OBJCHP04_08 - production report). Then prepare basic...

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COST AND MANAGEMENT ACCOUNTING 1 UNIT 2 - CHAPTER 4 SYSTEMS DESIGN: PROCESS COSTING LEARNING OUTCOMES : 1. Define Process Costing, compare with Job Order Costing, and give examples of when process costing is appropriate. 2. Compute equivalent units of production for a period by the weighted average method. 3. Prepare a quantity schedule for a period by the weighted-average method . 4. Compute the costs per equivalent unit for a period by the weighted average method. 5. Prepare a cost reconciliation for a period by the weighted average method . 6. Prepare a T-account for the departmental WIP account (from amounts on the
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Unformatted text preview: production report). Then prepare basic journal entries to record the flow of materials, labour, and overhead from the production report (based on the debit and credit entries in the WIP account). 7. Repeat items 2-6 for the FIFO method . Demonstration/Assignment questions: Weighted Avg. Method: E4-4, E4-6, E4-10, E4-11, P4-15, P4-17, P4-20, P4-22, P4-23, P4-24, Case 4-27 (second dept.); FIFO Method: E4-12, E4-13, P4-16, P4-18, Case 4-28(? second dept.) Rev. 12/06...
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