Process Costing - 820 Words

Process costing Process costing is a system which mostly practices by a company whereby the manager of the company wants to know the cash flow from one department to another. Process costing give a clarify information to managers, therefore this activities is very important. Process costing is consisting of three ingredients which are direct materials, direct labor and manufacturing overhead. Direct material is the raw material which needs to produce a product, for example rubber for shoes, plastics for straws and etc. direct labor is a person who work and complete the product before it is completely produce. And manufacturing over head is about the indirect materials, indirect labor, and some indirect related to the factory. For†¦show more content†¦In a weighted average method the equivalent units of production for a department are the number of units transferred to the next department of finished goods plus the equivalent units in the department’s ending work in process inventory. First-in-First-out (FIFO) Method The computation of equivalent units under FIFO method differs from weighted average method in two ways. First the units transferred out figure are divided into two parts. One part consists of the units from beginning inventory that were completed and transferred out, and the other part consists of the units that were both started and completed during the current period. Second full consideration is given to the amount of work expended during the current period on units in the beginning work in process inventory as well as units the ending inventory. Thus, under the FIFO method, it is necessary to convert both beginning and ending inventories to an equivalent unit basis. For the beginning inventory, the equivalent units represent the work done to complete the units; for the ending inventory, the equivalent units represent the work done to bring the units to a stage of partial completion at the end of the period (the same as with the weighted average method). The formula for computing equivalent units of production is more complex under FIFO method than under weighted averageShow MoreRelatedJob Order Costing And Process Costing Essay1234 Words   |  5 PagesJob-order costing and process costing are two basic types of accouting systems. Costing systems provide cost data to help managers plan, direct and motivate, control, and make decisions (Garrison). These cost systems differ from entity to entity but most are based on one of the two. The costing systems can be seen and are explained in more depth in the following companies which each have different ways in which they produce products. Biolea is a family-owned/operated company specializing in theRead MoreProcess Costing1436 Words   |  6 PagesPAPER On Process Costing Submitted in fulfillment of the requirements for the 3rd SEM MBA Management Accounting and Control Systems Submitted to: Submitted by: Prof. G V M Sharma Vandana Rajput Dept. of MBA 1PB11MBA60 INTRODUCTION: Process costing is a form of operations costing which is used where standardized homogeneous goods are produced. This costing method is usedRead MoreProcess Costing1282 Words   |  6 PagesI. Discuss Process Costing, clearly bringing out its advantages and disadvantages. DEFINITION Costs are accumulated in costing systems. According to Glautier and Underdown (2001), the development of costing systems reflects the manner in which accounting methods have been adapted to the needs of different forms of activity and technology, and also to the appearance of advanced manufacturing techniques that have been a feature of recent years. Cost accounting systems allow full product costs toRead MoreProcess Costing1831 Words   |  8 PagesProcess Costing Vs. Job Order Costing Manufacturers use different types of costing systems to allocate production costs to their products and services. Two types of common product costing systems are process costing and job-order costing. While each system applies the same production costs to products, there are distinct variances in the application method. Process Costing o Process costing applies production costs to products based on the process they go through in the manufacturing process.Read MoreProcess Costing818 Words   |  4 PagesEXERCISE 3–1: Process Costing and Job-Order Costing [LO1] Which method of determining product costs, job-order costing or process costing, would be more appropriate in each of the following situations? * a. An Elmer’s glue factory. * b. A textbook publisher such as McGraw-Hill. * c. An Exxon oil refinery. * d. A facility that makes Minute Maid frozen orange juice. * e. A Scott paper mill. * f. A custom home builder. * g. A shop that customizes vans. * h. ARead MoreCars And Process Costing System928 Words   |  4 PagesPart 1: Vans and Process Costing System In manufacture, determining unit production cost plays an important role. Through a managerial cost system, managers use cost data to plan, control, and make decisions with the goal to gain the highest profit. Managerial cost system includes two common methods: process costing and job order costing. Job order cost is used to cost specific products or group of products whereas process costing is used for the mass production of similar products. Vans, a manufacturerRead MoreThe Costing Method Is An Accounting Process1134 Words   |  5 PagesA1. Costing Method Costing Method is an accounting process that assesses itemized input costs of production and fixed costs to determine overall costs of production. (Kucera, n.d.) Competition Bikes is performing this analysis so management can determine the optimum sales units to breakeven from its San Diego plant based on the current sales mix of 9 Titanium bicycles for every 5 CarbonLite bicycles produced. Traditional costing is an easily implemented costing method that aligns with generallyRead MoreJob Order and Process Costing Systems - Quiz Essay1908 Words   |  8 Pages  1. | Question : | (TCO F) Assume there is no beginning work in process inventory and the ending work in process inventory is 100% complete with respect to materials costs. The number of equivalent units with respect to materials costs under the weighted-average method is: | |    | Student Answer: | x | the same as the number of units put into production. |    | | | less than the number of units put into production. |    | | | the same as the number of units completed. |    | | |Read MoreAc552 W3 Lecture Process Costing Quiz706 Words   |  3 PagesTop That manufactures baseball-style hats. Material is introduced at the beginning of the process in the Cutting Department. Conversion costs are incurred (and allocated) uniformly throughout the process. As the cutting of material is completed, the pieces are immediately transferred to the Sewing Department. Data for the Cutting Department for the month of February 2005 follow: Work in process, January 31-- 50,000 units 100% complete for direct materials, 40% completed for conversionRead MoreIntroduction. Muddled Is An Acfi2003 Student And As Many1398 Words   |  6 Pagesthe course including a fundamental principle, the differences in the costing systems and cost management systems. The purpose of this essay is help Muddled understand the fundamental costing principle that management systems should reflect the fact that different costs are relevant for different purposes, and how this principle affects the way that job costing and process costing systems are designed. Along the way several costing concepts will be explained and laid out for Muddled to understand in

