CHAPTER 5 PRODUCT AND SERVICE COSTING: A PROCESS SYSTEMS APPROACH LEARNING OBJECTIVES AFTER STUDYING THIS CHAPTER‚ YOU SHOULD BE ABLE TO: 1. Describe the basic characteristics of process costing‚ including cost flows‚ journal entries‚ and the cost of production report. 2. Describe process costing for settings without work-in-process inventories. 3. Define equivalent units‚ and explain their role in process costing. 4. Prepare a departmental production report using the FIFO method
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all seen it‚ lumpy milk poured from an outdated jug or lemon juice added to warm milk. What was once smooth‚ creamy milk becomes chunky‚ lumpy‚ and completely unappetizing. But curdled milk isn’t always a bad thing. Although it sometimes signifies spoilage‚ it can also be a method of producing more delicious food‚ like cheese. Milk curdles because of a simple chemical reaction that can be set into place for a variety of reasons. Let’s take a closer look at some of those reasons. What is Curdled Milk
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charged to a separate Loss from Normal Spoilage account. d. are 100% avoidable costs. status: incorrect (0.0) correct: b your answer: c feedback: Incorrect. Normal losses are expected in the manufacturing process and cannot be avoided. They are treated as product costs; that is‚ the cost of the lost units is included as a part of the cost of all units finished or still in process because the good units could not have been produced without this normal spoilage. 2 An abnormal loss: a. is treated
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[pic] Student Name ______________________ ID#_______________ |COURSE: Cost & Management Accounting (ACCO 330) Winter 2011 | |Sections: BB‚ CC‚ F‚ G‚ H | |EXAMINATION: |DATE: |TIME: 3 hours |# OF PAGES: | |MIDTERM
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Case Study - Pelarsen Windows: Human v. Robots Background Pelarsen Windows is in its third generation‚ founded initially in 1922 by Gunnar Pelarsen and now run by granddaughter and CEO Ingrid Pelarsen. The 1990s was an era of craftsmanship. One of the noted success factors for Pelarsen Windows at the time was its transition from craft to mass production. Pelarsen was a mover in streamlining the windows manufacturing process by standardizing the various components‚ allowing windows to be assembled
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free from pathogenic microorganisms and undesirable numbers of spoilage microorganisms. Cleaning prior to sanitizing is recommended as it increases the effectiveness of the sanitizing step. Effective cleaning and sanitation programs are required to achieve the correct level of hygiene in food handling or production facilities. If these are not adhered to there is a greater risk of food becoming contaminated by pathogenic or spoilage microorganisms. Food Processing Food processing is a procedure
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Food Packaging Food packaging draws on disciplines like chemistry‚ microbiology‚ food science and engineering. About 25% of the ex-factory cost is for packaging and thus provides the challenge for food packaging technologists to design and develop functional packages at low cost. Today packaging is pervasive and essential. It surrounds‚ enhances and protects the goods from processing and manufacturing through handing and storage to final consumption without packing‚ materials would be messy
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Preservatives in foods[edit source | editbeta] Preservatives are often added to food to prevent their spoilage‚ or to retain their nutritional value and/or flavor for a longer period. The basic approach is to eliminate microorganisms from the food and prevent their regrowth. This is achieved by methods such as a high concentration of salt‚ or reducing the water content. This inhibits spoilage of the food item by microbial growth. Preservatives may be antimicrobial preservatives‚ which inhibit the
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the need for training. • Employment of inexperienced and new labor requires detailed instructions for effective performance on the job. • People have not to work‚ but work effectively with the minimum of supervision‚ minimum of cost‚ waste and spoilage‚ and to produce quality goods and services. • Increasing use of fast changing techniques in production and other operations requires training into newer methods for the operatives. • Old employees need refresher training to enable them to keep
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something that likely to die‚ spoil‚ or decay. Perishable is also known as spoilage. Perishable item is an item that has limited shelf life such as meat‚ vegetables‚ dairy products‚ and even prescription drugs. The products are ensuring to be reach to the consumers in a fresh condition. The formula to calculate the pricing perishable item is stated below. Pricing perishable = Total dollar sales Number of unit produced - spoilage These are the step for calculating the pricing perishable item: Identify
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