2013 ACCT 102 Managerial Accounting Oil Refinery: A Typical Example for the use of Process Costing Objectives ☯To understand what is process costing ☯To understand the physical flow and basic entries in a process costing system ☯To be able to calculate the production cost able in a process costing system by using the the Weighted Average method 1 Comparison of Job-Order Costing and Process Costing JobJob-order costing The oil refining process starts with a fractional
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Process Costing Vs. Job Order Costing Manufacturers use different types of costing systems to allocate production costs to their products and services. Two types of common product costing systems are process costing and job-order costing. While each system applies the same production costs to products‚ there are distinct variances in the application method. Process Costing o Process costing applies production costs to products based on the process they go through in the manufacturing process.
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SHELL COMPANY OIL SPILLS IN NIGERIA By MOHAMMAD MOHIB SIDDIQI H00034532 Executive Summary Shell is one of the global energy and petroleum companies around the world. The strategy of Shell Company is to generate more profit for the organization and to move forward the business investments so that Shell Company is sustaining a competitive situation in the Global market and to provide revenues to the shareholders by meeting
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business renovations and innovations‚ during the progress development of a company‚ continuous research and analysis is conducted to find out the ins and outs of the business. Some companies conduct this research before and or during the market place in configuring how they can enter or main their competitive position and influence of the industry involved. Great Lakes Chemical Corporation happens to be one of these companies that are in need of renovations and innovations‚ to stay in business at competitive
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MARGINAL COSTING Introduction This paper explores the use of cost accounting information for decision-making purposes. DEFINITION OF KEY TERMS Marginal cost: This is the cost of a unit of a product or service‚ which would be avoided if that unit or service was not produced or provided Break-even point: This is the volume of sales where there is neither profit nor loss. 1 9 6 COST ACCOUNTING S T U D Y T E X T Margin of safety: This is the excess of sales over the break-even volume in
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of Target Costing 1 1.2 Historical Background 2 1.3 Objectives of Target Costing 3 2 Target Costing Principles 4 2.1 Price Led Costing 4 2.2 Customer Focus 4 2.3 Design Focus 5 2.4 Cross-Functional Involvement 5 2.5 Life Cycle Cost 5 3 Distinguishing Target Costing from Traditional Cost Management 6 4 Setting up a Target Costing Management 8 4.1 Fundamental Work 8 4.2 Systems of Managing Target Costing 8 4.3 Principles of Target Costing 9 4.4 Procedures of Target Costing 9 4.5 Risk
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Assignment #3 BP began as the Anglo Persian Oil Company in the early 1900’s. The company was founded and financed by Mr. D’Arcy of London and the Burmah Oil Company. The oil excavation in Persia took many tumultuous years‚ with set back after set back that almost led Mr. D’Arcy to financial ruin “But vindication was in the air. By the early morning of 26 May 1908‚ the whole camp reeked of sulphur. At four o’clock the drill reached 1‚180 feet and a fountain of oil spewed out into the dawn sky” (Our History:
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Absorption Costing -Overview 1. Overview of Absorption costing and Variable Costing 2. Review how costs for Manufacturing are transferred to the product 3. Job Order Vs. Process Costing 4. Overhead Application -Under applied Overhead -Over applied overhead 5. Problems with Absorption Costing 6. Concluding Comments Absorption Costing The focus of this class is on how to allocate manufacturing costs to the product. -Direct Materials -Direct Labor -Overhead Absorption
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Topic: Product costing Ningbo lecturer: Ms. Huang HuiQin – E: huanghuiqin@nbu.edu.cn – P: 86-574-87600960 Student: Lê Uyên Phương (Phoebe) – E: leuyenphuongvn@yahoo.com – P: 86-15 757 829 310 Student ID: 1211125031 NBU Intake 12‚ 2012 Required: Examine the literature to identify the different perspectives on how a product’s cost may be formulated. Assess the strengths and weaknesses of the various approaches to product costing that have been proposed
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operation for 16 years. Owned and operated by the owners of the International Pharmaceuticals Incorporated (IPI)‚ the IPI Foundation is the company’s expression of its corporate social responsibility. The company is founded by the Wong-Castillo family‚ one of Cebu’s prominent successful Filipino-Chinese industrialists. IPI just celebrated its 50th founding anniversary in May 2009. From its humble beginnings as producer of liniment preparation‚ IPI has now diversified into a wide variety of product lines
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