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1 Costing notes on Mon 25 Jan 2010 - 17:33

bhomiavarun


CSoC Smart User
CSoC Smart User
CLASSIFICATION OF COSTS: Manufacturing

We first classify costs according to the three elements of cost:
a) Materials b) Labour c) Expenses

Product and Period Costs: We also classify costs as either
1 Product costs: the costs of manufacturing our products; or
2 Period costs: these are the costs other than product costs that are charged to,
debited to, or written off to the income statement each period.

The classification of Product Costs:

Direct costs: Direct costs are generally seen to be variable costs and they are called direct costs because they are directly associated with manufacturing. In turn, the direct costs can include:

• Direct materials: plywood, wooden battens, fabric for the seat and the back, nails, screws, glue.
• Direct labour: sawyers, drillers, assemblers, painters, polishers, upholsterers
• Direct expense: this is a strange cost that many texts don't include; but (International Accounting Standard) IAS 2, for example, includes it. Direct expenses can include the costs of special designs for one batch, or run, of a particular set of tables and/or chairs, the cost of buying or hiring special machinery to make a limited edition of a set of chairs.

Total direct costs are collectively known as Prime Costs and we can see that Product Costs are the sum of Prime costs and Overheads.

Indirect Costs: Indirect costs are those costs that are incurred in the factory but that cannot be directly associate with manufacture. Again these costs are classified according to the three elements of cost, materials labour and overheads.

• Indirect materials: Some costs that we have included as direct materials would be included here.
• Indirect labour: Labour costs of people who are only indirectly associated with manufacture: management of a department or area, supervisors, cleaners, maintenance and repair technicians
• Indirect expenses: The list in this section could be infinitely long if we were to try to include every possible indirect cost. Essentially, if a cost is a factory cost and it has not been included in any of the other sections, it has to be an indirect expense. Here are some examples include:
Depreciation of equipment, machinery, vehicles, buildings
Electricity, water, telephone, rent, Council Tax, insurance
Total indirect costs are collectively known as Overheads.

Finally, within Product Costs, we have Conversion Costs: these are the costs incurred in the factory that are incurred in the conversion of materials into finished goods.




The classification of Period Costs:

The scheme shows five sub classifications for Period Costs. When we look at different organisations, we find that they have period costs that might have sub classifications with entirely different names. Unfortunately, this is the nature of the classification of period costs; it can vary so much according to the organisation, the industry and so on. Nevertheless, such a scheme is useful in that it gives us the basic ideas to work on.

Administration Costs: Literally the costs of running the administrative aspects of an organisation. Administration costs will include salaries, rent, Council Tax, electricity, water, telephone, depreciation, a potentially infinitely long list. Notice that there are costs here such as rent, Council Tax, that appear in several sub classifications; in such cases, it should be clear that we are paying rent on buildings, for example, that we use for manufacturing and storage and administration and each area of the business must pay for its share of the total cost under review.

Without wishing to overly extend this listing now, we can conclude this discussion by saying that the costs of Selling, the costs of Distribution and the costs of Research are all accumulated in a similar way to the way in which Administration Costs are accumulated. Consequently, our task is to look at the selling process and classify the costs of running that process accordingly: advertising, market research, salaries, bonuses, electricity, and so on. The same applies to all other classifications of period costs that we might use.

Finance Costs: Finance costs are those costs associated with providing the permanent, long term and short term finance. That is, within the section headed finance costs we will find dividends, interest on long term loans and interest on short term loans.

Finally, we should say that we can add any number of subclassifications to our scheme if we need to do that to clarify the ways in which our organisation operates. We will also add further subclassifications if we need to refine and further refine out cost analysis.





















COST SHEET – FORMAT

Particulars Amount Amount
Opening Stock of Raw Material
Add: Purchase of Raw materials
Add: Purchase Expenses
Less: Closing stock of Raw Materials
Raw Materials Consumed
Direct Wages (Labour)
Direct Charges ***
***
***
***
***
***
***






Prime cost (1) ***
Add :- Factory Over Heads:
Factory Rent
Factory Power
Indirect Material
Indirect Wages Supervisor Salary
Drawing Office Salary
Factory Insurance
Factory Asset Depreciation
***
***
***
***
***
***
***
***
Works cost Incurred ***
Add: Opening Stock of WIP
Less: Closing Stock of WIP ***
***
Works cost (2) ***
Add:- Administration Over Heads:-
Office Rent
Asset Depreciation
General Charges
Audit Fees
Bank Charges
Counting house Salary
Other Office Expenses
***
***
***
***
***
***
***
Cost of Production (3) ***
Add: Opening stock of Finished Goods
Less: Closing stock of Finished Goods ***
***
Cost of Goods Sold ***
Add:- Selling and Distribution OH:-
Sales man Commission
Sales man salary
Traveling Expenses
Advertisement
Delivery man expenses
Sales Tax
Bad Debts
***
***
***
***
***
***
***
Cost of Sales (5) ***
Profit (balancing figure) ***
Sales ***


Notes:-
1) Factory Over Heads are recovered as a percentage of direct wages
2) Administration Over Heads, Selling and Distribution Overheads are recovered as a percentage of works cost.

MATERIAL

1) Reorder level = Maximum usage * Maximum lead time
(Or) Minimum level + (Average usage * Average Lead time)

2) Minimum level = Reorder level – (Average usage * Average lead time)

3) Maximum level = Reorder level + Reorder quantity – (Minimum usage *
Minimum lead time)

4) Average level = Minimum level +Maximum level (or)
2
Minimum level + ½ Reorder quantity

5) Danger level (or) safety stock level
=Minimum usage * Minimum lead time (preferred)
(or) Average usage * Average lead time
(or) Average usage * Lead time for emergency purposes

6) EOQ (Economic Order Quantity - Wilson’s Formula) = √2AO/C
Where A = Annual usage units
O = Ordering cost per unit
C = Annual carrying cost of one unit
i.e. Carrying cast % * Carrying cost of unit

7) Associated cost = Buying cost pa + Carrying cost pa

Cool Under EOQ Buying cost = Carrying cost

9) Carrying Cost = Average inventory * Carrying cost per unit pa * Carrying cost %
(Or) Average Inventory * Carrying cost per order pa

