Assign Material, Labor, and Manufacturing Overhead Costs for Unit Product Costs
This content discusses assigning material, labor, and manufacturing overhead costs to products to compute unit product costs, similar to job costing. It explains the flow of costs in job costing, process costing, direct materials, direct labor, prime costs, conversion costs, and more.
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Presentation Transcript
assign material, labor, and manufacturing overhead costs to products and to provide a mechanism for computing unit product costs. Same accounts and same cost flow as Job Costing
Raw Materials Work In Process Finished Goods WIP and FG is easy with Job Cost. The job is either finished or not. Use process costing if there is an amount for beginning and ending inventory.
Direct Materials Direct Labor Overhead PRIME COSTS: DM, DL CONVERSION COSTS: DL , OH
Process is one product, continuous basis Costs are accumulated by department Total unit cost is the total of each department s unit cost.
Summary information on Quantity Schedule Three parts Schedule of Equivalent Units for Materials and Conversion Unit Cost Analysis Cost Summary what balance is in WIP and FG
4-10 4-11 4-13 4-15 Quiz on the problems, if there is no answer write it in
