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CHAPTER18Spoilage,Rework,andScrapBasicTerminologySpoilage–unitsofproduction,eitherfullyorpartiallycompleted,thatdonotmeetthespecificationsrequiredbycustomersforgoodunitsandthatarediscardedorsoldforreducedpricesBasicTerminologyRework–unitsofproductionthatdonotmeetthespecificationsrequiredbycustomersbutwhicharesubsequentlyrepairedandsoldasgoodfinishedgoodsScrap–residualmaterialthatresultsfrommanufacturingaproduct.ScraphaslowtotalsalesvaluecomparedwiththetotalsalesvalueoftheproductAccountingforSpoilageAccountingforspoilageaimstodeterminethemagnitudeofspoilagecostsandtodistinguishbetweencostsofnormalandabnormalspoilageTomanage,control,andreducespoilagecosts,theyshouldbehighlighted,notsimplyfoldedintoproductioncostsTypesofSpoilageNormalSpoilage–isspoilageinherentinaparticularproductionprocessthatarisesunderefficientoperatingconditionsManagementdeterminesthenormalspoilagerateCostsofnormalspoilagearetypicallyincludedasacomponentofthecostsofgoodunitsmanufacturedbecausegoodunitscannotbemadewithoutalsomakingsomeunitsthatarespoiledTypesofSpoilageAbnormalSpoilage–isspoilagethatisnotinherentinaparticularproductionprocessandwouldnotariseundernormaloperatingconditionsAbnormalspoilageisconsideredavoidableandcontrollableUnitsofabnormalspoilagearecalculatedandrecordedintheLossfromAbnormalSpoilageaccount,whichappearsasaseparatelineitemontheincomestatementProcessCostingandSpoilageUnitsofNormalSpoilagecanbecountedornotcountedwhencomputingoutputunits(physicalorequivalent)inaprocess-costingsystemCountingallspoilageisconsideredpreferableInspectionPointsandSpoilageInspectionPoint–thestageoftheproductionprocessatwhichproductsareexaminedtodeterminewhethertheyareacceptableorunacceptableunitsSpoilageistypicallyassumedtooccuratthestageofcompletionwhereinspectiontakesplaceTheFive-StepProcedureforProcessCostingwithSpoilageStep1:SummarizetheflowofPhysicalUnitsofOutput–identifybothnormalandabnormalspoilageStep2:ComputeOutputinTermsofEquivalentUnits.SpoiledunitsareincludedinthecomputationofoutputunitsTheFive-StepProcedureforProcessCostingwithSpoilageStep3:ComputeCostperEquivalentUnitStep4:SummarizeTotalCoststoAccountForStep5:AssignTotalCoststo:UnitsCompletedSpoiledUnitsUnitsinEndingWorkinProcessSteps1-5Weighted-AverageMethodStep1:SummarizePhysicalUnitsStep2:ComputeEquivalentUnitsStep3:CostperEquivalentUnit

Step4:SummarizeTotalCostsStep5:AssignTotalCostsSteps1-5First-in,First-outMethodStep1:SummarizePhysicalUnitsStep2:ComputeEquivalentUnitsStep3:CostperEquivalentUnit

Step4:SummarizeTotalCostsStep5:AssignTotalCostsStandardCostingEithermethodmaybemodifiedbythereplacementofactualcostswithpredeterminedStandardCostsSimplifiesmethodssincecostperequivalentunitisnotrecalculated.Costperequivalentunitissimplythestandardcostsperunit.JobCostingandSpoilageJob-costingsystemsgenerallydistinguishbetweennormalspoilageattributabletoaspecificjobfromnormalspoilagecommontoalljobsJobCostingand

AccountingforSpoilageNormalSpoilageAttributabletoaSpecificJob:Whennormalspoilageoccursbecauseofthespecificationsofaparticularjob,thatjobbearsthecostofthespoilageminusthedisposalvalueofthespoilageJobCostingand

AccountingforSpoilageNormalSpoilageCommontoAllJobs:Insomecases,spoilagemaybeconsideredanormalcharacteristicoftheproductionprocessThespoilageiscostedasmanufacturingoverheadbecauseitiscommontoalljobsTheBudgetedManufacturingOverheadRateincludesaprovisionfornormalspoilageJobCostingand

AccountingforSpoilageAbnormalSpoilage:Ifthespoilageisabnormal,thenetlossischargedtotheLossfromAbnormalSpoilageaccountAbnormalspoilagecostsarenotincludedasapartofthecostofgoodunitsproducedJobCostingandReworkThreetypesofrework:Normalreworkattributabletoaspecificjob–thereworkcostsarechargedtothatjobNormalreworkcommontoalljobs–thecostsarechargedtomanufacturingoverheadandspread,throughoverheadallocation,overalljobsAbnormalrework–ischargedtotheLossfromAbnormalReworkaccountthatappearsontheincomestatementAccountingforScrapNodistinctionismadebetweennormalandabnormalscrapbecausenocostisassignedtoscrapTheonlydistinctionmadeisbetweenscrapattributabletoaspecificjobandscrapcommontoalljobsAspectsofAccountingforScrapPlanningandControl,includingphysicaltrackingInventorycosting,includingwhenandhowitaffectsoperatingincomeNOTE:ManyfirmsmaintainadistinctaccountforscrapcostsAccountingforScrapScrapAttributabletoaSpecificJob–job-costingsystemssometimetracethescraprevenuestothejobsthatyieldedthescrapDoneonlywhenthetracingcanbedoneinaneconomicallyfeasiblewayNocostassignedtoscrapAccountingforScrapScrapCommontoAllJobs–allproductsbearproductioncostswithoutanycreditforscraprevenuesexceptinanindirectmannerExpectedscraprevenuesareconsideredwhensettingislowerthanitwouldbeiftheoverheadbudgethadnotbeenreducedbyexpectedscraprevenuesAccountingforScrapRecognizingScrapattheTimeofItsProduction–so

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