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ACCA F2 Revision part 4 Process Costing
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can you write up the
can you write up the T account…am a little confused
You should watch the main Process Costing lectures where I go through the t-accounts in detail.
These are just quick revision lectures.
Sir, what do you mean by taken into account in costings? An even further explanation would be wonderful 馃檪
Thank you in advance! God bless 馃榾
It simply means that the figures are used in the costings.
Have you watched the main free lectures? The main lectures are a complete free course for Paper F2 and cover everything needed to be able to pass the exam well. These revision lectures are just meant as quick revision for after you have finished your studying.
according to my know my knowledge and skill of process costing the answer to question B is as follows :
on the Cr side the following appears
opening WIP 900units-$1840
materials 6000units-$30000
labour-$18120
on the Dr side the following appears
finished goods 6400units-$49960
-please correct me if i approached the question wrongly-
thank you
Two problems:
One is that you have got your debit side and credit side the wrong way round (although in the exam you cannot be asked to write up the t-account)
More importantly, you have not valued the closing WIP – you cannot attribute all of the costs simply to the finished units.
I suggest that you watch the main lectures on process costing (this is only a quick revision lecture) where it is all gone through in detail.
i just made a layout i did not give it in the order of a T fashion account
anywhere can you correct me on the valuation of the closing WIP
You do need to watch the main lectures on process costing. I cannot type out the whole lecture here 馃檪
okay let me take a look on the lecture thanks for insisting am just someone new to this topic and i do not have such enough knowledge and skill so i just made a trial………………but i am grateful
Sir, i dont get this question.
A business operates a job costing system and has the aim of making a net profit of 30% of sales. The cost estimates for one particular job are as follows :
DM : 80 kg at $5 per kg
DL : 40 hours at $6 per hour
The total overheads are budgeted at $120K and are absorbed on the basis of direct labour hours. The budgeted labour hours are 50,000.
What price should be quoted for this job? (to the nearest $)?
(answer is 1052)
This is not a process costing question – please post questions like this in the F2 Ask the Tutor Forum and not as a comment on a process costing lecture.
DM: 80 x 5 = 400
DL: 40 x 6 = 240
Overheads: 40 x 120000/50000 = 96
Total cost – 736
For 30% profit on sales, selling price = 736 x 100/70 = 1052
Answer
units $
Materials 8,000 20,000
Labour o/h 3,840
Overheads 8,000 8,000
Normal loss (10%) (800) (800)
7,200 $23,040
There is a mistakes in answer
Materials 8000 20 000
Labour O/H 3840
———————
Overheads 8000 8000 (Here it should be 23840 not 8000)
Normal Loss (800) (800)
——————-
7200 $ 23040
There is no mistake in the answer – both the lecture and the printed answer are correct.
(I have no idea where your 8000 overheads come from at all 馃檪 )
The Lecture is helpful…… 馃檪
Hi, um i seem to have noticed that the scrap value lost because of the abnormal gain was not accounted for…
$1 x 100 = 100 scrap -ve cost lost.
@danishtaleef, It does not need to be accounted for separately.
The scrap proceeds brought in are for what was actually lost (which is the normal loss less the abnormal gain).
can’t access the material very well.
hi, may i know the answer for question B?
@lailamasbah, it is in the following lecture: part 5 Work-in-progress.