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Labor Transactions
(i) Wages Paid in cash
(ii) Wages incurred like
a) Direct labor or else
b) Indirect labor
In the Financial Books
In the Costing Books
i. Wages Paid in Cash
Dr Wages a/c
Dr Wages Control a/c
Cr Cash a/c
Cr General Ledger Adjustment a/c
ii. Wages Incurred as direct labour
Not recorded in Financial Books
Dr. W.I.P a/c
Cr. Wages Control
Dr. Production Overheads Control a/c
USES O F CVP ANALYSIS 1. .It allows preparation of flexible budgets. 2. It provides help in forecasting accurate profit. 3. It aids in formulating price policy. 4
SD manufactures and sells a small range of timber based products. The main differences b/w the products are their size and the type of timber they used. SD prepares annual budgets
explain the practical application of differential costing with the help of suitable example.
What is a standard and acceptable variance
under which type of asset the investment comes
Kenner company produces two products: SR200 and TX500. Budged sales for four months are as follows; SR200 TX500 May 8,000 20,000 June 13,000 32,000 July 11,000 39,000 August 18,000
Bull Bay Ltd. Manufacturers two types of surfboard, "Winner" and "Surf King", whose selling prices are $300 and $900 respectively. Each surfboard passes through two manufacturing d
Clopack Company manufactures one product that goes through one processing department called Mixing. All raw materials are introduced at the start of work in the Mixing Department.
Allocation of Service Department Costs Allocation of Service Department Costs to Production departments ,Service departments are those departments that provide support to prod
Material Costs - Cost Accumulation However 'Materials' refer to the tangible inputs into the procedure of producing useful output. They might be indirect materials or direct
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