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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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 distillation
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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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PAPER – 5 : ADVANCED MANAGEMENT ACCOUNTING QUESTIONS Marginal Costing Vs. Absorption Costing 1. During the current period‚ ABC Ltd sold 60‚000 units of product at Rs. 30 per unit. At the beginning for the period‚ there were 10‚000 units in inventory and ABC Ltd manufactured 50‚000 units during the period. The manufacturing costs and selling and administrative expenses were as follows: Total cost Rs. Beginning inventory: Direct materials Direct labour Variable factory overhead Fixed factory overhead
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BENEFITS OF DRINKING WATER The human body‚ which is made up of between 55 and 75 percent water (lean people have more water in their bodies because muscle holds more water than fat)‚ is in need of constant water replenishment. Your lungs expel between two and four cups of water each day through normal breathing - even more on a cold day. If your feet sweat‚ there goes another cup of water. If you make half a dozen trips to the bathroom during the day‚ that’s
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New Horizons TABLE OF CONTENTS Introduction Missions beyond Mars Design challenges for long missions Electrical power Launch Jupiter gravity assist Zipping by Jupiter Plans for Pluto Beyond Pluto Exploring the Kuiper Belt Current Status Introduction New Horizons is a NASA New Frontiers mission managed by the Johns Hopkins University Applied Physics Laboratory. Launched on January 19‚ 2006‚ the New Horizons spacecraft is due to pass Jupiter on February 28‚ 2007‚ en route to
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Security for Super Bowl XLVII On February 3‚ 2013‚ the biggest‚ grandest‚ most-watched single event in American sports is coming to New Orleans. (Tourism) New Orleans as celebrated plenty of milestones on its slow road to recovery from Hurricane Katrina‚ but arguably none is bigger than hosting its first Super Bowl since the 2005 storm left the city in shambles. (Kunzelman) As fans prepare to travel to cheer for their favorite teams‚ the San Francisco 49ers and Baltimore Ravens arrive in the
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juveniles for an excessive amount of time isn’t going to help them in the long run. For example‚ “Successful rehabilitation‚ many argue‚ is better for society in the long run than releasing someone who’s spent their entire young adult life in general prison population” (Jessica Reaves). Instead of letting the juveniles suffer long sentences in jail they should be able to be rehabilitated so they can learn from their mistakes. Also‚ if long and harsh jail time is given to juveniles‚ then they won’t
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Bruno Ms. Nava Advanced Composition P.3 17 August 2016 More Than a Sport I am almost positive that if you asked more than half the population what their thoughts and opinions on cheerleading are‚ they would start off with the stereotypical view of pretty girls who jump around and yell for a sport‚ in which they have no idea what is going on. But‚ cheerleading is so much more to me‚ as a cheerleader a word like leadership takes on a whole new meaning. On the sidelines‚ in the classroom and in the
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and I could start planning our trip‚ we had to decide where we would like to go. My family and I looked at many different countries and they all had their own unique culture that stood out. The one I liked the most‚ though‚ was New Zealand. New Zealand has an interesting history‚ a variety of land features and unique people. History The first people to find New Zealand
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