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22 Feb 2023 18:22
Rajratan patil
New MemberFoundry Costing 42. Process Costing is also adopted for steel ingots produced in the Foundry Sections, at Metal and Steel Factory, Ishapore, Ordnance Factory Kanpur, and for brass ingots produced at Ordnance Factory, Ambarnath, Ordnance Factory, Katni, and Metal and Steel Factory Ishapore. A Process Work Order is allotted for the production of ingots. The ingots are classified according to composition, into different class of steel. A set of Foundry Statements is prepared every month, for working out the cost of different classes of ingots produced. Foundry Form III is prepared by Management showing the details of different materials consumed in respect of each class of ingots and the quantities of ingots (by weight) produced. This statement is priced by Accounts Office to arrive at the value of materials consumed. Foundry Form II is prepared by the Labour Section of Accounts Office showing the direct labour charges incurred. Overhead charges are levied thereon under Variable Charges and Fixed Charges at the rates applicable. Foundry Form I is a Production and Issue Statement, prepared by the Management, showing the distribution of the ingots produced to various Work Orders and Warrants. The total cost of production for each class of ingots is compiled in this statement by the Accounts Officer from Forms II and III, and a rate per Unit (Kg) is worked out. The ingots issued to each out turn Work Order are priced at appropriate rates in the Statement, and the value shown against each Work Order / Warrant. A Transfer Voucher is prepared by the Accounts Officer for debiting each out turns Work Order / Warrant, by crediting the Process Work Order. Semi / Manufactur
Gyan Prakash
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