Product Costing

Product Costing
Module: Cost control and Performance management

Learning Outcomes tested (from module syllabus): Analyse the information requirements of management, particularly in relation to decisions involving costs and other financial criteria, and select and apply appropriate cost and management accounting methods and techniques.

Assessment Criteria To achieve each outcome a student must demonstrate the ability to: Write a report that addresses specific concepts and make judgements using scenario based questions analysing the information requirements of financial control and cost management.
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In product costing the costs attributed to each unit of production are often calculated using absorption costing, which inevitably involves a great degree of subjective judgement.

Tasks:

Write a report to the Welsh Assembly Government on the implications of the use of absorption costing in public sector organisations (1,800 words maximum) to:

1- Explain/ define the term ?absorption costing?, identifying the key assumptions related to the calculation of product costs.
2- Critically evaluate absorption costing as a means of cost control, what do you consider to be the ?strengths and weaknesses? of this approach to the management of an organisation?s costs?

3- Make appropriate recommendations to the Welsh Government as to whether it should continue using absorption costing in public sector organisations.

4- Based on your findings make a brief presentation on absorption costing, outlining the key point/ conclusions of your analysis.
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