CHAPTER 17 PROCESS COSTING 17-1 Industries using process costing in their manufacturing area include chemical processing‚ oil refining‚ pharmaceuticals‚ plastics‚ brick and tile manufacturing‚ semiconductor chips‚ beverages‚ and breakfast cereals. 17-2 Process costing systems separate costs into cost categories according to the timing of when costs are introduced into the process. Often‚ only two cost classifications‚ direct materials and conversion costs‚ are necessary. Direct
Premium Units of measurement Costs Inventory
5–6 Weighted Average Method‚ FIFO‚ Physical Flow‚ Equivalent Units 1. Physical flow schedule: Units‚ beginning work in process 12‚000 Units started 20‚000 Units to account for 22‚000 Units completed and transferred out: Started and completed 1‚200 From beginning work in process 12‚000 Units‚ ending work in process 8‚800 Total units accounted for 22‚000 2. Equivalent units—Weighted average method: Direct
Premium Costs Total cost Units of measurement
ship falls‚ GPE is transferred into KE. At the bottom of the swing it’s travelling at its highest speed. As it swings back up the other side it slows down as its KE is transferred back into GPE. Rollercoasters use these energy transfers too. The rollercoaster car gains GPE as it travels to the top. Once over the top‚ the car gains speed as GPE is transferred to KE. As it travels to the top of another loop‚ KE is transferred to GPE. Note that not all the energy is transferred to or from GPE – some
Premium Potential energy Energy Kinetic energy
5. Prepare a departmental production report using the weighted average method. 6. Prepare a departmental production report with transferred-in goods and changes in output measures. 7. Describe the basic features of operation costing. 8. Explain
Premium Management Cost Costs
process is completed‚ the units are immediately transferred to the Testing Department. Here‚ the units receive additional direct materials at the end of the process. Conversion costs are added evenly during the process. As units are completed in testing‚ they are transferred to Finished Goods Fall 2012 (METU) EM 501 Process Costing 24 / 31 Transferred in Costs Physical Units for March Work in process‚ beginning inventory (March 1) Transferred in costs 100% complete‚ Direct materials 0%
Premium Cost Costs Economics
will gain an understanding of how energy flows through an ecosystem by constructing an energy pyramid and calculating how much energy is transferred between trophic levels Materials:*energy pyramid template‚ species list‚ pyramid data sheet‚ calculator‚ one 1‚000ml beaker‚ 3 clear cups‚ one 1ml pipette‚ pen or pencil Question: how much energy is transferred from one trophic level to the next trophic level? Procedure 1: label each level of the energy pyramid with the appropriate term: producer
Premium Energy Thermodynamics Heat
is responsible for one or more operations that bring a product one step closer to completion. In each department‚ materials‚ labor and overhead inputs may be needed and upon completion of a particular process‚ the partially completed goods are transferred to another process. SIMILARITIES AND DIFFERENCES OF JOB ORDER AND PROCESS COSTING SYSTEM The cost flows for a process cost system are basically similar to those of a job order costing system‚ both job order and a process cost system track
Premium Inventory Costs FIFO and LIFO accounting
Re: Food For Thought Objective 1. Determine the total considerations transferred. 2. The land and buildings should be recorded on the premise of “in-use” or “in-exchange”. 3. Determine the fair value recorded for the intangible assets. Applicable accounting pronouncement ASC 805-20-25 Business Combinations-Identifiable assets and liabilities and any non controlling interest-Recognition Recognition Conditions 25-2 To qualify for recognition as part of applying
Premium Balance sheet Goodwill Asset
date. The Series B preferrd stock‚ which is not publically traded‚ will be transferred to InsureAll with a call option attached to the stock allowing DrugKing to repurchase the stock from whomever owns it as long as the purchase is completed within two years of the transfer date and like the Series A preferred stock it has a fixed exercise price. An outside source has also concluded that both "transfers isolate the transferred asset…beyond the reach of DrugKing and it creditors‚ even in bankruptcy or
Premium Option Balance sheet Stock
Managerial Accounting Exam 1 1. Managerial accounting places considerable weight on: A) generally accepted accounting principles. B) the financial history of the entity. C) ensuring that all transactions are properly recorded. D) detailed segment reports about departments‚ products‚ and customers. Answer: D AACSB: Reflective Thinking AICPA BB: Critical Thinking AICPA FN: Measurement LO: 1 Level: Easy 2. The plans of management are often expressed formally in:
Premium Costs Variable cost