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AKUNTANSI MANAJEMEN LANJUTAN

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1 AKUNTANSI MANAJEMEN LANJUTAN
PENENTUAN HARGA POKOK PRODUK DAN PEMBUATAN KEPUTUSAN DALAM LINGKUNGAN PEMANUFAKTURAN MAJU om

2 PERTEMUAN II, 28 OKTOBER 2013 ACTIVITY BASED COSTING
ACTIVITY BASED MANAGEMENT INVENTORY MANAGEMENT

3 Learning Objective 1 Describe the purposes of cost management systems.

4 Cost Management System
A cost-management system (CMS) is a collection of tools and techniques that identifies how management’s decisions affect costs.

5 What is Cost Accounting?
Cost accounting is that part of the accounting system that measures costs for the purposes of management decision making and financial reporting.

6 Learning Objective 2 Explain the relationships among cost, cost objective, cost accumulation, and cost allocation.

7 Cost Accounting System
Collecting costs by some “natural” classification such as materials or labor Cost Accumulation Cost Allocation Tracing costs to one or more cost objectives

8 Cost Accounting System
RAW MATERIAL COSTS (METALS Cost Accumulation Cost Allocation to Cost Objects: 1. Departments 2. Activities 3. Products MACHINING DEPARTMENT ACTIVITY ACTIVITY FINISHING DEPARTMENT ACTIVITY ACTIVITY CABINETS CABINETS DESKS DESKS TABLES TABLES

9 Cost A cost may be defined as a sacrifice or giving up of resources for a particular purpose. Costs are frequently measured by the monetary units that must be paid for goods and services.

10 Cost Objective What is a cost object or cost objective?
It is anything for which a separate measurement of costs is desired.

11 Learning Objective 3 Distinguish among direct, indirect, and unallocated costs.

12 Direct Costs What are direct costs?
Direct costs can be identified specifically and exclusively with a given cost objective in an economically feasible way.

13 Indirect Costs What are indirect costs?
Indirect costs cannot be identified specifically and exclusively with a given cost objective in an economically feasible way.

14 What Distinguishes Direct and Indirect Costs?
Managers prefer to classify costs as direct rather than indirect whenever it is “economically feasible” or “cost effective.” Other factors also influence whether a cost is considered direct or indirect. The key is the particular cost objective.

15 Categories of Manufacturing Costs
Any raw material, labor, or other input used by any organization could, in theory, be identified as a direct or indirect cost depending on the cost objective.

16 Categories of Manufacturing Costs
All costs which are eventually allocated to products are classified as either… direct materials, direct labor, or indirect manufacturing.

17 Direct Material Costs... include the acquisition costs of all materials that are physically identified as a part of the manufactured goods and that may be traced to the manufactured goods in an economically feasible way.

18 Direct Labor Costs... include the wages of all labor that can be traced specifically and exclusively to the manufactured goods in an economically feasible way.

19 Indirect Manufacturing Costs...
or factory overhead, include all costs associated with the manufacturing process that cannot be traced to the manufactured goods in an economically feasible way.

20 Product Costs... are costs identified with goods produced or purchased for resale. Product costs are initially identified as part of the inventory on hand. These costs, inventoriable costs, become expenses (in the form of cost of goods sold) only when the inventory is sold.

21 Period Costs... are costs that are deducted as expenses during the current period without going through an inventory stage.

22 Period or Product Costs
In merchandising accounting, insurance, depreciation, and wages are period costs (expenses of the current period). In manufacturing accounting, many of these items are related to production activities and thus, as indirect manufacturing, are product costs.

23 Period Costs – Merchandising and Manufacturing
In both merchandising and manufacturing accounting, selling and general administrative costs are period costs.

24 Learning Objective 4 Explain how the financial statements of merchandisers and manufacturers differ because of the types of goods they sell.

