FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Concept explainers

Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing …
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In compari…
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How to analyze the data in Overhead summary sheet?

Overhead Summary Production Administration Packing (MVR) (MVR) (MVR) Overheads 6500 5120.7 1201.28 Administration Usage 240.256 961.024 -1201.28 Labour Hours 2250 750 Total Overheads 8990.256 6831.724 Overheads Absorbtion Rate 1.997834667 4.554482667 (Based on Labour Hours) Per Hour Per Hour Overheads Absorbtion Rate 2.996752 2.277241333 (Based on Number of Units) Per Unit Per Unit Total Cost (MVR) 54352.03 Total Number of Units 3000 Total Cost per unit 18.11734333 per Unit
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Transcribed Image Text:Overhead Summary Production Administration Packing (MVR) (MVR) (MVR) Overheads 6500 5120.7 1201.28 Administration Usage 240.256 961.024 -1201.28 Labour Hours 2250 750 Total Overheads 8990.256 6831.724 Overheads Absorbtion Rate 1.997834667 4.554482667 (Based on Labour Hours) Per Hour Per Hour Overheads Absorbtion Rate 2.996752 2.277241333 (Based on Number of Units) Per Unit Per Unit Total Cost (MVR) 54352.03 Total Number of Units 3000 Total Cost per unit 18.11734333 per Unit
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