Accounting Principles Process Costing参考.pptx

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Accounting Principles Process Costing参考

;Learning Objectives;Use to apply costs to similar products that are mass-produced in a continuous fashion. Examples include the production of cereal, paint, manufacturing steel, oil refining and soft drinks. ;Examples of companies that primarily use either a process cost system or a job order cost system.;Which of the following items is not a characteristic of a process cost system: Once production begins, it continues until the finished product emerges. The focus is on continually producing homogenous products. When the finished product emerges, all units have precisely the same amount of materials, labor, and overhead. The products produced are heterogeneous in nature. ;Service companies that provide individualized, non-routine services will probably benefit from using a job order cost system. Those that perform routine, repetitive services will probably be better off with a process cost system.;Job Order Cost Costs assigned to each job. Products have unique characteristics.;Illustration 21-3 Job order cost and process cost flow;SIMILARITIES;Job Order Cost and Process Cost Flow;Indicate which of the following statements is not correct: Both a job order and a process cost system track the same three manufacturing cost elements – direct materials, direct labor, and manufacturing overhead. b. In a job order cost system, only one work in process account is used, whereas in a process cost system, multiple work in process accounts are used. c. Manufacturing costs are accumulated the same way in a job order and in a process cost system. d. Manufacturing costs are assigned the same way in a job order and in a process cost system. ;Indicate whether the following statements are true or false.;Process Cost Flow;Accumulation of the cost of materials, labor, and overhead is the same as in job order costing. Debit Raw Materials Inventory for purchases of raw materials. Debit Factory Labor for factory labor incurred. Debit Manufacturing Overhead for overhead cost incurred.

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