25 Financial Statement Presentation – Merchandising Companies
Balance Sheet Income Statement Sales Merchandise Inventory Expiration Cost of Goods Sold (an expense) Equals Gross Margin Selling and Administrative Expenses Period Costs Equals Operating Income

26 Financial Statement Presentation – Manufacturing Companies
Balance Sheet Income Statement Sales Direct Material Inventory Expiration Cost of Goods Sold (an expense) Equals Gross Margin Work-in- Process Inventory Finished Goods Inventory Selling and Administrative Expenses Period Costs Equals Operating Income

27 Costs and Income Statements
On income statements, the detailed reporting of selling and administrative expenses is typically the same for manufacturing and merchandising organizations, but the cost of goods sold is different.

28 Cost of Goods Sold for a Manufacturer
The manufacturer’s cost of goods produced and then sold is usually composed of the three major categories of cost: Direct materials Direct labor Indirect manufacturing

29 Cost of Goods Sold for a Retailer or Wholesaler
The merchandiser’s cost of goods sold is usually composed of the purchase cost of items, including freight-in, that are acquired and then resold.

30 Learning Objective 5 Understand the main differences between traditional and activity-based costing systems and why ABC systems provide value to managers.

31 Traditional Cost System
Direct Material Resource Direct Labor Resource All Indirect Resources All Unallocated Value Chain Costs Direct Trace Direct Trace Cost Driver Products Unallocated

32 Two-Stage Activity-Based Cost System
Direct Material Resource Direct Labor Resource Other Direct Resources Indirect Resource A Indirect Resource Z All Unallocated Value Chain Costs % % % % Direct Trace Direct Trace Activity 1 Activity 10 Cost Driver Cost Driver Products Unallocated

33 Activity-Based Costing
Understanding the relationships among activities, resources, costs, and cost drivers is the key to understanding ABC and how ABC facilitates managers’ understanding of operations.

34 Activity-Based Costing
Example of Activities and Cost Drivers: Activities: Account billing Bill verification Account iniquity Correspondence Cost Drivers: No. of lines No. of accounts No. of labor hours No. of letters

35 Learning Objective 6 Identify the steps involved in the design and implementation of an activity-based costing system.

36 Designing and Implementing an Activity-Based Costing System
Step 1 Step 2 Determine cost of activities, resources, and related cost drivers. Develop a process-based map representing the flow of activities, resources, and their interrelationships.

37 Designing and Implementing an Activity-Based Costing System
Step 3 Collect relevant data concerning costs and the physical flow of the cost-driver units among resources and activities.

38 Designing and Implementing an Activity-Based Costing System
Step 4 Calculate and interpret the new activity-based information. Using an activity-based costing system to improve the operations of an organization is activity-based management (ABM).

39 Activity-Based Management
Activity-based management aims to improve the value received by customers and to improve profits by identifying opportunities for improvements in strategy and operations.

40 Activity-Based Management
A value-added cost is the cost of an activity that cannot be eliminated without affecting a product’s value to the customer. In contrast, non-value-added costs are costs that can be eliminated without affecting a product’s value to the customer.

41 Learning Objective 7 Use activity-based cost information to improve the operations of an organization.

42 Using ABC Information Activity-based management…
provides costs of value-added and non-value-added activities. improves managers’ understanding of operations.

43 Learning Objective 8 Understand cost accounting’s role in a company’s improvement efforts across the value chain.

44 Cost Accounting and the Value Chain
A good cost accounting system is critical to all value-chain functions from research and development through customer service.

45 Activity Based Management

46 Activity-Based Management (ABM)
Activity-based management (ABM) is a systemwide, integrated approach that focuses management’s attention on activities with the objective of improving customer value and the profit achieved by providing this value. Activity-based management encompasses both product costing and process value analysis.

47 Activity-Based Management Model
Cost Dimension Resources Process Dimension Driver Analysis Activities Performance Measures Why? What? How Well? Products and Customers

48 Process Value Analysis
Process value analysis is fundamental to activity-based responsibility accounting, focuses on accountability for activities rather than costs, and emphasizes the maximization of systemwide performance instead of individual performance. Process value analysis is concerned with: Driver analysis Activity analysis Performance measurement

49 Activity Analysis Activity analysis should produce four outcomes:
What activities are performed? How many people perform the activities? The time and resources required to perform the activities. An assessment of the value of the activities to the organization, including a recommendation to select and keep only those that add value.

