Please enable JavaScript.
Coggle requires JavaScript to display documents.
PROCESS COST ACCOUNTING GENERAL PROCEDURES - Coggle Diagram
PROCESS COST ACCOUNTING
GENERAL PROCEDURES
Comparison of
Basic Cost Systems
A job order cost system
JOB
A process cost system
COST CENTER
Materials and Labor Cost
Factory Overhead Costs
Product Cost in
a Process Cost System
Non departmentalized Factory
Departmentalized Factory
Work in Process Inventories
Allocating total cost
Units finished during the period
Units still in process at the end of the period
Procedurs
the average cost method
the first-in, first-out (FIFO) method
Cost of Production Summary One Department, Beginning Inventory
- The units finished during the month
- The equivalent units in process at the end of the current month
Cost of Production Summary One Department, No Beginning Inventory
Accumulating costs for which the department is accountable.
Calculating equivalent
production for the period.
Computing the unit cost
for the period.
Summarizing the disposition
of the production costs.
Cost of Production Summary Multiple Departments, No Beginning Inventory
Blanking
Forming
Finishing
Changes in Prior Department’s
Unit Transfer Costs
determining
a new average unit
be averaged as
a separate grouping
Cost of Production Summary Multiple Departments, Beginning Inventory
number of units in process at the beginning of the period + units placed in process = the total number of units to be accounted for by the department
the production costs incurred by the department during the month
the departmental cost of work in process at the beginning of the month