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Job costing Chapter 4

Job costing Chapter 4. ME 2027 Performance and Cost Analysis ME 2605 Cost Management and Control (for IMIM) Håkan Kullvén, KTH, 2007 Hakan.kullven@indek.kth.se. Example 4.2 starting on page 115. Accounting exercise.

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Job costing Chapter 4

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  1. Job costingChapter 4 ME 2027 Performance and Cost Analysis ME 2605 Cost Management and Control (for IMIM) Håkan Kullvén, KTH, 2007 Hakan.kullven@indek.kth.se

  2. Example 4.2 starting on page 115 Accounting exercise • Note how the profit consists of revenues from sales, and the costs for the sold products • All that is unsold is in other parts of the accounts • In the Stores ledger, • In Work in process, • In Finished goods, • In Wages control, • In Factory overhead, or • In Non-manufacturing overhead

  3. Closing remarks • Backflush costing • For a JIT environment • Inventories defined at trigger points, the rest is costs • Contract costing • A contract account for each contract • Progress payments considered

  4. Next, we… discuss how a costing system can be designed for products that consume resources in the same manner. In this case, it is not useful to distinguish each product in the costing system Chapters 5 & 6

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