ACC 801 Ch 6

ACC 801 Ch 6 - 6 Process Costing Process 6-1 Basic...

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Process Costing Process Costing 6-1 6
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Basic Operational and Cost Basic Operational and Cost Concepts Concepts A process system is characterized by a large number of homogeneous products passing through a series of processes Each process is responsible for one or more operations that bring a product one step closer to completion A process is a series of activities that are linked to perform a specific objective In each process, materials labor and overhead inputs may be needed and upon completion of that process are transferred to another process until complete, when they are transferred to finished goods. 6-2 1
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6-3 Basic Operational and Cost Basic Operational and Cost Concepts Concepts The production report is the document that summarizes the manufacturing activity that takes place in a process department for a given period of time 1 Unit Information 1. Units to account for 2. Units accounted for Cost Information 1. Costs to account for 2. Costs accounted for
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