TAILIEUCHUNG - Lecture Fundamentals of cost accounting - Chapter 6: Fundamentals of product and service costing

Chapter 6 - Fundamentals of product and service costing. This chapter provides an overview of alternative cost systems for product and service costing. Details and extensions to the basic models described here are presented in the following three chapters. | Fundamentals of Product and Service Costing Chapter 6 Copyright © 2011 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin This chapter provides an overview of alternative cost systems for product and service costing. Details and extensions to the basic models described here are presented in the following three chapters. Cost Management Systems . 1 Explain the fundamental themes underlying the design of cost systems. The objective of the cost management system is to provide information about costs relevant for decision making. The cost system accumulates and reports costs about processes, products, and services. 6 - A well-designed cost system accumulates and reports costs that are relevant to the decisions that managers make. Reasons to Calculate Product or Service Costs For decision making For deciding what to sell For setting prices For knowing the cost of goods sold For knowing the cost of inventory LO1 6 - What decisions do managers make? In Chapter 4, you saw examples of many of the decisions managers make using information about product costs. What to sell? At what price? What is the cost of the goods sold? What is the cost of inventory? Cost Allocation and Product Costing . 2 Explain how cost allocation is used in a cost management system. Basic Cost Flow Diagram Direct materials Direct labor Manufacturing overhead Alpha Beta Cost pools Cost objects Cost allocation rule Indirect (allocated by direct labor cost) Direct 6 - Chapter 1 introduced cost allocation and product costing. We know that costs that are common to two or more cost objects are likely to be allocated to those cost objects on a somewhat arbitrary basis. A manufacturing or service firm that buys different resources (materials, labor, supplies, etc.) and combines them into two or more finished products must allocate the cost of the resources to the finished products. Suppose a company produces two products, Product A and Product B, and uses .

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• Service costing
• Cost management systems
• Cost accounting
• Fundamentals of cost accounting
• Cost analysis
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• Accounting for business
• Lecture Accounting for business
• Costing concepts
• Product costing
• Accounting for manufacturing overhead
• Internet of Things
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• Process costing
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• Domestic production
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• Managing resources
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• The value chain
• Management accounting information
• Managing value
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• GB/ TB data stored
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• Cost concepts and behavior
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