tailieunhanh - Lecture Introduction to managerial accounting: Chapter 4 - Folk, Garrison, Noreen

Chapter 4 - Systems design: Process costing. After studying Chapter 4, you should be able to: Prepare journal entries to record the flow of materials, labor, and overhead through a process costing system; compute the equivalent units of production using the weighted-average method; prepare a quantity schedule using the weighted-average method; compute the costs per equivalent unit using the weighted-average method; prepare a cost reconciliation using the weighted-average method. | Systems Design: Process Costing Chapter4 Types of Costing Systems Used to Determine Product Costs Job-order Costing Process Costing Many units of a single, homogeneous product flow evenly through a continuous production process. One unit of product is indistinguishable from any other unit of product Each unit of product is assigned the same average cost. Typical process cost applications: Petrochemical refinery Paint manufacturer Paper mill Job order costing Many jobs are worked during the period. Costs are accumulated by individual jobs. Job cost sheet is the key document. Unit cost computed by job. Process costing A single product is produced for a long period of time. Costs are accumulated by departments. Department production report is key document. Unit costs are computed by department. Differences Between Job-Order and Process Costing Sequential Processing Departments Processing Department 1 Processing Department 2 Processing Department 3 Finished Goods Start Basic raw materials Processing costs Partially completed goods Partially completed goods Processing costs Completed goods Processing costs Parallel Processing Departments Processing Department 1 Processing Department 2 Processing Department 3 Finished Goods Start Basic raw materials Processing costs Partially completed goods Partially completed goods Processing costs Completed goods Processing costs Processing Department A Flow of Materials, Labor and Overhead Costs Finished Goods Cost of Goods Sold Direct Labor Processing Department Direct Material ManufacturingOverhead Raw Materials Purchases Direct Material Other Overhead Manufacturing Overhead Flow of Materials, Labor and Overhead Costs Work in Process Finishing Department Work in Process Mixing Department Direct Material Direct Material Indirect Material Indirect Material Actual Applied Wages Payable Direct Material Direct Material Flow of Materials, Labor and Overhead Costs Direct Labor Direct Labor Direct Labor . | Systems Design: Process Costing Chapter4 Types of Costing Systems Used to Determine Product Costs Job-order Costing Process Costing Many units of a single, homogeneous product flow evenly through a continuous production process. One unit of product is indistinguishable from any other unit of product Each unit of product is assigned the same average cost. Typical process cost applications: Petrochemical refinery Paint manufacturer Paper mill Job order costing Many jobs are worked during the period. Costs are accumulated by individual jobs. Job cost sheet is the key document. Unit cost computed by job. Process costing A single product is produced for a long period of time. Costs are accumulated by departments. Department production report is key document. Unit costs are computed by department. Differences Between Job-Order and Process Costing Sequential Processing Departments Processing Department 1 Processing Department 2 Processing Department 3 Finished Goods Start Basic raw .

• Kế toán - Kiểm toán
• Managerial accounting
• Systems design
• Lecture Managerial accounting
• Business environment
• Process costing
• Overhead costs
• 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
• Product costs
• Standard costing systems
• Accounting information
• Managerial decision
• Process management
• Financial statement
• Cost concepts
• Managerial accounting basics
• Managerial cost
• Period costs
• Lecture Financial and managerial accounting
• Financial statements
• Managerial decisions
• Financial accounting
• Dynamic business environment
• Reporting manufacturing activities
• Accounting principles
• Fundamental accounting principles
• Lecture Fundamental accounting principles
• Relevant costing
• Accounting activities
• Business activities
• Income statement
• Accounting cycle
• Accounting for merchandising operations
• Merchandising operations
• Capital budgeting decisions
• Time value of money
• Income taxes
• After tax cost
• Profit planning
• Advantages of budgeting
• Flexible budgets
• Performance analysis
• Standard costs