10) Average inventory = EOQ/2

11) Buying cost = Number of Orders * ordering cost

12) Number of Orders = Annual Demand / EOQ

13) Inventory Turnover (T.O) Ratio = Material consumed
Average Inventory

14) Inventory T.O Period = 365 .
Inventory Turn over Ratio
15) safety stock = Annual Demand *(Maximum lead time - Average lead time)
365
16) Total Inventory cost = Ordering cost + Carrying cost of inventory +Purchase cost

17) Input Output Ratio = Quantity of input of material to production
Standard material content of actual output

Remarks :-
1) High Inventory T.O Ratio indicates that the material in the question is fast moving

2) Low Inventory T.O Ratio indicates over investment and locking up of working
Capital in inventories

Pricing of material Issues:-

1) Cost price method:-
a) Specific price method
b) First in First Out method (FIFO)
c) Last in First Out method (LIFO)
d) Base stock method

2) Average price method:-

a) Simple average price method = Total unit price
Total No. of purchases

b) Weighted average price method = Total cost
Total No. of units

c) Periodic simple average price method = Total unit price of certain period
Total Number of purchases of that period (This rate is used for all issues for that period. Period means a month (or) week (or) year)

d) Periodic weighted average price method = Total cost of certain period
Total Number of units of that period
e) Moving simple average price method
= Total of periodic simple average of certain number of periods
Number of periods


f) Moving weighted average price method
= Total of periodic weighted average of certain number of periods
Number of periods

3) Market price method:-

a) Replacement price method = Issues are valued as if it was purchased now at
current market price
b) Realizable price method = Issues are valued at price if it is sold now

4) Notional price method:-

a) Standard price method = Materials are priced at pre determined rate (or)
Standard rate

b) Inflated price method = The issue price is inflated to cover the losses incurred
due to natural(or)climatic losses

5) Re use price method = When materials are returned (or) rejected it is valued at
different price. There is no final procedure for this method.

ABC Analysis (or) Pareto Analysis :- In this materials are categorized into

Particulars Quantity Value
“A” – Important material 10% 70%
“B” – Neither important nor unimportant 20% 20%
“C” – UN Important 70% 10%

Note:-

1) Material received as replacement from supplier is treated as fresh supply

2) If any material is returned from Department after issue, it has to be first
disposed in the next issue of material

3) loss in the book balance of stock and actual is to be transferred to Inventory
adjustment a/c and from there if the loss is normal it is transferred to Over Head
control a/c. If it is abnormal it is transferred to costing profit and loss a/c.

4) CIF = Cost Insurance and Freight (This consignment is inclusive of prepaid insurance and freight)

5) FOB = Free on Board (Materials moving by sea – insurance premium is not paid)

6) FOR = Free on Rail (Insurance and freight is not borne by the supplier but paid
by the company or purchase)

7) For each receipt of goods = Goods Receipt note

Cool For each issue of goods = Materials Requisition note (or) Material Issue note

Accounting Treatment :-

1) Normal Wastage = It should be distributed over goods output increasing per unit cost

2) Abnormal Wastage= It will be charged to costing profit and loss a/c

3) Sale value of scrap is credited to costing profit and loss a/c as an abnormal gain.

4) Sale proceeds of the scrap can be deducted from material cost or factory overheads.

5) Sale proceeds of scrap may be credited to particular job.

6) Normal Defectives = cost of rectification of defectives should be charged to specific

7) Abnormal Defectives = This should be charged to costing profit and loss a/c

Cool Cost of Normal spoilage is to borne by good units

9) Abnormal spoilage should be charged to costing profit and loss a/c

LABOUR

Method of Remuneration:

1) Time Rate system
a) Flat time Rate
b) High wage system
c) Graduated time rate

2) Payment by Results

a) Piece rate system
i) Straight piece rate
ii) Differential piece rate
• Taylor system
• Merrick system

b) Group Bonus System
i) Budgeted Expenses
ii) Towne gain sharing scheme
iii) Cost efficiency bonus
iv) Priest man system

c) Combination of Time and Piece rate
i) Gantt task and Bonus scheme
ii) Emerson Efficiency system
iii) Point scheme
• Bedaux system
• Haynes manit system

d) Premium bonus plans
i) Halsey premium plan
ii) Halsey weir premium plan
iii) Rowan scheme
iv) Barth scheme
v) Accelerating premium bonus scheme

e) Other incentive schemes
i) Indirect monetary incentive
• Profit sharing
• Co-partnership
ii) Non-Monetary Incentive

1) Time rate system = Hours worked * Rate per hour (Basic wages)

2) Piece rate system:

i) Straight piece rate earnings = Number of units produced * Rate per unit

ii) Differential Piece rate

a) F.W.Taylor’s differential rate system
» 83% of piece rate when below standard
» 125% of piece rate when above or at standard

b) Merrick differential or multiple piece rate system

Efficiency level Piece rate
» up to 83% »Normal piece rate
» 83% to 100% » 110% of Normal rate
» Above 100% » 120% of Normal rate

iii) Gantt Task and Bonus system

Output Payment
» Below standard » Time rate (guaranteed)
» At standard » 20% Bonus of Time rate
» Above standard » 120% of ordinary piece rate

iv) Emerson’s Efficiency system

Efficiency Payment
» Below 66.7% » Hourly Rate
» from 66.7% » Hourly rate (+) increasing bonus according to degree
to 100% of efficiency on the basis of step bonus rates
» Above 100% » Hourly rate (+) 20% Bonus (+) additional bonus of 1%
of hourly rate for every 1% increase in efficiency

v) Halsey Premium Plan = Basic wages + 50% of time saved * Hourly Rate

vi) Halsey Weir Premium Plan = Basic wages + 30% of time saved * Hourly rate

vii) Rowan Plan = Basic wages + Time saved * Basic Wages
Time allowed

viii) Bedaus Point system = Basic wages + 75% * Bedaus point/60 * Rate/hr
ix) Barth’s System = Hourly rate * √Std time *Time taken

Labour Turnover:-

1) Separation rate method = Separation during the period
Average No. of worker’s during the period

2) Net labour T.O rate (or) Replacement method
= Number of replacements
Average No. of worker’s during the period

3) Labour flux rate = No. of separation + No. of replacement
Average No. of worker’s during the period


Accounting Treatment

1) Normal Idle time = Charged to factory overheads
2) Normal but un-controllable = It should be charged to job by inflating wage rate.
3) Abnormal = It should be charged to costing P & L a/c

OVER HEADS

Reapportionment of service department expenses over production department :-

1) Direct redistribution method:
• Service department costs are divided over production department.
• Ignore service rended by one dept. to another

2) Step method of secondary distribution (or) Non reciprocal method:
• Service department which serves largest number of service department is divided first and go on.

