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Chapter 4 Notes

by: Ryan Rodriguez-Mena

Chapter 4 Notes ACC 212

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Ryan Rodriguez-Mena

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Chapter 4 notes which will be on exam #1 for Professor Sicres Managerial Accounting Exam.
Managerial Accounting 212
Class Notes
Acc 212, Ch. 4, managerial accounting
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This 1 page Class Notes was uploaded by Ryan Rodriguez-Mena on Sunday February 7, 2016. The Class Notes belongs to ACC 212 at University of Miami taught by Sicre in Spring2015. Since its upload, it has received 29 views.

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Date Created: 02/07/16
Ch.4 02/04/2016 ▯ Process Costing  Process costing is used most commonly in industries that convert raw materials into homogenous products, such as bricks, or paper, on a continuous basis ▯ There are similarities between job-order and process costing:  Both systems have the same basic purposes – to assign material, labor, and manufacturing overhead costs to products and to provide a mechanism for computing unit product costs.  Both use the same manufacturing accounts: Manufacturing Overhead, Raw Materials, Work-In-Process, and Finished Goods.  The flow of costs through the manufacturing accounts is basically the same in both systems ▯ There are differences between job-order and process costing:  Process costing is used when a company produces a continuous flow of units that are undistinguishable from each other.  Under process costing it makes no sense to identify materials, labor, and overhead costs with a particular customer order (as is done in job-order costing).  Process costing computes unit costs by department.  A processing department is an organizational unit where work is performed on a product and where materials, labor, or overhead costs are added to the product ▯ Equivalent Units of Production (EUP)  Not all units have been completed and it is not reasonable to count the partially completed units as equivalent to fully completed units when counting the department’s output  Equivalent units = # of partially completed units x % completion o If you have completed 100 units and you have another 100 units partially completed (let’s say 50% completed), what are the number of equivalent units of production?  Calculation:  100 completed x 100% = 100 units 100 completed x 50% = 50 Units  Equivalent Units of Production = 150 Units ▯ ▯ ▯ ▯ ▯


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