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cost accounting systems 2005.1 1 1 learning outcomes after completing this chapter, you should be able to: compare and contrast marginal and absorption costing methods in respect of profit reporting and stock valuation; apply marginal and absorption costing approaches in job, batch and process environments; prepare ledger accounts according to context: marginal or absorption based in job, batch or process environments, including work-in-progress and related accounts such as production overhead control account and abnormal loss account. 1.1 introduction in your foundation studies (or equivalent) you should have already encountered the basic principles and concepts involved in cost accounting. specifically, you should be familiar with the manner in which the costs of objects and activities are determined through an exercise of cost allocation, apportionment and absorption. you should also be familiar with basic cost accounting practices such as stock valuation (lifo, fifo and average), profit determination (using marginal and absorption costing conventions), accounting in particular types of production environment (job, batch and process) and the principles of cost behaviour (fixed and variable). be aware that the cima examination scheme is a cumulative one and you should refer back to your earlier studies if you are unfamiliar with any of the topics referred to. in this chapter we will revisit these basic principles and develop our understanding of their use into more advanced areas. the content of this chapter will lead into an exploration of modern innovations in management accounting systems in chapter 8. 1.2 the difference between marginal costing and absorption costing you should already be aware that the difference between marginal costing and absorption costing lies in their treatment of fixed production overhead. with absorption costing, the fixed production overhead cost is absorbed into the cost of units and all stock items are valued at their full production cost. in contrast, marginal costing values all stock items at their variable or marginal cost only. fixed costs are treated as period costs and are written off in full against the profit for the period. since the two systems value stock differently, it follows that each will report a different profit figure for the period if stock levels alter. 1.3 preparing profit statements using each method the best way to demonstrate how profit statements are prepared for each of the methods is to look at a worked example. example using the information below, prepare profit statements for june and july using (a) marginal costing and (b) absorption costing. a company produces and sells one product only which sells for £50 per unit. there were no stocks at the end of may and other information is as follows: £ standard cost per unit: direct material 18 direct wages 4 variable production overhead 3 budgeted and actual costs per month: fixed production overhead 99,000 fixed selling expenses 14,000 fixed administration expenses 26,000 variable selling expenses 10% of sales value normal capacity is 11,000 units per month. the number of units produced and sold was: june july units units sales 12,800 11,000 production 14,000 10,200 study material p1 2 cost accounting systems 2005.1 1.3.1 profit statements using marginal costing a marginal costing will value all units at the variable production cost of £25 per unit (£18 £4 £3). profit statements using marginal costing june july £000 £000 £000 £000 sales revenue 640 550 less variable cost of sales: opening stock – 30 variable production cost (14,000 £25) 350 (10,200 £25) 255 350 285 closing stock (1,200 £25) 30 (400 £25) 010 variable production of sales 320 275 variable selling expenses 064 055 variable cost of sales 384 330 contribution 256 220 less fixed overhead: fixed production overhead 99 99 fixed selling expenses 14 14 fixed administration expenses 026 026 139 139 profit 117 081 1.3.2 profit statements using absorption costing fixed production overheads are absorbed on the basis of normal capacity which is often the same as budgeted capacity. you should recall that predetermined rates are used partly to avoid the fluctuations in unit cost rates which arise if production levels fluctuate. full production cost per unit £25 variable cost £9 fixed cost £34 per unit this full production cost of £34 per unit will be used to value all units under absorption costing. since the production level is not equal to the normal capacity in either june or july there will be under- or over-absorbed fixed production overhead in both months. it is probably easier to calculate this before commencing on the profit statements. june july £000 £000 fixed production overhead absorbed (14,000 units £9) 126 (10,200 units £9) 91.8 fixed production overhead incurred 099 99.0 over/(under) absorption 027 (7.2) fixed production overhead per unit £99,000 11,000 £9 per unit 3 management accounting – performance evaluation cost accounting systems 2005.1 profit statements using absorption costing june july £000 £000 £000 £000 sales revenue 640.0 550.0 less full production cost of sales: opening stock – 40.8 full production cost (14,000 £34) 476.0 (10,200 £34) 346.8 476.0 387.6 closing stock (1,200 £34) 040.8 (400 £34) 013.6 435.2 374.0 (over-)/under-absorbed fixed production overhead (note 1) (27.0) 7.2 full production cost of sales 408.2 381.2 gross profit 231.8 168.8 less selling/admin. expenses: variable selling expenses 64.0 55.0 fixed selling expenses 14.0 14.0 fixed administration expenses 026.0 026.0 104.0 095.0 net profit 127.8 873.8 note: if overheads have been over-absorbed then too much has been charged as a cost of production. this amount is therefore deducted to derive the full production cost of sales. if overheads are under-absorbed, the amount is added to increase the production cost of sales. 1.4 reconciling the profit figures as well as preparing profit statements using absorption costing and marginal costing, you should also recall how to reconcile the profits given by each method for the same period and by the same method for different periods. 1.4.1 reconciling the profits given by the different methods the profit differences are caused by the different valuations given to the closing stocks in each period. with absorption costing, an amount of fixed production overhead is carried forward in stock to be charged against sales of later periods. if stocks increase, then absorption costing profits will be higher than marginal costing profits. this is because some of the fixed overhead is forward in stock instead of being written off against sales for the period. if stocks reduce, then marginal costing profits will be higher than absorption costing profits. this is because the fixed overhead which had been carried forward in stock with absorption costing is now being released to be charged against the sales for the period. a profit reconciliation for the previous example might look like this: june july £000 £000 marginal costing profit 117.0 81.0 adjust for fixed overhead in stock: stock increase 1,200 units £9 per unit 810.8 stock decrease 800 units £9 per unit 0(7.2) absorption costing profit 127.8 (73.8) study material p1 4 cost accounting systems 2005.1 1.4.2 reconciling the profits for different periods you should also recall how to reconcile the profits for different periods using the same method. (a) for marginal costing, the unit rates and the amount of fixed costs charged each period are constant. therefore the only thing which could have caused the profit difference was the change in sales volume. the lower sales volume in july resulted in a lower contribution and therefore a lower profit (since the amount of fixed cost remained constant). the contribution per unit is £20 as follows: the marginal costing profit figures can be reconciled as follows: (b) for absorption costing the major part of the profit difference is caused by the change in sales volume. however a further difference is caused by the adjustments for underand over-absorbed fixed production overhead in each of the two periods. the profit per unit with absorption costing is £11 as follows: the absorption costing profit figures can be reconciled as follows: this may look confusing because both the under- and over-absorption are deducted. this is because the over-absorption for june made profit for that month higher, therefore it must be deducted to arrive at july’s profit. similarly, the under-absorption in july made july’s profit lower than june’s, therefore it must also be deducted in the reconciliation. 1.4.3 profit differences in the long term the two different costing methods produce profit differences only in the short term when stocks fluctuate. if stocks remain constant then there will be no profit differences between the two methods. £000 absorption costing profit for june 127.8 decrease in sales volume for july 1,800 units £11 profit (19.8) adjustments for under-/over-absorption june (27.0) july 0(7.2) absorption costing profit for july (73.8) £ per unit selling price 50 total production cost (34) variable selling cost 0(5) profit 0()11) £000 marginal costing profit for june 117 decrease in sales volume for july 1,800 units £20 contribution 036

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