Principles of Cost Accounting 14E

Principles of Cost Accounting 14E
Edward J. VanDerbeck

Introduction to Cost Accounting
Chapter 1 Introduction to Cost Accounting

Learning Objectives LO1 Explain the uses of cost accounting data.
LO2 Describe the ethical responsibilities and certification requirements for management accountants. LO3 Describe the relationship of cost accounting to financial and managerial accounting.

Learning Objectives LO4 Identify the three basic elements of manufacturing costs. LO5 Illustrate basic cost accounting procedures. LO6 Distinguish between the two basic types of cost accounting systems. LO7 Illustrate a job order cost system.

The Need for Cost Accounting
Cost accounting provides the detailed cost data that management needs to control current operations and plan for the future. Companies must control costs in order to keep prices competitive. In today’s global environment, cost information is more crucial than ever in remaining competitive.

Types of Businesses That Use Cost Accounting
Manufacturers (Ford, General Motors) Merchandisers (WalMart, Kmart) Wholesalers (Beverage Distributors) For-profit Service Businesses (CPAs, Attorneys) Not-for-profit Service Agencies (United Way, Red Cross)

The Manufacturing Process
This process involves the conversion of direct (raw) materials, direct labor, and factory overhead into finished goods. Product quality is an important competitive weapon in manufacturing. Many companies require their suppliers to be ISO 9000 certified.

ISO 9000 Certification The International Organization for Standardization created a set of five international standards for quality management, ISO These standards require that manufacturers have a well-defined quality control system and they consistently maintain a high level of quality.

Determining Product Costs and Pricing
Cost accounting is used to determine products costs and help with marketing decisions. Determining the selling price of a product. Meeting competition. Bidding on contracts. Analyzing profitability.

Planning and Control Planning is the process of establishing objectives or goals for the firm and determining the means by which the firm will attain them. Effective planning is facilitated by the following: Clearly defined objectives of the manufacturing operation. A production plan that will assist and guide the company in reaching its objectives.

Planning and Control (cont.)
Control is the process of monitoring the company’s operations and determining whether the objectives identified in the planning process are being accomplished. Effective control is achieved through the following: Assigning responsibility. Periodically measuring and comparing results. Taking necessary corrective action.

Responsibility Accounting
Responsibility accounting is the assignment of accountability for costs or production results to those individuals who have the most authority to influence them. A cost center is a unit of activity within the factory to which costs may be practically and equitably assigned. The manager of a cost center is responsible for those costs that the manager controls.

Reporting Cost and production reports for a cost center reflect all cost and production data identified with that center. The performance report will include only those costs and production data that the center’s manager can control. A variance is the favorable or unfavorable difference between actual costs and budgeted costs.

Performance Report Example
Renaldi’s Restaurant Performance Report September 30, 2006 Budgeted Actual Variance Expense September Year-to-Date Kitchen Wages $5,500 $47,000 $5,200 $46,100 $300 F $900 F Food 17,700 155,300 18,300 157,600 600 U 2,300 U Supplies 3,300 27,900 3,700 29,100 400 U 1,200 U Utilities 1,850 15,350 1,730 16,200 120 F 850 U Total $28,350 $245,550 $28,930 $249,000 $580 U $3,450 U F = Favorable U = Unfavorable

Management Accounting
The Institute of Management Accountants (IMA) is the largest organization of accountants in industry. The Certified Management Accountant (CMA) is comparable to the Certified Public Accountant (CPA) for public accountants. For more information, please visit the IMA’s website at

Cost Accounting vs. Financial and Managerial Accounting
Cost Accounting System Characteristics Financial Accounting Managerial Accounting Users: External Parties Managers Focus: Entire business Segments of the business Uses of Cost Information: Product costs for calculating cost of goods sold and finished goods, work in process, and raw materials inventory using historical costs and GAAP. Budgeting Special decisions such as make or buy a component, keep or replace a facility, and sell a product at a special price. Nonfinancial information such as defect rates, % of returned products, and on-time deliveries

Cost Accounting vs. Financial and Managerial Accounting (cont.)
Cost accounting includes those parts of both financial and management accounting that collect and analyze cost information.

Cost of Goods Sold Merchandiser Manufacturer
Beginning finished goods inventory Plus cost of goods manufactured Finished goods available for sale Less ending finished goods inventory Cost of good sold Beginning merchandise inventory Plus purchases Merchandise available for sale Less ending merchandise inventory Cost of good sold

Inventories Most manufacturers maintain a perpetual inventory system that uses FIFO, LIFO, or moving average methods of costing. An inventory ledger is maintained to provide support for the control accounts. Some manufacturers may use a factory ledger, which contain all of the accounts relating to manufacturing.

Inventories Merchandiser Current assets: Cash Accounts receivable
Merchandise inventory Manufacturer Current assets: Cash Accounts receivable Inventories: Finished goods Work in process Materials

Elements of Manufacturing Costs
Direct materials Materials that become part of the finished good and can be readily identified. Direct labor Labor of employees who work directly on the product manufactured. Factory overhead Includes all costs related to production other than direct materials and direct labor.

Prime Cost and Conversion Cost
Direct Materials Direct Labor Factory Overhead Prime Cost Elements of Cost Conversion Cost

Flow of Manufacturing Costs
Direct Materials Direct Labor Factory Overhead Work in Process (Assets) Finished Goods (Assets) Cost of Goods Sold (Expenses)

Illustration of Accounting for Manufacturing Costs
Materials xx Accounts Payable xx Work in Process (Direct Materials) xx Factory Overhead (Indirect Materials) xx Materials xx Payroll xx Wages Payable xx Wages Payable xx Cash xx Work in Process (Direct Labor) xx Factory Overhead (Indirect Labor) xx Selling & Admin Exp (Salaries) xx Payroll xx Factory Overhead (Depr. Bldg) xx Selling & Admin Exp (Depr. Bldg) xx Accum. Depr. – Bldg xx Factory Overhead (Depr. Mach & Eq) xx Accum. Depr. – Mach & Eq xx Factory Overhead (Utilities) xx Selling & Admin Exp (Utilities) xx Accounts Payable xx Selling & Admin Exp xx Work in Process xx Factory Overhead xx Finished Goods xx Work in Process xx Accounts Payable xx Cash xx Accounts Receivable xx Sales xx Cost of Goods Sold xx Finished Goods xx Cash xx Accounts Receivable xx

Cost Accounting Systems
Job Order Cost System Output consists of special or custom-made products. Provides a separate record for the cost of each quantity of these special or custom-made products. Process Cost System Accumulates costs for each department or process in the factory.