3) Reciprocal service method:

i) Simultaneous equation method (or) Algebraic method
• Equation is formed between service departments and is solved to find the amount due.

ii) Repeated distribution method:
• Service department cost separated repeatedly till figure of service dept. is exhausted or too small.

iii) Trial and Error method:
• Cost of service department is apportioned among them repeatedly till the amount is negligible and the total is divided among production department.

Treatment of Over/Under absorption of overheads:-

i) If under absorbed and over absorbed overheads are of small value then it should be
transferred to costing profit and loss a/c

ii) If under and over absorption occurs due to wrong estimates then cost of product
manufactured should be adjusted accordingly.

iii) If the same accrued due to same abnormal reasons the same should be transferred
to costing profit & loss a/c

Apportionment of overhead expenses – Basis

a) Stores service expenses = Value of materials consumed

b) Factory rent = Floor area

c) Municipal rent, rates and taxes = floor area

d) Insurance on Building and machinery = Insurable value

e) Welfare department expenses

f) Supervision

Number of employees
g) Amenities to employee’s

h) Employees liability for insurance

j) Lighting power = Plug point

k) Stores over heads = Direct material

l) General over heads = Direct wages

Reapportionment of service department cost to production department :-

1) Maintenance dept. = Hours worked for each dept.

2) Pay roll and time keeping = Total labour (or) machine hours (or) Number of employees in each department

3) Employment (or) Personnel department = Rate of labour T.O (or) No. of employees of each department

4) Stores Keeping department = No. of requisitions (or) value of materials of each department

5) Purchase department = No. of purchase orders value of materials of each department

6) Welfare, ambulance, canteen, service, recreation room expenses = No. of employees in each department.

7) Building service department = Relative area each dept.

Cool Internal transport service (or) overhead crane service = weight, value graded product handled, weight and distance traveled.

9) Transport department = Crane hours, truck hours, truck mileage, Number of packages.

10) Power house (electric power cost) = Housing power, horse power machine hours, No. of electric points etc.

11) Power house = Floor area, cubic content.








RECONCILATION OF COST AND FINANCIAL A/C

Causes of differences:-

1) Purely financial items :
i) Appropriation of profits ►Transferred to reserves, goodwill, preliminary
expenses, dividend paid etc.
ii) Loss on sale of investment, penalties and fines
iii) Income ► Interest received on Bank deposits, profit on sale of investments,
fixed assets, transfer fees.

2) Purely cost account items: - Notional Rent / Interest / Salary

3) Valuation of stock:-

i) Raw-material = In financial a/c’s stock is valued at cost or market value
Whichever is less, while in cost a/c’s it is valued at LIFO, FIFO etc.

ii) Work in progress = In financial a/c’s administrative expenses are also
considered while valuing stock, but in cost a/c’s it may be
valued at prime (or) factory cost (or) cost of production

iii) Finished Goods = In financial a/c’s it is valued at cost or market price
whichever is less, in cost a/c’s it is valued at total cost of production.

4) Overheads: In financial = Actual expenses are taken
In cost = Expenses are taken at predetermined rate.

5) Depreciation: In financial = Charged in diminishing or fixed balance method
In cost = Charged in machine hour rate

6) Abnormal Gains: In financial = Taken to profit & Loss a/c
In cost = Excluded to cost a/c’s or charged in costing
profit & Loss a/c

JOB AND BATCH COSTING

With job costing, we are dealing with one off situations. We are dealing with organisations that carry out functions and services on a one at a time basis. Good examples of job costing situations include jobbing builders: the builder who will provide a householder, or a shop owner, or a factory owner with a service that he provides for no one else. The jobbing builder will build an extension, or renovate some property to a design that will probably not be copied anywhere else at any time: it is a one off job. Job costing can apply in non manufacturing situations as well as in manufacturing situations.

Even though many jobbing enterprises are small scale, we are not suggesting that all jobbing enterprises are small scale enterprises. An engineering shop may be working on a job for a customer that takes several months and many man and machine hours to complete.

Here are two definitions:

A job is “A customer order or task of relatively short duration”
Job costing is “A form of specific order costing; the attribution of cost to jobs”

Batch costing is not normally seen as much of an advance on job costing.

A batch is A group of similar articles which maintains its identity throughout one or more stages of production and is treated as a cost unit Batch costing is A form of specific order costing; the attribution of costs to batches.

Economic Batch Quantity = EBQ = √2AS/C
Where A = Annual Demand
S = Setting up cost per batch
C= Carrying cost / unit of production.



PROCESS COSTING

Format of process a/c

Particulars Unit Rate Rs. Particulars Unit Rate Rs.
To Direct material By Normal Loss
To Direct Labour By Units transferred
to other process
To Indirect material
To Other Expenses By Abnormal loss (B/F)
To Abnormal gain(B/F)
Total Total

Format of Abnormal loss

Particulars Unit Rs. Particulars Unit Rs.
To Process a/c By Sale of wasted units
By costing P & L a/c
Total Total

Format of Abnormal gain a/c

Particulars Units Rs. Particulars Units Rs.
To Normal Loss a/c By Process a/c (names of different process)
To costing P&la/c
Total Total

1)To find the cost per unit for valuation of units to be trans. to next process and also for abnormal, loss or gain = Total process cost – Salvage value of normal spoilage
Total units introduced – Normal loss in units

2) To find abnormal loss (or) gain (all in units):
= Units from previous process + fresh units introduced – Normal loss – units transferred to next process (If the result is positive then abnormal loss. If negative then abnormal gain)

3) In case of opening WIP and closing WIP are given then there are different methods of valuation of closing WIP
i) FIFO Method ii) LIFO Method
iii) Average Method iv) Weighted Average Method

4) Various statements to be prepared while WIP is given:
i) Statement of equivalent production
ii) Statement of cost
iii) Statement of apportionment of cost
iv) Process cost a/c

5) FIFO Method: In these method total units transferred to next process includes
full opening stock units and the closing stock includes the units
introduced during the process. In this method the cost incurred
during the process is assumed as to be used

a) First to complete the units already in process
b) Then to complete the newly introduced units
c) For the work done to bring closing inventory to given state of completion


6) LIFO Method = Cost incurred in process is used for:

a) First to complete newly introduced units

b) Then to complete units already in process in this method closing stock is
divided into two :
i) Units which represent opening stock but lie at the end of the period
ii) Newly introduced units in closing stock.

