tailieunhanh - Lecture College accounting (13/e): Chapter 27 - Price, Haddock, Farina

Chapter 27 - Job order cost accounting. After reading this chapter, you should be able to: Explain how a job order cost accounting system operates, journalize the purchase and issuance of direct and indirect materials, maintain perpetual inventory records, record labor costs incurred and charge labor into production,. | 1- McGraw-Hill/Irwin Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved. Job Order Cost Accounting Section 1: Cost Accounting Chapter 27 Section Objectives Explain how a job order cost accounting system operates. A job order cost accounting system is used by businesses that produce special orders or produce more than one product in batches. A process cost accounting system is used when standard products are manufactured using a continuous process. A standard cost accounting system, in which standard costs of production are measured, can be used with a job order or a process cost system. Types of Cost Accounting Systems Raw Materials Inventory Work in Process Inventory Finished Goods Inventory Cost of Goods Sold Purchases Issued Materials Labor Overhead Transferred out Transferred in Transferred out Transferred in Wages Payable Charged to Work in Process Manufacturing Overhead Indirect Materials Indirect Labor Other Applied to Work in Process Procurement . | 1- McGraw-Hill/Irwin Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved. Job Order Cost Accounting Section 1: Cost Accounting Chapter 27 Section Objectives Explain how a job order cost accounting system operates. A job order cost accounting system is used by businesses that produce special orders or produce more than one product in batches. A process cost accounting system is used when standard products are manufactured using a continuous process. A standard cost accounting system, in which standard costs of production are measured, can be used with a job order or a process cost system. Types of Cost Accounting Systems Raw Materials Inventory Work in Process Inventory Finished Goods Inventory Cost of Goods Sold Purchases Issued Materials Labor Overhead Transferred out Transferred in Transferred out Transferred in Wages Payable Charged to Work in Process Manufacturing Overhead Indirect Materials Indirect Labor Other Applied to Work in Process Procurement Production Warehousing Selling Flow of Costs through a Job Order Cost Accounting System The perpetual inventory system tracks inventories on hand at all times. The following accounts are involved in a perpetual inventory system: Raw Materials Inventory Wages Payable Manufacturing Overhead Work in Process Inventory Finished Goods Inventory Cost of Goods Sold Perpetual Inventory System Computing the Balance of the Work in Process Inventory Beginning inventory of work in process xx Ending inventory of work in process xx Reflects the cost of partially completed units Deduct cost of goods completed xx Add direct materials, direct labor, and manufacturing overhead charged to production xx xx Computing the Balance of Finished Goods Inventory Beginning inventory of finished goods xx Ending inventory of finished goods xx Represents the cost of finished goods on hand Deduct cost of goods sold xx Add cost of goods manufactured xx xx Just-in-Time Inventory Systems Used by companies who wish to .

• Kế toán - Kiểm toán
• College accounting
• Lecture College accounting
• Financial statement
• Cost accounting
• Job order cost accounting
• Cost accounting
• Accounting for sales
• Accounts receivable
• Accounting for purchases
• Accounts payable
• Closing procedures
• Accounting cycle
• Accounting principles
• Reporting standards
• Accounting for partnerships
• Allocating income
• Process cost accounting
• Process inventory
• Language of business
• Financial information
• Analyzing business transactions
• Financial interest
• T accounts
• General ledger
• General journal
• The worksheet
• Trial balance
• Closing entries
• Postclosing trial balance
• Cash receipts
• Cash payments
• Payroll computations
• Payroll laws
• Payroll taxes
• Employee income tax
• Recording adjustments
• Uncollectible accounts
• Notes payable
• Notes receivable
• Merchandise inventory
• Inventory costing methods
• Disposition of assets
• Depreciation methods
• Capital stock transactions
• Capital stock
• Corporate earnings
• Capital transactions