Help With Cost Accounting Assignment
The idea of cost and how it is determined is perhaps one of the most inscrutable concepts of Finance and Accounting. To ease the academic pressure on this topic, EduAssignmentHelper.com has introduced an exemplary cost accounting assignment help. You may have heard that for you to be proficient in cost accounting, you must brush up your knowledge of basic accounting and fine-tune your skills in mathematics. However, at Edu Assignment Helper, we insist that all these are not obligatory. This article guides you through the core concepts of cost accounting in simple terms using relatable examples. You should avail our cost accounting assignment help if you need detailed information:
- Firstly, we will take you through the concept of cost accounting and how exactly cost is determined
- Secondly, our cost accounting assignment help experts will explain the wide range of accounting methods.
The definition of cost
Cost is an intriguing concept in economics because there is no short-cut method of understanding it. In accounting, cost is defined as the total monetary value of the amount spent on services, supply of services, equipment, products, labor, and other purchased items used in the operation of the business. This is just one of the definitions of cost. If you need other definitions, do not hesitate to get our cost accounting assignment help.
Different types of cost
- Actual Cost
This is the cost incurred during the manufacturing of a good or delivering of a service. Examples of actual costs include the cost of purchasing raw materials and the wage bill.
- Opportunity cost
This is cost suffered by a company as a result of not undertaking an economic endeavor in order to produce goods and services. It can also be referred to as the value of the opportunities lost. For example, suppose a firm has a plot of land which is currently lying fallow, the cost of not utilizing that plot of land to earn some money is called an opportunity cost.
- Sunk cost
Sunk costs are exactly the opposite of incremental costs. These are costs which have already been incurred and cannot be recovered. Examples include, costs incurred when a product is recalled, and costs as a result of changes in the distribution network.
- Explicit cost
Explicit costs are also known as paid out costs. They are those costs accounted for in the general ledger of the firm. For example, paying of interest on borrowed capital, rent payment, electricity and water bills amongst others.
- Implicit cost
Implicit costs are not recorded on the accounts of the company. However, they can greatly influence a major decision made by the firm. Examples of implicit costs are rent on idle land, interest paid on equity capital, and the depreciation cost on an asset still in use.
- Book Cost
Book costs have a provision made for them in the profit and loss statements but are not paid directly. An excellent example of a book cost is the unpaid amount on the owner of the business’s capital.
- Accounting Cost
Also known as hard costs, accounting costs are those incurred during the process of production. All sunk costs are part of accounting costs.
- Economic Cost
Economic costs are future costs that have not yet been incurred by the firm but nonetheless influence the major decisions of the business. These costs are the same as implicit and opportunity costs.
- Direct Cost
Direct costs can be directly attributed to the manufacture or production of a specific good or service. An example of direct cost is the price of buying raw materials.
- Indirect Costs
Indirect costs are difficult to assign to a specific product. For example, the cost of machinery and land used in production and manufacturing.
Elements of Cost
Our cost accounting assignment help experts say that fixing the costs of goods sold (COGS) is a vital exercise in costing. A student of accounting must understand three basic elements of costing to determine the costs of goods sold:
- Direct Material Cost
This is the total value of cost of all the raw materials used in the production or manufacture of a particular product.
- Direct Labor Cost
Direct labor cost is the exact cost of the work done by the laborers involved in the making of a particular product.
- Manufacturing Overhead Cost
Also known as the factory burden or factory overhead, manufacturing overhead cost are those expenses involved in the manufacturing operations other than the cost of direct raw materials and direct labor.
Are you confused by the concepts of manufacturing overhead cost? Here is an example carefully prepared by our cost accounting assignment help experts to help you grasp the topic completely.
How to calculate the Cost of Goods Sold (COGS)
Accounting and MBA students are expected to solve complicated COGS assignments during their academic career. If you are not well-versed with the formulas used in these calculations, worry not. Our cost accounting experts can assist you.
Cost of goods sold (COGS) can be defined as the value of the goods sold in the market. To calculate this value, you must understand the following steps explained by our cost accounting assignment help experts:
- Find the number of units manufactured and the cost per unit
- To calculate the number of units manufactured, first, calculate the number of units available at the beginning of the work process. Secondly, add the available units to the number of units produced. Lastly, subtract the total from the previous sum. Our proficient assignment writers see this as the simplest method of calculating the number of units manufactured’
Number of available units at the beginning + number of units manufactured – number of units in the ending process = Number of units manufactured.