7) Average Method: In this method
a) No distinction is made between opening stock and newly introduced material.

b) In finding cost per unit, cost incurred for opening stock is also to be added with
current cost. (This addition is not done in LIFO & FIFO method as cost
incurred in that process is only taken)

Cool Weighted average method: This method is only used when varied product in
processed through a single process. General procedure is adopted here.

a) Statement of weighted average production should be prepared. Under this
statement output of each products is expressed in terms of points.

b) Cost of each type of product is computed on basis of Points.

Points of vital importance in case of Abnormal Gain / Loss:

a) Calculate cost per unit by assuming there is no abnormal loss / gain

b) Cost per unit arrived above should be applied for valuation of both abnormal
Loss/gain units and output of the process.

c) Separate a/c for both abnormal loss/gain is to be prepared.


JOINT PRODUCT AND BY PRODUCT COSTING

Methods of apportioning joint cost over joint products :

1) Physical unit method = Physical base to measure (i.e.) output quantity is used to separate joint cost. Joint cost can be separated on the basis of ratio of output quantity. While doing this wastage is also to be added back to find total quantity.

2) Average unit cost method = In this method joint cost is divided by total units Produced of all products and average cost per unit is arrived and is multiplied With number of units produced in each product.

3) Survey method or point value method = Product units are multiplied by points or weights and the point is divide on that basis.

4) Standard cost method = Joint costs are separated on the basis of standard cost set for respective joint products.

5) Contribution margin method = Cost are divided into two categories (i.e.) variable and fixed. Variable costs are separated on unit produced. Fixed on the basis of contribution ratios made by different products.

6) Market value method:-

a) Market value at the point of separation: Joint cost to sales revenue percentage is found which
is called as multiplying factor = Joint cost * 100
Sales Revenue
• Joint cost for each product is apportioned by applying this % on sales revenue of each product.
• Sales revenue = Sales Revenue at the point of separation.
• This method cannot be done till the sales revenue at the separation point is given.

b) Market value after processing: Joint cost is apportioned on the basis of total sales Value of
each product after further processing.

c) Net Realizable value method = Form sales value following items are deducted
i) Estimated profit margin
ii) Selling and distribution expenses if any included.
iii) Post split off cost
The resultant amount is net realizable value. Joint cost is apportioned on this basis.


Bi-product → Method of accounting

• Treat as other income in profit and loss a/c

• Net Realizable value of Bi-product is reduced from cost of main product.

• Instead of standard process, Standard cost or comparative price or re-use price is credited to joint process a/c.



OPERATION COSTING

Service costing is “A cost accounting method concerned with establishing the costs of services rendered”. Service costing is also applied within a manufacturing setting.

The Differences Between Product Costing and Service Costing?
• There may be very few, if any, materials to worry about
• Overheads will comprise the most significant portion of any costs of which, labour costs may well comprise as much as 70%

No. Enterprise Cost per unit
1. Railways or bus companies Per passenger-kilometer
2. Hospital Per patient/day, per bed/day
3. Canteen Meals served , cups of tea
4. Water supply service Per 1000 gallons
5. Boiler House 1000 kg of steam
6. Goods Transport Per tonne km, quintal km
7. Electricity Boards Per kilowatt – hours
8. Road maintenance department Per mile or road maintenance
9. Bricks One thousand
10. Hotel Per room/day

In this various terms such as passenger km, quintal km, tonne km, these are all known as composite units and are computed in 2 ways:

a) Absolute (weighted average): (e.g.) tones km - Multiplying total distance by respective load quantity.

b) Commercial (simple average): (e.g.) tonne Km–Multiplying total distance by average load quantity

All accumulated cost is classified into 3 categories:

1) Standing charges (or) fixed cost
2) Running cost (or) variable cost
3) Maintenance charges (or) semi variable cost

Running charges = Fuel, Driver Wages, Depreciation, oil etc.

Maintenance charges = Supervision salary, Repairs and Maintenance


Note:-

• % of factory overheads on direct wages
• % of administration overheads on works cost
• % of selling & distribution overheads on works cost
• % of profit on sales

Operating cost sheet :-

Particulars Total cost Cost per km
A Standing charges :-
License fees
Insurance Premium
Road tax
Garage rent
Driver’s wages
Attendant-cum-cleaner’s wages
Salaries and wages of other staff
Total
B Running charges :-
Repairs and maintenance
Cost of fuel (diesel, petrol etc.)
Lubricants, grease and oil
Cost of tires, tubes and other spare parts
Depreciation
Total
C Total charges [ (A) + (B) ]


CONTRACT COSTING

Contract costing is “A form of specific order costing; attribution of costs to individual contracts”.

A contract cost is “Aggregated costs of a single contract; usually applies to major long term contracts rather than short term jobs”.

Features of long term contracts:

• By contract costing situations, we tend to mean long term and large contracts: such as civil engineering contracts for building houses, roads, bridges and so on. We could also include contracts for building ships, and for providing goods and services under a long term contractual agreement.
• With contract costing, every contract and each development will be accounted for separately; and does, in many respects, contain the features of a job costing situation.
• Work is frequently site based.

We might have problems with contract costing in the following areas

• Identifying direct costs
• Low levels of indirect costs
• Difficulties of cost control
• Profit and multi period projects

The source of the following has eluded me: my sincere gratitude for whoever the author might be.

"Contract Costing such jobs take a long time to complete & may spread over two or more of the contractor's accounting years”.

Features of a Contract

• The end product
• The period of the contract
• The specification
• The location of the work
• The price
• Completion by a stipulated date
• The performance of the product

Collection of Costs :

Desirable to open up one or more internal job accounts for the collection of costs. If the contract not obtained, preliminary costs be written off as abortive contract costs in P&L In some cases a series of job accounts for the contract will be necessary:
• to collect the cost of different aspects
• to identify different stages in the contract

Special features

• Materials delivered direct to site.
• Direct expenses
• Stores transactions.
• Use of plant on site

Two possible accounting methods:

Where a plant is purchased for a particular contract & has little further value to the business at the end of the contract
Where a plant is bought for or used on a contract, but on completion of the contract it has further useful life to the business
Alternatively the plant may be capitalised with Maintenance and running costs charged to the contract."




