Chapter 4. Process Costing Job-Order Costing Company produces many units of a single product for a long time Mass-produced, automated continuous production.

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Presentation transcript:

Chapter 4

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. Types of Product-Costing Systems Process costing allocates costs to products by averaging costs over large numbers of nearly identical products

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

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

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

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

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

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, %0.015 x $135,000= $ 2,025 $ 52,025 Finished goods control 75,000 31, %0.029 x $135,000= 3,915 78,915 Cost of goods sold 2,375,000 1,032, %0.956 x $135,000= 129,060 2,504,060 Total $2,500,000 $ 1,080, %$135,000$2,635,000

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