{"id":145,"date":"2017-01-20T11:37:00","date_gmt":"2017-01-20T11:37:00","guid":{"rendered":"https:\/\/www.thetrainingplace.org\/blog\/2017\/01\/20\/absorption-marginal-costing-part-1\/"},"modified":"2024-11-22T16:20:56","modified_gmt":"2024-11-22T16:20:56","slug":"absorption-marginal-costing-part-1","status":"publish","type":"post","link":"https:\/\/www.thetrainingplace.org\/blog\/2017\/01\/absorption-marginal-costing-part-1\/","title":{"rendered":"ABSORPTION & MARGINAL COSTING: Part 1"},"content":{"rendered":"
ABSORPTION & MARGINAL COSTING:<\/span><\/u><\/b><\/div>\n
<\/a>Absorption costing<\/span><\/b><\/div>\n
This is a costing system where the total manufacturing costs (fixed and variable costs) are charged against the product and are treated as product cost. It sets out each unit of inventory at the total cost to produce it, which will include the fixed production overheads. <\/span><\/div>\n
<\/div>\n
This can be represented as below;<\/span><\/div>\n
<\/div>\n
<\/a>\u00a0<\/span><\/div>\n
<\/div>\n
<\/div>\n
<\/div>\n
<\/div>\n
<\/div>\n
<\/div>\n
<\/div>\n

\n<\/span><\/b>
\nMarginal costing<\/span><\/b><\/div>\n
This is a costing system where each unit of product is valued at the total variable costs of producing each unit. The unit cost will include the cost of direct materials, direct labour, direct expenses and variable production overheads. The fixed costs are charged in full in the statement of profit or loss.\u00a0<\/span><\/div>\n
This can be represented as below;<\/span><\/div>\n
<\/div>\n
<\/a><\/div>\n
<\/div>\n
<\/div>\n
<\/div>\n
<\/div>\n
<\/div>\n
<\/div>\n


<\/p>\n

\u00a0<\/span>Exercise:<\/span><\/b><\/div>\n
The following budgeted figures relate to a factory that produces a single product. Overheads are absorbed on a budget production basis and inventory is valued on a FIFO basis.<\/span><\/div>\n\n\n\n\n\n\n\n\n\n\n\n
\n
<\/div>\n<\/td>\n
\n
Month 1<\/span><\/div>\n<\/td>\n
\n
Month 2<\/span><\/div>\n<\/td>\n
\n
Month 3<\/span><\/div>\n<\/td>\n<\/tr>\n
\n
Opening
\ninventory (units)<\/span><\/div>\n<\/td>\n
\n
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0<\/span><\/div>\n<\/td>\n
\n
<\/div>\n<\/td>\n
\n
<\/div>\n<\/td>\n<\/tr>\n
\n
Selling
\nprice (\u00a3)<\/span><\/div>\n<\/td>\n
\n
\u00a0\u00a0 160<\/span><\/div>\n<\/td>\n
\n
\u00a0\u00a0 150<\/span><\/div>\n<\/td>\n
\n
\u00a0\u00a0 150<\/span><\/div>\n<\/td>\n<\/tr>\n
\n
Production
\n(units)<\/span><\/div>\n<\/td>\n
\n
6,000<\/span><\/div>\n<\/td>\n
\n
6,000<\/span><\/div>\n<\/td>\n
\n
5,000<\/span><\/div>\n<\/td>\n<\/tr>\n
\n
Sales
\n(units)<\/span><\/div>\n<\/td>\n
\n
5,500<\/span><\/div>\n<\/td>\n
\n
4,200<\/span><\/div>\n<\/td>\n
\n
5,500<\/span><\/div>\n<\/td>\n<\/tr>\n
\n
Direct
\nmaterials per unit (\u00a3)<\/span><\/div>\n<\/td>\n
\n
\u00a0\u00a0\u00a0 22<\/span><\/div>\n<\/td>\n
\n
\u00a0\u00a0\u00a0 22<\/span><\/div>\n<\/td>\n
\n
\u00a0\u00a0\u00a0 22<\/span><\/div>\n<\/td>\n<\/tr>\n
\n
Direct
\nlabour per unit (\u00a3)<\/span><\/div>\n<\/td>\n
\n
\u00a0\u00a0\u00a0 20<\/span><\/div>\n<\/td>\n
\n
\u00a0\u00a0\u00a0 20<\/span><\/div>\n<\/td>\n
\n
\u00a0\u00a0\u00a0 20<\/span><\/div>\n<\/td>\n<\/tr>\n
\n
Variable
\nproduction costs (\u00a3)<\/span><\/div>\n<\/td>\n
\n
126,000<\/span><\/div>\n<\/td>\n
\n
129,000<\/span><\/div>\n<\/td>\n
\n
112,500<\/span><\/div>\n<\/td>\n<\/tr>\n
\n
Fixed
\nproduction costs (\u00a3)<\/span><\/div>\n<\/td>\n
\n
186,000<\/span><\/div>\n<\/td>\n
\n
186,000<\/span><\/div>\n<\/td>\n
\n
186,000<\/span><\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
<\/div>\n
You are required to prepare the cost statements under absorption and marginal costing systems for months 2 and 3.<\/span>
\n
\n<\/span><\/p>\n
Yours Sincerely,<\/span><\/div>\n
The Friendly Team<\/span>
\n
\n<\/span>The Training Place of Excellence Limited<\/span><\/div>\n

<\/h4>\n

 <\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

ABSORPTION & MARGINAL COSTING: Absorption costing This is a costing system where the total manufacturing costs (fixed and variable costs) are charged against the product and are treated as product cost. It sets out each unit of inventory at the total cost to produce it, which will include the fixed production overheads. This can be … Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-145","post","type-post","status-publish","format-standard","hentry","category-uncategorised"],"yoast_head":"\nABSORPTION & MARGINAL COSTING: Part 1 - The Training Place Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.thetrainingplace.org\/blog\/2017\/01\/absorption-marginal-costing-part-1\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ABSORPTION & MARGINAL COSTING: Part 1 - The Training Place Blog\" \/>\n<meta property=\"og:description\" content=\"ABSORPTION & MARGINAL COSTING: Absorption costing This is a costing system where the total manufacturing costs (fixed and variable costs) are charged against the product and are treated as product cost. 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