Format:-

Particulars Rs. Particulars Rs.
To Materials
a. Purchased directly
b. Issue from site
c. Supplied by contractee
**
**
** By materials returned **
By Material sold (cost price)
**
To Wages and salaries ** By WIP
Work certified
Work Uncertified
**
**
To Other direct Expenses **
To Sub-contractor fees **
To Plant & Machinery (purchase
price/Book value)
** By Materials at site **
To Indirect expenditure (apportioned share of overheads) ** By Plant and machinery(WDV)
**
To Notional profit (Surplus) **
Total Total **


Profit of Incomplete contract :-

1) When % of completion is less than or equal to 25% then full Notional profit is transferred to reserve.

2) When % of completion is above 25% but less than 50% following amount should be credited to profit & loss a/c = 1/3 * Notional Profit * {Cash received / Work certified}

3) When % of completion is more than or equal to 50% then the amount transferred to profit is =
2/3 * Notional Profit * {Cash received / Work certified}
[Balance is transferred to reserve a/c]
☺ % of completion = {Work certified/Contract price} * 100

4) When the contract is almost complete the amount credited to profit & loss a/c is

a) Estimated total profit * {Work certified / Contract price}
b) Estimated total profit * {Cash received / Contract price}
c) Estimated total profit * {Cost of work done / Estimated total profit}
d) Estimated total profit*{Cost of work done*Cash received
Estimated total cost * Work certified}


5) Work-In-Progress is shown in Balance Sheet as follows:-

Skeleton Balance sheet

Liabilities (RS) Asset (Rs)
Profit & loss a/c (will include)
Profit on contract (Specify
the contract number)
Less : Loss on contract
(Specify the contract number)
Sundry creditors (will include)
Wages accrued
Direct expenses accrued
Any other expenses
(Specify) Work-in-progress
Value or work certified
Cost of work uncertified
Less :- Reserve for unrealized profit
Less :- Amount received from contractee

6) Escalation Clause = This is to safeguard against likely change in price of cost
elements rise by and certain % over the prices prevailing at the time tendering the
contractee has to bear the cost.

MARGINAL COSTING

Statement of profit:-

Particulars Amount
Sales ***
Less:-Variable cost ***
Contribution ***
Less:- Fixed cost ***
Profit ***

1) Sales = Total cost + Profit = Variable cost + Fixed cost + Profit

2) Total Cost = Variable cost + Fixed cost

3) Variable cost = It changes directly in proportion with volume

4) Variable cost Ratio = {Variable cost / Sales} * 100

5) Sales – Variable cost = Fixed cost + Profit

6) Contribution = Sales * P/V Ratio

7) Profit Volume Ratio [P/V Ratio]:-
• {Contribution / Sales} * 100
• {Contribution per unit / Sales per unit} * 100
• {Change in profit / Change in sales} * 100
• {Change in contribution / Change in sales} * 100

Cool Break Even Point [BEP]:-
• Fixed cost / Contribution per unit [in units]
• Fixed cost / P/V Ratio [in value] (or) Fixed Cost * Sales value per unit
(Sales – Variable cost per unit)
9) Margin of safety [MOP]
• Actual sales – Break even sales
• Net profit / P/V Ratio
• Profit / Contribution per unit [In units]

10) Sales unit at Desired profit = {Fixed cost + Desired profit} / Cont. per unit

11) Sales value for Desired Profit = {Fixed cost + Desired profit} / P/V Ratio

12) At BEP Contribution = Fixed cost
13) Variable cost Ratio = Change in total cost * 100
Change in total sales

14) Indifference Point = Point at which two Product sales result in same amount of profit
= Change in fixed cost (in units)
Change in variable cost per unit

= Change in fixed cost (in units)
Change in contribution per unit

= Change in Fixed cost (in Rs.)
Change in P/Ratio

= Change in Fixed cost (in Rs.)
Change in Variable cost ratio

15) Shut down point = Point at which each of division or product can be closed

= Maximum (or) Specific (or) Available fixed cost
P/V Ratio (or) Contribution per unit
If sales are less than shut down point then that product is to shut down.

Note :-

1) When comparison of profitability of two products if P/V Ratio of one product is greater than P/V
Ratio of other Product then it is more profitable.

2) In case of Indifference point if Sales > Indifference point --- Select option with higher fixed
cost (or) select option with lower fixed cost.


STANDARD COSTING

Method one of reading:-
Material:-
SP * SQ SP * AQ SP * RSQ AP * AQ
(1) (2) (3) (4)
a) Material cost variance = (1) – (4)
b) Material price variance = (2)–(4)
c) Material usage variance = (1) – (2)
d) Material mix variance = (3) – (2)
e) Material yield variance = (1) –(3)

Labour :-
SR*ST SR*AT (paid) SR*RST AR*AT SR*AT(worked)
(1) (2) (3) (4) (5)

a) Labour Cost variance = (1) – (4)
b) Labour Rate variance = (2) – (4)
c) Labour Efficiency variance = (1) – (2)
d) Labour mix variance = (3) – (5)
e) Labour Idle time variance = (5) – (2)

Variable Overheads cost variance :-
SR * ST SR * AT AR * AT
(1) (2) (3)

a) Variable Overheads Cost Variance = (1) – (3)
b) Variable Overheads Expenditure Variance = (2) – (3)
c) Variable Overheads Efficiency Variance = (1) – (2)

[Where: SR =Standard rate/hour = Budgeted variable OH
Budgeted Hours ]

Fixed Overheads Cost Variance:-
SR*ST SR*AT(worked) SR*RBT SR*BT AR*AT(paid)
(1) (2) (3) (4) (5)

a) Fixed Overheads Cost Variance = (1) – (5)
b) Fixed Overheads Budgeted Variance = (4) – (5)
c) Fixed Overheads Efficiency Variance = (1) – (2)
d) Fixed Overheads Volume Variance = (1) – (4)
e) Fixed Overheads Capacity Variance = (2) – (3)
f) Fixed Overheads Calendar Variance = (3) – (4)
Sales value variance:-
Budgeted Price*BQ BP*AQ BP*Budgeted mix AP*AQ
(1) (2) (3) (4)

a) Sales value variance = (4)–(1)
b) Sales price variance = (4) – (2)
c) Sales volume variance = (2) – (1)
d) Sales mix variance = (2) – (3)
e) Sales quantity variance = (3) – (1)

Note :-

i) Actual margin per unit (AMPU) = Actual sale price – selling cost per unit

ii) Budgeted margin per unit (BMPU) = Budgeted sale price – selling price per unit

