ADMN 3021H Lecture Notes - Lecture 3: Finished Good, Indian Railways

• School: Trent University
• Department: Business Administration
• Course: ADMN 3021H
• Professor: Jaime Morales

Document Summary

Lecture 3 process cost accounting chapter 4. When order is completed, calculate cost of finished goods. Cost of each job / units produced for that job. Total manufacturing cost / units produced during the period. Nature of process cost systems: assignment of manufacturing costs. Work in process assembly xxx xxx xxx: credits to raw materials mean debits to work in process machining and work in process assembly (direct materials) Factory labour costs: where is using direct labour, time tickets used in both systems, all labour costs incurred within a production department are a cost of processing, the entry to assign these costs: Factory labour xxx xxx xxx: credits to factory labour mean debit to work in process machining and assembly (direct labour) Manufacturing overhead xxx xxx xxx: credits to manufacturing overhead mean debits to work in process machining and assembly (applied overhead)