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Chapter 9 Reviewer

Chapter 9 discusses process costing methods, including even and uneven application of costs, as well as the First In First Out and Weighted Average methods. It outlines the components of a cost of production report, specifically the quantity schedule, and addresses the detection of lost units, distinguishing between normal and abnormal losses. Additionally, it provides insights on absorbing good units at various stages of the production process.

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Rianne Navidad
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64 views2 pages

Chapter 9 Reviewer

Chapter 9 discusses process costing methods, including even and uneven application of costs, as well as the First In First Out and Weighted Average methods. It outlines the components of a cost of production report, specifically the quantity schedule, and addresses the detection of lost units, distinguishing between normal and abnormal losses. Additionally, it provides insights on absorbing good units at various stages of the production process.

Uploaded by

Rianne Navidad
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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CHAPTER 9: Process Costing b.

Cost Schedule

Methods of Application of Costs


Even Application of – Materials, labor and FOH were applied at the
Costs same rate.
Uneven Application of – Materials, labor and FOH were applied at
Costs different stages of the production process.

Methods of Costing under Process Costing


a. First In First Out c. Cost Assignment/Allocation (Cost accounted for)
b. Weighted Average
The Three Parts of Cost of Production Report
a. Quantity Schedule

Detection of Lost Units


a. Continuous Normal Lost Units
- Start and During Process, 0%. End of the Process 100%.
- Silent, start of the process.
b. Continuous Abnormal Lost Units
- Start of the Process, 0%. During and End of the process, 100%
- Silent, end of the process.
Absorbing Good Units
Start/ During End
WIP, Beg. No Yes
SIP – F&T Yes Yes
WIP, End. Yes No

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