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    © All Rights Reserved
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    4 views3 pages

    Theories

    Uploaded by

    natashiwacoco

    Copyright:

    © All Rights Reserved
    Download as PDF or read online from Scribd
    Flag for inappropriate content
    Download as pdf
    of 3
    LT PROF. ELEC ———— Mcc- 100 joint produion process, a vy “product is also described asi ; Q Simu\taneously prduced product of reidhvely low vole MI of tne Ff. are Methods of cosh ng by: prcincts suxceph the: 7 Quiraige “nit cot me thed 2 Te ff. Lomponents f pnduchon that can be ailécated as joint costs ben A Sinyle — manufachiring process pred uces several salable products art: ty materials, labors and overhead ith 4.the choracterishe than i most often used fe distinguish a priduct as erty a jOint product of a wy-prducr is the: Vo relahve sales ValMe of the products produced im the process 5: A compan juces ree, int nd one by-product. Th by- products Laleoeele raneel ae isnaut inh padusts and ore SY Be ain produc .P'the referable acceumhng for te by preducrs net reaiuable value is as. ty 4 i \p GQ Rduchon” in te OINt cost tO be alouated to the three main products eM characterrsne of 0 process costing eYskm is that: iy Work in process inventory is restated i Terms of completed unity 1. The Firs) cep I Applying the average cost method isde. v add, the Peqioning work 44 process cost to Ine current period's praduchon 9 In order © Compute equirlent units of production using the 4 coskng, work for ‘we! Period Must bet browen dowd te uni W Completed trem beginning inveatry ,skarted and compieted during tne monty nel Unite in ending iMrentry 9. the fuestan, Hea out method of prowess costing will produce te same cost of qoods monu fachand Amount as the average cost method whent ip there 1S Mo Beginning Voventory Pio accounhng for beginning Havens ci, yhe method that ollows the addihen of vegianing Inventory Costs “with cast incurred during the period is referred to ac: \w dverage i method of Process W. spoilage scurs a4 0 result ef normal Produchon shrinkage in O pmcess cost cystem Using” average cashing, the dumber wf equivalent units that Produchon cots should be. Charged te ‘would be based upon. iy units Wunsfeired outs and units in ending inventory Cost ACLOUNTING 4 ; df dhe $f. variances, Me ONE that Is most Useful in asseering Me performance 8 ef. var ' \ ‘ of the purchasing department 16 the: '0 materials purchase price warfance 1, The labor eth enty Variance ic womputed ac WW Ye difference wehween stoind ard and outual hours, mulhplied by standard rate 4. (0 Saas] fadory overhead varianues , the Volume variance vs the diPFerence “between Hi0 W budget allowance wdsid on candard hours allowed for adwal Producton for the period Gnd the Amount of appiied factory overh¥ad Oring the peried U. Example of actvitiee at the batch level ot costs Include. Ww Sched uling,, suking up , and Moving 5. Examples of achvities at the product level oF cote Include: WW designing, cha ng ry rand advertising G- Framples of achnties at the Bland fee! of coste Include: (7 heating, \ighbrg, and Secunty ¥. Pranples oF achintie at the unt tovel of corks includ: w wnbey, Paining, ang Packaging 4. Pred eermined overhead takes ore computed based on: WW yes estimated overhtad costs Yes ~ estimated level of achwly q. An vuilier ic. IP tically not vod in analyzing a mined cost the folloning ; Appi ernead vongists of which oF 4 cane ae autvity ‘mes predetermined overhead cate eee spent We The Primary Auounting douument in a (w job -order cod” cheer IR In a Gob veder ceshing cyatem, the subsidiary ledger for Finis! 16 compried of eal ry ledg © Flashed Goods Inventory 'F jop- order Cust sheets for oll compiefed JOE not Yet colet + Underoppiied overhead resulttny from wnanhd pated © \mmaerra| erlce inceras for Rrra items should wet be writleh off by: ase s Vo imerecsing Cost oF Goons

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