Job Order Costing System And Cost Management Techniques

Requirement a:

Costing system based on job order is mainly used by manufacturing business for evaluating total number of products produces in a single batch and it is used extensively. Allocation of costs becomes difficult for companies, job for different products and orders needs to be determined. Computation of expenses per unit is done by cost that is allocated to any particular job divided by number of unit produced in the job (Christ and Burritt 2015).

Requirement b:

 

 Requirement c:

  Requirement c:

MANAGEMENT ACCOUNTING

Requirement f:

Turramurra Furniture is facing some issues relating to under utilization and over utilization of overhead products. The accounting adjustments made by firm would help in resolving such existing problems relating to over and under application of manufacturing overhead (Otley 2016).

Requirement g:

Organization is engaged in development of wide range of products and it has the intention of incorporating the activity based costing system for evaluation of costs incurred. Management of expenses and costs can be controlled in an efficient way using this technique of costing. Accumulation of products and assessment of finished goods are done by acquiring knowledge that is related to operation process of organization. In the given case, main objective of organization is to gain an in depth detail about product process costs and their allocation to each stages of productions. Therefore, this particular costing system will help in addressing range of products and applications related to overhead (Lanen 2016).

Reference & Bibliography:

Christ, K.L. and Burritt, R.L., 2015. Material flow cost accounting: a review and agenda for future research. Journal of Cleaner Production, 108, pp.1378-1389

Cooper, D.J., Ezzamel, M. and Qu, S.Q., 2017. Popularizing a management accounting idea: The case of the balanced scorecard. Contemporary Accounting Research.

Fullerton, R.R., Kennedy, F.A. and Widener, S.K., 2014. Lean manufacturing and firm performance: The incremental contribution of lean management accounting practices. Journal of Operations Management, 32(7), pp.414-428.

 Heizer, J., 2016. Operations Management, 11/e. Pearson Education India.

Lanen, W., 2016. Fundamentals of cost accounting. McGraw-Hill Higher Education.

Otley, D., 2016. The contingency theory of management accounting and control: 1980–2014. Management accounting research, 31, pp.45-62.

Schaltegger, S. and Zvezdov, D., 2015. Expanding material flow cost accounting. Framework, review and potentials. Journal of Cleaner Production, 108, pp.1333-1341.