50 Value-Added Activities
A discretionary activity is classified as value-added provided it simultaneously satisfies three conditions: The activity produces a change of state. The change of state was not achievable by preceding activities. The activity enables other activities to be performed.

51 Nonvalue-Added Activities
Nonvalue-Added Activities are activities that add cost and impede performance. Scheduling Moving Waiting Inspecting Storing Examples

52 Activity Analysis Activity elimination Activity selection
Activity Analysis Can Reduce Costs in Four Ways: Activity elimination Activity selection Activity reduction Activity sharing

53 Activity Performance Measurement
Three Dimensions of Activity Performance Efficiency Quality Time

54 Measures of Activity Performance
Financial measures of activity efficiency include: Value and nonvalue-added activity cost reports Trends in activity cost reports Kaizen standard setting Benchmarking

55 Economic Order Quantity, JIT, and the Theory of Contraints
INVENTORY MANAGEMENT Economic Order Quantity, JIT, and the Theory of Contraints 1

56 Learning Objectives Describe the traditional inventory management model. Describe JIT inventory management. Explain the basic concepts of constrained optimization. Describe the theory of constraints, and explain how it can be used to manage inventory.

57 Managing Inventories Inventory 60 Inventory, thousands of bricks 30
Average Inventory Weeks

58 The Appropriate Inventory Policy
Two Basic Questions Must be Addressed How much should be ordered or produced? When should the order be placed or the setup be performed?

59 Inventories As the firm increases its order size, the number of orders falls and therefore the order costs decline. However, an increase in order size also increases the average amount in inventory, so that the carrying cost of inventory rises. The trick is to strike a balance between these two costs. 22

60 Basics of Traditional Inventory Management
Inventory Costs Ordering or Setup Costs Carrying Costs Stockout Costs 3

61 Inventory Costs Ordering Costs: The costs of placing and receiving an order Examples: clerical costs, documents, insurance for shipment, and unloading. Carrying Costs: The costs of carrying inventory Examples: insurance, inventory taxes, obsolescence, opportunity cost of capital tied up in inventory, and storage.

62 Inventory Costs (continued)
3. Stock-Out Costs: The costs of not having sufficient inventory Examples: lost sales, costs of expediting (extra setup, transportation, etc.) and the costs of interrupted production. 4. Setup Costs: The costs of preparing equipment and facilities so they can be used to produce a particular product or component Examples: setup labor, lost income (from idled facilities), and test runs. When a firm produces the goods internally, ordering costs are replaced by setup costs.

63 Traditional Reasons for Carrying Inventory
1. To balance ordering or setup costs and carrying costs 2. To satisfy customer demand (e.g., meet delivery dates) 3. To avoid shutting down manufacturing facilities because of: a. machine failure b. defective parts c. unavailable parts d. late delivery of parts

64 Traditional Reasons for Carrying Inventory (continued)
4. Unreliable production processes 5. To take advantage of discounts 6. To hedge against future price increases

65 Inventories Determination of optimal order size Total costs
Carrying costs Inventory costs, dollars Total order costs Order size Optimal order size 24

66 An Inventory Model Total Costs = Ordering costs + Carrying cost
TC = PD/Q + CQ/2 where TC = The total ordering (or setup) and carrying cost P = The cost of placing and receiving an order (or the cost of setting up a production run) Q = The number of units ordered each time an order is placed (or the lot size for production) D = The known annual demand C = The cost of carrying one unit of stock for one year Economic order quantity (EOQ) =  2PD/C 7

67 Inventories Economic Order Quantity - Order size that minimizes total inventory costs. 23

68 Economic-Order-Quantity Decision Model
The formula for the EOQ model is: EOQ = D = Demand in units for a specified time period P = Relevant ordering costs per purchase order C = Relevant carrying costs of one unit in stock for the time period used for D

