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  Treatment of Elements of Cost

Treatment of Elements of Cost

The following treatment is provided to the several elements of cost.

Ø   Materials:

Specific transactions relating to material are kept in the financial accounts also. Instances of such type of transactions are return of materials, purchase of material. These transactions are kept in financial and cost accounts. Alternatively, specific transactions such as transfer of material from one job to the other one, issue of materials from stores, return of excess materials to stores are kept in cost accounts only.

Ø   Labour:

Wages paid are recorded in the cost accounts by wages control account and the general ledger adjustment account.

Ø   Overheads:

Several types of overheads such as production, administration and selling and distribution are absorbed to the products on a number of appropriate basis. The production overhead accounts are added along with the amount of overheads absorbed and the work in progress account is added. The amount absorbed is added to the administrative overhead account and finished stock account is subtracted in case of administrative overhead account. Selling and distribution overheads are added to the selling and distribution overhead account and subsequent debit is provided to the cost of sales account. At last, the amount of under/over absorbed overheads is transferred to the Costing Profit and Loss A/c.

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