- Cost incurred at the beginning of the work process + cost of production – cost incurred at the end of work process + Cost of goods manufactured.
- To get the cost of goods sold per unit, divide the total number of units manufactured by the total cost of goods.
De’Andre limited is a company that produces milkshakes. At the start of the year, 200 gallons of unmixed ingredients were blended, after a few months, another 4000 gallons were taken out and blended. By the end of the year, the company recorded 300 gallons still remaining in the store to be used the following year.
So from step number 2, to calculate the units manufactured:
200 +4000 – 300 = 3900
Next, considering that the cost of the beginning inventory was 200 dollars, the cost of direct raw materials was 10000dollars, cost of direct labor was 5000, overhead cost was 4000 and ending inventory was 3000 dollars, then:
The cost of goods sold will be 2000 + 10000 + 5000 +4000 – 3000 = 18000 dollars
To calculate the cost of gallon unit:
18000/3900 = 4.6 dollars
We have a library of cost accounting assignment samples on our website. You can download these samples free of any cost. Also, if you are struggling with your cost accounting assignment, our competent experts are at your disposal 24×7. Trust EduAssignmentHelper.com with your assignment and score your dream grade.
What is Cost Accounting?
After mastering the basics of costing, the time is ripe for you to move to the next level. Our cost accounting professional experts define cost accounting as the process of capturing all the costs incurred by a company during the process of production (assessing input costs involved in each step of production and fixed costs such as the depreciation cost of assets).
The Various types of Cost Accounting
- Standard or Standardized Cost Accounting
The standards of cost accounting are historically derived and are in line with the Generally Accepted Accounting Principles (GAAP). In standardized cost accounting, fixed costs must be calculated along with variable costs. For example, if a bicycle factory produces 40 bikes in a month with 1000 as the fixed cost and 300 dollars as variable cost per unit produced;
The standard accounting cost of the bikes = 1000/40 +300 = 325 dollars per unit of production
Our proficient and adept accounting experts are acquainted with the concept of standardized cost accounting. Get in touch with us today and receive impressive solutions for your assignment.
- Lean Accounting
Lean accounting came about after the post Japan war. It was introduced to prevent wastages which were associated with production. Just like the name suggests, lean accounting should make an enterprise lean. Lean accounting takes into consideration the incremental cost that a company has to incur in order to produce more units of goods. If you have any query regarding this concept, get in touch with our experts immediately.
- Activity Based Accounting
Also known as ABC, activity based accounting assigns the cost of each operation with resources to all products and services by the actual consumption of each. This type of accounting practice help the owners of the business distinguish between fixed cost, overhead cost, and variable cost. We encourage you to avail our accounting assignment help service if you want to know more.
- Target Costing
Target costing is an accounting practice used by the firm to determine the pricing of products. It is the total maximum cost incurred on a good or service, with the firm still earning an acceptable profit margin. You can only get the best cost accounting help on target costing from EduAssignmentHelper.com.
- Resource Consumption Accounting
This type of accounting practice has its origin in Germany. It provides managers with critical information that is useful in optimizing the business. Our seasoned cost accounting assignment writers offer professional help with this concept.
- Life Cycle Assessment
LCA considers the potential changes in the environmental costs that occur throughout the entire life cycle of a product.
- Environmental Accounting
This type of accounting practice takes into account both the environmental and economic factors while determining the cost of a product. Environmental Accounting is a new concept, and many students still find it confusing. However, our proficient experts are fully acquainted with this subject and can provide you with the support you need. Get in touch with us now for impeccable help with accounting assignments.
The Benefits of Cost Accounting
According to our renowned accounting experts, Cost Accounting has a myriad of uses in a company:
- Standard cost accounting in the building block of all accounting concepts. It considers the various costs associated with a product such as indirect cost, direct cost and overhead cost among others
- In case there is any change in the production process, cost accounting can help determine the marginal and incremental costs.
- Cost accounting practices, such as environmental accounting and life cycle assessment help the firm in the long run.
- Cost accounting ensures that the different elements of costing, such as the cost of raw materials, labor, and land, are dealt with separately. As a result, the company can develop formidable policies to help their business grow.
How does EduAssignentHelper.com Assist Students with their Accounting Assignments?
Our accounting professionals define accounting as the processing, measurement, and communication of sensitive financial information of any person, business, or organization. Accounting has several subfields, which includes managerial accounting, financial accounting, tax accounting, auditing, and many more. Our accounting assignment help service covers all these fields. If you are facing any hurdles with your accounting assignments, do not hesitate to get in touch with us.
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