The basic purpose of doing Cost Accounting is to keep track of all Cost related information for the management so that they can check the Cost expenses and Compare it with previous year figures to see if there is any adverse spending by the Factory Department. Cost Accounting is also used by the managers to ascertain the Unit cost of a product and based on which Selling price of the product is ascertained. Cost Accounting Assignment help becomes tough for the student because of the various term involved in it and the kind of treatment that needs to be done for ascertaining the correct price of the goods. Another important Concept of Cost Accounting is that it is applicable mostly on the manufacturing concerns. Experts at Assignment Consultancy feels that to explain the entire concept of Cost Accounting Assignment help and Cost Accounting Homework Help, the best way is to use an Example so that Students can realize what they are doing and what is the purpose of Cost Accounting Help. For Instance
R corporation Inc. is a manufacturing concern who has the cost record for the last two years which is as follows:
|Particulars||Year 1||Year 2|
|Direct Material (kg’s) for 10000 Units||20000||23000|
|Direct Labor hrs. for 10000 units||1000||1100|
|Price of Direct Material Per kg’s||5||5|
|Price of Direct Labor per hour||4||4|
|Overhead Cost for 10000 units||50000||50000|
|Direct Material Cost||100000||115000|
|Direct Labor Cost||4000||4400|
|Total Cost for 10000 units||154000||169400|
|Cost Per Unit||15.4 $||16.94 $|
If we analyze the Cost Accounting Information of R corporation Inc., a Student can understand for producing same 10000 units in Year 2, Company has used 3000 kegs of Material and 100 direct labor hours extra. This helps us in knowing that there was an abnormal use of Direct Materials and Labor hours which leads to rise in unit cost of a product in year 2 to 16.94 $ compared to 15.4$ in Year 1 and this will help management to take corrective actions to minimize usage of abnormal use of resources . This makes Cost Accounting Homework help tough for the student to understand as they don’t analyze the information from Scratch.
We, at Assignment Consultancy don’t feed students but we help them to understand the concept so that it will help them to remember it. To explain Cost Accounting in a simple language, it is an accounting method which helps managers in Classifying, recording and analyzing all cost related information so that management can make effective use of resources and determine the selling price of a product to make best possible savings for the incorporation.
Some of the basics of Objectives of doing Cost accounting can be classified as follows :
a) To make effective Control on Cost Incurred – Cost control
b) To Calculate the true Value of an inventory — Inventory Valuation
c) Ascertaining Unit Cost of a Product
d) To Calculate the exact Profit or loss per unit of a Product
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