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Chapter 16 - Process costing. In this chapter students will be able to: Discuss the uses of a process cost system and how it compares to a job order system, explain the flow of costs in a process cost system and the journal entries to assign manufacturing costs, compute equivalent units. | PROCESS COSTING Accounting, Fifth Edition 16 After studying this chapter, you should be able to: Understand who uses process cost systems. Explain the similarities and differences between job order cost and process cost systems. explain the flow of costs in a process cost system. Make the journal entries to assign manufacturing costs in a process cost system. Compute equivalent units. Explain the four steps necessary to prepare a production cost report. Prepare a production cost report. Learning Objectives Preview of Chapter 16 Accounting Fifth Edition Kimmel Weygandt Kieso Use to apply costs to similar products that are mass-produced in a continuous fashion Examples include the production of Cereal, Paint, Manufacturing Steel, Oil Refining and Soft Drinks Illustration 16-1 LO 1 Understand who uses process cost systems. Uses of Process Cost Systems Nature of Process Cost Systems Illustration 16-2 LO 1 Understand who uses process cost systems. Process and Job Cost Comparison Nature of Process Cost Systems Which of the following items is not a characteristic of a process cost system: a. Once production begins, it continues until the finished product emerges. b. The focus is on continually producing homogenous products. c. When the finished product emerges, all units have precisely the same amount of materials, labor, and overhead. d. The products produced are heterogeneous in nature. Review Question LO 1 Understand who uses process cost systems. Nature of Process Cost Systems Service companies that provide specific, nonroutine services will probably benefit from using a job order cost system. Those that perform routine, repetitive services will probably be better off with a process cost system. LO 1 Understand who uses process cost systems. Process Costing for Service Companies Nature of Process Cost Systems LO 2 Explain the similarities and differences between job order cost and process cost systems. Similarities and Differences Between Job Order Cost and Process . | PROCESS COSTING Accounting, Fifth Edition 16 After studying this chapter, you should be able to: Understand who uses process cost systems. Explain the similarities and differences between job order cost and process cost systems. explain the flow of costs in a process cost system. Make the journal entries to assign manufacturing costs in a process cost system. Compute equivalent units. Explain the four steps necessary to prepare a production cost report. Prepare a production cost report. Learning Objectives Preview of Chapter 16 Accounting Fifth Edition Kimmel Weygandt Kieso Use to apply costs to similar products that are mass-produced in a continuous fashion Examples include the production of Cereal, Paint, Manufacturing Steel, Oil Refining and Soft Drinks Illustration 16-1 LO 1 Understand who uses process cost systems. Uses of Process Cost Systems Nature of Process Cost Systems Illustration 16-2 LO 1 Understand who uses process cost systems. Process and Job Cost Comparison Nature of