69 An EOQ Illustration EOQ =  2PD/C D = 1,000 units Q = 500 units
P = $200 per order C = $40 per unit EOQ =  (2 x 200 x 10,000) / 40 EOQ =  10,000 EOQ = 100 units 8

70 Economic-Order-Quantity Decision Model
What are the relevant total costs? The formula for relevant total costs (RTC) is: RTC = Annual relevant ordering costs + Annual relevant carrying costs RTC = ( ) × P + ( ) × C = Q can be any order quantity, not just EOQ. QC 2 D Q Q 2 DP Q

71 Economic-Order-Quantity Decision Model
10,000 8,000 Annual relevant total costs Relevant Total Costs (Dollars) 6,000 5,434 Annual relevant ordering costs 4,000 Annual relevant carrying costs 2,000 600 988 EOQ 1,200 1,800 2,400 Order Quantity (Units)

72 Considerations in Obtaining Estimates of Relevant Costs
Obtaining accurate estimates of the cost parameters used in the EOQ decision model is a challenging task. What are the relevant incremental costs of carrying inventory? Only those costs of the purchasing company that change with the quantity of inventory held

73 Considerations in Obtaining Estimates of Relevant Costs
What is the relevant opportunity cost of capital? It is the return forgone by investing capital in inventory rather than elsewhere. It is calculated as the required rate of return multiplied by those costs per unit that vary with the number of units purchased and that are incurred at the time the units are received.

74 Costs Associated with Goods for Sale
Five categories of costs associated with goods for sale are: . Purchasing costs . Ordering costs . Carrying costs . Stockout costs . Quality costs

75 Reorder Point When Demand is Certain
Reorder point = Rate of usage x Lead time Example: Assume that the average rate of usage is 4 units per day for a component. Assume also that the time required to place and receive an order is 10 days. What is the reorder point? Reorder point = 4 x 10 = 40 units Thus, an order should be placed when inventory drops to 40 units.

76 Reorder Point When Demand is Uncertain
Reorder point = (Ave. rate of usage x Lead time) + Safety stock where: Safety stock = (Maximum usage - Average usage) x Lead time

77 Reorder Point (continued)
Example: Suppose that the maximum usage is 6 units per day and the average usage is 4 units per day. The lead time is 10 days. What is the reorder point? Safety stock = (6 - 4) x 10 = 20 units Reorder point = (4 x 10) + 20 = 60 units

78 Reorder Point 988 Reorder Point Reorder Point 494 Weeks 1 2 3 4 5 6 7
Lead Time 2 weeks

79 Reorder Point (no safety stock)
Reorder point = Rate of usage x Lead time 100 80 60 40 20 ROP Time 9

80 Safety Stock Safety stock is inventory held at all times regardless of the quantity of inventory ordered using the EOQ model. Safety stock is used as a buffer against unexpected increases in demand or lead time and unavailability of stock from suppliers.

81 Evaluating Managers and Goal-Congruence Issues
Goal-congruence issues can arise when there is an inconsistency between the EOQ decision model and the model used to evaluate the performance of the manager implementing the inventory management decisions.

82 Traditional versus JIT Inventory Procedures
Inventory Control System Traditional Systems JIT Systems 1. Balance setup and carrying costs 2. Satisfy customer demand 3. Avoid manufacturing shutdowns 4. Take advantage of discounts 5. Hedge against future price increases 1. Drive setup and carrying costs to zero 2. Use due-date performance *3. Total preventive maintenance *4. Total quality control *5. The Kanban system *Rather than holding inventories as a hedge against plant-shutdowns, JIT attacks the plant-shutdown problem by addressing these issues. 11

83 Just-In-Time Production Systems
Just-in-time (JIT) production systems take a “demand pull” approach in which goods are only manufactured to satisfy customer orders. Demand triggers each step of the production process, starting with customer demand for a finished product at the end of the process, to the demand for direct materials at the beginning of the process.

