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After you have mastered the material in this chapter, you will be able to: Identify cost objects and distinguish between direct costs versus indirect costs, allocate indirect costs to cost objects, identify the most appropriate cost driver, recognize the effects of cost allocation on employee motivation. | McGraw-Hill/Irwin Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved. Chapter 12: Cost Accumulation, Tracing, and Allocation Identify cost objects and cost drivers. Distinguish direct costs from indirect costs. Allocate indirect costs to cost objects. Select appropriate cost drivers for allocating indirect costs. Allocate costs to solve timing problems. Explain the benefits and detriments of allocating pooled costs. Recognize the effects of cost allocation on employee motivation. Learning Objectives In this chapter, the learning objectives are: Identify cost objects and cost drivers. Distinguish direct costs from indirect costs. Allocate indirect costs to cost objects. Select appropriate cost drivers for allocating indirect costs. Allocate costs to solve timing problems. Explain the benefits and detriments of allocating pooled costs. Recognize the effects of cost allocation on employee motivation. Chapter Opening Managers must have reliable cost estimates | McGraw-Hill/Irwin Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved. Chapter 12: Cost Accumulation, Tracing, and Allocation Identify cost objects and cost drivers. Distinguish direct costs from indirect costs. Allocate indirect costs to cost objects. Select appropriate cost drivers for allocating indirect costs. Allocate costs to solve timing problems. Explain the benefits and detriments of allocating pooled costs. Recognize the effects of cost allocation on employee motivation. Learning Objectives In this chapter, the learning objectives are: Identify cost objects and cost drivers. Distinguish direct costs from indirect costs. Allocate indirect costs to cost objects. Select appropriate cost drivers for allocating indirect costs. Allocate costs to solve timing problems. Explain the benefits and detriments of allocating pooled costs. Recognize the effects of cost allocation on employee motivation. Chapter Opening Managers must have reliable cost estimates to: Price products. Evaluate performance. Control operations. Prepare financial statements. What does it cost? Managers must have reliable cost estimates to price products, evaluate performance, control operations, and prepare financial statements. As this discussion implies, managers need to know the cost of many different things. The things we are trying to determine the cost of are commonly called cost objects. Cost objects may be products, processes, departments, services, activities, and so on. Use of Cost Drivers to Accumulate Costs Machine hours Miles driven Labor hours Units produced A cost driver is any factor that causes or “drives” an activity’s costs Accountants use cost accumulation to determine the cost of a particular object. Cost accumulation begins with identifying the cost objects. Cost objects can be primary or secondary to an activity. Determining the costs of the secondary cost objects requires identifying what drives those costs. A cost driver has a .
