Lecture No. 5, Process Costing

Lecture No. 5, Process Costing - ProcessCostingSystems...

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Process Costing Systems Lecture No. 5 AC 206 – Managerial Accounting
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Topics of Lecture What is process costing? Contrast to job costing systems Cost flows in a process system New terms Demo problem
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Steps in Process Costing  Identify Process Center or Departments Accumulate Costs by Departments Compute Equivalent Units Determine Unit Costs Price Out Inventories and Goods  Transferred
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Departmental  Flows Beg. 100 (a) 50 Raw Mat’ls 75 (b) 25 (f) A/P 50 (a) (b) 75 (c) 25 (d) 30 WIP–Dept. A 80 (e) (e) 80 (f) 25 (g) 10 (h) 5 WIP–Dept. B 110 (i) (i) 110 Fin. Goods Wages Pay. 25 (c) 10 (g) Overhead Clearing 30 (d) 5 (h)
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Terms FIFO versus Weighted Average Method Conversion Costs Equivalent Units
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Identify Departments Mixing  Bagging
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No Beginning Work in Process Dollars Added During the Month: Direct Materials           $4,000 Conversion  Costs         5,880 Total Costs                  $9,880
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This note was uploaded on 03/07/2012 for the course ACCT 206 taught by Professor Jamescruz during the Spring '12 term at Boise State.

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Lecture No. 5, Process Costing - ProcessCostingSystems...

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