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Lecture Accounting (6th edition): Chapter 16 - Kimmel, Weygandt, Kieso

Chapter 16 - Process costing. In this chapter students will be able to: Discuss the uses of a process cost system and how it compares to a job order system, explain the flow of costs in a process cost system and the journal entries to assign manufacturing costs, compute equivalent units. | Process Costing Kimmel ● Weygandt ● Kieso Accounting, Sixth Edition 16 Explain the flow of costs in a process cost system and the journal entries to assign manufacturing costs. CHAPTER OUTLINE Discuss the uses of a process cost system and how it compares to a job order system. 1 2 LEARNING OBJECTIVES Compute equivalent units. 3 Complete the four steps to prepare a production cost report. 4 Use to apply costs to similar products that are mass-produced in a continuous fashion. Examples include the production of Cereal, Paint, Manufacturing Steel, Oil Refining and Soft Drinks. USES OF PROCESS COST SYSTEMS ILLUSTRATION 16-1 Manufacturing processes LO 1 LEARNING OBJECTIVE Discuss the uses of a process cost system and how it compares to a job order system. 1 Examples of companies that primarily use either a process cost system or a job order cost system. USE OF PROCESS COST SYSTEMS ILLUSTRATION 16-2 Process cost and job order cost companies and products LO 1 Which of the following items is not a characteristic of a process cost system: Once production begins, it continues until the finished product emerges. The focus is on continually producing homogenous products. When the finished product emerges, all units have precisely the same amount of materials, labor, and overhead. The products produced are heterogeneous in nature. Question USE OF PROCESS COST SYSTEMS LO 1 Service companies that provide individualized, nonroutine services will probably benefit from using a job order cost system. Those that perform routine, repetitive services will probably be better off with a process cost system. PROCESS COST FOR SERVICE COMPANIES LO 1 Job Order Cost Costs assigned to each job. Products have unique characteristics. Process Cost Costs tracked through a series of connected manufacturing processes or departments. Products are uniform or relatively homogeneous and produced in a large volume. SIMILARITIES AND DIFFERENCES BETWEEN JOB ORDER COST AND PROCESS COST SYSTEMS LO 1 . | Process Costing Kimmel ● Weygandt ● Kieso Accounting, Sixth Edition 16 Explain the flow of costs in a process cost system and the journal entries to assign manufacturing costs. CHAPTER OUTLINE Discuss the uses of a process cost system and how it compares to a job order system. 1 2 LEARNING OBJECTIVES Compute equivalent units. 3 Complete the four steps to prepare a production cost report. 4 Use to apply costs to similar products that are mass-produced in a continuous fashion. Examples include the production of Cereal, Paint, Manufacturing Steel, Oil Refining and Soft Drinks. USES OF PROCESS COST SYSTEMS ILLUSTRATION 16-1 Manufacturing processes LO 1 LEARNING OBJECTIVE Discuss the uses of a process cost system and how it compares to a job order system. 1 Examples of companies that primarily use either a process cost system or a job order cost system. USE OF PROCESS COST SYSTEMS ILLUSTRATION 16-2 Process cost and job order cost companies and products LO 1 Which of the following items is