Job Order Cost System Direct Materials Direct Labor Factory Overhead
Work in Process Account Finished Goods Account Job Cost Sheets

Process Cost System Work in Process Dept. 1 Work in Process Dept. 2
Finished Goods Direct Materials Direct Labor Direct Materials Direct Labor Factory Overhead Factory Overhead

Standard Cost System May be used with either a job order or a process cost system. Uses predetermined standard costs to furnish a measurement that helps management make decisions regarding the efficiency of operation. Standard costs are costs that would be incurred under efficient operating conditions and are forecast before the manufacturing process begins.

Appendix Standards of Ethical Conduct for Management Accountants
Members of the IMA have an obligation to the public, their profession, the organizations they serve, and themselves to maintain the highest standards of ethical conduct. Competence Confidentiality Integrity Credibility

Appendix (cont.) Resolution of Ethical Conflict
When applying the standards of ethical conduct, IMA members may encounter problems in identifying unethical behavior or in resolving an ethical conflict. Discuss problems with the immediate superior except when it appear that the superior is involved. Clarify relevant ethical issues by confidential discussion with an objective advisor. Consult your own attorney as to legal obligations and rights concerning the ethical conflict.

Accounting for Materials
Chapter 2 Accounting for Materials

Learning Objectives LO1 Recognize the two basic aspects of material control. LO2 Specify internal control procedures for materials. LO3 Account for materials and relate materials accounting to the general ledger.

Learning Objectives LO4 Account for inventories in a just-in- time system. LO5 Account for scrap materials, spoiled goods, and defective work.

Effective Cost Control
A specific assignment of duties and responsibilities. A list of individuals who are authorized to approve expenditures. An established plan of objectives and goals. Regular reports showing the differences between goals and actual performance. A plan or corrective action designed to prevent unfavorable differences from recurring. Follow-up procedures for corrective measures.

Physical Control of Materials
Limited access to materials storage areas. Segregation of duties. Accuracy in recording.

Controlling the Investment in Materials
Maintaining the appropriate level of raw materials is one of the most important objectives of materials control. Inventory of sufficient size and diversity must be maintained. Management must determine other working capital needs in determining inventory levels. Adequate planning and control is required.

Order Point A minimum level of inventory should be determined for each type of raw material, and inventory records should indicate the cost and quantity of items on hand. Order point is the point at which an item should be ordered.

Order Point (cont.) The following items need to be taken into consideration when ordering: Usage – anticipated rate at which the material will be used. Lead time – estimated time interval between the placement of an order and the receipt of the material ordered. Safety stock – estimated minimum level of inventory needed to protect against stockouts. (Daily usage X Lead time) + Safety stock = Order point

Economic Order Quantity (EOQ)
The optimal quantity to order at one time. Minimizes the total order and carrying costs over a period of time. Ordering costs may include the salaries and wages of purchasing personnel, communication costs, and materials accounting and record keeping. Carrying costs are the costs that a company may incur in storing materials. These costs may include materials storage and handling costs, interest, insurance, and property taxes, loss due to theft, deterioration, or obsolescence, and records and supplies associated with carrying inventory.

Calculating EOQ 2CN K EOQ = Economic Order Quantity
C = Cost of placing an order N = Number of units required annually K = Annual carrying cost per unit of inventory EOQ = 2CN K

Materials Control Procedures
Materials Control Personnel Purchasing Agent – employee who does the buying of raw materials. Receiving Clerk – employee who is responsible for the receipt of incoming shipments. Storeroom Keeper – employee who has charge of the materials after they have been received. Production Department Supervisor – employee who is responsible for the operational functions within the department.

Control During Procurement
When the order point is reached the procurement process begins. Supporting documents are essential to maintain control during the procurement process.

Documents Common to the Procurement Process
Purchase Requisition – the form used to notify the purchasing agent that materials are needed. Purchase Order – the purchase requisition that gives the purchasing agent authority to order the materials. Vendor’s Invoice – the invoice from the vendor that should be compared to the purchase order. Receiving Report – the form that the receiving clerk uses to count and identify the materials received. Debit-Credit Memorandum – the document that is used when the shipment of materials does not match the order and/or the invoice.

Control During Storage and Issuance
Materials Requisition Prepared by the authorized factory personnel to withdraw materials from the storeroom. Returned Materials Report Describes the materials being returned to the storeroom and the reason for the return.

Materials Accounting The materials accounting system must be integrated with the general ledger. Purchases are recorded as debits to materials in the general ledger. Materials account is supported by a subsidiary stores or materials ledger in which there is an individual account for each item.

Determining the Cost of Materials Issued
In selecting the method to be used, the company should review their accounting policies and the federal and state tax regulations. The flow of materials does not dictate the flow of costs. Flow of materials – the order that materials are issued for use in the factory. Flow of costs – the order in which unit costs are assigned to materials.

Cost Flow Methods First – In, First – Out Method (FIFO)
Assumes that materials used in production are costed at the prices paid for the oldest materials and the ending inventory is costed at the prices paid for the most recent purchases. Last – In, Last – Out Method (LIFO) Assumes that materials used in production are costed at the prices paid for the most recently purchased prices, and the ending inventory is costed at prices paid for the earliest purchases.

Cost Flow Methods (cont.)
Moving Average Method Material issued and the ending inventory are costed at the average price. This average unit price is computed every time a new lot of materials is received and it continues to be used until another lot is purchased.

Accounting Procedures
The purpose of materials accounting is to provide a summary from the general ledger of the total cost of materials purchased and used in manufacturing. All materials issued during the month and materials returned to stock are recorded on a summary of materials issued and returned form.

Selected Materials Accounting Transactions
Materials purchased from vendor. Materials XX Accounts Payable Materials issued to production. Work in Process XX Materials

Selected Accounting Transactions
Payment to vendor for invoice. Accounts Payable XX Cash Transfer finished work to finished goods. Finished Goods XX Work in Process

Selected Sales-Related Accounting Transactions
Sale of finished goods on account. Accounts Receivable XX Sales Cost of Goods Sold Finished Goods Inventory Collection of cash from customer. Cash XX Accounts Receivable

Just-In-Time (JIT) Materials Control
Materials are delivered to a factory immediately prior to their use in production. Reduces inventory carrying costs. Reducing inventory levels through JIT may increase processing speed. Backflush costing is the accounting system used by JIT systems.

