TAILIEUCHUNG - Lecture Advanced management accounting - Chapter 10

This chapter presents the following content: Controlling costs, setting standards, calculating standard cost variances, investigating significant variances and taking corrective action, behavioural impact of standard costing, cost control through assigning responsibility, standard costs for product costing. | Lecture 10: Process Costing Learning Objectives Record the flow of materials, labor, and overhead through a process cost system. Compute the equivalent units of production using the weighted-average method. Compute the cost per equivalent unit using the weighted-average method. Assign costs to units using the weighted-average method. Compute the equivalent units of production using the FIFO method. Compute the cost per equivalent unit using the FIFO method. Assign costs to units using the FIFO method Allocate service department costs to operating departments using the direct method. To allocate service department costs to operating departments using the step-down method. 2 Job-Costing and Process Costing: Opposite Ends of a Continuum 3 Job-Costing Systems Distinct, identifiable units of a product or service Examples: Custom-made machines, Houses Process-Costing Systems Masses of identical or similar units of a product or service Examples: Food, Chemical processing 3 Process-Costing Process-costing is a system where the unit cost of a product or service is obtained by assigning total costs to many identical or similar units Each unit receives the same or similar amounts of direct materials costs, direct labor costs, and manufacturing overhead Unit costs are computed by dividing total costs incurred by the number of units of output from the production process 4 4 Process-Costing Assumptions Direct Materials are added at the beginning of the production process, or at the start of work in a subsequent department down the assembly line Conversion Costs are added equally along the production process 5 5 Five-Step Process-Costing Allocation Summarize the flow of physical units of output Compute output in terms of equivalent units Compute cost per equivalent unit Summarize total costs to account for Assign total costs to units completed and to units in ending Work-in-Process 6 6 Equivalent Units A derived amount of output units that: Takes the quantity of each input in .

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