Sales margin variance :-

BMPU*BQ BMPU*AQ BMPU*Budgeted mix AMPU*AQ
(1) (2) (3) (4)

a) Sales margin variance = (4) – (1)
b) Sales margin price variance = (4) – (2)
c) Sales margin volume variance = (2) – (1)
d) Sales margin mix variance = (2) – (3)
e) Sales margin quantity variance = (3) – (1)

Control Ratio :-

1) Efficiency Ratio = Standard hours for actual output * 100
Actual hours worked

2) Capacity Ratio = Actual Hours Worked * 100
Budgeted Hours

3) Activity Ratio = Actual hours worked * 100
Budgeted Hours

Verification: Activity Ratio = Efficiency * Capacity Ratio




STANDARD COSTING

Method two of reading:-
Material:-

a) Material cost variance = SC – AC = (SQ*AQ) – (AQ*AP)

b) Material price variance = AQ (SP – AP)

c) Material usage variance = SP (SQ – AQ)

d) Material mix variance = SP (RSQ – AQ)

e) Material yield variance = (AY – SY for actual input) Standard material cost per
unit of output

f) Material revised usage variance (calculated instead of material yield variance)
= [standard quantity – Revised standard
for actual output quantity ] * Standard price

Labour :-

a) Labour Cost variance = SC – AC = (SH*SR) – (AH*AR)

b) Labour Rate variance = AH (SR - AR)

c) Labour Efficiency or time variance = SR (SH –AH)

d) Labour Mix or gang composition Variance = SR(RSH-AH)

e) Labour Idle Time Variance = Idle hours * SR

f) Labour Yield Variance = [Actual Output – Standard output for actual input]
* Standard labour cost/unit of output

g) Labour Revised Efficiency Variance (instead of LYV) =
[Standard hours for actual output – Revised standard hours] * Standard rate

Notes :- i) LCV = LRV + LMV + ITV + LYV
ii) LCV = LRV + LEV + ITV
iii) LEV = LMV, LYV (or) LREV


Overhead variance :- (general for both variable and fixed)

a) Standard overhead rate (per hour) = Budgeted Overheads
Budgeted Hours

b) Standard hours for actual output = Budgeted hours * Actual Output Budgeted output

c) Standard OH = Standard hrs for actual output * Standard OH rate per hour

d) Absorbed OH = Actual hrs * Standard OH rate per hour

e) Budgeted OH = Budgeted hrs * Standard OH rate per hour

f) Actual OH = Actual hrs * Actual OH rate per hour

g) OH cost variance = Absorbed OH – Actual OH

Variable Overheads variance :-

a) Variable OH Cost Variance = Standard OH – Actual OH

b) Variable OH Exp. Variance = Absorbed OH – Actual Variable OH

c) Variable OH Efficiency Variance = Standard OH – Absorbed OH
= [Standard hours for – Actual * Standard rate
actual output hours] for variable OH

Fixed Overheads variance :-

a) Fixed OH Cost Variance = Standard OH – Actual OH

b) Fixed OH expenditure variance = Budgeted OH – Actual OH

c) Fixed OH Efficiency Variance = Standard OH (units based) – Absorbed OH
(Hours based)

d) Fixed OH Volume Variance = Standard OH – Budgeted OH
= [Standard hrs for – Budgeted * standard rate
actual output hours ]

e) Fixed OH capacity variance = Absorbed OH–Budgeted OH

f) Fixed OH Calendar Variance = [Revised budgeted hrs – Budgeted hrs]
* Standard rate/hrs

Note:- When there is calendar variance capacity variance is calculated as follows :-
Capacity variance = [Actual hours – Revised * Standard
(Revised) Budgeted hrs] rate/hour
Verification :-

i) variable OH cost variance = Variable OH Expenditure variance
+ Variable OH Efficiency variance

ii) Fixed OH cost variance = Fixed OH Expenditure variance + Fixed OH volume
variance

iii) Fixed OH volume variance = Fixed OH Efficiency variance + Capacity variance
+ Calander variance

Sales variances :-

Turnover method (or) sales value method :-

a) Sales value variance = Actual Sales – Budgeted Sales

b) Sales price variance = [Actual Price – Standard price] * Actual quantity
= Actual sales – standard sales

c) Sales volume variance = [Actual-Budgeted quantity] *Standard price
= Standard sales – Budgeted sales

d) Sales mix variance = [Actual quantity – Revised standard quantity] * Standard price
= Standard sales – Revised sales

e) Sales quantity variance = [Revised standard variance – Budgeted quantity]
* Standard price
= Revised Standard sales – Budgeted sales

Profit method:-

a) Total sales margin variance = (Actual Profit–Budgeted price)
= {Actual quantity * Actual profit per unit}-
{Budgeted quantity * Standard profit per unit}
b) Sales margin price variance=Actual profit–Standard profit
= {Actual Profit per unit – Standard profit per unit} * Actual quantity of sales

c) Sales margin volume variance = Standard profit – Budgeted Profit
= {Actual quantity – Budgeted quantity} * Standard profit per unit

d) Sales margin mix variance = Standard profit – Revised Standard profit
= {Actual quantity – Revised standard quantity} * Standard profit per unit

e) Sales margin quantity variance = Revised standard profit - Budgeted profit
= {Revised standard quantity – Budgeted quantity} * Standard profit per unit



STANDARD COSTING

Diagrammatic Representation: -
Material Variance: -


Material cost variance = SC – AC = (SQ*AQ) – (AQ*AP)

Labour Variances:-

Labour Cost variance = SC – AC = (SH*SR) – (AH*AR)

Fixed Overhead Variance : -
a) Standard OH = Standard hrs for actual output * Standard OH rate per hour

b) Absorbed OH = Actual hrs * Standard OH rate per hour

c) Budgeted OH = Budgeted hrs * Standard OH rate per hour

d) Actual OH = Actual hrs * Actual OH rate per hour

e) Revised Budgeted Hour = Actual Days * Budgeted Hours per day
(Expected hours for actual days worked)

When Calendar variance is asked then for capacity variance Budgeted Overhead is (Budgeted days * Standard OH rate per day)

Revised Budgeted Hour (Budgeted hours for actual days) = Actual days * Budgeted
hours per day

Variable Overhead Variance : -



Sales Value Variances : -


Sales value variance = Actual Sales – Budgeted Sales




Sales Margin Variances : -



Total sales margin variance = (Actual Profit–Budgeted price)
= {Actual quantity * Actual profit per unit}-
{Budgeted quantity * Standard profit per unit}

