A. Production Cost
1. Identify elements of cost of product, job or services.
2. Account for elements of cost to accumulate the cost of product, job or services using absorption, marginal and activity-based costing.
3. Account for over or under-absorbed overheads.
4. Apply appropriate technology and inventory valuation techniques for finished goods inventory in the absorption costing system.
5. Apply appropriate technology and techniques to analyze cost behavior and the drivers of costs
B. Raw Material
1. Apply appropriate technology and inventory valuation and measurement techniques for raw material inventory
C. Manufacturing Overhead
1. Analyze costs of production and service departments for allocation and apportionment of production costs.
2. Calculate predetermined factory overheads rate.
D. Labour
1. Discuss productivity and efficiency measurement in relation to controlling labor costs.
2. Explain the concept of remuneration systems, incentive wage plans and types therein.
3. Compute the impact of a learning curve on the productivity of employees.
E. Manufacturing Accounts
1. Prepare manufacturing accounts.
A. Process Costing 1. Analyze and account for the flow of cost in the process costing system. 2. Analyze and account for normal and abnormal loss, abnormal gain and cost of rework in process costing. 3. Apply appropriate technology and inventory valuation techniques on work in process and finished goods in process costing system. 4. Analyze and account for the cost of joint and by-product. B. Target Costing 1. Apply the target costing tools to given scenarios. C. Variance Analysis 1. Compute standard rates of material, labor and factory overhead. 2. Analyze different variances.
A. Cost-Volume-Profit 1. Analyze cost-volume-profit to support decision making. B. Special Orders 1. Analyze incremental cost-benefit and contribution margin for a special order. C. Make or Buy Decisions 1. Analyze incremental cost-benefit and contribution margin to take product mix, make or buy decision. D. Further Processing Decisions 1. Analyze incremental cost-benefit for further processing decision. E. Shut Down and Product Discontinuation Decisions 1. Analyze cost-benefit to take shut down and product continuation or discontinuation decisions. F. Economic Order Quantity (EOQ) 1. Calculate EOQ G. Safety Stock and Re-order level 1. Calculate safety stock and re-order levels.
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Tag Region’s Prize Winner (SBL)
Master the tools and techniques used by management to plan, control, and make informed business decisions. This course focuses on cost accumulation, budgeting, and performance evaluation, bridging the gap between raw data and strategic financial management.