Accounting Project

CHAPTER 5 Product and Service Costing:? A bear on Systems Approach culture OBJECTIVES AFTER STUDYING THIS CHAPTER, YOU SHOULD BE sufficient TO: 1. learn the rudimentary characteristics of process saluteing, including cost flows, journal entries, and the cost of payoff report. 2.Describe process costing for settings without work-in-process inventories. 3.Define equivalent units, and explain their consumption in process costing. 4. piss a departmental ware report using the FIFO method. 5.Prepare a departmental outturn report using the weighted average method. 6.Prepare a departmental production report with transferred-in goods and changes in produce measures. 7. Describe the elementary features of operation costing. 8. Explain how spoilage is case-hardened in a process costing system. CHAPTER SUMMARY THIS CHAPTER INTRODUCES THE act be scheme DESIGNED FOR COMPANIES THAT PRODUCE LARGE NUMBERS OF self-coloured PRODUCTS momentary THROUGH A SERIES OF figure outES. IT ALSO EXPLAINS wherefore PROCESS representING CAN BE apply IN THE SERVICE assiduity AND JIT MANUFACTURING FIRMS. WHEN give way-IN-PROCESS INVENTORIES ARE PRESENT, EQUIVALENT UNITS MUST BE USED TO MEASURE OUTPUTS. NOTE THAT TWO DIFFERENT METHODS (FIFO OR burthen AVERAGE) CAN BE USED TO HANDLE THE PRIOR-PERIOD WORK AND PRIOR-PERIOD cost ASSOCIATED WITH THE BEGINNING WORK-IN-PROCESS INVENTORIES.

IN ADDITION, THE OPERATION COSTING IS PRESENTED AS A HYBRID SYSTEM FOR THOSE MANUFACTURING ENVIRONMENTS THAT HAVE BOTH excogitate AND PROCESS CHARACTERISTICS. CHAPTER REVIEW I.PROCESS COSTING SYSTEM S:?BASIC ! OPERATIONAL AND COST CONCEPTS do costing systems are designed to assign be to a large number of homogeneous products passing by dint of a series of processes. Each process performs specific activities that set eat up a product closer to completion. Thus, a process is a series of activities (operations) that are linked to perform a...If you want to engage a full essay, order it on our website: OrderCustomPaper.com

If you want to get a full essay, visit our page: write my paper