1 / 53

Product and Service Costing: Job-Order System

5-2. Product Cost Information in Financial Reporting and Decision Making. GAAP (Generally Accepted Accounting Principles) requires that inventory on balance sheets and cost of goods sold on income statements be disclosed (reported) using Full Cost information.. 5-3. Balance Sheet Presentation of Product Costs.

erno
Download Presentation

Product and Service Costing: Job-Order System

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

    1. 5-1 Product and Service Costing: Job-Order System

    2. 5-2 Product Cost Information in Financial Reporting and Decision Making GAAP (Generally Accepted Accounting Principles) requires that inventory on balance sheets and cost of goods sold on income statements be disclosed (reported) using Full Cost information.

    3. 5-3 Balance Sheet Presentation of Product Costs Raw Materials Inventory.- account contains direct and indirect materials Work in Process Inventory.- account contains costs incurred on those jobs not finished at the end of the reporting period Finished Goods Inventory.account includes costs for completed products not yet sold.

    4. 5-4 Flow of Product Costs in Accounts Instructors, click on the words Product Costs to reveal the terms for students.Instructors, click on the words Product Costs to reveal the terms for students.

    5. 5-5 Flow of Product Costs in Accounts Instructors, click on the words Product Costs to reveal the terms for students.Instructors, click on the words Product Costs to reveal the terms for students.

    6. 5-6 Types of Costing Systems

    7. 5-7

    8. 5-8

    9. 5-9 Overview of Job Costs and Financial Statement Accounts

    10. 5-10 Income Statement Presentation of Product Costs

    11. 5-11 Cost of Goods Manufactured Cost of Goods Manufactured includes all costs of goods completed during the period.

    12. 5-12 Cost of Goods Sold

    13. 5-13 Setting Up the Cost Accounting System

    14. 5-14 Setting Up the Cost Accounting System

    15. 5-15 Setting Up the Cost Accounting System

    16. 5-16 Setting Up the Cost Accounting System

    17. 5-17 Relating Product Costs to Jobs

    18. 5-18 Job Costs and Financial Statement Accounts

    19. 5-19 Flow of Costs in a Job-Order Costing System

    20. 5-20 Job-Order Costing System

    21. 5-21 Direct Materials

    22. 5-22 Direct Materials

    23. 5-23 Direct Labor

    24. 5-24 Direct Labor

    25. 5-25 Manufacturing Overhead

    26. 5-26 Manufacturing Overhead

    27. 5-27 Assigning Costs to Jobs: A Summary

    28. 5-28 Relation Between the Costs of Jobs and the Flow of Costs

    29. 5-29 Setting Up the Cost Accounting System

    30. 5-30

    31. 5-31

    32. 5-32

    33. 5-33

    34. 5-34

    35. 5-35 Allocating Overhead to Jobs: A Closer Look

    36. 5-36 Overhead Allocation Rate

    37. 5-37 Overhead Allocation Base

    38. 5-38 Activity-Based Costing (ABC) and Multiple Overhead Rates ABC is a method of assigning overhead based on a number of different allocation bases (rather than just one). ABC groups overhead costs into Cost Pools.

    39. 5-39 Predetermined Overhead Rates Predetermined Overhead Rate = Estimate Total Overhead Cost Estimated Level of Allocation Base

    40. 5-40

    41. 5-41

    42. 5-42

    43. 5-43

    44. 5-44

    45. 5-45

    46. 5-46

    47. 5-47

    48. 5-48

    49. 5-49

    50. 5-50

    51. 5-51

    52. 5-52

    53. 5-53

    54. 5-54

More Related