Process Costing System-Cost Accounting-Managerial Accounting

Process Costing System-Cost Accounting-Managerial Accounting

Process Costing System-Cost Accounting-Managerial Accounting

Process costing system-managerial accounting or cost accounting including equivalent unit calculation & journal entries

Language: english

Note: 4.5/5 (158 notes) 40,437 students

Instructor(s): Robert (Bob) Steele

Last update: 2019-03-29

What you’ll learn

  • Describe cost classifications and their importance.
  • Explain the differences in financial statements for a manufacturing company versus a merchandising company.
  • List the cost flow process for a manufacturing company.
  • Compare a job cost system and process cost system and explain when each would be used.
  • Describe the cost flows in a process cost system
  • Explain the concept of overhead and how it is used in a process cost system
  • Calculate the predetermined overhead rate.
  • Allocate overhead to job using estimates.
  • Calculate equivalent units of production
  • Allocate costs using a First in First Out (FIFO) method
  • Allocate costs using a weighted average method

 

Requirements

  • Understanding of financial accounting

 

Description

Process costing system – Cost Accounting – Managerial Accounting

We will start by introducing managerial accounting or cost accounting topics that apply to companies that manufacture using either a job cost system or a process cost system.

The course will describe classifications for costs and the importance of being able to classify costs in different ways.

We will list and describe an outline of the process costs go through as they flow through the accounting process in a manufacturing company.

The course will compare the two major systems used to track inventory costs in a manufacturing company, the job cost system, and the process costs system. We will discuss when a company would use either a job cost system or a process cost system.

We will discuss the flow of inventory costs in a process cost system and track the process of costs related to raw materials, that then flow to work in process and factory overhead, to finished goods, and finally, are expensed in the form of cost of goods sold.

We will explain the concept of overhead and why it is needed, including the concept of actual overhead incurred and estimated overhead we apply to departments. The course will show how to calculate the predetermined overhead rate and how to use this rate to estimate overhead allocated to departments.

The course will record the journal entries related to costs as they flow through the process cost system including journal entries for the transfer of raw materials to work in process and factory overhead, the incurrence of direct and indirect wages, and other overhead costs. We will enter journal entries to allocate overhead to work in process and to transfer costs from department to department and finished goods. We will also enter journal entries to record sales transactions and related costs of goods sold.

We will calculate the cost per equivalent unit and assign costs to ending work in process and to amounts transferred out of departments using both a First In First Out (FIFO) method and a Weighted Average Method.

We will also discuss key terms and definitions related to a job cost system and how they are used in practice.

In addition to the instructional videos, this course will include:

• Downloadable PDF Files

• Excel Practice Files

• Multiple Choice Practice Questions

• Short Calculation Practice Questions

• Discussion Questions

The PDF files allow us to download reference information we can use offline and as a guide to help us work through the material.

Excel practice files will be preformatted so that we can focus on the accounting process and learning some of the basics of Excel, like addition, subtraction, and cell relationships.

Multiple choice example question helps us improve our test-taking skills by reducing the information into the size and format of multiple-choice questions and discussing how to approach these questions.

Short calculation questions help us reduce problems that have some calculation down to a short format that could be used in multiple choice questions.

Discussion Question will provide an opportunity to discuss these topics with the instructor and other students, a process many students find very helpful because it allows us to see the topic from different viewpoints.

 

Who this course is for

  • Accounting students
  • Business owners
  • Anyone who whats to learn accounting

 

