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MGT223H5 (26)
Minlei Ye (13)
Chapter 04

MGT223 Chapter04:Process Costing Notes

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University of Toronto Mississauga
Minlei Ye

MGT223 Chapter04: Process Costing Job-Order Costing Process Costing - different products/jobs - single product - accumulate costs by jobs - accumulated by process - job cost sheet - department production report - unit cost calculated by job - unit cost calculated by department Assume there are 2 departments – Department A and Department B: 1. Costs (DL,DM,MOH) are assigned to both Department A and Department B under Work In Process 2. Transfer Department A’s Work In Process to Department B’s Work In Process 3. All together, Work In Process under Department B are converted to cost of goods manufactured 4. Cost of goods manufactured transfer to Finished Goods 5. Under Finished Goods, COGM converted to cost of goods sold 6. COGS transfer to account Cost Of Goods Sold Quantity of Production: process costing assigns costs to both fully and partially completed units by converting partially completed units to equivalent whole units or to equivalent units of production (EUP) Equivalent Units of Production (EUP): the number of partially completed units and the percentage completion of those units ex. 10,000 units with 70% completion are equivalent to 7
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