied Factory Overhead ₱1,071,000.00
Less: Job Y13, Total Cost
Work-in-Process (Job Y13), August 1 ₱41,800.00
Add: Direct Materials Issued - Job Y13 16,860.00
Direct Labor Cost - Job Y13 (3,500*30) ₱111,000.00
Applied Factory Overhead - Job Y13 (3,500*30*3.8) 466,200.00
Work in Process (Job Y13), August 31

Compute the Amount of Product Cost for August


Direct Materials Issued in Production
Add: Direct Labor Costs
Applied Factory Overhead
Total Product Cost

Compute the Amount of Cost of Goods Manufactured for August

Work-in-Process Inventory, August 1


Add: Total Production Costs
Less: Work-in-Process Inventory, August 31
Cost of Goods Manufactured

Compute the amount of Overapplied or Underapplied Overhead

Total Actual Factory Overhead


Less: Total Applied Factory Overhead
(Overapplied) Underapplied Overhead

Compute the Cost per Unit of Job Y13 if it has a Total of 100 Units
Job Y13, Total Cost Incurred - August
Work-in-Process (Job Y13), August 1 ₱41,800.00
Add: Direct Materials Issued - Job Y13 ₱16,860.00
Direct Labor Cost - Job Y13 (3,500*30) 111,000.00
Applied Factory Overhead - Job Y13 (3,500*30*3.8) 466,200.00
Divide: No. of Units Produced
Cost per Unit - Job 13

Compute the Amount of Cost of Goods Sold

Finished Goods Inventory, August 1


Add: Cost of Goods Manufactured
Less: Finished Goods Inventory, August 31
Unadjusted Cost of Goods Sold
Less: Overapplied Overhead
Adjusted Cost of Goods Sold
₱1,071,000.00

255,000.00
₱4.20

₱36,900.00
59,000.00
₱95,900.00

58,480.00
₱37,420.00

₱133,500.00

931,200.00
₱1,064,700.00

₱41,800.00

1,384,480.00

635,860.00
₱790,420.00
₱58,480.00
255,000.00
1,071,000.00
₱1,384,480.00

₱41,800.00
1,384,480.00
790,420.00
₱635,860.00

₱1,064,700.00
1,071,000.00
-₱6,300.00

₱635,860.00
100.00
₱6,358.60

₱0.00
635,860.00
-
₱635,860.00
6,300.00
₱629,560.00
Compute for the Predetermined Overhead Rate

Total Estimated Factory Overhead


Divide: Total Direct Labor Cost
Job Y13 - Factory Labor Hours Cost (3,500*30) 3,500.00
Add : Job Y14 - Factory Labor Hours Cost (2,800*30) 2,800.00
Job Y15 - Factory Labor Hours Cost (1,600*30) 1,600.00
Multiply: Direct Labor Hours Rate
Predetermined Applied Overhead Rate

Comoute for the Direct Materials Account at the end of August

Direct Materials Invetory, August 1


Add: Direct Materials Purchased in August
Total Direct Materials Available for Production
Less: Direct Materials Issued to Production
Job Y13 - Direct Materials Used ₱16,380.00
Add: Job Y14 - Direvt Materials Used 24,220.00
Job Y15 - Direct Materials Usesld 14,000.00
Direct Materials Inventory, August 31

Compute for the Total Actual Factory Overhead Incurred in August

Rent
Add: Utilities ₱180,600.00
Repairs & Maintenance 188,500.00
Depreciation 131,100.00
Other 56,000.00
Indirect Labor Cost (6,900*30) 207,000.00
Total Actual Factory Overhead

Compute the Ending Balance of Work-in-Process Inventory Account For August

Work in Process (Job Y13), August 1


Add: Total Production Costs
Direct Materials Issued in Production ₱54,600.00
Direct Labor Costs 237,000.00
Applied Factory Overhead 900,600.00
Less: Job Y13, Total Cost
Work-in-Process (Job Y13), August 1 ₱41,000.00
Add: Direct Materials Issued - Job Y13 16,380.00
Direct Labor Cost - Job Y13 (3,500*30) 105,000.00
Applied Factory Overhead - Job Y13 (3,500*30*3.8) 399,000.00
Work in Process (Job Y13), August 31
Compute the Amount of Product Cost for August

Direct Materials Issued in Production


Direct Labor Costs
Applied Factory Overhead
Total Product Cost

Compute the Amount of Cost of Goods Manufactured for August

Work-in-Process Inventory, August 1


Add: Total Production Costs
Less: Work-in-Process Inventory, August 31
Cost of Goods Manufactured

Compute the amount of Overapplied or Underapplied Overhead

Total Actual Factory Overhead


Less: Total Applied Factory Overhead
(Overapplied) Underapplied Overhead

Compute the Cost per Unit of Job Y13 if it has a Total of 100 Units
Job Y13, Total Cost Incurred - August
Work-in-Process (Job Y13), August 1 ₱41,000.00
Add: Direct Materials Issued - Job Y13 16,380.00
Direct Labor Cost - Job Y13 (3,500*30) 105,000.00
Applied Factory Overhead - Job Y13 (3,500*30*3.8) 399,000.00
Divide: No. of Units Produced
Cost per Unit - Job 13

Compute the Amount of Cost of Goods Sold

Finished Goods Inventory, August 1


Add: Cost of Goods Manufactured
Less: Finished Goods Inventory, August 31
Cost of Goods Sold
₱900,600.00

7,900.00
30.00 237,000.00
₱3.80

₱36,500.00
55,000.00
₱91,500.00

54,600.00
₱36,900.00

₱131,500.00

763,200.00
₱894,700.00

₱41,000.00

1,192,200.00

561,380.00
₱671,820.00
₱54,600.00
237,000.00
900,600.00
₱1,192,200.00

₱41,000.00
1,192,200.00
671,820.00
₱561,380.00

₱894,700.00
900,600.00
-₱5,900.00

₱561,380.00
100.00
₱5,613.80

₱0.00
561,380.00
-
₱561,380.00

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