Cost accounting: an introduction to cost management systems by Philip Jagolinzer

By Philip Jagolinzer

This article specializes in the function "cost accounting" performs in price administration structures. The textual content is designed to be a place to begin that covers the fundamental price accounting subject matters (job-order costing, procedure costing and conventional costing platforms and overhead allocation) whereas allowing teachers the liberty to stress extra fabric with case paintings and out of doors readings.

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3. A. The cost to make three (3) pizzas is: Ingredients: 3 pizzas × 1/2 pound each = 1 1/2 pounds; 1 1/2 pounds × $4 per pound = $ 6 Labor: 3 pizzas × 1/3 hour each = 1 hour; 1 hour × $18 per hour = 18 Overhead: 3 pizzas × 2/3 hour each = 2 hours; 2 hours × $12 per hour = 24 Total cost to make 3 pizzas $48 4 C. The cost to make one pizza is $16 ($48 ÷ 3). 5. C. Dividing costs should depend on logic, fairness, and the cost/benefit of any method. 6. A. Estimates are often more valuable than information with certainty.

Discussion Question 2-4 How should the cost accountant assign factory overhead to wooden tables made in January? Should only factory overhead bills received and paid in January be assigned to January table production? Why or why not? Will the tables made in August cost more, less, or the same as those made in January if the property tax and insurance bills (representing 50 percent of the total annual overhead) are received in August? If factory overhead is charged to production in the month that a bill is received and/or paid, then factory overhead and the cost of each unit will fluctuate from month to month, solely on the basis of when bills arrive and/or are paid.

16 D. An amount other than A, B, or C 4. Referring to Question 3, the cost to make one pizza is: A. $34 B. 33 C. $16 D. An amount other than A, B, or C 5. Dividing costs among people, departments, or products: A. should never be equal B. should always be equal C. should depend on logic, fairness, and the cost/benefit of any method D. should depend on rules approved by the Internal Revenue Service (IRS) 6. For a purchasing decision that must be made on Thursday, Fred estimates on Monday that his needs will be 11 units.

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