84 Materials Requirement Planning (MRP)
Materials requirements planning (MRP) systems take a “push-through” approach that manufactures finished goods for inventory on the basis of demand forecasts. MRP predetermines the necessary outputs at each stage of production. Inventory management is a key challenge in an MRP system.

85 JIT And Inventory Management Setup and Carrying Costs: The JIT Approach
JIT reduces the costs of acquiring inventory to insignificant levels by: 1. Drastically reducing setup time 2. Using long-term contracts for outside purchases Carrying costs are reduced to insignificant levels by reducing inventories to insignificant levels

86 JIT And Inventory Management Due-Date Performance: The JIT Solution
Lead times are reduced so that the company can meet requested delivery dates and to respond quickly to customer demand. Lead times are reduced by: reducing setup times improving quality using cellular manufacturing

87 JIT And Inventory Management Avoidance of Shutdown: The JIT Approach
Total preventive maintenance to reduce machine failures Total quality control to reduce defective parts Cultivation of supplier relationships to ensure availability of quality raw materials and subassemblies The use of the Kanban system is also essential

88 JIT And Inventory Management Discounts and Price Increases: JIT Purchasing Versus Holding Inventories Careful vendor selection Long-term contracts with vendors Prices are stipulated (usually producing a significant savings) Quality is stipulated The number of orders placed are reduced

89 Major Features of a JIT System
The five major features of a JIT system are: Organizing production in manufacturing cells Hiring and retaining multi-skilled workers Emphasizing total quality management Reducing manufacturing lead time and setup Time Building strong supplier relationships

90 Benefits of JIT Systems
Benefits of JIT production: Lower carrying costs of inventory Eliminating the root causes of rework, scrap, waste, and manufacturing lead time.

91 Performance Measures and Control in JIT Production
To manage and reduce inventories, the management accountant must design performance measures to control and evaluate JIT production. What information may management accountants use? Personal observation by production line workers and managers Financial performance measures, such as inventory turnover ratios

92 Performance Measures and Control in JIT Production
What are nonfinancial performance measures of time, inventory, and quality? Manufacturing lead time Units produced per hour Days’ inventory on hand Total setup time for machines/Total manufacturing time Number of units requiring rework or scrap/Total number of units started and completed

93 Backflush Costing A unique production system such as JIT often leads to its own unique costing system. Organizing manufacturing in cells, reducing defects and manufacturing lead time, and ensuring timely delivery of materials enables purchasing, production, and sales to occur in quick succession with minimal inventories.

94 Backflush Costing Where journal entries for one or more stages in the cycle are omitted, the journal entries for a subsequent stage use normal or standard costs to work backward to flush out the costs in the cycle for which journal entries were not made.

95 Trigger Points Stage A: Purchase of direct materials
Stage B: Production resulting in work in process Stage C: Completion of a good finished unit or product Stage D: Sale of finished goods

96 Trigger Points Assume trigger points A, C, and D.
This company would have two inventory accounts: Type Account Title Combined materials Inventory: Material and materials in work-in- and In-Process process inventory Control 2. Finished goods Finished Goods Control

97 Trigger Points Assume trigger points A and D.
This company would have one inventory account: Type Account Title Combines direct materials Inventory inventory and any direct Control materials in work-in-process and finished goods inventories

98 Special Considerations in Backflush Costing
Backflush costing does not necessarily comply with GAAP However, inventory levels may be immaterial, negating the necessity for compliance Backflush costing does not leave a good audit trail – the ability of the accounting system to pinpoint the uses of resources at each step of the production process

99 What is the Kanban System?
A Card System is used to monitor work-in-process A withdrawal Kanban A production Kanban A vendor Kanban 12

100 The Withdrawal Kanban Item No. TVD-114 Preceding Process
Item Name LCD Screen Computer Assembly Computer Type Compaq 4/25 Box Capacity Subsequent Process Box Type AD Final Assembly 13

101 The Production Kanban Item No. TVD-114 Process
Item Name LCD Screen Computer Assembly Computer Type Compaq 4/25 Box Capacity Box Type ___AD-1942 14

