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Class+2+learning+objectives+_2_ - Summary of Key Learning...

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Summary of Key Learning Objectives for Class 2: Bridgeton Case The Bridgeton Case introduces cost accounting by providing a simple example of the design and functioning of traditional product cost systems. The case setting and managerial decisions covered by the case, provide insights into managing during recessionary times and the limitations of using basic cost accounting tools during these periods. Key learning objectives include: 1. Introducing/reviewing the basic product costing problem that derives from the need to provide inputs to financial accounting for valuing inventory (asset on balance sheet) and sales (income statement). 2. Introducing/reviewing a vocabulary for discussing costs, cost systems, and product costs, including but not limited to: standard costing, historical costing, direct costing, product costs, period costs, fixed costs and variable costs. 3. Illustrating one approach to allocating overhead costs to products in a standard costing system.
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