Solution manual cost management HMCost3e SM ch06
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Solution manual cost management HMCost3e SM ch06
CHAPTER 6 PROCESS COSTINGDISCUSSION QUESTIONS1A process is a series of activities (operations) that are linked to perform a certain objective. For exa Solution manual cost management HMCost3e SM ch06 ample, the bottling process of a pain medication manufacturer consists of four linked activities: loading, counting, capping, and packing.2Process costing is typically used for industries where units are homogeneous and mass produced. Process costing collects costs by process (department) for a give Solution manual cost management HMCost3e SM ch06 n period of time. Unit costs are computed by dividing these costs by the department s output measured for the same period of time. Process costing useSolution manual cost management HMCost3e SM ch06
s multiple work-in-process accounts and uses a cost of production report to summarize the cost and work activity for a department. When work is compleCHAPTER 6 PROCESS COSTINGDISCUSSION QUESTIONS1A process is a series of activities (operations) that are linked to perform a certain objective. For exa Solution manual cost management HMCost3e SM ch06 osting is used for industries, which produce heterogeneous products (often custom made). Job-order costing collects costs by job Unit costs are computed by dividing the job's costs by the units produced in die job. There IS a single work-in-process account; costs and work activity are collected on t Solution manual cost management HMCost3e SM ch06 he job-order cost sheet When work is completed, it is transferred to finished goods.3The work-in-process account of the receiving department is debiteSolution manual cost management HMCost3e SM ch06
d, and the work-in-process account of the transferring department is credited. The finished goods account is debited, and the work-in-process account CHAPTER 6 PROCESS COSTINGDISCUSSION QUESTIONS1A process is a series of activities (operations) that are linked to perform a certain objective. For exa Solution manual cost management HMCost3e SM ch06 nt to die current receiving department.5Transferred-in units represent partially completed units and are clearly a material for the receiving department. To complete the product (or further process it), additional direct materials and conversion costs are added by the receiving department.6A product Solution manual cost management HMCost3e SM ch06 ion report summarizes the activity and costs associated with a process for a given period. It shows the physical flow, the equivalent units, the unitSolution manual cost management HMCost3e SM ch06
cost, and values of ending work in process and goods transferred out. The report serves the same function as a job-order cost sheet in a joborder costCHAPTER 6 PROCESS COSTINGDISCUSSION QUESTIONS1A process is a series of activities (operations) that are linked to perform a certain objective. For exa Solution manual cost management HMCost3e SM ch06 a bank, cleaning teeth, and sorting mail are examples of services that could use process costing. In fact, die use of process costing for services is simplified by the fact that there are no workin-process inventories. JIT has no inventories and so all that is needed is to measure output and costs Solution manual cost management HMCost3e SM ch06 for a period to calculate unit costs—thus, JIT can use process costing, simplified by the absence of inventories.8Equivalent units are the number of wSolution manual cost management HMCost3e SM ch06
hole units that could have been produced given the amount of direct materials, direct labor, and overhead used. Equivalent units are the measure of a CHAPTER 6 PROCESS COSTINGDISCUSSION QUESTIONS1A process is a series of activities (operations) that are linked to perform a certain objective. For exa Solution manual cost management HMCost3e SM ch06 esent.9Separate equivalent units must be calculated for direct materials and conversion costs.10The first step IS the preparation of a physical flow schedule. This schedule Identifies the physical units that must be accounted for and provides an accounting for them. The second step is the equivalent Solution manual cost management HMCost3e SM ch06 units schedule. This schedule computes the equivalent whole output for the period, its computations rely on information from the physical flow scheduSolution manual cost management HMCost3e SM ch06
le. The next step IS computation of the unit cost. To compute the unit cost, the manufacturing costs of the period for the process are divided by the CHAPTER 6 PROCESS COSTINGDISCUSSION QUESTIONS1A process is a series of activities (operations) that are linked to perform a certain objective. For exa Solution manual cost management HMCost3e SM ch06 whole or in panhttps://khothuvien.cori!The output is obtained from the equivalent units schedule. The fourth step uses the unit cost to value goods transferred out and those remaining in work in process. The final step checks to see if the costs assigned in Step 4 equal the total costs to account f Solution manual cost management HMCost3e SM ch06 or.11In calculating this period's unit cost, the weighted average method treats priorperiod output and costs carried over to the current period as belSolution manual cost management HMCost3e SM ch06
onging to the current period. The FIFO method excludes any costs and output carried over (from last period) from the current period's unit cost computCHAPTER 6 PROCESS COSTINGDISCUSSION QUESTIONS1A process is a series of activities (operations) that are linked to perform a certain objective. For exa Solution manual cost management HMCost3e SM ch06 ts of the weighted average and FIFO methods. Additionally, if no beginning work-in-process inventory exists, both die FIFO and weighted average methods give the same results.13The weighted average method uses thesame unit cost for all goods transferred outThe FIFO method divides goods transferred ou Solution manual cost management HMCost3e SM ch06 t into two categories: (1) started and completed and (2) units from beginning work in process. This period's unit cost is used to value goods startedSolution manual cost management HMCost3e SM ch06
and completed. The cost of goods transferred out from beginning work in process IS obtained by first assigning them all costs carried over from the prCHAPTER 6 PROCESS COSTINGDISCUSSION QUESTIONS1A process is a series of activities (operations) that are linked to perform a certain objective. For exa Solution manual cost management HMCost3e SM ch06 a separate input category when equivalent units are computed. The category IS viewed as a material that is always added at the beginning of the process.15operation costing is a blend of job-order and process-costing procedures. It is used where batches of homogeneous products are produced.45445c 201 Solution manual cost management HMCost3e SM ch06 5 Cengage Learning. AU Rights Reserved. May not be seamed. copied or duplicated, ot posted to a publiclyaccessible website, in whole or in pete.CORNERSolution manual cost management HMCost3e SM ch06
STONE EXERCISESCornerstone Exercise 6.11Direct materials............Direct labor................Applied overhead............Costs added...............CHAPTER 6 PROCESS COSTINGDISCUSSION QUESTIONS1A process is a series of activities (operations) that are linked to perform a certain objective. For exaCHAPTER 6 PROCESS COSTINGDISCUSSION QUESTIONS1A process is a series of activities (operations) that are linked to perform a certain objective. For exaGọi ngay
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