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ACCO 330 - CHPT 11 - Chapter Eleven Process Costing...

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Blocher,Stout,Cokins,Chen, Cost Management 4e Process Costing Chapter Eleven
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2 Blocher,Stout,Cokins,Chen, Cost Management 4e Product Costing System Methodology A product-costing system is based on the following methodology Cost accumulation method (i.e., job or process costing) Cost measurement method (i.e., actual, normal, or standard costing) Overhead assignment method (i.e., volume- based or activity-based)
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3 Blocher,Stout,Cokins,Chen, Cost Management 4e J ob costing system accumulates costs and assigns them to specific jobs, customers, projects, clients, or contracts Process costing is appropriate in large firms that produce one or a few homogeneous products through continuous mass production Product Costing System Methodology Cost accumulation
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4 Blocher,Stout,Cokins,Chen, Cost Management 4e Process costing: a product costing system that accumulates costs according to processes or departments Accumulated costs are assigned based on the production (output) of the period
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