TAILIEUCHUNG - Lecture Cost management: Measuring, monitoring, and motivating performance (3rd edition) – Chapter 5

Chapter 5 - Job costing. In this chapter students will be able to: Explain product costs and cost flows through the manufacturing process, describe how costs are assigned to customized goods and services, allocate overhead costs to individual jobs,. | Chapter 5: Job Costing LO1 Explain product costs and cost flows through the manufacturing process LO2 Describe how costs are assigned to customized goods and services LO3 Allocate overhead costs to individual jobs LO4 Discuss how job costing information affects managers’ incentives and decisions LO5 Explain how spoilage, rework, and scrap are handled in job costing LO6 Appreciate the quality and behavioural implications of spoilage LO1 Explain product costs and cost flows through the manufacturing process Product vs. Period Costs Product costs are involved in the purchasing or making of a product and are the direct and indirect costs of producing goods or services These costs are accumulated on balance sheet as inventory until product is sold Examples: direct materials, direct labour Period costs are operating costs that are not related to the purchasing or making of a product These costs are expensed as incurred Examples: selling and admin expenses Merchandising Companies Merchandising companies purchase inventory from suppliers and calculate cost of goods sold as follows: Cost of Goods Sold = Beginning Merchandise Inventory + Purchases - Ending Merchandise Inventory Purchases include the cost of the products themselves plus costs such as freight, duty, taxes that are incurred in bringing the inventory to the seller’s location Manufacturing Companies Manufacturing companies produce inventory in-house and calculate cost of goods sold as follows: Cost of Goods Sold = Beginning Finished Goods Inventory + Cost of Goods Manufactured - Ending Finished Goods Inventory Cost of Goods Manufactured includes three components: Direct materials used Direct labour Manufacturing overhead (indirect expenses such as indirect labour and materials, utilities and rent for the plant, etc) Cost of Goods Manufactured – Cost Flow Cost of Goods Manufactured (COGM) = Beginning work-in process inventory + Manufacturing Cost (total of direct materials used + direct labour + manufacturing .

• Quản trị kinh doanh
• Cost management
• Quản lý chi phí
• Lecture Cost management
• Strategic management
• Decision making
• Job costing
• Management control systems
• Cost accounting
• Fundamentals of cost accounting
• Cost analysis
• Cost management systems
• Cost systems
• Strategic performance measurement
• Cost management information
• Financial reporting
• Operational performance measurement
• Resource capacity management
• Indirect cost variances
• Cost allocation
• Cost allocation bases
• Cost estimation
• Cost estimation methods
• Ebook Management and cost accounting
• Management and cost accounting
• Management accounting
• Cost assignment
• Process costing
• Cost volume profit analysis
• Project management
• Lecture Project management in practice
• Project cost management
• Project perspective
• Cost management plan
• Cost versus expenses
• Cost volume profit
• Short term profit planning
• Cost planning
• Product life cycle
• Direct cost variances
• Nonfinancial performance measures
• Cost centers
• Profit centers