PPT_for_Chapter_4_without_in-class_assignment

PPT_for_Chapter_4_without_in-class_assignment - ACC 200...

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ACC 200 Fall 2010 Chapter 4 Roby B. Sawyers, CPA, Ph.D. College of Management
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Managerial Decisions How do we determine the cost of the products or services being produced and sold by a company? How is the cost of the product used? Determining the selling price Determining whether to sell a product Determining which product or service to sell Buying or making a component used in a product Sharing profits with other companies/individuals
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3 Primary Topics Job costing vs. Process costing Allocating overhead to products Why do we allocate overhead? Calculating the predetermined overhead rate and applying overhead to products Dealing with over and under applied overhead Process costing using the FIFO method
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Product Costing Systems Job Costing A customized product or service Track and assign costs to individual jobs Process Costing A homogeneous product being produced on a continuous basis Track and assign costs to processes and then assign to each product that passes through Operations Costing A hybrid of job and process costing Used by manufacturers who make products in batches
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