Kimmel.SM.cp16.vpdf

# Accounting: Tools for Business Decision Making

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16-1 CHAPTER 16 Process Costing ASSIGNMENT CLASSIFICATION TABLE Study Objectives Questions Brief Exercises Exercises A Problems B Problems * 1. Understand who uses process cost systems. 1, 2, 19, 20 * 2. Explain the similarities and differences between job order and process cost systems. 2, 3, 4 * 3. Explain the flow of costs in a process cost system. 5, 6 1, 7, 16 1A 1B * 4. Make the journal entries to assign manufacturing costs in a process cost system. 6, 7 1, 2, 3 1, 2, 11, 13, 14, 15, 16 1A 1B * 5. Compute equivalent units. 10, 11, 12, 13 5, 10 3, 4, 5, 6, 7, 8, 10, 11, 12, 13, 14, 15, 16 2A, 3A, 4A, 5A, 6A 2B, 3B, 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, 4, 5, 6, 7, 8, 10, 11, 12, 13, 14, 15, 16 2A, 3A, 4A, 5A 2B, 3B, 4B, 5B * 7. Prepare a production cost report. 16, 17 12 5, 9, 10 2A, 3A, 4A, 5A, 6A 2B, 3B, 4B, 5B, 6B *8. Compute equivalent units using the FIFO method. 21, 22 11, 12, 13 13, 14, 15, 16, 17 7A 7B * Note: All asterisked Questions, Exercises, and Problems relate to material contained in the appendix * to the chapter.

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16-2 ASSIGNMENT CHARACTERISTICS TABLE Problem Number Description Difficulty Level Time Allotted (min.) 1A Journalize transactions. Moderate 20 30 2A Complete four steps necessary to prepare a production cost report. Simple 30 40 3A Complete four steps necessary to prepare a production cost report. Simple 30 40 4A Assign costs and prepare a 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 a production cost report. Moderate 15 25 *7A * Determine equivalent units and unit costs and assign costs for processes; prepare production cost report. Moderate 30 40 1B Journalize transactions. Moderate 20 30 2B Complete four steps necessary to prepare a production cost report. Simple 30 40 3B Complete four steps necessary to prepare a production cost report. Simple 30 40 4B Assign costs and prepare a 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 a production cost report. Moderate 15 25 *7B * Determine equivalent units and unit costs and assign costs for processes; prepare production cost report. Moderate 30 40
BLOOM'S TAXONOMY TABLE 16-3 Correlation Chart between Bloom’s Taxonomy, Study Objectives and End-of-Chapter Exercises and Problems Study Objective Knowledge Comprehension Application Analysis Synthesis Evaluation * 1. Understand who uses process cost systems. Q16-2 Q3-19 Q16-20 Q16-1 * 2. Explain the similarities and differences between job order and process cost systems. Q16-2 Q3-3 Q16-4 Q16-5 * 3. Explain the flow of costs in a proc-ess cost system. Q16-6 E16-1 E16-7 E16-16 P16-1A P16-1B P16-1A P16-1B * 4. Make the journal entries to assign manufacturing costs in a process cost system.

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