Management Accounting : Cost Accounting Job

Job #

RT 45

RT 46

RT 47

OF 58

OF 59

OF 60

Opening Balance

$1589

$2175

0

$256

0

0

Added during August

0

0

0

0

0

0

Materials

$1250

$1150

$500

$985

$2750

$1145

Direct Labor

$3225

$3275

$2450

$1000

$1300

$1125

Overheads- Timber

$729.697

$741.0101

$554.3434

$226.2626

$294.1414

$254.5455

Overheads- Cloth

$553.8462

$594.8718

$728.2051

$266.6667

$523.0769

$533.3333

Total Cost

$7347.543

$7935.882

$4232.549

$2733.929

$4867.218

$3057.879

Units

25

27

20

18

28

25

Unit Cost

$293.9017

$293.9216

$211.6274

$151.885

$173.8292

$122.31

Direct labour

Units * Labour hours

Overheads timber

Actual overhead*labour hours/ labour hours ratio

Overhead clothes

Actual overhead*machine hours/machine hours ratio

Total cost

Opening balance + materials +direct labour+ overhead timbers + overhead clothes

Unit cost

Total cost/ per unit cost

Work in Process A/c

Particulars

Amount (Dr)

Particulars

Amount (Cr)

To balance b/d RT 47

$4232.549

To balance b/d RT 60

$3057.809

By balance b/d (transferred)

$7290.358

$7290.358

$7290.358

Finished goods inventory A/c

Particulars

Amount (Dr)

Particulars

Amount (Cr)

To balance b/d RT 45

$7347.543

By sales RT- 46 (500*27)

$13500

(Transferred)     RT 46

$7935.882

RT - 59 ( 350*28)

$9800

                                RT 59

$4867.218

By balance b/d

$3149.357

$23300

$23300

Cost of goods sold A/c

Particulars

Amount (Dr)

Particulars

Amount (Cr)

To balance b/d - RT- 46

$2175

By sales RT- 46 (500*27)

$13500

To balance b/d - OF - 59

$256

                  RT-59 (350*28)

$9800

To balance b/d transferred

$20151.354

By balance c/d

$717.646

$23300

$23300

$23300

Journal Entries

Date

Particulars

Amount (Dr)

Amount (Cr)

1st August 2016

Finished goods inventory A/c

$3149.357

             To W-I-P A/c

$7290.358

             To over applied overhead A/c

$4141.001

1st August 2016

Cost of goods sold A/c

$23300

                                         To sales A/c

$23300

1st August 2016

W-I-P A/c                                                 Dr

$7290.358

Finished goods inventory a/c                    Dr

$3149.357

Cost of goods sold a/c                              Dr

$717.646

            To overhead cost pool a/c

$11157.361