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Job Card - Job cost sheet

Course: ECON 101, Spring 2012
School: IIM Bangalore
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Word Count: 222

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CARD Job JOB No. & Date Customer W.O. Reference Due Date Drawing Reference Start Date Completion Date Job Description: A MATERIAL Item U.M Actual Estimated Qty Qty Supervisor Signature Date Remarks 1. 2. 3. 4. 5. B MACHINE UTILISATION Machine Estimated Time Start Date & Time Actual Time Finish Date & Time Total Time Signature 1. 2. 3. 4. C DIRECT LABOUR Employee...

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CARD Job JOB No. & Date Customer W.O. Reference Due Date Drawing Reference Start Date Completion Date Job Description: A MATERIAL Item U.M Actual Estimated Qty Qty Supervisor Signature Date Remarks 1. 2. 3. 4. 5. B MACHINE UTILISATION Machine Estimated Time Start Date & Time Actual Time Finish Date & Time Total Time Signature 1. 2. 3. 4. C DIRECT LABOUR Employee Estimated Hrs. Start Actual Hours Finish Total Time O.T Hrs. Supervisor Initials 1. 2. 3. 4. Prepared by: Approved by: No. of Copies: 1 Shop Floor 1 Production Planning JOB COST SHEET Job Description Customer Job Code Job No. & Date Job Quantity Delivery Date U.M A. DIRECT COSTS: 1. DIRECT MATERIAL X Y Z 2. DIRECT MANPOWER Level 1 Level 2 Level 3 3. DIRECT EXPENSES Power Sub-contracting Input Requirement Qty Rate Cost Per Unit Total Kgs. Pcs. lts. 2 4 1 5 kg 3 / / pc 3 / lt 10 12 3 25 Hrs. Hrs. Hrs. 2 5 1 20 / hr. 10 / hr. 10 / hr. 40 50 10 100 Units 40 2 / unit 80 No. 1 20 / No. 20 TOTAL DIRECT EXPENSES / PRIME COST B. INDIRECT COSTS: 1. Manufacturing Overheads - Supervisor Salary - Consumables - Material handling - Others 2. Admin.& Mktg Overheads - Admin. Staff Salary - Rent - Staff Welfare - Others 3. Interest on Loans 4. DEPRECIATION 100 225 (Allocated Based on Direct Manpower cost 2 Direct manpower cost) 200 (Allocated Based on Direct Manpower cost 1 Direct manpower cost) 100 (Allocated Based on Direct Manpower cost 2 Direct manpower cost) M/c Hrs. 10 20 / hr. TOTAL INDIRECT COST 200 200 700 C. TOTAL COST 925 D. MARGIN REQUIRED: 30 % 277 E. NET PRICE 1202 Technical Supervisor Financial Controller Approving Authority
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IIM Bangalore - ECON - 101
DEPARTMENT COST ALLOCATION SHEET - INDIRECT COSTSRs.LacsBASIS OFALLOCATIONTotal revenue - Rs.lacsArea occupied - Sq.ftTOTAL1504000P1P2P3CC 1CC 260504010001500100005000.500.500.501.130.131.75ConsumablesPower & utilitiesLease
IIM Bangalore - ECON - 101
RELEVANT COSTS FOR VARIOUS ORDER QUANTITIESOrder Quantity100200300400500600800100005010015020025030040050004002001331008067504Annual holding costs501001502002503004005,000Annual Ordering Cost800400266200160134100
IIM Bangalore - ECON - 101
MARGINAL COSTING VS ABSORPTION COSTINGYEAR 1YEAR 2YEAR 3YEAR 4UNITSUNITSUNITSUNITSPRODUCTION60,00070,00055,00065,000SALES60,00055,00065,00070,000OPENING STOCK--15,0005,000CLOSING STOCK-15,0005,000-SELLING PRICE Rs.18.00 / UNIT
IIM Bangalore - ECON - 101
BREAK EVEN ANALYSISVolume of Sale (No. of pieces sold)8009001000110012001010101010SALES80009000100001100012000VARIABLE COSTS48005400600066007200FIXED COSTS40004000400040004000TOTAL COSTS88009400100001060011200PROFIT-80
IIM Bangalore - ECON - 101
MISTRAL SOLUTIONS PRIVATE LIMITEDBALANCE SHEET AS AT 31.3.2001SOURCES OF FUNDS:Share Holders' FundsCapitalIssued, Subscribed & Paid upReserves and SurplusPremium on Equity SharesGeneral ReserveCapital Redemption Res - Trf from P&LProfit and Loss
IIM Bangalore - ECON - 101
MAXIMISINGPROFITSUNDERCERTAINCONSTRAINTSOFRESOURCESAcompanyisabletoproducefourproductsandisplanningitsproductionmixforthenextperiod.ThefollowinginformationisavailableProductsWXYZSellingPrice/unit20304036Material@Rs.1/Kg6181012Labour@Rs.2
Polytechnic University of Puerto Rico - ACC - 304
