Process Costing | CA Inter Cost & Management Accounting Chapter 10 | As Per ICAI New Scheme

Process Costing | CA Inter Cost & Management Accounting Chapter 10 | As Per ICAI New Scheme

In This Video We Will Discuss Process Costing all Concepts and Problems With Solutions and CA Intermediate Cost Accounting Chapter – 10 Have Been Discussed By Chandan Poddar Sir For CA Intermediate Grooming Education. #CostingCommando

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⚫ 𝐂𝐀 𝐈𝐧𝐭𝐞𝐫 𝟑.𝟎: 𝐆𝐫𝐨𝐮𝐩 𝟏
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⚫ 𝐂𝐀 𝐈𝐧𝐭𝐞𝐫 𝟑.𝟎: 𝐆𝐫𝐨𝐮𝐩 𝟐
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⚫ 𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐨𝐮𝐫 𝐄𝐬𝐜𝐡𝐨𝐥𝐚𝐫𝐬 𝐀𝐈 𝐀𝐩𝐩
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Topics Covered:-
Introduction and basic question
Treatment of abnormal loss
Treatment of abnormal gain
Question for practice
Question for practice - 2
Statement of equivalent production
Statement of equivalent production part 2 Ab. loss and gain
Complete question of WIP FIFO method
Complete question of WIP weighted average method
Output partly sold and partly transferred to next process

Time Stamp:
0:00 Intro
0:13 Process Costing
27:28 Summary
28:37 Question
38:50 Incomplete Units
48:24 Fifo Method
1:15:56 Summary
1:23:19 Computation of Cost Per Unit
1:27:48 Valuation
1:46:45 Summary

MEANING OF PROCESS COSTING: Process Costing is a method of costing used in industries where
the material has to pass through two or more processes for being converted into a final product. It is defined as "a method Of Cost Accounting whereby costs are charged to processes or operatlons and averaged over units produced'. A separate account for each process is opened and all expenditure pertaining to a process is charged to that process account. Such type of costing method is useful in the manufacturing of products like steel, paper, medicines, soaps, chemicals, rubber, vegetable oil, paints, vamish etc. where the production process is continuous and the output of one process becomes the input of the following process till completion.
Basic features: Industries, where process costing can be applied, have normally one or more of the
following features:
Each plant or factory is divided into a number Of processes, cost centres or departments, and
each such division is a stage Of production or a process.
Manufacturing activity is carried on continuously by means of one or more process runs
sequentially, selectively or simultaneously.
The Output Of one process becomes the input Of another process.
The end product usually is of like units not distinguishable from one another.
It is not possible to trace the identity Of any particular lot Of Output to any lot Of input materials. For
example, in the sugar industry, it is impossible to trace any lot of sugar bags to a particular lot
sugarcane fed or vice versa
Production of a product may give rise to Joint and/or By-Products.

Costing Procedure: The Cost of each process comprise
(i) Materials (ii) Labour (iii) Direct expenses, and (iv) Overheads of production
Materials: Materials and supplies which are each process are drawn against material above drawn materials will be used should be requisitions from stores. Each process for which debited with the cost Of materials consumed basis Of the information received from the Cost Accounting department. The finished pro second process; under such a situation transfer from the first process and thirst process generally become the raw materials Of unt Of second process, be debited with the cost of additional material required under this second process

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