TAILIEUCHUNG - Lecture Advanced management accounting - Chapter 11

In this chapter, you will learn: Flexible budgets, input measures and output measures, overhead application in a standard costing system, calculating and interpreting overhead cost variances, standard costs for product costing, an appraisal of standard costing systems, activity-based budgeting. | Lecture 11: Process Costing (Continued) Hybrid Costing Systems A Hybrid-Costing System blends characteristics from both job-costing and process-costing systems Many actual production systems are in fact hybrids Examples include manufacturers of televisions, dishwashers and washing machines, as well as Adidas 2 2 Similarities Between Job-Order and Process Costing Both systems assign material, labor and overhead costs to products and they provide a mechanism for computing unit product cost. Both systems use the same manufacturing accounts, including Manufacturing Overhead, Raw Materials, Work in Process, and Finished Goods. The flow of costs through the manufacturing accounts is basically the same in both systems. 3 4-3 3 Job-order and process costing are similar in that they both deal with assigning materials, labor and overhead to products as a way to calculate the unit product cost. Both systems use raw materials inventory, work in process inventory, and finished goods inventory. The flow of costs is similar, but not exactly the same, in the two systems. Differences Between Job-Order and Process Costing Process costing is used when a single product is produced on a continuing basis or for a long period of time. Job-order costing is used when many different jobs are worked on each period. Process costing systems accumulate costs by department. Job-order costing systems accumulated costs by individual jobs. Process costing systems compute unit costs by department. Job-order costing systems compute unit costs by job on the job cost sheet. 4 4-4 4 Process costing is best suited for the production of a single product that is continuously produced for a long period of time. Recall the mixing and bottling of Coca-Cola from Chapter Three. Job-order costing is best suited when jobs are produced as discrete projects. For example, building a house. Process costing accumulates costs by department, while job-order costing accumulates costs by individual jobs. Process costing .

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