Wey_AP_9e_Ch21_Edited

Wey_AP_9e_Ch21_Edited - Chapter 21-1 Prepared by Dan R....

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Chapter 21-1 Prepared by Dan R. Ward Suzanne P. Ward University of Louisiana at Lafayette
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Chapter 21-2 Chapter 21 Process Costing Accounting Principles, Ninth Edition
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Chapter 21-3 Preview of Chapter Preview of Chapter Process cost accounting focuses on  mass-production of products that  are  identical or very similar in  nature. In contrast, job order cost  accounting focuses on the  individual job.
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Chapter 21-4 Nature of Process Cost Systems Nature of Process Cost Systems Use to apply costs to similar  products that are massed produced  in a  continuous  fashion Examples include the production of Cereal, Paint, and Soft Drinks SO 1: Understand who uses process cost systems. SO 1: Understand who uses process cost systems. Illustration 21-1
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Chapter 21-5 Comparison of Products Produced Comparison of Products Produced Under Process and Job Order Cost Systems Under Process and Job Order Cost Systems SO 1: Understand who uses process cost systems. SO 1: Understand who uses process cost systems. Illustration 21-2
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Chapter 21-6 Job Order Cost Systems C o s ts  a re  a s s ig ne d to   each job. Products have  unique characteristics . Process Cost Systems C o s ts  a re  tra c ke d thro ug h a   series of connected manufacturing  processes or departments . Products are  uniform  or relatively  homogeneous and produced in a  large  volume . SO 2: Explain the similarities and differences between job SO 2: Explain the similarities and differences between job order cost and process cost systems order cost and process cost systems Job Order Cost vs Process Cost Systems Job Order Cost vs Process Cost Systems
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Chapter 21-7 SO 2: Explain the similarities and differences between job SO 2: Explain the similarities and differences between job order cost and process cost systems. order cost and process cost systems. Job Order Cost vs Process Cost Systems Job Order Cost vs Process Cost Systems Illustration 21-3
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21-8 SO 2: Explain the similarities and differences between SO 2: Explain the similarities and differences between job order cost and process cost systems. job order cost and process cost systems. Similarities      The accumulation of costs is the same in both systems.    Both costing systems track the three manufacturing       cost elements:  direct materials, direct labor, and        manufacturing overhead.   Costs are assigned to the same general ledger accounts in both        costing systems.              However, the methods of assigning the costs                               differ significantly. Job Order Cost vs Process Cost Systems
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Wey_AP_9e_Ch21_Edited - Chapter 21-1 Prepared by Dan R....

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