Traditional and Backflush Accounting Systems
Traditional System Materials xx Accounts Payable xx Work in Process xx Materials xx Payroll xx Factory Overhead xx Various Credits xx Factory Overhead xx Finished Goods xx Work in Process xx Cost of Goods Sold xx Finished Goods xx Backflush System Raw and In-Process xx Accounts Payable xx No entry Conversion Costs xx Payroll xx Various Credits xx Finished Goods xx Raw and In-Process xx Cost of Goods Sold xx Finished Goods xx

Accounting for Scrap Work
Scrap may be considered waste materials from the production process. These are materials that can not be used in the production process. Journal entry if the value of scrap is relatively high Scrap Materials XX Scrap Revenue Cash Journal entry if the value of scrap is unknown. Cash XX Scrap Revenue

Spoiled and Defective Work
Spoiled work has imperfections that cannot be economically corrected. The loss can be treated as part of the cost of the job or charge to Factory Overhead. Defective work has imperfections that are correctable. The extra costs are either charged to the job or Factory Overhead.

Chapter 3 Accounting for Labor

Learning Objectives LO1 Distinguish between features of hourly rate and piece-rate plans. LO2 Specify procedures for controlling labor costs. LO3 Account for labor costs and payroll taxes. LO4 Prepare accruals for payroll earnings and taxes. LO5 Account for special problems in labor costing.

Payroll Accounting System for a Manufacturer
Record the hours worked or quantity of output by employees in total and by job, process, or department. Analyze the hours worked by employees to determine how labor time is to be charged. Charge payroll time to jobs, processes, departments, and factory overhead. Prepare the payroll.

Direct Labor - Review Represents payroll costs that are traceable to individual jobs worked on during the period. Direct labor costs are debited to the work in process account.

Indirect Labor - Review
Costs are incurred for a variety of jobs that are related to the production process, but are not readily identifiable with the individual jobs worked on during the period. Indirect labor costs are charged to factory overhead.

Hourly Rate Plan The employee’s wages are calculated by multiplying the established rate per hour by the number of hours worked. This plan does not provide an incentive for the employee to achieve a high level of productivity.

Piece-Rate Plan Employee’s wages based on the employer’s quantity of production. Number of units produced is multiplied by a predetermined rate. May be referred to as incentive wage plan or piece-rate plan. Quality may be sacrificed in order to maximize quantity.

Modified Wage Plan Minimum hourly wage is set even if an established quota is not attained. If quota is exceeded, a bonus is added to the minimum wage level. On days when the quota is not met, the difference (make-up guarantee) would be charged to factory overhead. When production work teams are utilized, a single incentive for the group would be appropriate.

Labor Time Records Given the magnetic card reading technology available today, the time record typically takes the form of a computer file. The labor hours recorded should be reviewed by a production supervisor for accuracy.

Payroll Function Primary responsibility is to compute the wages and salaries earned by the employees. Forms should include a payroll record and employees’ earnings records. A summary of the payroll is sent to accounting to record the payroll in the accounting records. The payroll record is sent to the treasurer’s department for making payments to employees.

Payroll Records Forms used by companies will vary, but all forms possess some common characteristics. Entry to record payroll. Payroll XX FICA Tax Payable Employees Income Tax Payable Health Insurance Payable Employee Receivable Wages Payable

Employee Earnings Records
Company maintains a record of the earnings for each employee. The cumulative record of earnings is needed to compute earnings subject to many types of taxes. Information is also used to prepare Form W-2 and Form W-3.

Payment of Net Earnings
Accounting department sends the payroll record to the treasurer’s office. The treasurer’s office is responsible for making the payments to employees. Wages Payable XX Cash Entry to pay employees.

Recording Salaries and Wages
Labor-time records are sent to the payroll department on a daily basis. The labor costs are charged to the appropriate jobs or departments and factory overhead. This analysis is recorded on a labor cost summary, in the job cost ledger, and in the factory overhead ledger. Earnings of salaried employees are recorded in the factory overhead ledger accounts and on the labor cost summary.

Labor Cost Summary Hourly workers should be recording their time on a labor time record. Labor costs are recorded on a labor cost summary. This summarizes the direct labor and indirect labor charges to a department for the period. Salaried employees are often not required to prepare labor time records.

Flow of Costs from Subsidiary Records to General Ledger

Employer’s Payroll Taxes
Federal Insurance Contributions Act (FICA) Federal Unemployment Tax Act (FUTA) State Unemployment Tax Act (SUTA)

Payroll Accrual When the end of the period does not coincide with the ending date for a payroll period, an accrual for payroll earnings should be made. Payroll XX Wages Payable Entry to record accrual of payroll.

Illustration of Accounting for Labor Costs
General Journal Entry to Record Payroll Payroll xx FICA Tax Payable xx Employees Income Tax Payable xx Health Insurance Premiums Payable xx Wages Payable xx Record Payment of Net Earnings to Employees Wages Payable xx Cash xx Distribution of Payroll Work in Process xx Factory Overhead xx Sales Salaries xx Administrative Salaries xx Payroll xx Employer’s Payroll Taxes Payroll Tax Expense – Sales Salaries xx Payroll Tax Expense – Admin Salaries xx FICA Tax Payable xx Federal Unemployment Tax Payable xx State Unemployment Tax Payable xx

Special Labor Cost Problems
Shift Premiums Employee Pension Costs Bonuses Vacation and Holiday Pay

Accounting for Bonuses, Vacations, and Holiday Pay
Work in Process XX Factory Overhead (Bonus) Factory Overhead (Vacation) Factory Overhead (Holiday) Payroll Bonus Liability Vacation Pay Liability Holiday Pay Liability Incurred payroll and bonus, vacation, and holiday pay.

Accounting for Factory Overhead
Chapter 4 Accounting for Factory Overhead

Learning Objectives LO1 Identify cost behavior patterns.
LO2 Separate semivariable costs into variable and fixed components. LO3 Prepare a budget for factory overhead costs. LO4 Account for actual factory overhead costs.

Learning Objectives LO5 Distribute service department factory overhead costs to production departments. LO6 Apply factory overhead using predetermined rates. LO7 Account for actual and applied factory overhead.

Identify cost behavior patterns. Budget factory overhead costs. Accumulate actual overhead costs. Apply factory overhead estimates to production. Calculate and analyze differences between actual and applied factory overhead.

