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Chapter 17-Study Information

Chapter 17-Study Information - 4 You should be able to...

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Accounting 230 Chapter 17 Study Information Horngren 13 th Ed. 1. You should be able to define process costing, give examples of the types of products/services being produced and be able to compute the unit cost. 2. You should be able to define equivalent units and compute the equivalent units using the weighted average and FIFO methods for “Transferred-In, Materials, Labor and Overhead.” Labor and overhead are often combined and called “Conversion Costs.” 3. You should be able to compute the 5 steps of process costing using the weighted average method for the first department.
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Unformatted text preview: 4. You should be able to compute the 5 steps of process costing using the FIFO method for the first department. 5. You should be able to compute the 5 steps of process costing using the weighted average method for the second or later department. 6. You should be able to compute the 5 steps of process costing using the FIFO method for the second or later department. 7. You should be able to record journal entries for the current materials, labor and overhead as well as transferring the costs from one department WIP account to the next department WIP account....
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