PROCESS COSTING CHAP 32. What is Process Costing? an accounting methodology that traces and accumulates direct costs, and allocates indirect costs of.

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Presentation transcript:

PROCESS COSTING CHAP 32

What is Process Costing? an accounting methodology that traces and accumulates direct costs, and allocates indirect costs of a manufacturing process.

When is process costing applicable -where goods or services result from a sequence of continuous or repetitive operations or processes

When is process costing applicable -suitable for industries producing homogeneous products and where production is a continuous flow

When is process costing applicable petroleum, coal mining, chemicals, textiles, paper, plastic, glass, and food

The importance of process costing to keep track of where their money is being spent in the production and distribution processes ----Understanding these costs is the first step in being able to control them

Example: 10 units of a product passed through 3 processes for which the following information is available

Requirement: a. Prepare the cost accounts for processes 1, 2, and 3 PROCESS 1 Direct materials $ 1.0 Direct labor 1.5 Overhead 2.5 Transferred to process 2 $

Requirement: a.Prepare the cost accounts for processes 1, 2, and 3 PROCESS 2 Direct materials 1.5 Direct labor 3.5 Overhead 5.0 Transferred to process 3 $ Transferred from process 1 $ 5.0

Requirement: a.Prepare the cost accounts for processes 1, 2, and 3 PROCESS 3 Direct materials 2.0 Direct labor 1.5 Overhead 1.5 Finished Goods $ Transferred from process 2 $ 15.0

b. Calculate the cost of Unit cost= Total cost Units produced = $5 10 units = $0.50

b. Calculate the cost of $1.5 $2.0

EXER 1 The Alutech Processing Company which passes its product through three refining processes provides the following information for one month, for 10,000 units:

Requirement: 1.Prepare the cost accounts for processes 1, 2, 3 2.Compute for the cost of completed units for process 1, 2 and 3

ANSWER: (1)

ANSWER: (2)

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