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ACG 203, Feb 25, 2016 Notes

by: Emily Rose

ACG 203, Feb 25, 2016 Notes 203

Emily Rose

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About this Document

These notes cover what's in Chapter 4 of our text, Managerial Accounting, for Professor Betts.
Managerial Accounting I
Joseph Betts
Class Notes
Accounting, Managerial, ACG, 203, material costs, conversion costs
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This 2 page Class Notes was uploaded by Emily Rose on Thursday February 25, 2016. The Class Notes belongs to 203 at University of North Carolina - Wilmington taught by Joseph Betts in Spring 2016. Since its upload, it has received 36 views. For similar materials see Managerial Accounting I in Accounting at University of North Carolina - Wilmington.


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Date Created: 02/25/16
Things to Know: 4 charts­ equivalent units of product, process costing (1 dept) Departments­ WIP raw materials (RM) ­> A, B, C, D (Depts., WIP) ­> FG ­> CGS 3 things in each department: DL, DM, MO  Similarities Between Job­Order and Process Costing ­Same account ­Process costing is when a single product is produced over and over again ­Department is where we add materials, labor and overhead to the product The Flow of Costs in a Job­ORder Costing System and Processing Costing System (PCS) DM, DL, MO go to the processing department  T­accounts and Journal Entries: Raw Materials             | direct materials   WIP Dept A     xx       | WIP Dept B    xx        | Raw Materials            | xx Sal & Wage                |xx  MO                            |xx  Equivalent units of production  ­The number of partially completed units and the percentage completion of those units ­These partially completed units complicate the determination of a depths output for a  given prd. and the unit cost that should be assigned to that output 1,000 units, $100,000.  *Two half completed units are equivalent to one completed unit 2 methods­ FIFO and Weighted average method ­use weighted avg. method to find equivalent units of production, makes no distinction  between work done in prior/current periods ­Treatment of DL­ dollar amount vs. type of product cost chart (DL and MO combined to be called conversion cost), can be 100% done as far as the DM go, but only 50% (some  percentage) done with DL and MO.  Materials vs . Conversion Costs Equivalent units of production= units completed and transferred + equivalent units  remaining in WIP Cost Per equivalent unit = (Cost of Beginning WIP Inventory + Cost added during the  period) / Equivalent units of production ex. Materials & Conversion, Compute and Apply costs  $124740/5,940 units = $21.00 $85050/5670 units= $15.00 = $36.00 Cost Reconciliation report  Cost to be accounted for: Cost of beginning WIP Inventory Cost added to production during the prd. Total cost to be accounted for


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