102 The Vendor Kanban Item No. TVD-114 Name of Receiving Company
Item Name Computer Chassis Type Black Plastic Box Capacity 12 Box Type Cardboard--Type Receiving Gate North Receiving Gate Time to Deliver :30 A.M., 12:30 P.M., 2:30 P.M. Name of Vendor Hovey Supply Company 15

103 The Kanban Process (7) Withdrawal (1) Store Lot with P-Kanban
LCD Assembly (5) Attach W-Kanban (1) Remove W-Kanban Attach to Post (6) Signal Remove (4) P-Kanban Attach to Post LCD Screen Withdrawal (2), (3) Withdrawal Post Production Ordering Post Final Assembly 16

104 Multiple Constrained Resource
To the Thurman Company example for a one constrained resource, add the following additional constraint: the market limits sales of the economy disk player to 3,000 units. Formulate the linear programming problem and solve using the graphical method Let X1 = deluxe models and X2 = economy models Formulation: Max CM = 40X X2 Subject to: 4X + 2X2 < 20,000 X2 < 3,000

105 Multiple Constrained Resource (continued)
X 2 10,000 4X +2X < 20,000 1 2 D C X < 3,000 3,000 2 B X A 5,000 1

106 Multiple Constrained Resource (continued)
Corner Point X1 X2 CM = 40X X2 A 0 0 0 B 5,000 0 $200,000 C* 3,500 3,000 $215,000 D 0 3,000 $75,000 * Point C is optimal The X1 value of point c is found by substituting the second equation into the first one like so: $X (3,000) = 20,000 4X1 + 6,000 = 20,000 4X1 =14,000 X1 = 3,500

107 Theory of Constraints Three Measures of Systems Performance Throughput
Inventory Operating expenses 17

108 The Theory of Constraints (continued)
Five steps to improve performance: 1. Identify an organization’s constraints. 2. Exploit the binding constraints. 3. Subordinate everything else to the decisions made in Step 2. 4. Elevate the organization’s binding constraints. 5. Repeat the process as a new constraint emerges to limit output. 18

109 Restrictions or barriers that impede progress toward an objective
Theory of Constraints A sequential process of identifying and removing constraints in a system. Restrictions or barriers that impede progress toward an objective

110 Theory of Constraints The theory of constraints emphasizes the management of bottlenecks as the key to improving the performance of the production system as a whole.

111 Methods to Relieve Bottlenecks
Eliminate idle time at the bottleneck operation Process only those parts or products that increase throughput contribution, not parts or products that will remain in finished goods or spare parts inventories Shift products that do not have to be made on the bottleneck operation to nonbottleneck processes, or to outside processing facilities

112 Methods to Relieve Bottlenecks
Reduce setup time and processing time at bottleneck operations Improve the quality of parts or products manufactured at the bottleneck operation

113 Theory of Constraints The objective of TOC is to increase throughput contribution while decreasing investments and operating costs. TOC considers a short-run time horizon and assumes operating costs to be fixed costs.

114 The Drum-Buffer-Rope System
Raw Materials Initial Process Process C Rope Process A Final Process Process B Finished Goods Time Buffer Drummer Process 19

115 The Management of Capacity
Managers can reduce capacity-based fixed costs by measuring and managing unused capacity Unused Capacity is the amount of productive capacity available over and above the productive capacity employed to meet consumer demand in the current period

116 Analysis of Unused Capacity
Two Important Features: Engineered Costs result from a cause-and-effect relationship between output and the resources used to produce that output Discretionary Costs have two parts: They arise from periodic (annual) decisions regarding the maximum amount to be incurred They have no measurable cause-and-effect relationship between output and resources used

117 Managing Unused Capacity
Downsizing (Rightsizing) is an integrated approach of configuring processes, products, and people to match costs to the activities that need to be performed to operate effectively and efficiently in the present and future Because identifying unused capacity for discretionary costs is difficult, downsizing, or otherwise managing this unused capacity, is also difficult.

118 End of Week


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