Chapter 4.

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Presentation transcript:

Chapter 4

Types of Product-Costing Systems Process Costing Job-Order Costing Company produces many units of a single product for a long time Mass-produced, automated continuous production process. Costs cannot be directly traced to each unit of product. Process costing allocates costs to products by averaging costs over large numbers of nearly identical products

Types of Product-Costing Systems Process Costing Job-Order Costing Typical process cost applications: Petrochemical refinery Paint manufacturer Paper mill

Types of Product-Costing Systems Process Costing Job-Order Costing Job-shop operations Products manufactured in very low volumes or one at a time. Batch-production operations Multiple products in batches of relatively small quantity.

Types of Product-Costing Systems Process Costing Job-Order Costing Typical job-order cost applications: Special-order printing Building construction Also used in service industry Hospitals Law firms

Materials Requisition Form

Employee Time Ticket

Job Cost Sheet

Practice with Overhead Actual manufacturing overhead $340,000 Budgeted machine hours 10,000 Budgeted direct labor hours 20,000 Budgeted direct labor rate $14 Budgeted manufacturing oh $364,000 Actual machine hours 11,000 Actual direct labor hours 18,000 Actual direct labor rate $15 POHR - Machine hours POHR - direct labor hours POHR - direct labor dollars

Job-Order System Cost Flows Word Documents Fisher Company Journal Entries T-Accounts Over/Under-applied Overhead Cost of Goods Manufactured Cost of Goods Sold Income Statement

Overapplied and Underapplied Manufacturing Overhead - Summary

Allocation Account Account Balance (Before Proration) Allocated Manufacturing Overhead Included in Each Account Balance (Before Proration) Allocated Manufacturing Overhead Included in Each Account Balance as a Percent of Total Proration of $135,000 of Underallocated Manufacturing Overhead Account Balance (After Proration) Work in Process control $ 50,000 $ 16,200 1.50% 0.015 x $135,000= $ 2,025 $ 52,025 Finished goods control 75,000 31,320 2.90% 0.029 x $135,000= 3,915 78,915 Cost of goods sold 2,375,000 1,032,480 95.60% 0.956 x $135,000= 129,060 2,504,060 Total $2,500,000 $ 1,080,000 100.00% $135,000 $2,635,000