Job Order Costing [PART 2] - Laporan ala Cost Accounting, bisa untuk Catering atau Konveksi lho...

Summary

In this video, viewers learn to create a formal financial report for catering using cost accounting principles, building on previous lessons about job order costing. The case study follows Mr. Nyoman, who prepares a quotation for 100 packs of sausage potatoes for a hotel, detailing cost calculations for ingredients, labor, and overhead. The tutorial explains the transformation of costs from raw materials to work in process, and finally to finished goods, alongside the recording of transactions. The video concludes with insights into managing underapplied and overapplied overhead costs, emphasizing practical applications for external reporting.

Takeaways

• 😀 The video covers the process of creating a financial report for catering using cost accounting principles.
• 📊 It builds on a previous lesson about Job Order Costing, focusing on formal reporting for external stakeholders.
• 💰 Mr. Nyoman estimates the product cost for 100 packs of sausage potatoes at Rp15,000 per pack, with an offer price of Rp20,000.
• 🧾 The initial transaction records include purchasing raw materials for a total of Rp2,700,000, which is debited from raw materials and credited to cash.
• 🍽️ The cost object shifts from raw materials to Work in Process (WIP) when ingredients are being prepared.
• 👩‍🍳 Direct labor costs are recorded differently: Mrs. Ketut's salary is assigned to WIP, while Mr. Nyoman's salary is classified as overhead.
• 🔌 Indirect costs, such as electricity and gas, are also recorded in the overhead account.
• 📝 Total manufacturing costs include direct materials, direct labor, and overhead, amounting to Rp1,325,000 for the sausage potatoes.
• 📦 When products are completed, costs are transferred from WIP to Finished Goods, ensuring accurate accounting.
• 📈 COGS is recorded upon sale, and adjustments are made for underapplied overhead, affecting the final COGS figure.

Q & A

What is the main focus of the video?

The video teaches how to create a financial report for catering based on cost accounting principles.

What was covered in the previous video about Job Order Costing?

The previous video discussed calculating product costs and creating a simple report.

What specific costs did Mr. Nyoman consider for the sausage potatoes order?

Mr. Nyoman considered the costs of potatoes, sausages, labor, and indirect costs like electricity and gas.

How is the cost of raw materials recorded in accounting?

Raw materials are debited when purchased and credited to cash when the transaction occurs.

What happens to the cost object when raw materials are processed?

The cost object changes from raw materials to Work in Process (WIP) when the materials are being processed.

What distinguishes direct labor costs from indirect labor costs in this scenario?

Direct labor costs are assigned to WIP (e.g., Mrs. Ketut's salary), while indirect labor costs (e.g., Mr. Nyoman's salary) are assigned to Overhead.

What is the Predetermined Overhead Rate used for?

The Predetermined Overhead Rate is used to allocate indirect costs to products based on estimated labor hours.

How is the total cost of goods manufactured (COGM) calculated?

COGM is calculated by summing direct materials, direct labor, and overhead costs, and adjusting for any beginning WIP.

What is the significance of the term 'unadjusted' in relation to COGS?

The term 'unadjusted' indicates that the COGS figure does not yet account for underapplied or overapplied overhead costs.

How can businesses handle underapplied overhead costs?

Businesses can either apply underapplied overhead to COGS or allocate it to WIP and finished goods inventory, depending on their inventory practices.