Cost Behavior Patterns
Variable costs are costs that vary in proportion to volume changes. Fixed costs remain constant. Semivariable costs have characteristics of both fixed and variable costs. Type A – remain constant over a range of production, then change abruptly. Type B – vary continuously but not in direct proportion to volume changes.

Cost Behavior Patterns
Volume Fixed Variable Cost Cost Volume Volume Semivariable Type B Semivariable Type A

Techniques for Analyzing Semivariable Costs
Observation Method (Account Classification Method) High-Low Method Scattergraph Method Method of Least Squares

Budgeting Factory Overhead Costs
Budgets are management’s operating plans expressed in quantitative terms. Costs are segregated into fixed and variable components. Budgets can be prepared for different levels of production (flexible budget). Valuable management tool for planning and controlling costs.

Entries are made in the general journal for indirect materials and indirect labor from the summary of materials issued and the labor cost summary. Other factory overhead expenses are recorded in the general ledger from the invoices and schedules for fixed costs. A factory overhead subsidiary ledger may be used if the number of factory overhead accounts becomes too large.

Examples of Factory Overhead Accounts
Defective Work Depreciation Employee Fringe Benefits Fuel Heat and Light Indirect Labor Indirect Materials Insurance Janitorial Service Lubricants Maintenance Materials Handling Overtime Premium Plant Security Power Property Tax Rent Repairs Small Tools Spoilage Supplies Telephone/Fax Water Workers’ Compensation Insurance

Factory Overhead Analysis Sheets
These sheets may be used to keep a subsidiary record of factory overhead expenses. Expense-type analysis spreadsheet Department-type analysis spreadsheet

Schedule of Fixed Costs
Fixed costs are assumed not to vary in amount from month to month. Because fixed costs are predictable, schedules can be prepared in advance. A journal entry to record the total fixed costs can be prepared from these schedules.

Example of Schedule of Fixed Costs
January February March Depreciation-Machinery Dept. A $300 Dept. B 200 Total $500 Property Tax $280 270 550 Total Fixed Costs $1,050

General Factory Overhead Expenses
When factory overhead expenses are not identified with a specific department, they are charged to departments by a process of allocation. Allocations may be made for each item of expense incurred, or expenses may be accumulated as incurred and the allocations made at the end of the accounting period.

Summary of Factory Overhead
Expenses Dept. A Dept. B Dept. C Total Indirect materials $100 $50 $40 $190 Indirect labor 200 150 140 490 Power 120 410 Depreciation 300 650 General factory expenses 350 700 $900 $890 $650 $2,440

Distributing Service Department Expenses
Service departments are an essential part of the organization, but they do not work directly on the product. Production departments perform the actual manufacturing operations that physically change the units being processed. The costs of the service departments must be apportioned to the production departments. An analysis of the service department’s relationship to other departments must be done.

Common Bases for Distributing Service Department Costs
Service Departments Basis for Distribution Building Maintenance Floor space occupied by other departments Inspection and Packing Production volume Machine Shop Value of machinery and equipment Human Resources Number of workers in departments served Purchasing Number of purchase orders Shipping Quantity and weight of items shipped Stores Units of materials requisitioned Tool Room Total direct labor hours in departments served

Methods of Distributing Costs
Direct Distribution Method Service department costs are allocated only to production departments. Sequential Distribution or Step-Down Method Distributes service department costs regressively to other service departments and then to production departments. Algebraic Distribution Method Distributes costs by simultaneous equations recognizing the relationship of services rendered by departments to each other.

Applying Factory Overhead to Production
Factory overhead costs may not be known until the end of the accounting period. The cost of a job is needed soon after completion, so a method to estimate the amount of factory overhead applied must be established. This enables companies to bill customers on a more timely basis and to prepare bids for new contracts more accurately.

Methods of Predetermined Factory Overhead Rates
Direct Labor Cost Method Direct Labor Hour Method Machine Hour Method Activity-Based Costing (ABC) Method

Direct Labor Cost Method
Uses the amount of direct labor cost that has been charged to the product as the basis for applying factory overhead. Job 100 Direct materials $1,000 Direct labor 3,000 Factory overhead (50% of direct labor $) 1,500 Total cost of completed job $5,500

Direct Labor Hour Method
Estimated factory overhead cost is divided by the estimated direct labor hours to be worked. Job 100 Direct materials $1,000 Direct labor (500 hours) 3,000 Factory overhead (500 $4) 2,000 Total cost of completed job $6,000

Machine Hour Method This method best serves highly automated departments where the amount of factory overhead cost incurred on a job primarily is a function of the machine time that a job requires. Job 100 Direct materials $1,000 Direct labor (500 hours) 3,000 Factory overhead (300 machine $10) Total cost of completed job $7,000

Activity-Based Costing Method
The company must first identify activities in the factory that create costs. Then a basis or cost driver must be decided upon to allocate each of the activity cost pools. This approach is best when the company has significant nonvolume-related costs in its plant which are not caused by traditional cost drivers such as labor hours and machine hours.

Accounting for Actual and Applied Factory Overhead
Entry to apply estimated factory overhead to production Work in Process XX Applied Factory Overhead At the end of the period, the applied factory overhead account is closed to factory overhead. Factory Overhead

Under- and Overapplied Factory Overhead
After the applied factory overhead account is closed, the underapplied (debit) or overapplied (credit) balance in the factory overhead account is moved to work in process. Under- and Overapplied Factory Overhead XX Factory Overhead Cost of Goods Sold

Period Costs and Product Costs
All costs that are not assigned to the product, but are recognized as expense and charged against revenue in the period incurred. Product Costs Costs that are included as part of inventory costs and expensed when goods are sold.

Chapter 6 Process Cost Accounting
Additional Procedures: Accounting for Joint Products and By-Products

Learning Objectives LO1 Compute unit costs when materials are not added uniformly throughout the process. LO2 Account for units lost in the production process. LO3 Account for units gained in the production process.

Learning Objectives LO4 Assign costs to inventories, using the first-in, first-out method. LO5 Identify the methods used to apportion joint costs to joint products and to account for by-products.

Equivalent Production and Equivalent Units
When industries apply materials into production in different quantities and at varying points in the production cycle, equivalent units must be computed for each element of production cost. The valuation of the ending work in process requires the allocation of cost for each element.

