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Lecture Management accounting (5/e): Chapter 5 - Kim Langfield-Smith

Chapter 5 - Process costing and operation costing. This chapter presents the following content: Process costing, process costing with work in process inventory, calculation of equivalent units, the effects of beginning and ending work in process inventories, process costing using the weighted average method, process costing using the first-in, first-out (FIFO) method, comparison of weighted average and FIFO, process costing and spoilage, operation costing, other issues in process costing. | Chapter 5 Process costing and operation costing 5- Copyright 2009 McGraw-Hill Australia Pty Ltd PowerPoint Slides t/a Management Accounting 5e by Langfield-Smith Prepared by Kim Langfield-Smith Outline Process costing Process costing with work in process inventory Calculation of equivalent units The effects of beginning and ending work in process inventories Process costing using the weighted average method Process costing using the first-in, first-out (FIFO) method Comparison of weighted average and FIFO Process costing and spoilage Operation costing Other issues in process costing 5- Copyright 2009 McGraw-Hill Australia Pty Ltd PowerPoint Slides t/a Management Accounting 5e by Langfield-Smith Prepared by Kim Langfield-Smith Process costing Job costing and process costing are two extremes of the continuum of conventional product costing systems Job costing systems accumulate the costs of each job Process costing systems accumulate the cost of each process then average | Chapter 5 Process costing and operation costing 5- Copyright 2009 McGraw-Hill Australia Pty Ltd PowerPoint Slides t/a Management Accounting 5e by Langfield-Smith Prepared by Kim Langfield-Smith Outline Process costing Process costing with work in process inventory Calculation of equivalent units The effects of beginning and ending work in process inventories Process costing using the weighted average method Process costing using the first-in, first-out (FIFO) method Comparison of weighted average and FIFO Process costing and spoilage Operation costing Other issues in process costing 5- Copyright 2009 McGraw-Hill Australia Pty Ltd PowerPoint Slides t/a Management Accounting 5e by Langfield-Smith Prepared by Kim Langfield-Smith Process costing Job costing and process costing are two extremes of the continuum of conventional product costing systems Job costing systems accumulate the costs of each job Process costing systems accumulate the cost of each process then average these costs across all units produced Many businesses use a combination of job and process costing; this is called hybrid costing 5- Copyright 2009 McGraw-Hill Australia Pty Ltd PowerPoint Slides t/a Management Accounting 5e by Langfield-Smith Prepared by Kim Langfield-Smith (cont.) Process costing (cont.) Used by businesses that mass-produce one product or a small range of almost identical products Involves a number of processes that are performed repetitively Used by oil refineries, food processors and manufacturers of tobacco, chemicals and paper Also used by producers of repetitive services such as routine processing of cheques in banks and delivery of standard letters in Australia Post 5- (cont.) Copyright 2009 McGraw-Hill Australia Pty Ltd PowerPoint Slides t/a Management Accounting 5e by Langfield-Smith Prepared by Kim Langfield-Smith Process costing (cont.) Two main steps Estimate the cost of the production process Calculate the average cost per unit by dividing