CHAPTER 1DISCUSSION QUESTIONSQ1-1. Planning is the development of a consistentset of actions, resources, and measurementsby which the achievement of objectives canbe assessed. Planning takes into account theinteractions between the organization and
Polytechnic University of Puerto Rico - ACC - 304
CHAPTER 15DISCUSSION QUESTIONSQ15-6.Q15-1. Profit planning encompasses (a) sales estimating and sales planning programs; (b) budgetingprograms for control of all costs, both manufacturing and nonmanufacturing; (c) planning andprogramming additions to
Polytechnic University of Puerto Rico - ACC - 304
CHAPTER 16DISCUSSION QUESTIONSQ16-1. A capital expenditure is an expenditureintended to benefit future periods. It is normally associated with the acquisition orimprovement of plant assets. The real distinction between a capital and revenue expenditur
Polytechnic University of Puerto Rico - ACC - 304
CHAPTER 17DISCUSSION QUESTIONSQ17-1. Responsibility accounting is a programencompassing all operating management forwhich the accounting, cost, or budget divisionsprovide technical assistance in the form ofdaily, weekly, or monthly control reports.
Polytechnic University of Puerto Rico - ACC - 304
CHAPTER 18DISCUSSION QUESTIONSQ18-1. Standard costs are the predetermined costsof manufacturing products during a specificperiod under current or anticipated operatingconditions. Standards aid in planning andcontrolling operations.Q18-2. A few uses
Polytechnic University of Puerto Rico - ACC - 304
CHAPTER 19DISCUSSION QUESTIONSQ19-1. When standard costs are not incorporated,they may be used for the purposes of pricing,budgeting, and controlling cost; but if they arenot used for inventory costing, the advantages from the saving of clerical effo
Polytechnic University of Puerto Rico - ACC - 304
CHAPTER 20DISCUSSION QUESTIONSQ20-1. Direct costs are direct materials, direct labor,and other costs directly assignable to a product.Direct costing is a procedure by which onlyprime costs plus variable factory overheadare assigned to a product or i
Polytechnic University of Puerto Rico - ACC - 304
CHAPTER 21DISCUSSION QUESTIONSQ21-1. Differential cost is the difference in the cost ofalternative choices. The economist calls suchcosts marginal, and the engineer calls themincremental.Q21-2. Marginal cost (or differential cost) is the costincurr
Polytechnic University of Puerto Rico - ACC - 304
CHAPTER 22DISCUSSION QUESTIONSQ22-1. Effective planning and control of capitalexpenditures are important because:(a) financial risk is increased by long-termcommitments;(b) the magnitude of capital expenditures issubstantial and the penalties for u
Polytechnic University of Puerto Rico - ACC - 304
CHAPTER 23DISCUSSION QUESTIONSQ23-1. The weighted average cost of capital is computed by the following steps:(a) Calculate each component of capital as apercentage of total capital.(b) Calculate the after-tax cost of each individual capital component
Polytechnic University of Puerto Rico - ACC - 304
CHAPTER 24DISCUSSION QUESTIONSQ24-1. Before making a decision under conditions ofuncertainty, a manager should try to assess theprobabilities associated with alternative possible outcomes in order to determine the probable result of each alternative a
Polytechnic University of Puerto Rico - ACC - 304
CHAPTER 25DISCUSSION QUESTIONSQ25-1. Percentage of profit to sales is a measure ofcurrent operating activities. Revenue production, cost incurrence, and cost control areembodied in this ratio. The capital-employedturnover rate is a measure of the amo
Polytechnic University of Puerto Rico - ACC - 304
CHAPTER 1DISCUSSION QUESTIONSQ1-1. Planning is the development of a consistentset of actions, resources, and measurementsby which the achievement of objectives canbe assessed. Planning takes into account theinteractions between the organization and
Polytechnic University of Puerto Rico - ACC - 304