Equivalent Production and Equivalent Units - Materials Added at Beginning
The only difference between equivalent unit calculations for the material components and the labor and overhead components would concern the ending work in process inventory. Example: Ending inventory of 400 units that were ¾ complete. Materials – 400 equivalent units (received all materials when started) Labor and overhead – 300 equivalent units (400 x ¾ completed as to processing costs)

Equivalent Production and Equivalent Units - Materials Added at Beginning (cont.)
Once the equivalent production figures are calculated, the unit cost for the period can be calculated. Add the cost of each element in beginning WIP to the cost of production for that element incurred in the current month. Total cost is then divided by the appropriate equivalent production figure. Cost is then applied to inventory to arrive at cost of goods finished and the cost of the ending WIP.

Equivalent Production and Equivalent Units - Materials Added at Close of Processing
Only units finished will have materials cost applied. Units in process at the end of the accounting period will have no equivalent production for the period. Equivalent units for labor and factory overhead would be computed as the previous example.

Equivalent Production and Equivalent Units - Materials Added at Different Stages
The state of completion must be carefully considered. Finished units will include all materials costs. Units that were 50% completed will only have the percent of materials that are added in the first half of the cycle.

Equivalent Production and Equivalent Units - Materials Added at Different Stages (cont.)
Example: 40% at the beginning 25% at one-quarter completed 35% at the end 1000 units are one-half completed Equivalent production for materials 1000 units X (40% + 25%) = 650 units

Units Lost in Production
Due to the nature of the processing cycle, many industries will have units that are lost due to evaporation, shrinkage, spillage, or other factors.

Normal Losses Are treated as products costs and are spread over the units finished and still in process. On the cost of production summary, the lost units are ignored in the calculation of equivalent production and in the determination of inventory costs. If lost at the end of the production cycle, the cost of lost units may be absorbed by the completed units only.

Normal Losses (cont.) The lost units are included in the number of units used to determine equivalent production. Unit cost is applied to units finished, units in process, and units that were lost. Cost of lost units is added to the cost of goods completed, and the total is transferred to the next department or to Finished Goods.

Abnormal Losses These are losses that are not inherent in the manufacturing process and are not expected. The lost units are included in the calculation of equivalent production and unit costs. Abnormal losses are not included in the cost of transferred or finished goods and are charged to a separate expense account.

Units Gained in Production
In some processes, the addition of materials in a subsequent department increases the number of units being processed. Has the opposite effect of lost units and requires an adjustment to the unit cost for the previous department’s transferred-in units. The cost from the department is now spread over more units.

Equivalent Production - First-In, First-Out (FIFO) Method
This method assumes that the costs of the current period are first applied to complete the beginning units in process, then to start and finish a number of units, and finally to start other units that are still in process.

Features of FIFO No need to break down the beginning WIP into its cost elements. If there is no beginning inventory, total equivalent production figures will differ from those for the average method because the output required to complete the beginning inventory must be calculated. When there is no beginning inventory, both methods yield the same results. If units are lost, a decision must be made as to whether the units lost came from the beginning inventory or from the units started during the process.

Comparison of Methods First-In, First-Out Average Cost
Cost is determined by dividing the current period’s cost of each element by the unit output for the period. Total costs to charge to the beginning WIP is the balance from the prior month plus the costs incurred to complete these units in the current period. Average Cost Cost is determined by dividing the merged costs of the current period and those carried over as WIP by the unit output.

Comparison of Methods – Computations Beginning Work in Process 3,000 units ⅔ complete. 5,000 units started and completed. Ending Work in Process 4,000 units ½ complete. Average Costing Units in Beginning Work in Process 3,000 Units Started and Completed 5,000 Units Completed & Transferred Out (3, ,000) 8,000 Ending Work in Process (4,000 x ½) 2,000 Equivalent Units in Production 10,000 FIFO Costing Work Done to Complete Beginning Work in Process (3,000 x 1/3) 1,000 Units Started and Completed 5,000 Work Done this Period on Ending Work in Process (4,000 x ½) 2,000 Equivalent Units in Production 8,000

Joint Products The manufacturing process originates with one or more raw materials started in process and two or more primary products are derived.

Common Bases for Allocation of Joint Costs
Relative sales value Physical unit of measure Chemical, engineering, or other types of analyses The method most commonly used in the relative sales value method.

Joint Costs and Joint Products
Product A Joint Processing Product B Split-off Point

By-Products These are secondary products with relatively little value that are derived from the manufacturing process. The most common practice is to make no allocation of the processing costs up to the split-off point.

By-Products (cont.) Entry to record the estimated sales value of the by-product When the by-products are sold, the difference between the actual sales price and the estimated sales value is credited or debited to Gain or Loss on Sales of By-Products. By-Products (Inventory) XX Work in Process If the sales value is uncertain or insignificant, the cost of the main products will not be reduced, and the only entry will be made at the time of sale.

The Master Budget and Flexible Budgeting
Chapter 7 The Master Budget and Flexible Budgeting

Learning Objectives LO1 Explain the general principles involved in the budgeting process. LO2 Identify and prepare the components of the master budget. LO3 Identify and prepare components of the flexible budget. LO4 Explain the procedures to determine standard amounts of factory overhead at different levels of production.

Principles of Budgeting
Define objectives. Set realistic, possible goals. Carefully consider economic developments, the general business climate, and the condition of the industry. Constantly analyze the actual results as compared with the budget. Create a budget flexible enough to modify in the light of changing conditions. Clearly define the responsibility for forecasting costs and the accountability for actual results.

Preparing the Master Budget
Master or static budget is prepared for a single level of volume based on best estimate of the level of production and sales for the coming period. The sales budget is the starting point. From the sales budget, production requirements are determined.

Budgeted Income Statement
Sales budget Cost of goods sold budget Production budget Direct materials budget Direct labor budget Factory overhead budget Selling and administrative expenses budget

Sales Budget This is the basis for preparing all other budgets.
Projects the volume of sales both in units and dollars.

Production Budget After the sales forecast and inventory levels have been determined, management can determine production requirements. Units to be sold 100,000 Ending inventory required 4,500 Total 104,500 Beginning inventory 2,500 Units to be manufactured 102,000 Units per month (102,000/12) 8,500

Direct Materials Budget
The direct materials budget is prepared once the production requirements have been determined. The desired ending inventory for each material is added to the quantity needed to meet production needs, and that total is reduced by the estimated beginning inventory to determine the amount of materials to be purchased.

