Bài giảng Kế toán, kiểm toán - Chapter 4: Process costing and hybrid product - Costing systems

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.

 

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Process Costing and Hybrid Product-Costing Systems Chapter 4Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.Comparison of Job-Order Costing and Process CostingJob-order costingCosts 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 costingCosts 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.4-2Process Cost Flows4-3Process Cost Flows4-4Equivalent Units: A Key ConceptCosts 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 completed products.4-5Equivalent Units ExampleTwo half completed products are equivalent to one completed product.So, 10,000 units that are 70% complete are equivalent to 7,000 complete units.+=l4-6Calculating and Using Equivalent Units of ProductionTo calculate the direct materials and conversion costs per equivalent unit for the period:Materials cost per equivalent unit=Materials cost for the period Materials equivalent units for the periodConversion cost per equivalent unit=Conversion cost for the period Conversion equivalent units for the period4-7Departmental Production ReportProduction Report Analysis of physical flow of units.Calculation of equivalent units.Computation of unit costs.Analysis of total costs.4-8Equivalent Units of Production – Weighted-Average MethodThe weighted-average method . . .Makes no distinction between work done in the prior period and work done in the current period.Blends together units and costs from the prior period and the current period.The FIFO method is a more complex method and is rarely used in practice.4-9 Computation of unit costsProduction Report Example$140,000 ÷ 50,000 equivalent units$200,700 ÷ 45,000 equivalent units$2.80 + $4.464-10Production Report Example Analysis of total costs 4-11Production Report Example Analysis of total costs4-12Production Report Example Analysis of total costsAll costs accounted for4-134-14Departmental Production ReportAnalysis of physical flow of units.Calculation of equivalent units.Computation of unit costs.Analysis of total costs.4-15Operation CostingOperation costing employs some aspects of both job-order and process costing.Job-order Operation Costing Process Costing (Products produced in batches) Costing4-16Operation CostingOperation costing employs some aspects of both job-order and process costing.Job-order Operation Costing Process Costing (Products produced in batches) CostingConversion costs are assigned to batches as in process costing.Material costs are charged to batches as in job-order costing.4-17

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