TAILIEUCHUNG - Lecture Managerial accounting Creating value in a dynamic business environment (Tenth edition): Chapter 4 - Ronald W. Hilton, David E. Platt

Chapter 4 - Process costing and hybrid product - costing systems. After completing this chapter, you should be able to: List and explain the similarities and important differences between job-order and process costing, prepare journal entries to record the flow of costs in a process-costing system with sequential production departments, prepare a table of equivalent units under weighted-average process costing,. | Process Costing and Hybrid Product-Costing Systems Chapter 4 Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. Chapter 4: Process Costing and Hybrid Product-Costing Systems Comparison of Job-Order Costing and Process Costing Job-order costing Costs accumulated by the job. Work in process has a job-cost sheet for each job. Many unique, high cost jobs. Jobs built to customer order. Process costing Costs accumulated by department or process. Work in process has a production report for each batch of products. A few identical, low cost products. Units continuously produced for inventory in automated process. 4- In many ways, job-order costing and process costing are similar. Both product-costing systems have the same ultimate purpose—assignment of production costs to units of output. Moreover, the flow of costs through the manufacturing accounts is the same in the two systems. (LO1) Process Cost Flows 4- In a single production department situation, direct-material, direct-labor, and manufacturing-overhead costs are added to a Work-in-Process Inventory account. As goods are finished, costs are transferred to Finished-Goods Inventory. During the period when goods are sold, the product costs are transferred to Cost of Goods Sold. (LO2) Process Cost Flows 4- In the two-department case, when goods are finished in the first production department, costs accumulated in the Work-in-Process Inventory account for production department A are transferred to the Work-in-Process Inventory account for production department B. (LO2) Equivalent Units: A Key Concept Costs are accumulated for a period of time for products in work-in-process inventory. Products in work-in-process inventory at the beginning and end of the period are only partially complete. Equivalent units is a concept expressing these partially completed products as a smaller number of fully .

• Kế toán - Kiểm toán
• Managerial accounting
• Lecture Managerial accounting
• Kế toán quản trị
• Financial accounting
• Dynamic business environment
• Process costing
• Managerial accounting for managers
• Profitability analysis
• Decision making
• Operations management majors
• Nonmanufacturing costs
• Classifications of costs
• Managerial accounting information
• General cost classifi cations
• Product costs
• Standard costing systems
• Accounting information
• Managerial decision
• Process management
• Financial statement
• Cost concepts
• Managerial accounting basics
• Managerial cost
• Period costs
• Lecture Financial and managerial accounting
• Financial statements
• Managerial decisions
• Reporting manufacturing activities
• Accounting principles
• Fundamental accounting principles
• Lecture Fundamental accounting principles
• Relevant costing
• Accounting activities
• Business activities
• Income statement
• Accounting cycle
• Accounting for merchandising operations
• Merchandising operations
• Capital budgeting decisions
• Time value of money
• Income taxes
• After tax cost