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ACCT 521 ACCT521 ACCT/521 MODULE 4 – COST (CHAPTER 8 & 9)

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ACCT 521 ACCT521 ACCT/521 MODULE 4 – COST (CHAPTER 8 & 9)

MODULE 4 – COST (CHAPTER 8 & 9) CHAPTER 8 – PROCESS COSTING
Determining Equivalent Units
The key difference between manufacturing products using a continuous process and manufacturing products in a discrete production environment in terms of product costing is that in a continuous process, individual units are difficult to distinguish because they are rnous
A reasonable assumption is that all units in a large group cost the same
As a result, we compute the costs of these large groups, or batches, and then assume that all units in each batch have the same cost
In continuous production process, some product is always just finishing the process, some product is just beginning it, and some product is about one-half complete
This variation in completion is what defines a continuous production process
If we want to compare the physical units in the WIP inventory to completed units, we could ask a knowledgeable manager to estimate “how complete” the units in WIP are relative to complete unit

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ACCT 521 ACCT521 ACCT/521 MODULE 4 – COST (CHAPTER 8 & 9)

MODULE 4 – COST (CHAPTER 8 & 9) CHAPTER 8 – PROCESS COSTING
Determining Equivalent Units
The key difference between manufacturing products using a continuous process and manufacturing products in a discrete production environment in terms of product costing is that in a continuous process, individual units are difficult to distinguish because they are rnous
A reasonable assumption is that all units in a large group cost the same
As a result, we compute the costs of these large groups, or batches, and then assume that all units in each batch have the same cost
In continuous production process, some product is always just finishing the process, some product is just beginning it, and some product is about one-half complete
This variation in completion is what defines a continuous production process
If we want to compare the physical units in the WIP inventory to completed units, we could ask a knowledgeable manager to estimate “how complete” the units in WIP are relative to complete unit
An equivalent unit is the number of physical units multiplied by the estimated percentage that an “average” unit in inventory is “complete” withrespect to the individual resource
Example:
oAssume you have three cans of paint. One is filled 30%, the other 75%, and the last is filled 90%. The total ending wip is therefore 65%.
o(30% + 75% + 90%)/3 = 65%
Using Product Costing in a Process Industry
The approach followed in Ch. 6
oMeasure the physical flow of resources
oCompute the equivalent units of production
oIdentify the costs to assign the products oCompute the costs per equivalent unit
oAssign product costs to batches of work
Example: Apple State Juices (ASJ) produces and bottles various fruit juices. Production at the apple-juice plants takes place in three steps:
o(1) Shredding Department
o(2) Pressing Department
o(3) Pasteurization and Packaging Department
oThen to warehouse
Step 1: Measure the Physical Flow of Resources
See Example
Step 2: Compute Equivalent Units
Need to consider whether all resources are added continuously or separately
See Example
Step 3: Identify the Product Costs for Which Account
Once we have accounted for the work done, we next collect data on the

ACCT 521 ACCT521 ACCT/521 MODULE 4 – COST (CHAPTER 8 & 9)

ACCT 521 COST ACCOUNTING School: Liberty University *Professor:Leah Lane, Atnhony Faiella, DR.HANN, ULLMER,B, Dr.Higgetts, MelanieH… Documents (367) Q&A (127) Textbook Exercises (20+) Most important docs of the week 7 pagesREFORMATION OF INSTRUMENTSREFORMATION OF INSTRUMENTS Liberty University COST ACCOUNTING

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Fundamentals of Cost Accounting Ch 3, Section CVPA Cost-Volume-Profit Analysis, Exercise 1Calculation of the operating profit: It is calculated by total variable and fixed cost from the…Fundamentals of Cost Accounting Ch 4, Section DA Differential Analysis, Exercise 1

Calculation of the effect of the decision on the company’s operating profit: It is determined…Fundamentals of Cost Accounting Ch 5, Section WMECB What Methods Are Used to Estimate Cost Behavior?, Exercise 1The total variable cost is calculated by adding all the variable costs.

Calculate the average fixed…Fundamentals of Cost Accounting Ch 6, Section CPCPI Costing in a Single Product, Continuous Process Industry, Exercise 1The production of barrels started with 8,000 units and 8,000 units are in the finished goods. It…Fundamentals of Cost Accounting Ch 7, Section CCJ Computing the Cost of a Job,

Exercise 1Global explanation: Direct materials is debited to increase the materials balance since the…Fundamentals of Cost Accounting Ch 8, Section RTPCR Reporting This Information to Managers:

ACCT 521 ACCT521 ACCT/521 MODULE 4 – COST (CHAPTER 8 & 9)

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