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## Managerial AccountingChapter 3 Notes

by: Michaela Zerbo

42

0

6

# Managerial AccountingChapter 3 Notes NACC 206-01

Marketplace > Rochester Institute of Technology > Accounting > NACC 206-01 > Managerial AccountingChapter 3 Notes
Michaela Zerbo
RIT
GPA 3.1

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Describes how to do a Cost Report and shows you the percentage of long continuous runs.
COURSE
Managerial Accounting
PROF.
Professor Ann Hager
TYPE
Class Notes
PAGES
6
WORDS
CONCEPTS
Managerial Accounting Notes
KARMA
25 ?

## Popular in Accounting

This 6 page Class Notes was uploaded by Michaela Zerbo on Friday September 23, 2016. The Class Notes belongs to NACC 206-01 at Rochester Institute of Technology taught by Professor Ann Hager in Fall 2016. Since its upload, it has received 42 views. For similar materials see Managerial Accounting in Accounting at Rochester Institute of Technology.

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Date Created: 09/23/16
1 NACC 206 Managerial Accounting Chapter 3 - Managerial Accounting and Cost Concepts Terms ​ ormulas Process Costing: ★ Process costing is used by companies that make large amounts of similar products that have long continuous​ runs. Process Costing System ★ Direct Materials ★ Direct Labor ★ Manufacturing Overhead How are Costs Assigned? 1. FIFO (First-in, First-out) ○ Cost flow follow the logical physical flow of production ○ Costs assigned to the first materials processed are the first costs transferred out when those materials flow to the next process 2. Average Cost ○ This method uses an average cost to all products made in a time period 2 Computation of Equivalent Units ○ Uses a “Percentage of completion factor” ^ Using the FIFO Approach ^ Equivalent units are determined using units started and completed during the period ​plus​ an amount of partially completed products from both the beginning and the ending WIP inventories. Direct Materials ​- Completed (or partially) Units will always count as 100% Direct Labor & MOH​ - Added uniformly throughout process as conversion costs The 5 Steps for the FIFO Method 1. Account for Physical Units 2. Account for Equivalent Units 3. Account for Costs 4. Compute Cost per Equivalent Unit 3 5. Assign costs to Cost of Goods Manufactures and Ending Inventory This set of information goes to the Cost Report on Page 4 4 5 This set of information goes to the Cost Report on Page 6. This shows you where you put certain numbers and what to do with them 6 It’s easier to split the Cost Report into 5 sections All information is on the info sheet on the page above.

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