[Where :-

SC = Standard Cost, AC = Actual Cost
SP = Standard Price, SQ = Standard Quantity
AP = Actual Price, AQ = Actual Quantity
AY = Actual Yield, SY = Standard Yield
RSQ = Revised Standard Quantity, SR = Standard Rate,
ST = Standard Time AR = Actual Rate,
AT = Actual Time RST = Revised Standard Time,
BP = Budgeted Price, BQ = Budgeted Quantity
RBT = Revised Budgeted Time
BMPU = Budgeted Margin per Unit
AMPU = Actual Margin per Unit

Reconciliation:-
Reconciliation statement is prepared to reconcile the actual profit with the budgeted profit
Particulars Favorable Unfavorable (Rs)
Budgeted Profit :
Add Favorable variances
Less Unfavorable variances
Sales Variances : Sales price variance
Sales mix variance
Sales quantity variance
Cost variance :-
Material : Cost variance
Usage variance
Mix variance
Labour : Rate variance
Mix variance
Efficiency variance
Idle time variance
Fixed overhead variance : Expenditure variance
Efficiency variance
Fixed overhead variance : Expenditure variance
Efficiency variance
Capacity variance
Calendar variance


NON-INTEGRATED ACCOUNTS


Scheme of journal entries:-

Material:

a) For material purchases (cash or credit)
i) Material control a/c Dr
To Cost ledger control a/c

ii) Stores ledger control a/c Dr
To Material control a/c

b) Purchases for a special job
Work-in-progress ledger control a/c Dr
To Cost ledger control a/c

c) Material returned to vender
Cost ledger control a/c Dr
To Stores ledger control a/c

d) Material (direct) issued to production
Work-in-progress control a/c Dr
To Stores ledger control a/c

e) Material (indirect) issued to production
Manufacturing overheads a/c Dr
To Stores ledger control a/c

f) Material returned from shop to stores
Stores ledger control a/c Dr
To Work-in-progress control a/c

g) Material transferred from Job 1 to Job 2
Job 2 a/c Dr
To Job 1 a/c

i) Material issued from stores for repairs
Manufacturing overhead a/c Dr
To Stores ledger control a/c
Labour:

a) Direct wages paid
i) Wage control a/c Dr
To Cost ledger control a/c

ii) Work-in-progress a/c Dr
To Wage control a/c

b) Indirect wages paid to workers in Production,
Administration, Selling and Distribution departments
i) Wage control a/c Dr
To Cost ledger control a/c

ii) Production Overhead a/c Dr
Administrative Overhead a/c Dr
Selling & Distribution Overhead a/c Dr
To Wage control a/c

c) Direct Expenses on a particular job
Job a/c Dr
To Cost ledger control a/c

Overheads:-

a) Overhead expenses incurred
Production overhead a/c Dr
Administrative Overhead a/c Dr
Selling & Distribution Overhead a/c Dr
To cost ledger control a/c

b) Carriage inward
Manufacturing Overhead a/c Dr
To Cost ledger control a/c

c) Production Overheads recovered
Work-in-progress control a/c Dr
To Production Overhead a/c

d) Administrative Overhead recovered from finished goods
Finished goods ledger control a/c Dr
To Administrative Overhead a/c

e) Selling and Distribution Overhead recovered from sales
Cost of sales a/c Dr
To Selling & Distribution a/c

f) If over/under absorbed amounts are carried forward to subsequent year, the
balance of each Overhead account will have to be transferred to respective
Overhead suspense (or reserve) Accounts as follows:

i) For over recovery : Production Overhead a/c Dr
To Production overhead suspense a/c

ii) For under recovery : Administrative Overhead Suspense a/c Dr
To Administrative Overhead a/c

Selling & Distribution Overhead Suspense a/c Dr
To Selling & Distribution Overhead a/c

g) In case the Under/Over absorbed overheads are transferred to costing profit & loss
a/c then the relevant entries are:
i) For Over recovery: Production Overhead a/c Dr
To Costing Profit & Loss a/c

ii) For Under recovery: Costing Profit & Loss a/c Dr
To Administration Overhead a/c

Sales:-

For sales effected: Cost ledger control a/c Dr
To Costing Profit & Loss a/c

Profit / Loss:

a) In case of profit the entry is as follows
Costing Profit & Loss a/c Dr
To Cost ledger control a/c

b) Reverse the entry in case of loss

The main accounts which are usually prepared when a separate cost ledger is maintained is as follows:-

i) Cost ledger control a/c
ii) Stores ledger control a/c
iii) Work-in-progress control a/c
iv) Finished goods control a/c
v) Wage control a/c
vi) Manufacturing/Production/Works Overheads a/c
vii) Administrative Overhead a/c
Viii) Selling & Distribution Overhead a/c
ix) Cost of sales a/c
x) Costing profit & loss a/c

Transfer Pricing

A transfer price is the amount of money that one unit of an organisation charges for goods and services to another unit of an organisation.

One of the key aspects here is that a transfer price is equivalent to an ordinary selling price and that any department or division that sets a transfer price is effectively selling its goods and services at a profit or a loss to another department or division within its organisation. Any part of an organisation using transfer pricing will be classed as a profit centre: since it is operating with a view to making a profit (whether positive, profit, or negative, loss). If goods and services are transferred between departments and divisions at cost, then no profit or loss arises and the issue of transfer pricing does not, or should not, arise.

Organisations have a system of transfer pricing, therefore, in order to assess the efficiency and effectiveness of its department and divisional managers. This maybe in spite of the fact that transfer prices may be artificial in the sense that it is felt that there is no rationale for “selling” between departments and divisions.

Criteria for fixing Transfer Pricing:-

i) External Capacity not fully utilized = Variable Cost

ii) Capacity fully Utilized
a) If single product :-
Selling Price (–) Selling Expenses

b) If multiple product
Variable cost + Opportunity cost (measured on the basis of Product actually sacrificed)

iii) If no market for Intermediate product
Cost of supplying division of optimum level
(-) Cost of the supplying division at previous output level.
Difference in Output

(This would be equal to Variable cost when Fixed Cost is same at all levels)

Note:-

i) Ignore Variable Selling expenses on Inter Department Transfer
ii) In case of (ii) above If selling expenses is not given we have to assume some % as selling Expenses but it should not exceed 5% .

