C4_post - Review Chapter 1: The importance of cost...

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Review Chapter 1: The importance of cost information. Chapters 2 & 3: Projecting (estimating) cost and revenue information. Chapter 4: Actual Cost Determination (note that fixed costs will – once again – cause the most challenging issues).
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Assigning Costs to a Cost Object Aluminum (Direct Material) Welding Experts, Electricians (Direct Labor) Overhead items: Foremen Janitors Computer System Building Welding Supplies Tools
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Cost Object Something you want to know the cost of. (I’m not sure how to end the preceding sentence without a preposition)
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Managers must have reliable cost estimates to:  Price products.  Evaluate performance.  Control operations.  Prepare financial statements. What does  it cost? Chapter 4: Cost Accumulation, Tracing, and Allocation
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How are Direct Material costs assigned to our Jet? ALCOA Aluminum Boeing Our Jet Purchasing Department Documented Transactions Make these DIRECT costs Companies Always Have This Information
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C4_post - Review Chapter 1: The importance of cost...

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