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Costing procedure

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Journal Entry:, (i) Normal Loss A/c …Dr., To Process A/c, (ii) Cost Ledger Control A/c …Dr., (Scrap value) , To Normal Loss

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Journal Entries, (i) Abnormal Loss A/c …Dr., To Process A/c, , (ii) Cost Ledger Control A/c …Dr. (Scrap value), Costing Profit & Loss A/c …Dr., To Abnormal Loss

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Abnormal gain, Abnormal gain arises when actual wastage is less than a normal wastage or when the actual output is more than normal output. , Abnormal gain arises due to rise in the efficiency of the production department., Abnormal gain is not allowed to affect the normal cost of production. Therefore it is valued at the rate applicable to expected output of the respective process.

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Journal entries, For recording value of abnormal gain, Process A/c Dr. , To Abnormal Gain A/c , For adjustment of scrap value of abnormal gain, Abnormal Gain A/c Dr., To Normal Loss A/c , Transfer of the balance to costing Profit & Loss A/c , Abnormal Gain A/c Dr., To Costing Profit & Loss A/c

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Average cost per unit, Average cost per unit= Total Cost – Scarp Value of Normal Loss, Input- Units of Normal Loss