tailieunhanh - Lecture Managerial accounting - Chapter 4: Product costs and job order costing

Chapter 4 - Product costs and job order costing. After studying this chapter you will be able to understand: Product and period costs, product cost flows, job order costing, underapplied and overapplied manufacturing overhead. | CHAPTER © jsnyderdesign / iStockphoto 4 PRODUCT COSTS AND JOB ORDER COSTING WHAT IS THE PROFIT ON A JERSEY? Does C&C Sports make a profit if a baseball jersey sells for $ What does it really cost C&C Sports to make a baseball jersey? $ $ $ PRODUCT AND PERIOD COSTS Unit 4 1 . Unit Unit © Tomwang112 / iStockphoto Unit FUNCTIONAL COST CLASSIFICATIONS All costs incurred to manufacture a product or deliver a service Exhibit 4-2 4 WHAT ARE PRODUCT COSTS? All costs incurred in producing a product Inventoriable – included in inventory on balance sheet Expensed on income statement as COGS when units are sold What about for a retailer? An attorney? FUNCTIONAL COST CLASSIFICATIONS Costs that easily can be traced directly to the cost object Exhibit 4-2 6 FUNCTIONAL COST CLASSIFICATIONS Exhibit 4-2 7 DIRECT MATERIALS Materials that can be physically and conveniently traced directly to the manufacture of the product Often referred to as “raw materials” DIRECT . | CHAPTER © jsnyderdesign / iStockphoto 4 PRODUCT COSTS AND JOB ORDER COSTING WHAT IS THE PROFIT ON A JERSEY? Does C&C Sports make a profit if a baseball jersey sells for $ What does it really cost C&C Sports to make a baseball jersey? $ $ $ PRODUCT AND PERIOD COSTS Unit 4 1 . Unit Unit © Tomwang112 / iStockphoto Unit FUNCTIONAL COST CLASSIFICATIONS All costs incurred to manufacture a product or deliver a service Exhibit 4-2 4 WHAT ARE PRODUCT COSTS? All costs incurred in producing a product Inventoriable – included in inventory on balance sheet Expensed on income statement as COGS when units are sold What about for a retailer? An attorney? FUNCTIONAL COST CLASSIFICATIONS Costs that easily can be traced directly to the cost object Exhibit 4-2 6 FUNCTIONAL COST CLASSIFICATIONS Exhibit 4-2 7 DIRECT MATERIALS Materials that can be physically and conveniently traced directly to the manufacture of the product Often referred to as “raw materials” DIRECT LABOR Labor that can be physically traced to the production of the product in a “hands on” sense (the production line) Includes wages, taxes, and benefits Have seen a drop in importance due to automation FUNCTIONAL COST CLASSIFICATIONS Costs that cannot easily be traced directly to the cost object FACTORY OVERHEAD All product costs that are not direct materials or direct labor Costs related to running the factory and providing productive capacity Indirect materials and indirect labor are two special classes of factory overhead COMPONENTS OF C&C’S PRODUCT COST $ $ $ $ 12 FUNCTIONAL COST CLASSIFICATIONS All costs incurred but not associated with the manufacture of product or delivery of service (costs of SG&A activities) WHAT ARE PERIOD COSTS? Associated with the passage of time, not the direct production of products Non-inventoriable Selling, general, and administrative (SG&A) PRODUCT AND PERIOD COSTS AT C&C PRODUCT COSTS PERIOD COSTS Balance Sheet Inventory Income .

• Kế toán - Kiểm toán
• Managerial accounting
• Lecture Managerial accounting
• Process costing
• Standard costing systems
• Product costs
• Job order costing
• Managerial accounting for managers
• Profitability analysis
• Decision making
• Operations management majors
• Nonmanufacturing costs
• Classifications of costs
• Kế toán quản trị
• Managerial accounting information
• General cost classifi cations
• Accounting information
• Managerial decision
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• Financial statement
• Cost concepts
• Managerial accounting basics
• Managerial cost
• Period costs
• Lecture Financial and managerial accounting
• Financial statements
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• Reporting manufacturing activities
• Accounting principles
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• Lecture Fundamental accounting principles
• Relevant costing
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