tailieunhanh - Lecture Fundamentals of cost accounting (4th edition): Chapter 8 - Lanen, Anderson, Maher

(BQ) Chapter 8: Process costing. We continue our discussion of the details of a product costing system in Chapter 8 by developing a process costing system. As we discussed in Chapter 6, the difference between job order and process costing is the level at which costs are aggregated before they are assigned to the individual units of product. Process costing assumes that all units are homogeneous and follow the same path through the production process. | © 2014 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. Fundamentals of Cost Accounting, 4th edition Lanen/Anderson/Maher Process Costing Chapter 8 Chapter 8: Process Costing We continue our discussion of the details of a product costing system in Chapter 8 by developing a process costing system. As we discussed in Chapter 6, the difference between job order and process costing is the level at which costs are aggregated before they are assigned to the individual units of product. Process costing assumes that all units are homogeneous and follow the same path through the production process. Learning Objectives LO 8-1 Explain the concept and purpose of equivalent units. LO 8-2 Assign costs to products using a five-step process. LO 8-3 Assign costs to products using weighted-average costing. LO 8-4 Prepare and analyze a production cost report. LO 8-5 Assign costs to products using first-in, first-out (FIFO) costing. LO 8-6 Analyze the accounting choice between FIFO and weighted-average costing. LO 8-7 Know when to use process or job costing. LO 8-8 Compare and contrast operation costing with job costing and process costing. After studying this chapter you should be able to: 1. Explain the concept and purpose of equivalent units. 2. Assign cost to products using a five-step process. 3. Assign costs to products using weighted-average costing. 4. Prepare and analyze a production cost report. 5. Assign costs to products using first-in, first-out (FIFO) costing. 6. Analyze the accounting choice between FIFO and weighted-average costing. 7. Know when to use process or job costing. 8. Compare and contrast operation costing with job costing and process costing. Comparison of Cost Flows Job Costing Direct materials, direct labor, and factory overhead Finished | © 2014 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. Fundamentals of Cost Accounting, 4th edition Lanen/Anderson/Maher Process Costing Chapter 8 Chapter 8: Process Costing We continue our discussion of the details of a product costing system in Chapter 8 by developing a process costing system. As we discussed in Chapter 6, the difference between job order and process costing is the level at which costs are aggregated before they are assigned to the individual units of product. Process costing assumes that all units are homogeneous and follow the same path through the production process. Learning Objectives LO 8-1 Explain the concept and purpose of equivalent units. LO 8-2 Assign costs to products using a five-step process. LO 8-3 Assign costs to products using .