Process cost report, Cost Accounting

Assignment Help:

Process Cost Report

This is a commonly employed statement that traces the flow of units produced and costs incurred in the production process. The report is prepared for every process and it provides a reconciliation of the physical flow of units and the net costs for the period or duration.  Assuming no losses or spoilage, the specified relationships will always hold as:

1. Physical Units:

Beginning W.I.P + Units started during - Units to account for the period.

= Units completed and transferred + ending work in progress - Units accounted for.

2. Costs:

Cost of Beginning W.I.P. + Current costs incurred - Costs to account for = Costs of units completed and transferred.


Related Discussions:- Process cost report

First in first out or fifo method - work in progress, First In First Out or...

First In First Out or FIFO Method - Work in Progress This method considers merely those costs incurred throughout the recent period.  Equivalent units are calculated given a

The sales value basis., The following data relate to three joint products: ...

The following data relate to three joint products:                                                                               A                 B                     C

Generally accepted accounting principles, Generally Accepted Accounting Pri...

Generally Accepted Accounting Principles (GAAP) -Rules, conventions and procedures essential to define accepted accounting practice at a specific time. The highest level of such pr

Labor transactions, Labor Transactions (i) Wages Paid in cash (ii) ...

Labor Transactions (i) Wages Paid in cash (ii) Wages incurred like a) Direct labor or else b) Indirect labor  In the Financial Books  In

Absorption costing, Absorption Costing The process described in this s...

Absorption Costing The process described in this section by that net overheads are absorbed into production naturally enough is identified as absorption costing.  The absorpti

Cost accountant and cost analysis, Cost Accountant and Cost Analysis ...

Cost Accountant and Cost Analysis Cost Accountant Is a member of chief accounting officers department? And he is responsible for collecting product costs and preparing ex

Development and research cost budget, Development and Research Cost Budget ...

Development and Research Cost Budget These are costs that are discretional in nature such as they are determined on need basis via the managers concerned. Research cost is the

Cost components, Cost Components Companies which manufacture a product ...

Cost Components Companies which manufacture a product face an elaborated set of accounting issues. Additionally the usual accounting matters related with selling and administra

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd