1 / 17

Job Order Costing

Job order costing ppt file asmita publication pp solution

shiba2
Download Presentation

Job Order Costing

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Cost and Management Accounting CHAPTER-8 JOB ORDER COSTING

  2. A job is done in a factory. But most of the contract work is done outside a factory as requested by clients. The number of jobs may be more which is not there in contract costing. Expenses are absorbed in job costing. Site expenses are charged directly in contract costing. Time frame in a job is comparatively shorter in comparision with contract costing. Job order costing fixes the cost of particular job/work. Each type of work constitutes a job and the price of each job is determined separately. Job order costing is the system that determines the cost of job received from a client. PRESENTED BY: SHIBA PRASAD DAHAL

  3. PRESENTED BY: SHIBA PRASAD DAHAL

  4. Direct Material • Direct Labour • Direct Expenses • Overheads. • Manufacturing Overheads • Non Manufacturing Overheads • Cost of Goods Manufactured: • =Opening WIP + Manufacturing Cost –Closing WIP • Cost of goods sold= Opening balance of Finished goods+ Cost of goods manufactured – CLosing Stock of Finished goods PRESENTED BY: SHIBA PRASAD DAHAL

  5. SP-1 • Job Cost sheet for job No. 101 Working Note: Profit= Cost X Profit% /(100-Profit%) profit= 9000 X10/(100-10)= 90000/90=1000 PRESENTED BY: SHIBA PRASAD DAHAL

  6. EP-1 • Job Cost sheet PRESENTED BY: SHIBA PRASAD DAHAL

  7. EP-2 • Job Order Cost sheet PRESENTED BY: SHIBA PRASAD DAHAL

  8. EP-3 Nischal Company • Job Order Cost sheet Job Order No. 205 Name Of Customer: .. Particulars of Job: … Quantity:… Customer Ref No. Date Of Commencement Date of Completion:….. PRESENTED BY: SHIBA PRASAD DAHAL

  9. EP-4 Muskan Company • Job Order Cost sheet Job Order No. 206 Name Of Customer: .. Particulars of Job: … Quantity:… Customer Ref No. Date Of Commencement Date of Completion:….. PRESENTED BY: SHIBA PRASAD DAHAL

  10. EP-5 X Ltd. Company • Job Order Cost sheet Job Order No. 204 Name Of Customer: .. Particulars of Job: … Quantity:… Customer Ref No. Date Of Commencement Date of Completion:….. PRESENTED BY: SHIBA PRASAD DAHAL

  11. EP-6 X Ltd. Company • Job Order Cost sheet Job Order No. 105 Name Of Customer: .. Particulars of Job: … Quantity:… Customer Ref No. Date Of Commencement Date of Completion:….. PRESENTED BY: SHIBA PRASAD DAHAL

  12. EP-7 Saumya Ltd. Company • Job Order Cost sheet Customer Ref No. Date Of Commencement Date of Completion:….. Job Order No. 222 Name Of Customer: .. Particulars of Job: … Quantity:… a: Solution PRESENTED BY: SHIBA PRASAD DAHAL

  13. b. Cost of goods Manufactured: =Opening Stock of WIP + Total manufacturing cost – Closing stock of WIP. =Rs.(1000+ 7500-2500) =Rs. 6000 c. Cost of goods sold: =Opening stock of finished goods + Cost of goods Manufactured – Closing stock of finished goods. = Rs.( 3500+6000-2000) = Rs. 7500 d. Job order Price: =Cost of goods sold + Profit = Rs. (7500 + 7500*20%) =Rs.(7500 + 1500) =Rs. 9000

  14. LQ-1 Muskan Ltd. • Job Order Cost sheet Customer Ref No. Date Of Commencement Date of Completion:….. Job Order No. 103 Name Of Customer: .. Particulars of Job: … Quantity:… a: Solution PRESENTED BY: SHIBA PRASAD DAHAL

  15. b. Cost of goods Manufactured: =Opening Stock of WIP + Total manufacturing cost – Closing stock of WIP. =Rs.(500+ 16500-1000) =Rs. 16000 c. Cost of goods sold: =Opening stock of finished goods + Cost of goods Manufactured – Closing stock of finished goods. = Rs.( 2000+16000-500) = Rs. 17500 d. Job order Price: =Cost of goods sold + Profit = Rs. 17500 + 17500*12.5%/(100-12.5)% =Rs.(17500 + 2500) =Rs. 20000

  16. LQ-2 A Company • Job Order Cost sheet Customer Ref No. Date Of Commencement Date of Completion:….. Job Order No. 222 Name Of Customer: .. Particulars of Job: … Quantity:… a: Solution PRESENTED BY: SHIBA PRASAD DAHAL

  17. b. Cost of goods sold: =Opening stock of finished goods + Cost of goods Manufactured – Closing stock of finished goods. = Rs.( 6000+36000-12000) = Rs. 30000 c. Job order Price: =Cost of goods sold + Profit = Rs. (30000 + 30000*25%) =Rs.(30000 + 7500) =Rs. 37500 THANK YOU THE END

More Related