CHAPTER 2DISCUSSION QUESTIONSQ2-1. (a) Cost is the current monetary value ofeconomic resources given up or to begiven up in obtaining goods and services.Economic resources may be given up bytransferring cash or other property,issuing capital stock,
Polytechnic University of Puerto Rico - ACC - 304
CHAPTER 3DISCUSSION QUESTIONSQ3-1.Q3-2.Q3-3.Q3-4.The total dollar amount of a fixed cost is constant at different levels of activity within therelevant range, but fixed cost per unit of activity varies. In contrast, the total amount of avariable c
Polytechnic University of Puerto Rico - ACC - 304
CHAPTER 4DISCUSSION QUESTIONSQ4-1. The five parts are:(a) Direct materials section(b) Direct labor section(c) Factory overhead(d) Work in process inventories(e) Finished goods inventoriesQ4-2. The balance sheet is a statement of financialposition
Polytechnic University of Puerto Rico - ACC - 304
CHAPTER 5DISCUSSION QUESTIONSQ5-1. The cost attached to a product is an amountassigned by the costing methods usedanamount controlled by the circumstances,assumptions, and limitations of the methodunder which it was compiled. Product costsare compo
Polytechnic University of Puerto Rico - ACC - 304
CHAPTER 6DISCUSSION QUESTIONSQ6-1. The basic objective of process costing is todetermine the costs of the products manufactured by the company. Determining the cost ofthe products manufactured is necessary inorder to properly cost ending inventories
Polytechnic University of Puerto Rico - ACC - 304
CHAPTER 7DISCUSSION QUESTIONSQ7-1. Quality costs may be grouped into the following three classifications:1. Prevention costs are the costs incurred toprevent product failure. They include thecost of designing high quality productsand production syst
Polytechnic University of Puerto Rico - ACC - 304
CHAPTER 8DISCUSSION QUESTIONSQ8-1. Joint products represent two or more products separated in the course of the same processing operation, with each product havingsuch relative value that no one product can bedesignated as a major product.A by-produc
Polytechnic University of Puerto Rico - ACC - 304
CHAPTER 9DISCUSSION QUESTIONSQ9-1. The most frequently used documents in theprocurement and use of materials are purchase requisitions, purchase orders, receiving reports, materials requisitions, bills ofmaterials, and materials ledger records.Q9-2.
Polytechnic University of Puerto Rico - ACC - 304
CHAPTER 10DISCUSSION QUESTIONSQ10-1.The purpose of a JIT system is to minimizethe levels of raw materials and work inprocess inventory investments, while improving the overall manufacturing process. Theintent is to pull inventory through the systemo
Polytechnic University of Puerto Rico - ACC - 304
CHAPTER 11DISCUSSION QUESTIONSQ11-1. Yes, to the extent that it is practical to measure the value added or the productivity of aworker. However, measurement of the contribution of each individual is never exact. Also,a business cannot pay more for mat
Polytechnic University of Puerto Rico - ACC - 304
CHAPTER 12DISCUSSION QUESTIONSQ12-1. Supervisors salaries, indirect labor, overtimepremium, supplies, indirect materials, payrolltax, factory insurance, and depreciation.Q12-2. The most important reason for variation in factory overhead is the presen
Polytechnic University of Puerto Rico - ACC - 304
CHAPTER 13DISCUSSION QUESTIONSQ13-1.Departmental overhead rates are preferredto a single rate because they improve thecontrol of overhead by department headsresponsible for controllable overhead, andthey increase the accuracy of product andjob cos
Polytechnic University of Puerto Rico - ACC - 304
CHAPTER 14DISCUSSION QUESTIONSQ14-1.Q14-2.Q14-3.Q14-4.Q14-5.Q14-6.Q14-7.Q14-8.Q14-9.Compared to traditional costing, ABC is amore thorough application of cost traceability. Traditional costing traces only directmaterial and direct tabor to ou
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