Direct Labor Budget The production requirements are used to prepare the direct labor budget. Standard labor time allowed per unit is multiplied by the number of required units to obtain the total direct manufacturing labor hours.

Factory Overhead Budget
Consists of the estimated individual factory overhead items needed to meet production requirements. Factory Overhead Budget Indirect materials $225,000 Indirect labor 375,250 Depreciation of building 85,000 Depreciation of machinery and equipment 67,500 Total factory overhead cost $752,750

Cost of Goods Sold Budget
Budget is prepared once the direct material, direct labor, and factory overhead budgets have been completed. The estimated beginning inventories and the desired ending inventories of WIP and Finished Goods are included to compute the cost of goods sold.

Selling & Administrative Expenses Budget
The selling and administrative expenses budget may be prepared once the sales forecast has been made. This budget has separate sections for selling and administrative expenses.

Budgeted Income Statement
Once the preceding budgets have been completed, the budgeted income statement may be prepared. If the budgeted profit does not meet expectation, management may wish to reevaluate their original expectations.

Budgeted Balance Sheet
Cash budget Shows the anticipated cash flow and the timing of cash receipts and disbursements. Accounts receivable budget Based on anticipated sales, credit terms, the economy, and other relevant factors. Liabilities budget Reflects how the company’s cash position will be affected by paying their liabilities. Capital expenditures budget A plan for the timing of acquisitions of buildings, equipment, or other significant assets during the period.

Flexible Budgeting A plan of what will happen to a company under varying sets of conditions. The company plans in advance what the effect will be on revenue, expense, and profit if sales or production differ from the budget. Standard production is determined and the initial calculation of variable and fixed costs is based on this level of production.

Preparing the Flexible Budget
28,000 units 30,000 units 32,000 units Sales ($150/unit $4,200,000 $4,500,000 $4,800,000 Direct materials: Lumber ($20/unit) 560,000 600,000 640,000 Paint ($4/unit) 112,000 120,000 128,000 Direct labor: Cutting ($3.75/unit) 105,000 112,500 Assembly ($2.40/unit) 67,200 72,000 76,800 Variable FOH ($6.93/unit) 194,040 207,900 221,760 Contribution Margin $3,161,760 $3,387,600 $3,613,440 Fixed FOH and S & A expense 773,825 Operating income $2,387,935 $2,613,775 $2,839,615

Performance Report Based on Flexible Budgeting
(28,000 units) Actual Variance Sales ($150/unit) $4,200,000 $4,250,000 $50,000 F Direct materials: Lumber ($20/unit) 560,000 585,000 25,000 U Paint ($4/unit) 112,000 108,000 4,000 F Direct labor: Cutting ($3.75/unit) 105,000 120,000 15,000 U Assembly ($2.40/unit) 67,200 72,000 4,800 U Variable FOH ($6.93/unit) 194,040 206,823 12,763 U Contribution Margin $3,161,760 $3,158,177 $3,583 F Fixed FOH and S & A expense 773,825 770,550 3,275 F Operating income $2,387,935 $2,387,627 $308 F

Preparing the Flexible Budget for Factory Overhead
The standard production level must first be determined. The manufacturing capacity must be determined. Theoretical capacity Practical capacity Normal capacity

Semifixed Costs Semifixed costs are those that generally remain the same in dollar amount through a wide range of activity, but increase when production exceeds certain limits.

Semivariable Costs Semivariable costs are those that may change with production but not necessarily in direct proportion.

Service Department Budgets and Variances
Expenses are estimated at different levels of production, a standard rate for application of service department expenses to production departments is determined based on the type of service and usage by the production departments. Production departments are charged with service department expenses at a standard rate, using their actual activity base.

Summary of the Budgeting Process
1 A Sales Forecast in units, considering the 2 Inventory Policy, minimum-maximum and stable or fluctuating, helps in developing the 3 Production Plan in units and by periods. This information aids in developing the 4(a) Requirements for Direct Materials (quantities and prices) 4(b) Requirements for Direct Labor (hours and rates) 4(c) Requirements for Indirect Costs, Facilities, and Supplies (fixed and variable costs) From this information is developed the 5(a) Direct Materials Budget 5(b) Direct Labor Budget 5(c) Factory Overhead Budget From these budgets are developed the 6(a) Standard Unit Cost for Direct Materials 6(b) Standard Unit Cost for Direct Labor 6(c) Standard Unit Cost for Factory Overhead (These combined figures determine the Standard Unit Cost for the Product.)

Standard Cost Accounting Materials, Labor, and Factory Overhead
Chapter 8 Standard Cost Accounting Materials, Labor, and Factory Overhead

Learning Objectives LO1 Describe the different standards used in determining standard costs. LO2 Use the proper procedures for recording standard costs for materials and labor. LO3 Explain the meaning of variances and how they are analyzed. LO4 Prepare journal entries to record and dispose of variances.

Learning Objectives Lo5 Perform an in-depth variance analysis.
LO6 Recognize the specific features of a standard cost system. LO7 Account for standard costs in a departmentalized factory. LO8 Recognize the difference between actual and applied overhead.

Learning Objectives LO9 Compute the controllable variance and the volume variance for the two-variance method of analysis. LO10 Compute the spending, efficiency, budget, and volume variances for the four-variance method of analysis. LO11 Compute the budget, capacity, and efficiency variances for the three-variance method of analysis.

Standard Cost Accounting
Primary purpose is to control costs and promote efficiency. This system is used in conjunction with other costing methods. It is based on predetermined rates. Any deviation can be quickly detected and responsibility pinpointed so that appropriate action may be taken.

Control of Costs Stability of costs does not necessarily indicate efficiency. Comparison of actual costs to standard, rather than to historical cost, will help control costs and promote efficiency. Standard costs are usually determined for a period of one year and are revised annually.

Types of Standards A standard is a norm against which the actual performance can be measured. Ideal standard – a standard that a company sets in which they meet their maximum degree of efficiency. Does not take inefficient conditions into consideration. Attainable standard – includes factors such as lost time and normal waste and spoilage.

Standard Cost Procedures
Standard costs are determined for the three elements of cost – direct materials, direct labor, and factory overhead. The standard costs, the actual costs, and the variance between the actual and standard costs are recorded in appropriate accounts. Significant variances are analyzed and investigated and appropriate action is taken.

