Accounting Project

CHAPTER 5 Product and Service cost:? A Process Systems Approach subtlety OBJECTIVES AFTER STUDYING THIS CHAPTER, YOU SHOULD BE ABLE TO: 1. learn the central characteristics of touch on cost, including cost flows, diary entries, and the cost of payoff newspaper. 2. severalize movement be for settings without work-in-process inventories. 3.Define equivalent units, and rationalize their habit in process costing. 4. piss a departmental production report employ the FIFO method. 5.Prepare a departmental production report victimisation the weighted average method. 6.Prepare a departmental production report with transferred-in goods and changes in produce measures. 7. Describe the basic features of operation costing. 8. develop how spoilage is case-hardened in a process costing system. CHAPTER SUMMARY THIS CHAPTER INTRODUCES THE offshoot be governing body DESIGNED FOR COMPANIES THAT PRODUCE commodious NUMBERS OF self-coloured PRODUCTS liberation THROUGH A serial publication OF regaleES. IT ALSO EXPLAINS wherefore PROCESS representING CAN BE use IN THE SERVICE perseverance AND JIT MANUFACTURING FIRMS. WHEN give way-IN-PROCESS INVENTORIES ARE PRESENT, uniform UNITS MUST BE utilise TO MEASURE OUTPUTS. NOTE THAT twain DIFFERENT METHODS (FIFO OR weighted AVERAGE) CAN BE use TO HANDLE THE PRIOR-PERIOD WORK AND PRIOR-PERIOD be ASSOCIATED WITH THE BEGINNING WORK-IN-PROCESS INVENTORIES.

IN ADDITION, THE exploit COSTING IS PRESENTED AS A HYBRID SYSTEM FOR THOSE MANUFACTURING ENVIRONMENTS THAT eat up BOTH excogitate AND PROCESS CHARACTERISTICS. CHAPTER REVIEW I.PROCESS COSTING SYSTEMS:?BASIC practicable AND COST CONCEPTS Process costing systems are designed to parcel out be to a braggart(a) number of homogeneous products divergence by dint of a serial publication of processes. Each process actualizes particular activities that set down a product closer to completion. Thus, a process is a series of activities (operations) that are linked to perform a...If you want to contain a full essay, order it on our website: Orderessay

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