vu bio303 Mid Term Subjective Solved Past Paper No.1
vu bio303 Biochemistry II Solved Past Papers
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Process costing
It is a method of cost accounting applied to production carried out by a series of operational, stages or processes. It is a continuous production process.
In process costing all units produce are similar. The whole process is divided into several departments.
Job order costing
The costing system that separately accumulates costs incurred to produce each job in a situation where each job isdistinguishable from the other throughout the production process. The job may be a single unit or a multi unit batch, a contract or a project, program or a service. Job costing is employed by organizations possessing following characteristics.
- Every order has its own manufacturing specifications. Therefore, every job is different from the other and requires different amounts materials, labor and overhead.
- Each job is clearly distinguishable from the other at all stages production process which makes job wise accumulation of possible.
- Each job is generally of high value.
- Production is generally in response of customers' orders
- Job wise accumulation of cost is desirable and/or necessary for and profit determination.
- Job costing is more expensive as compared with process costing.
- Total units completd in Jan = 19000 units
- Units in process in 31 Jan =6500 units
- At the end completed units =3500 units
- So , total units in jan started =19000 +6500 =25500
- Total units started in Jan =25500
| July 1, 2005 - June 30, 2006 | Rupees Rupees | |
| Finished goods | 90,000 | 105,000 |
| Work in process | 121,000 | 110,000 |
| Materials | 100,000 | 105,000 |
Required:
- Cost Of Goods Manufactured Statement.
- Cost Of Goods Sold Statement.