Determining Standards – Materials and Labor
Materials cost standard Determined based on the production engineering department’s estimate of the amounts and types of materials needed. Cost is based on the purchasing agent’s knowledge of suppliers’ prices. Labor cost standard Time-study engineers will establish the time necessary to perform each operation. Human resource department will provide the prevailing wage rates.

Recording Standard Costs
Standard costs, actual costs, and the variances are recorded in various journals and transferred to the general ledger. The entries may occur more frequently, depending upon the capabilities of the accounting information system.

Determining Variances
A variance is the difference between the actual and the standard costs of materials, labor, and overhead. The differences may be in usage and in prices. Materials price variance Materials quantity variance Labor rate variance Labor efficiency variance

Materials Price Variance
Indicates the difference between actual and standard unit cost times the actual quantity of materials used. (Actual unit price of materials – standard price of materials) x actual quantity of materials used = Materials Price Variance

Materials Quantity Variance
Represents the difference between actual quantity of materials used and standard quantity allowed times the standard unit cost of materials. (Actual quantity of materials used – standard quantity of materials allowed) x standard unit price of material = Materials Quantity Variance

Labor Rate Variance Indicates the difference between actual and standard labor rate times the actual hours worked. (Actual labor rate per hour – standard labor rate per hour) x actual number of labor hours worked = Labor Rate Variance

Labor Efficiency Variance
Represents the difference between actual quantity of labor worked and standard quantity allowed times the standard rate per hour. (Actual number of labor hours worked – standard number of labor hours allowed) x standard labor rate per hour = Labor Efficiency Variance

Materials Variances Actual cost (Actual quantity
used x actual priced per unit) Actual quantity used x standard price per unit Equivalent production x Standard per unit x Standard price Materials Price Variance Materials Quantity Variance Net Materials Variance

Labor Variances Actual hours (Actual hours
worked x actual rate per hour) Actual hours worked x standard price per hour Equivalent production x Standard hours per unit x Standard rate Labor Rate Variance Labor Efficiency Variance Net Labor Variance

Accounting for Variances
To record the entry for direct materials cost: Work in Process XX Materials Quantity Variance Materials Price Variance Materials To record the entry for direct labor cost: Labor Rate Variance Labor Efficiency Variance Payroll To record the entry applying factory overhead to work in process: Work in Process XX Applied Factory Overhead To record the entry for finished goods at standard cost: Finished Goods

Disposition of the Variances
Prorate the variances to Cost of Goods Sold, Work in Process, and Finished Goods in proportion to the standard materials, labor, and overhead costs included in the ending balances for those accounts. Close the variance entirely to Cost of Goods Sold for the period. If 2 (above) would materially misstate financial statements, prorate (1, above). If production is seasonal or varies greatly, set up a deferred charges or credits on interim balance sheets, and dispose of at year end using one of the above methods. If due to abnormal circumstances, charge off as extraordinary gains or losses on the income statement.

Analysis of Variances Possible reasons for materials price variance.
Inefficient purchasing methods. Use of a slightly different material than the standard called for. Increase in market price.

Analysis of Variances (cont.)
Reasons for materials usage variance. Materials were spoiled or wasted. More materials were used as an experiment to upgrade the quality of the product.

Features of Standard Costing
An actual unit cost of manufacturing a product is not determined – only the total cost. Even though based on estimates, standards may be very reliable. Standards must change as conditions change. Standards provide incentives to keep costs and performance in line with predetermined management objectives. Recording variances, helps management focus attention on prices paid and quantities purchased. Variances may be calculated weekly or daily to facilitate corrective action, even when recorded monthly.

Journal Entries in a Standard Cost System
Recording of materials cost in a standard cost system. Work in Process XX (Standard) Materials Quantity Variance XX (Unfavorable) XX (Favorable) Materials Price Variance Factory Overhead (Indirect Materials) XX Materials (Actual) Recording of labor in a standard cost system. Labor Rate Variance XX (Favorable Labor Efficiency Variance Factory Overhead (Indirect Labor) Payroll

Journal Entries in a Standard Cost System (cont.)
Applying factory overhead to work in process. Work in Process (standard cost) XX Applied Factory Overhead Transfer to finished goods. Finished Goods (standard cost) Work in Process Record actual factory overhead. Factory Overhead (actual) Various Credits

Factory Overhead – Determining Standard Costs
Involves estimation of factory overhead at the standard level of production taking historical data and future changes into consideration. Standard cost is applied to Work in Process based on number of units produced. Factory overhead is debited with actual costs and credited with standard costs.

Two-Variance Method Divides the total variance into two parts.
Controllable variance The amount by which the actual factory overhead costs differ from the standard overhead costs for the attained level of production. Volume variance The difference between budgeted fixed overhead and the fixed overhead applied to work in process.

Labor Variances Actual factory overhead Overhead budgeted
for actual production Applied factory overhead Controllable variance Volume variance Net factory overhead variance

Four-Variance Method Recognizes two variable cost variances and two fixed cost variances. Cost variances. Variable overhead spending variance Variable overhead efficiency variance Fixed cost variances. Fixed overhead budget variance Fixed overhead volume variance

Three-Variance Method
Separates actual and applied overhead into three variances. Budget variance or spending variance Capacity variance Efficiency variance Not as common as two variance method but frequently used by manufacturers.

Cost Accounting for Service Businesses and the Balanced Scorecard
Chapter 9 Cost Accounting for Service Businesses and the Balanced Scorecard

Learning Objectives LO1 Perform job order costing for service businesses. LO2 Prepare budgets for service businesses. LO3 Apply activity-based costing for a service firm. LO4 Compare the results of cost allocations using simplified costing versus activity- based costing. LO5 Prepare a balanced scorecard for various business entities.

Characteristics of a Service Business
Typically have little or no inventory. Labor costs often comprise 75% or more of the total costs. Approximately 90% of jobs created in the U.S. in the past 20 year have been service industries.

Job Order Costing for Service Businesses
When the amount of complexity of service provided varies from customer to customer, a job order costing system should be used.

Job Cost Sheet The basic document used to accumulate costs for a service business. Will indicate labor time, labor rate, and the total cost for each labor category worked. Other direct costs may be traced to the individual jobs.

Budgeting for Service Businesses
Revenue budget. Labor budget. Overhead budget. Other direct expenses budget. Budgeted income statement.

