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Process Cost Accounting
ORDER INSTRUCTIONS
Overview
Complete a 3-part assessment in which you determine costs, solve problems using an average cost processing system, and compare and contrast how job order and process cost accounting systems differ for various items.
By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies and assessment criteria:
- Competency 1: Operate product-based cost accounting systems.
- Compute unit cost in a process cost system.
- Compute total cost of products transferred to finished goods.
- Compute total cost of the work in a process inventory.
- Compute unit cost for department and completed units.
- Calculate equivalent units of production.
- Competency 4: Apply cost analysis to assist management decision making.
- Compare and contrast job order and process cost systems relative to labor, materials, and factory overhead.
Questions to Consider
To deepen your understanding, you are encouraged to consider the questions below and discuss them with a fellow learner, a work associate, an interested friend, or a member of the business community.
- What would be the effect on the unit cost of finished goods if an estimate of the stage of completion of work in process was too high or too low?
- Why is it usually reasonable to assume that labor and factory overhead are added evenly throughout the production process?
Resources
- Jagolinzer, P. (2000). Cost accounting: An introduction to cost management systems. Cincinnati, OH: South-Western College Publishing.
VanDerbeck, E. J. (2013). Principles of cost accounting (16th ed.). Mason, OH: South-Western Cengage Learning.
- Chapters 5 and 6.
- Wild, J. J., Shaw, K. W., & Chiappetta, B. (2011). Financial and managerial accounting: Information for decisions (4th ed.). New York, NY: McGraw-Hill.
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Process Cost Accounting
Assessment Instructions
Use the Assessment 2 Template to complete Part 1 and Part 2. Each part is a different tab in the template. For Part 3, create a Microsoft Word document. Submit both the completed template and the Word document for this assessment.
Part 1: Using Part 1 of the template, read the Central Manufacturing Company scenario and then complete the following:
- Determine the unit cost for the month in finishing.
- Determine the total cost of the products transferred to finished goods.
- Determine the total cost of the ending work in process inventory.
Part 2: Using Part 2 of the template, solve the Central Manufacturing Company problems using an average cost processing system.
Part 3: In a 1–2-page Microsoft Word document, compare and contrast how job order and process cost accounting systems differ for each of the following items:
- Materials.
- Labor.
- Factory overhead.
Be specific, providing examples as needed, and follow APA style for citations and references. Use 12-point font and double space your paper.
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