ch21 - CHAPTER 21 Process Cost Accounting ASSIGNMENT...

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Unformatted text preview: CHAPTER 21 Process Cost Accounting ASSIGNMENT CLASSIFICATION TABLE Study Objectives Questions Brief Exercises Exercises A Problems B Problems * 1. Understand who uses process cost systems. 1, 2 1 * 2. Explain the similarities and differences between job order cost and process cost systems. 2, 3, 4, 5 1 * 3. Explain the flow of costs in a process cost system. 6 3A 3B * 4. Make the journal entries to assign manufacturing costs in a process cost system. 6, 7 1, 2, 3 2, 4 3A 3B * 5. Compute equivalent units. 10, 11, 12, 13 5, 10 3, 5, 6, 7, 8, 9, 10, 11, 13 1A, 2A, 4A, 5A, 6A 1B, 2B, 4B, 5B, 6B * 6. Explain the four steps necessary to prepare a production cost report. 8, 9, 14, 15, 18 4, 6, 7, 8, 9 3, 5, 6, 7, 8, 9, 10, 11, 13 1A, 2A, 4A, 5A 1B, 2B, 4B, 5B * 7. Prepare a production cost report. 16, 17, 19, 20 7, 12, 13 1A, 2A, 4A, 5A, 6A 1B, 2B, 4B, 5B, 6B * 8. Explain just-in-time (JIT) processing. 21 * 9. Explain activity-based costing (ABC). 22, 23 *10. Apply activity-based costing to specific company data. 24 11 14, 15 7A * Note: All asterisked Questions, Exercises, and Problems relate to material contained in the appendix * to the chapter. 21-1 ASSIGNMENT CHARACTERISTICS TABLE Problem Number Description Difficulty Level Time Allotted (min.) 1A Complete four steps necessary to prepare a production cost report. Simple 30–40 2A Complete four steps necessary to prepare a production cost report. Simple 30–40 3A Journalize transactions. Moderate 20–30 4A Assign costs and prepare production cost report. Moderate 20–30 5A Determine equivalent units and unit costs and assign costs. Moderate 20–30 6A Compute equivalent units and complete production cost report. Moderate 15–25 *7A * Assign overhead to products using ABC. Moderate 40–50 1B Complete four steps necessary to prepare a production cost report. Simple 30–40 2B Complete four steps necessary to prepare a production cost report. Simple 30–40 3B Journalize transactions. Moderate 20–30 4B Assign costs and prepare production cost report. Moderate 20–30 5B Determine equivalent units and unit costs and assign costs. Moderate 20–30 6B Compute equivalent units and complete production cost report. Moderate 15–25 21-2 BLOOM’S TAXONOMY TABLE 21-3 ANSWERS TO QUESTIONS 1. (a) Process cost. (b) Process cost. (c) Job order. (d) Job order. 2. The primary focus of job order cost accounting is on the individual job. In process cost accounting, the primary focus is on the processes involved in producing homogeneous products. 3. The similarities are: (1) all three manufacturing cost elements—direct materials, direct labor, and overhead—are the same; (2) the accumulation of the costs of materials, labor, and overhead is the same; and (3) the flow of costs is the same....
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This note was uploaded on 12/04/2009 for the course ACCOUNTING 636363 taught by Professor Mahmood during the Fall '09 term at Ill. Chicago.

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ch21 - CHAPTER 21 Process Cost Accounting ASSIGNMENT...

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