Process Cost Accounting General Procedures

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Learning Objectives. Recognize the differences between job order and process cost accounting systems.Compute unit costs in a process cost system.Assign costs to inventories, using equivalent units of production with the average cost method.Prepare a cost of production summary and journal entries
Process Cost Accounting General Procedures

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1. Chapter 5 Process Cost Accounting General Procedures

2. Learning Objectives Recognize the differences between job order and process cost accounting systems. Compute unit costs in a process cost system. Assign costs to inventories, using equivalent units of production with the average cost method. Prepare a cost of production summary and journal entries for one department with no beginning inventory.

3. Learning Objectives Prepare a cost of production summary and journal entries for one department with beginning inventory. Prepare a cost of production summary and journal entries for multiple departments with no beginning inventory.

4. Learning Objectives Prepare a cost of production summary and journal entries for multiple departments with beginning inventory. Prepare a cost of production summary with a change in the prior department?s unit transfer cost.

5. Job Order vs. Process Costing Job order cost system is appropriate when products are manufactured on a special order basis. Process costing is appropriate when similar goods are manufactured in a continuous or mass production operation.


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