MGT 5 Lecture 3: Process Costing

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Rady School of Management
Wade Lindenberger

Quiz Review ● Remember to ALWAYS make sure you have everything on the checklist ● 5% deduction for people who do not bring the correct colored scantron (green) Announcements and Updates 1. Next homework assignment (HW 2) due before class next week 2. There’s group work tonight (GW 2) 3. Update on Corgi Consulting project a. First set of instructions, related to the first deliverable, is not available on TritonEd b. First consulting session is April 26 in class Corgi Consulting Project General Requirements 1. Team of four from Corgi Consulting a. Client is Triton Group; they’re working with a potential investor 2. Project Objective: To prepare deliverables that contain quality information supported by reasonable, well-articulated assumptions and to make a recommendation about whether to move forward with the project 3. Four Deliverables: a. Deliverable #1: Proposed name of new mobile app and concise description of what the new app does b. Deliverable #2: Description of business/revenue model c. Deliverable #3: Proposed app pricing d. Deliverable #4: Final report and final billing (time and materials) 4. Grading Criteria a. Creativity and originality = 10 pts b. Accuracy of calculations = 15 pts c. Effectiveness of presentation = 10 pts d. Clarity of assumptions = 15 pts e. Total = 50 pts, with possible extra credit for exceptional work General Tips for Success 1. Make sure you read and understand the detailed instructions in TritonEd 2. Use wisely the class time I give you to work on the project 3. Remember that you are a consultant a. The app is NOT yours, but the client’s b. You are trying to advise your client in the best, most value-added way possible 4. Come up with a good format for your final report at the BEGINNING of the project and prepare each deliverables in the same format and style that you will use to create your final report a. Build your final report as you go 5. Do NOT collaborate with other teams 6. Be creative and have fun! Chapter 3: Process Costing Learning Objectives 1. Discuss the uses of a process cost system and how it compares to a job order system 2. Explain the flow of costs in a process cost system and the journal entries to assign manufacturing 3. Compute equivalent units 4. Complete the four steps to prepare a production cost report Uses of Process Cost Systems ● Use to apply costs to similar products that are mass-produced in a continuous fashion ● Examples include productions of cereal, paint, manu
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