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Question 4

The document shows a quantity schedule and cost accounting for a manufacturing process. It tracks opening work in progress (WIP), new input, completed units, closing WIP, normal loss, and abnormal loss. It then accounts for the costs of material, labor, and overheads charged to completed units and closing WIP. Finally, it provides the accounting entries to record these costs and transfers between accounts.

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27 views

Question 4

The document shows a quantity schedule and cost accounting for a manufacturing process. It tracks opening work in progress (WIP), new input, completed units, closing WIP, normal loss, and abnormal loss. It then accounts for the costs of material, labor, and overheads charged to completed units and closing WIP. Finally, it provides the accounting entries to record these costs and transfers between accounts.

Uploaded by

A
Copyright
© © All Rights Reserved
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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Question

Quantity Schedule
Opening WIP 15,000
New Input 120,000
135,000

Completed Units 110,000


Closing WIP 17,000
Normal Loss 5,500
Abnormal Loss 2,500
135,000

Cost charged to depart


Completed Units
Cost Closing
Elements Current Cost From Op From New WIP

Material 36,240,000 - 95,000 17,000


Labour 14,224,000 3,000 95,000 13,600
Overheads 11,379,200 3,000 95,000 13,600

Cost Accounted For

Completed Units

From Opening WIP


Prior Period Cost 7,125,000
Material -
Labour 356,789
Overheads 285,431 7,767,221

Current Period Output 49,026,990

Normal Loss 2,838,405


59,632,615
Closing WIP
Material 5,134,000
Labour 1,617,445
Overheads 1,293,956 8,045,401

Abnormal Loss
Material 755,000
Labour 297,324
Overheads 237,860 1,290,184

Total Cost Accounted for 68,968,200

Accounting Entries

Material 36,240,000
Labour 14,224,000
OverHead 11,500,000
Cash 61,964,000

Process Account 61,843,200


Material 36,240,000
Labour 14,224,000
Applied Overheads 11,379,200

Process B 59,632,615
Process 59,632,615

Stock in trade 8,045,401


Process 8,045,401

Ab normal Loss 1,290,184


Process 1,290,184

Profit and Loss Account 1,290,184


Ab normal Loss 1,290,184
Normal Cost /
Loss Ab Loss EPU Unit

5,500 2,500 120,000 302


5,500 2,500 119,600 119
5,500 2,500 119,600 95
516

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