Activity-Based Costing in a Service Firm
Firms that use activity-based costing attempt to shift as many costs as possible out of the indirect cost pool and into direct cost pools that can be specifically traced to individual jobs. Remaining costs are separated into homogeneous cost pools and allocated to individual jobs via separate allocation bases for each pool.

Activity-Based Costing vs. Simplified Costing
Activity-based costing is worthwhile to implement when different jobs use resources in different proportions. Should be a cost/benefit decision as to whether to implement a more sophisticated costing system.

Simplified Job Costing for a Law Firm
Client A Client B Professional labor cost: 50 hours X $50 $2,500 75 hours X $50 $3,750 Professional support: 50 hours X $25 1,250 75 hours X $25 1,875 Total $5,625

Activity-Based Costing for a Law Firm
Client A Client B Partner labor cost: 40 hours X $100 $4,000 5 hours X $100 $500 Associate labor cost: 10 hours X $37.50 375 70 hours X $37.50 2,625 Legal support: 50 hours X $20 1,000 75 hours X $20 1,500 Secretarial support: 40 hours X $25 5 hours X $25 125 Total $6,375 $4,750

The Four Categories of a Balanced Scorecard
Financial Customer Internal Business Processes Learning and Growth

Financial Return on Investment (ROI) Operating Income
Gross Margin Percentage Revenue from New Products

Customer Number of New Customers Market Share
Percentage of Products Returned Customer Satisfaction Surveys

Internal Business Processes
Percentage of On-Time Deliveries Percentage of Defect-Free Units Produced Time Taken to Replace Defective Products Time From Receipt of Order to Shipment

Learning and Growth Employee Turnover Number of Employee suggestions
Percentage of Employees Trained in New Processes Percentage of Compensation Based on Employee/Team Performance

Cost Analysis for Management Decision Making
Chapter 10 Cost Analysis for Management Decision Making

Learning Objectives LO1 Compute net income under the variable costing and absorption costing methods. LO2 Discuss the merits and limitations of variable costing. LO3 Define the concept of segment profitability analysis and explain the distinction between direct and indirect costs.

Learning Objectives LO4 Compute the break-even point and the target volume needed to earn a certain profit for both single- and multi-product firms. LO5 Calculate the contribution margin ratio and the margin of safety ratio. LO6 Discuss the impact of income tax on break-even and target-volume computations.

Learning Objectives LO7 Use differential analysis techniques to make special decisions. LO8 Identify the appropriate techniques to analyze and control the distribution costs incurred in selling and delivering products.

Variable Costing The cost of manufacturing a product includes only variable manufacturing costs. Fixed factory overhead is a period cost and is expensed on each month’s income statement. The difference between sales and variable cost of goods sold is termed contribution margin.

Variable Costing (cont.)
Direct Material Direct Labor Variable Manufacturing OH Fixed Manufacturing OH Selling Costs Administrative Costs Product Costs Period Costs Inventory Accounts on Balance Sheet Cost of Goods Sold When Finished Goods are Sold Expense Accounts on Income Statement

Absorption Costing Assigns both fixed and variable manufacturing costs to the product. Absorption method will report a higher cost of goods sold due to the inclusion of the fixed factory overhead. The difference between sales revenue and cost of goods sold is termed gross margin.

Absorption Costing (cont.)
Direct Material Direct Labor Variable Manufacturing OH Fixed Manufacturing OH Selling Costs Administrative Costs Product Costs Period Costs Inventory Accounts on Balance Sheet Cost of Goods Sold When Finished Goods are Sold Expense Accounts on Income Statement

Merits and Limitations of Variable Costing
This method highlights the relationship between sales and variable production costs. May be easier for members of management who are not formally trained in accounting. Variable costing is not a generally accepted method of inventory costing for external purposes because total costs are not matched with sales revenue and does not include fixed factory overhead in the work in process and finished goods inventories.

Segment Reporting for Profitability Analysis
A segment of a company may be a division, a product line, a sales territory, or another identifiable unit. This analysis requires that all costs be classified into one of two categories: Direct costs – can be traced to the segment being analyzed. Indirect costs – cannot be identified directly with a specific segment.

Segment Reporting for Profitability Analysis (cont.)
A company’s segment report isolates costs, variable and fixed, that can be charged directly to the segments. Costs may be direct costs in one segment and indirect costs in another segment.

Cost-Volume-Profit (CVP) Analysis
Technique that uses the degrees of cost variability for measuring the effect of changes in volume on resulting profits. It is assumed that fixed costs will remain the same in total within a range of production volume in which the firm expects to operate.

Limitations of CVP Analysis
CVP analysis assures that all factors except volume will remain constant for a given period of time. In some cases, costs are relatively unpredictable except over very limited ranges of activity. Anticipated results depend on the stability of the CVP relationships as they have been established.

Break-Even Analysis The break-even point is the point at which sales revenue covers all costs to manufacture and sell the product, but there is no profit. Costs must be segregated according to their degree of variability.

Break-Even Point Calculations
Sales revenue (to break even) = Cost to manufacture + Selling and Administrative Costs Sales revenue (to break even) = Fixed manufacturing and selling and administrative costs + Variable manufacturing and selling and administrative costs

Break-Even Point Calculations (cont.)
Break-even sales volume (dollars) = Total fixed costs / Contribution margin ratio Break-even volume (dollars) = Total fixed costs / 1 – (Variable costs/Sales revenue) Break-even sales volume = Total fixed cost / Unit contribution margin

Margin of Safety Indicates the amount that sales can decrease before the company will suffer a loss. Margin of safety ratio = (Total sales – Break-even sales) / Total sales

Differential Analysis
Differential analysis is a study that highlights the significant cost and revenue data alternatives. The designated purpose for which a cost measurement is to be made should be included in the cost analysis. Where there is excess capacity, only the differential costs per unit should be considered in producing additional units. Differential costs do not include fixed factory overhead costs. May be used in make-or-buy decisions.

Accept or Reject a Special Order
Many companies follow a practice of contribution pricing, meaning accepting a selling price as long as it exceeds variable cost, thus contributing some positive contribution margin in times of excess capacity.

Make-or-Buy Decisions
Unused plant capacity might be utilized to manufacture a finished part that was purchased in the past. This analysis will determine the savings that may be realized.

Distribution Costs Efficient control of all costs covers both the production costs and the costs incurred to sell and deliver the product. Accountants must answer questions concerning the spreading of selling and administrative expenses to the different products, sales offices, salespersons, and each separate order.

Principles of Cost Accounting 14E

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