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Process Costing homogeneous products e.g., bricks soda paint oil refining Dept. $ / # units = cost per unit Have students find and reference earlier page with this material Page 3

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Page 1: Cost Page 1 COST: Also responsible for FIFO Method

Cost

Page 1

COST: Also responsible

forFIFO Method

Page 2: Cost Page 1 COST: Also responsible for FIFO Method

PROCESS COSTING We are still answering what question? Process costing is used for what types of products? When a company uses process costing, costs are accumulated by … _________________

DESIGNATED DOODLE ZONE

How much does it cost?

Process costing is used for certain types of products:• Continuous flow of units• Indistinguishable from one another

(i.e., “homogenous” products)

departmentrather than by job (i.e., job-order costing)

Page 2

Page 3: Cost Page 1 COST: Also responsible for FIFO Method

PROCESS COSTING How can unit costs be calculated? (Some review material, some new)

DESIGNATED DOODLE ZONE

Job-OrderJob-OrderCostingCosting

ProcessCosting

distinct productsdistinct products homogeneous products

e.g., house constructione.g., house construction oil wellsoil wells shipbuildingshipbuilding PC mfg. (e.g., Dell)PC mfg. (e.g., Dell)

e.g., bricks soda paint oil refining

ABCABCCostingCosting

Job $ / # units = cost per unitJob $ / # units = cost per unit Dept. $ / # units = cost per unit

Have students find andreference earlier pagewith this material

Page 3

Page 4: Cost Page 1 COST: Also responsible for FIFO Method

PROCESS COSTING Parallel and Sequential Processing

When you get to the end of your rope, tie a knot and hang on. -- Franklin D. Roosevelt (1882—1945), 32nd U.S. President

Usually textbook problems involve sequential processing,but many companies also perform parallel processing

RawMilk

IceCream

Milk

Pasteurization

Creamery

Packaging

Flav

oring Fr

eezin

g

Pack

aging

The Tillamook

Cheese Company

Sequential Processing

ParallelProcessing

Page 4

Page 5: Cost Page 1 COST: Also responsible for FIFO Method

PROCESS COSTING What is an EQUI VALENT UNI T? (“EU,” for short)

DESIGNATED DOODLE ZONE

If all work had been done on finished units, how many would be done?

Tom

Sawyer

How many pickets (EU) of the the picket fencewere painted green/gray by Tom Sawyer?

Page 5

Page 6: Cost Page 1 COST: Also responsible for FIFO Method

PROCESS COSTING HANDY NOTES: Process Costing Steps: Summarize total physical units and cost Compute EU and Cost per EU Account for cost of units completed and cost of

ending inventory The greatest results in life are usually attained by simple means and the exercise of ordinary qualities. These may for the most part be summed up in these two—common sense and perseverance. -- Owen Feltham (c. 1602—1668), Writer A professional is someone who can do his best work when he doesn’t feel like it. -- Alistair Cooke (1908-2004), Journalist Truth is often eclipsed but never extinguished. -- Livy (59 B.C. – 17 A.D.), Historian

** NOTE TO “SELF”! **

See problem: ____________________________

On page _________

of the Handy Handouts

For an example of process costing, including EU calculations.

Page 6

The John Company

???

Page 7: Cost Page 1 COST: Also responsible for FIFO Method

Let ’s Take Not es ... PROCESS COSTING REVIEW / SELF-QUIZ Do you know the answers to these questions?? J ob-order costing, ABC and process costing are trying to answer the same

question: what is it? On what types of products would you generally use Process Costing? What is an EU? How do you calculate EU using the weighted-average method? In what t-account do you calculate EU? What is sequential processing? What is parallel processing? What steps are performed when calculating process costs? Good has two meanings: It means that which is good absolutely and that which is good for somebody. -- Aristotle (384—322 B.C), Philosopher

Page 7

Page 8: Cost Page 1 COST: Also responsible for FIFO Method

• IN CLASS:– The John Company

• Wtd. Avg.• Be sure to demonstrate ALL of FIFO

• EXTRA:– Steinmueller Steins, Inc.– Candlelight Candles Co.– Cutting Edge Skis

Cost

Page 8


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