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By Mark Lee Inman (Auth.)
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Extra info for Cost Accounting
The reason for any major differences w i l l need to be investigated. Common causes of such differences are: (a) (b) (c) (d) Incorrect posting of the category of stock. Incorrect location of stock especially where items are prone to be missed, or are of the same type. Arithmetical errors in the book figure be it on a manual or computer system. Abnormal losses of stock that have not been recorded. This could include theft or destruction. Control of stock is vital to the efficient running and profitability of any business, and failure in this area can have serious consequences.
1234 N o . 8901 N o . 00 From this, the six hours worked on jobs w o u l d be charged to the jobs, and there would be t w o hours written off to overhead, as maintenance and idle time. T o take the analysis further, if Alun had produced seven hours, then seven hours would be charged to the jobs. The accounting of this would be as follows: Labour cost control account Debit cost of labour Credit work-in-progress [Charges to individual jobs] [Wages control] Maintenance overhead Idle time Balance [if any] to costing profit and loss account If there is a situation where it is not possible to assign labour costs to individual contracts, as in some forms of process industries or mass production, then it is better to charge a value added rate, based on either labour hours or some more realistic method.
Location of stores By implication from above, the loss of stock items can easily arise in the movement from receiving area to stores, and from stores to usage area. This has led to considerable discussion about the merits of either centralized or decentralized locations of stores. The following rules should be considered in the general arrangement and location of stores: 1 2 3 4 5 Heavy goods should be kept near the floor. Goods most regularly required should be easily accessible. Goods susceptible to dampness or any other risk of deterioration should be properly protected.