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Textbook Notes on Chapter 4,8-Process Costing and Activity-Based Costing

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Rotman Commerce
Course Code
Jacques Bertrand

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Chapter 4 Systems Design: Process Costing Processing department any location in an organization where work is performed on a product and where materials, labour, or OH costs, are added to the product (one company could have more than one sequentialparallel processing[after certain points some unites go through diff. processing depts.- e.g. Coca-Cola]) - 2 essential features: o activity performed in the dept. must be performed uniformly on all the units passing through o output of processing dept. must be homogeneous - costs are traced to processing departments, NOT specific jobs - separate WIP accounts for each processing department - materials, labour, and OH can be added to any processing department Transferred-in cost cost attached to products that have been received from a prior processing dept. JE: Material costs Dr. WIP dept 1 XXX Cr. RM XXX Dr. WIP dept 2 XXX Cr. RM
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