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# 会计代写|管理会计代写MANAGEMENT ACCOUNTING代考|PRICING THE ISSUES OF MATERIALS

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## 会计代写|管理会计代写MANAGEMENT ACCOUNTING代考|PRICING THE ISSUES OF MATERIALS

A difficulty that arises with material issues is the cost to associate with each issue. This is because the same type of material may have been purchased at several different prices. Actual cost can take on several different values, and some method of pricing material issues must be selected. Consider the situation presented in Example 4.1

There are three alternative methods that you might consider for calculating the cost of materials issued to job $\mathrm{Z}$ which will impact on both the cost of sales and the inventory valuation that is incorporated in the April monthly profit statement and balance sheet. First, you can assume that the first item received was the first item to be issued, that is first in, first out (FIFO). In the example the 5000 units issued to job Z would be priced at $£ 1$ and the closing inventory would be valued at $£ 6000$ ( 5000 units at $£ 1.20$ per unit).
Second, you could assume that the last item to be received was the first item to be issued, that is, last in, first out (LIFO). Here a material cost of $£ 6000$ ( 5000 units at $£ 1.20$ per unit) would be recorded against the cost of job $\mathrm{Z}$ and the closing inventory would be valued at $£ 5000$ (5000 units at $£ 1$ per unit).

Third, there may be a strong case for issuing the items at the average cost of the materials in stock (i.e. $£ 1.10$ per unit). With an average cost system the job cost would be recorded at $£ 5500$ and the closing inventory would also be valued at $£ 5500$. The following is a summary of the three different materials pricing methods relating to Example 4.1:
\begin{tabular}{|c|c|c|c|}
\hline & $\begin{array}{c}\text { Cost of sales } \ \text { (i.e. charge to job Z) } \ (E)\end{array}$ & $\begin{array}{c}\text { Closing inventory } \ (E)\end{array}$ & $\begin{array}{l}\text { Total costs } \ \text { (E) }\end{array}$ \
\hline First in first out (FIFO) & $5000(5000 \times £ 1)$ & $6000(5000 \times £ 1.20)$ & 11000 \
\hline Last in, first out (LIFO) & $6000(5000 \times £ 1.20)$ & $5000(5000 \times £ 1)$ & 11000 \
\hline Average cost & $5500(5000 \times £ 1.10)$ & $5500(5000 \times £ 1.10)$ & 11000 \
\hline
\end{tabular}
FIFO appears to be the most logical method in the sense that it makes the same assumption as the physical flow of materials through an organization; that is, it is assumed that items received first will be issued first.

## 会计代写|管理会计代写MANAGEMENT ACCOUNTING代考|RECORDING THE PURCHASE OF RAW MATERIALS

The entry to record the purchase of materials in transaction 1 is
Dr Stores ledger control account
182000
Cr Creditors control account
182000
This accounting entry reflects the fact that the company has incurred a short-term liability to acquire a current asset consisting of raw material inventory. Each purchase is also entered in the receipts column of an individual stores ledger account (a separate record is used for each item of materials purchases) for the quantity received, a unit price and amount. In addition, a separate credit entry is made in each individual creditor’s account. Note that the entries in the control accounts form part of the system of double entry, whereas the separate entries in the individual accounts are detailed subsidiary records, which do not form part of the double entry system.
The entry for transaction 2 for materials returned to suppliers is:
Dr Creditors control account 2000 Cr Stores ledger control account 2000
An entry for the returned materials is also made in the appropriate stores ledger records and in the individual creditors’ accounts.

RECORDING THE ISSUE OF MATERIALS
The storekeeper issues materials from store in exchange for a duly authorized stores requisition. For direct materials the job number will be recorded on the stores requisition, while for indirect materials the overhead account number will be entered on the requisition. The issue of direct materials involves a transfer of the materials from stores to production. For transaction 3, material requisitions will have been summarized and the resulting totals will be recorded as follows:
Dr Work in progress account
Cr Stores ledger control account
165000
165000
This accounting entry reflects the fact that raw material inventory is being converted into work in progress (WIP) inventory. In addition to the above entries in the control accounts, the individual jobs will be charged with the cost of the material issued so that job costs can be calculated. Each issue is also entered in the issues column on the appropriate stores ledger record.
The entry for transaction 4 for the issue of indirect materials is:
Dr Factory overhead control account 10000 Cr Stores ledger control account 10000
In addition to the entry in the factory overhead account, the cost of material issued will be entered in the individual overhead accounts. These separate overhead accounts will normally consist of individual indirect material accounts for each responsibility centre. Periodically, the totals of each responsibility centre account for indirect materials will be entered in performance reports for comparison with the budgeted indirect material cost.

## 会计代写|管理会计代写MANAGEMENT ACCOUNTING代考|PRICING THE ISSUES OF MATERIALS

\begin{tabular}{|c|c|c|c|}
\hline & $\begin{array}{c}\text { Cost of sales } \ \text { (i.e. charge to job Z) } \ (E)\end{array}$ & $\begin{array}{c}\text { Closing inventory } \ (E)\end{array}$ & $\begin{array}{l}\text { Total costs } \ \text { (E) }\end{array}$ \hline First in first out (FIFO) & $5000(5000 \times £ 1)$ & $6000(5000 \times £ 1.20)$ & 11000 \hline Last in, first out (LIFO) & $6000(5000 \times £ 1.20)$ & $5000(5000 \times £ 1)$ & 11000 \hline Average cost & $5500(5000 \times £ 1.10)$ & $5500(5000 \times £ 1.10)$ & 11000 \hline
\end{tabular}
FIFO似乎是最合乎逻辑的方法，因为它与通过组织的物质物理流动的假设相同;也就是说，假定首先收到的物品将首先发出。

## 会计代写|管理会计代写MANAGEMENT ACCOUNTING代考|RECORDING THE PURCHASE OF RAW MATERIALS

182000

182000

Dr债权人控制账户2000 Cr商店分类账控制账户2000

Cr总账控制账户
165000
165000

Dr工厂间接费用控制账户10000 Cr仓库总账控制账户10000

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