Chapter 05 Product And Service Costing-A Process System Approach [ppt]

After studying this Chapter 05 Product And Service Costing-A Process System Approach, you should be able to:

1. Describe the basic characteristics of process costing, including cost flows, journal entries, and the cost of production report.
2. Describe process costing for settings without work-in-process inventories.
3. Define equivalent units, and explain their role in process costing.
4. Prepare a departmental production report using the FIFO method.
5. Prepare a departmental production report using the weighted average method.
6.  Prepare a departmental production report with transferred-in goods and changes in output measures.
7. Describe the basic features of operating costing.
8. Explain how spoilage is treated in a process costing system.

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Also see for downloading  Chapter 06 Support Departement CostAllocation