ORIE 3150 Slides November 1 2011 (1)

ORIE 3150 Slides - ORIE 3150 November 1 2011 Process Costing Prelim II 165 Olin Hall for surnames A F 155 Olin Hall for surnames G Z The prelim is

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ORIE 3150 November 1, 2011 Process Costing
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Prelim II 165 Olin Hall for surnames A – F 155 Olin Hall for surnames G – Z The prelim is from 7:30 PM to 9:30 PM on November 1. Those taking the make up on November 2 should come to 424 Rhodes at 7:30 PM on November 2. Those taking the exam with extra time should come to 424 Rhodes at 7:15 PM November 1.
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Final Exam Monday, December 12 9:00 AM – 11:30 AM Ives Hall 305
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COMPARISON OF JOB-ORDER COSTING AND PROCESS COSTING Both product-costing systems have similar objectives: accumulate total product costs and assign those costs to each unit manufactured. A company that uses a job-costing system produces goods by order or in distinct batches, and the products tend to differ significantly from each other. With a process-costing system, a company works in a repetitive production environment, manufacturing a large number of like units in a continuous flow. Industries that use process costing include those involved with paper, petroleum, lumber, disposable diapers, and chemicals.
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Cost accumulation Costs in a job-order system are accumulated by job; in a process-costing system, the costs are accumulated by department or process.
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Flow of costs The flow of costs through general ledger accounts is similar in both systems: through Work in Process, to Finished
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This note was uploaded on 12/11/2011 for the course ORIE 3150 at Cornell University (Engineering School).

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ORIE 3150 Slides - ORIE 3150 November 1 2011 Process Costing Prelim II 165 Olin Hall for surnames A F 155 Olin Hall for surnames G Z The prelim is

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