Course content

  • Introduction
    • Introduction
    • PDF – 10 Managerial Accounting Introduction
    • 10 Managerial Accounting Introduction
    • Accounting Comic Break
  • Cost Classifications
    • 2 Cost Classifications
    • PDF – 20 Cost Classifications
    • 20 Cost Classifications
    • PDF – 30 Product Costs & Period Costs.ENCODING
    • 30 Product Costs & Period Costs.ENCODING
    • PDF – 40 Prime Costs & Conversion Costs
    • 40 Prime Costs & Conversion Costs
    • Accounting Comic Break
  • Manufacturer’s Financial Statements
    • 3 Manufacturer’s Financial Statements
    • PDF – 50 Manufacturer’s Balance Sheet
    • 50 Manufacturer’s Balance Sheet
    • PDF -60 Manufacturer’s Income Statement
    • 60 Manufacturer’s Income Statement
    • Accounting Comic Break
  • Cost Flows for a Manufacturing Company
    • 4 Cost Flows for a Manufacturing Company
    • PDF – 70 Manufacturing Activities Flow
    • 70 Manufacturing Activities Flow
    • PDF – 80 Just In Time (JIT) Manufacturing
    • 80 Just In Time (JIT) Manufacturing
    • Accounting Comic Break
  • Job Cost vs Process Cost System
    • 5 Job Cost vs Process Cost System
    • PDF 90 Job Cost Vs Process Cost
    • 90 Job Cost Vs Process Cost
    • Accounting Comic Break
  • Process Cost System Overview Using FIFO Method
    • 6 Process Cost System Overview Using FIFO Method
    • PDF – Cost Flows for a Process Cost System
    • Cost Flows for a Process Cost System Part 1
    • Cost Flows for a Process Cost System Part 2
    • PDF – Equivalent Units Of Production
    • Equivalent Units Of Production
    • Multiple Choice 1
    • Discussion Question 1
    • Accounting Comic Break
  • Flow of Materials, Labor, & Overhead Cost Through Inventory Accounts
    • 7 Flow of Materials, Labor, & Overhead Cost Through Inventory Accounts
    • PDF – 105 Flow of Materials, Labor & Overhead
    • 105 Flow of Materials, Labor & Overhead
    • Short Calculation Problems 1
    • Multiple Choice 2
    • Discussion Question 2
    • Accounting Comic Break
  • Cost Per Equivalent Units – and Assigning Costs Weighted Average Method
    • 8 Cost Per Equivalent Units – and Assigning Costs Weighted Average Method
    • PDF – 110 Methods to Calculate Ending WIP and Units Completed
    • 110 Methods to Calculate Ending WIP and Units Completed
    • PDF – 115 Equivalent Units of Production Weighted Average Method
    • 115 Equivalent Units of Production Weighted Average Method
    • Excel Worksheet Download
    • Worksheet – 115 Equivalent Units of Production Weighted Average Method
    • PDF – 120 Cost Per Equivalent Unit Calculation Weighted Average Method
    • 120 Cost Per Equivalent Unit Calculation Weighted Average Method
    • Excel Worksheet Download
    • Worksheet -120 Cost Per Equivalent Unit Calculation Weighted Average Method
    • PDF – 125 Assign Costs to Units Weighted Average Method
    • 125 Assign Costs to Units Weighted Average Method
    • Excel Worksheet Download
    • Worksheet – 125 Assign Costs to Units Weighted Average Method
    • Short Calculation Problems 2
    • Multiple Choice 3
    • Discussion Question 3
    • Accounting Comic Break
  • Overhead Costs & Allocation
    • 9 Overhead Costs & Allocation
    • PDF – 140 Overhead Costs
    • 140 Overhead Costs
    • PDF – 150 Overhead Allocation Predetermined Overhead Rate
    • 150 Overhead Allocation Predetermined Overhead Rate
    • PDF – 160 Under & Over applied Overhead
    • 160 Under & Over applied Overhead
    • Short Calculation Problems 3
    • Multiple Choice 4
    • Discussion Question 4
    • Accounting Comic Break
  • Comprehensive Problem – Recording Process Cost Journal Entries
    • 10 Comprehensive Problem – Recording Process Cost Journal Entries
    • Excel Worksheet Download
    • Part 1
    • Part 2
    • Part 3
    • Multiple Choice 5
    • Discussion Question 5
    • Accounting Comic Break
  • Comprehensive Problem – Cost Per Equivalent Units & Cost Allocation (FIFO)
    • 11 Comprehensive Problem – Cost Per Equivalent Units & Cost Allocation (FIFO)
    • Excel Worksheet Download
    • Comprehensive Problem – Cost Per Equivalent Units & Cost Allocation (FIFO)
    • Multiple Choice 6
    • Discussion Question 6
    • Accounting Comic Break
  • Key Term & Definitions
    • Conversion Costs Definition – What are Conversion Costs_ (1)
    • Cost of Goods Completed – What is Cost of Goods Completed_
    • Direct Labor Costs Definition – What are Direct Labor Costs_
    • Direct Materials Definition – What is Direct Material_
    • Equivalent Units of Production (EPU) – What are Equivalent U
    • Factory Overhead Definition – What is factory overhead (1)
    • Finished Goods Inventory – What is Finished Goods Inventory_
    • Indirect Costs Definition – What are Indirect Costs_
    • Job Order Costing System Definition – What is Job Order Cost (1)
    • Manufacturing Overhead Definition What is Manufacturing Ov (1)
    • Materials Requisition Definition – What is Materials Requisi (1)
    • Net Cost of Goods Manufactured definition – What is Cost of Goods Manuf (1)
    • Overhead Definition – What is overhead_
    • Period Costs Definition – What are Period Costs_
    • Prime Costs Definition – What are prime costs
    • Product Costs Definition – What are Product Costs_

 

Process Costing System-Cost Accounting-Managerial AccountingProcess Costing System-Cost Accounting-Managerial Accounting

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