Budgetary Control

Budget Ratios:-

1) Capacity usage Ratio
= . Budgeted Hours . * 100
Maximum possible working hours in budget period

2) Standard Capacity Employed Ratio
= Actual Hours Worked * 100
Budgeted hours

3) Level of Activity Ratio
= Standard Hours for Actual Production * 100
Standard Hours for Budgeted Production

4) Efficiency Ratio
= Standard Hours for Actual Production * 100
Actual Hours

5) Calendar Ratio
= Actual Working days * 100
Budgeted working days

Zero Base Budgeting:

The name zero base budgeting derives from the idea that such budgets are developed from a zero base: that is, at the beginning of the budget development process, all budget headings have a value of ZERO. This is in sharp contrast to the incremental budgeting system in which in general a new budget tends to start with a balance at least equal to last year's total balance, or an estimate of it.

Definition of Zero Base Budgeting (ZBB)

“A method of budgeting whereby all activities are reevaluated each time a budget is set. Discrete levels of each activity are valued and a combination chosen to match funds available”.



Objectives and Benefits of ZBB

What zero base budgeting tries to achieve is an optimal allocation of resources that incremental and other budgeting systems probably cannot achieve. ZBB starts by asking managers to identify and justify their area(s) of work in terms of decision packages (qv).

An effective zero base budgeting system benefits organisations in several ways. It will

• Focus the budget process on a comprehensive analysis of objectives and needs
• Combine planning and budgeting into a single process
• Cause managers to evaluate in detail the cost effectiveness of their operations
• Expand management participation in planning and budgeting at all levels of the organisation

Activity Based costing

In Traditional Method we split the Over Head incurred in production, based on machine hours which are not acceptable for many reasons.

In ABC method Over Head are splited according to the related activity, for each type of Over Head. Overhead are apportioned among various Production cost centers on the basis of Activity cost drivers.

Relevant Costing - some theory

Introduction: -

A management decision involves predictions of costs & revenues. Only the costs and revenues that will differ among alternative actions are relevant to the decision. The role of historical data is to aid the prediction of future data. But historical data may not be relevant to the management decision itself. Qualitative factors may be decisive in many cases, but to reduce the number of such factors to be judged, accountants usually try to express many decision factors as possible in quantitative terms.

Meaning of Relevant Costs: -

Relevant costs represent those future costs that will be changed by a particular decision. While irrelevant costs are those costs that will not be affected by a decision. In the short run, if the relevant revenues exceed the relevant costs then it will be worthwhile accepting the decision. Therefore relevant costs playa major role in the decision-making process of an organization. A particular cost can be relevant in one situation but irrelevant in another, the important point to note is that relevant costs represent those future costs that will be changed by a particular decision, while irrelevant costs are those costs that will not be affected by that decision. We shall now see what are relevant costs and revenues for decision-making process. In summary relevant information concerns:

Other Important Terminologies : -

Relevant costs are costs appropriate to aiding the making of specific management decisions. Actually, to affect a decision a cost must be:

Future: Past costs are irrelevant as they are not affected them by future decisions & decisions should be made as to what is best now.


Incremental: This refers to additional revenue or expenditure, which may appear as a result of our decision-making.
(A cash flow - Such charges as depreciation may be future but do not represent cash flows and, as such, are not relevant.)

Sunk costs: Past costs, not relevant for decision making


Committed costs: This is future in nature but which arise from past decisions, perhaps as the result of a contract.

Relevant Costs: Problem areas:

1 Problems in determining the relevant costs of materials:

When considering various decisions, if the any materials required is not taken from existing stocks but would be purchased on a later date, then the estimated purchase price would be the relevant material cost. A more difficult problem arises when materials are taken from existing stock. In this situation the relevant cost of materials for a particular job (say job X) depends on

Material is in regular use of the company
Material is not in regular use of the company
Material is in short supply.

If the material is in regular use of the company then the material taken from existing stock requires replacement for the purpose of regular use therefore the relevant cost of material will be the Replacement cost.

If the material is not in regular use of the company the relevant cost of the materials depends on their alternative use. The alternative use of the materials will be either to sell them or to use them on other jobs. Hence the cost of using the materials results in an opportunity cost consisting of either

The net sales revenue if the materials were sold (or) The expense that would be avoided if the materials were used on some other job Whichever is greater.

If the material is in short supply the only way material for the job under consideration can be obtained is by reducing production of some other product / job. This would release material for the order. but the reduced production will result in loss of contribution which should be taken in to account when ascertaining the relevant costs for the specific order. Therefore the relevant cost will be Contribution lost (before the material cost since the material cost will be incurred in any case) will be the relevant cost.
labour:
2 Determining the direct labour that are relevant to short - term decision depends on the circumstances.

Where a company has temporary sparse capacity and the labour force is to be maintained in the short - term, the direct labour cost incurred will remain same for all alternative decisions. The direct labour cost will therefore be irrelevant for short - term decision - making purposes.
However where casual labour is used and where workers can be hired on a daily basis; a company may then adjust the employment of labour to exactly the amount required to meet the production requirements. The labour cost will increase if the company accepts additional work, and will decrease if production is reduced. In this situation the labour cost be a relevant cost for decision - making purposes.

In a situation where full capacity exists and additional labour supplies are unavailable in the short - term, and where no further overtime working is possible, the only way that labour resources could then be obtained for a specific order would be to reduce existing production. This would release labour for the order. but the reduced production will result in loss of contribution, which should be taken in to account when ascertaining the relevant costs for the specific' order. Therefore the relevant cost will be Contribution lost (before the labour cost) will be the relevant cost.

PROBLEMS

1. In a firm, material A has no alternative uses and 200 units of which lie in stock. The information below has been collected. You are required to find the relevant price of 120 units and 250 units respectively.
Book value
Current price
Sale price obtainable

Rs.2 per kg Rs.3 per kg Rs.2.80 per kg

2. Assume in the above problem the material is in regular use of the company

3. Assume in the above problem the material is in short ‘supply and it is not possible to obtain the stock of material for some more time. At present the material is used in another product on which a contribution at the rate of Rs.1 O/unit is earned (after meeting the material cost). Each unit of the product requires 1 KG of Raw material A.

2 thanks brother on Mon 1 Feb 2010 - 18:00

krishna_21


thanks brother

3 Re: Costing notes on Mon 1 Feb 2010 - 18:04

bhomiavarun


CSoC Smart User
CSoC Smart User
No need to say thnx dear,
I will soon post notes of other subject as well. just show ur thankfulness by scoring good in the exam.
That's my only moto of posting these notes on this gr8 site for we CS people

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