This course is structured to enable the student to analyse the various elements of manufacturing costs. Emphasis is placed on the calculation of unit cost of a product or service and the recording of the relevant cost information.
By the end of this course of study, you should be able to:
- distinguish various types of costs
- demonstrate understanding of inventory planning and control and apply modern inventory management techniques such as JIT and MRP.
- compute gross and net wages and apply various wage incentive schemes.
- construct an overhead analysis sheet and calculate cost centre allocation rates.
- explain the features of a job order costing system
- record the transactions in a job order costing system in the relevant ledger accounts and prepare financial statements.