Frederick Douglass Teachings And Triumphs - 2401 Words

Lamese Khoury Professor Natalia Menendez English 1B 25W 4 February 2015 Frederick Douglass’ Teachings and Triumphs: Racism, which still thrives in areas across the United States, was an epidemic in the antebellum south. The basis of the system of slavery is that skin color determined worth. Conveniently, for America’s southern, white population, blacks were only fit to be sold and bought for unpaid service. The prejudice driven consensus among the southern white population was that a black person was nothing more than an ignorant brute. For the oppressors, this was enough to justify the atrocious act of owning another human being as property. In his eloquent autobiography, Narrative of the Life of Frederick Douglass, An American Slave, Written by Himself, not only does Frederick Douglass negate this presumption, he establishes who the real brute is. Within his candor, he stresses how destructive this pervasive mentality was for the victimized slave. Religious and proudly moral, masters often boasted their savage and cruel nature by aggressively overworking, starving, depriving, beating, and raping their slaves. Moreover, black slaves often emanated the good of mankind. If they could not always resist the orders of their masters, they could at least resist the complete suffocation of injustice by devoutly caring for and loving one another. Resistance, regardless of it’s manifestation, was no simple feat for a slave during the tyrannical era of the American slave system.Show MoreRelatedAnalysis Of Frederick Douglass s Learning On Read And Write 999 Words   |  4 PagesIn Frederick Douglass s essay, Learning to Read and Write, he describes the various methods with which he became literate throughout the age of slavery. The essay is made with well-executed and potent literary tools that serve to each relay the struggle he endured in learning to browse and write, additionally on more prove Douglass s distinguished accomplishments and talent against apparently insurmountable odds. It s an awfully personal recount of a heavy time in his life, however it additionall yRead MoreFrederick Douglass, The Most Famous African American Abolitionists And The Greatest American1000 Words   |  4 Pages Frederick Douglass is the most famous African-American abolitionists and the greatest American orators. Throughout American history, African-Americans were victims of American governmental policies of harsh slavery. However, Frederick Douglass transforms the way people should understand slavery. He takes charge of upholding slavery to himself and defends the freedom for those in slavery. While other African-Americans did not have a voice, he became the voice for African-American slavery. InRead MoreThe Life Of Frederick Douglass, An American Slave1170 Words   |  5 Pagesgiven by one of America’s most influential abolitionist speakers, Frederick Douglass. Born into slavery, this great American leader led a life many of us would find impossible to bear. After gaining his freedom from slavery, Douglass shared his stories through impressive spe eches and vivid autobiographies, which helped America move forward as a country liberated from racial inequality. Although Narrative of the Life of Frederick Douglass, An American Slave allows readers to understand what life was likeRead MoreThe Poem America By William Cullen1423 Words   |  6 Pagesnation in the years to come. Douglass, Frederick. Narrative of the Life of Frederick Douglass. Doubleday, 1973. Narrative of the Life of Frederick Douglas is Frederick Douglass’ autobiography that demonstrates an insightful American journey of experiences from slavehood to freedom. Douglass’ journey is not only a literal one, but a figurative battle accomplished by both mentally and physically freeing himself from slavery. In the beginning of the book, Frederick Douglass starts out by being trappedRead MoreThe Narrative Of The Life Of Frederick Douglass, An American Slave Essay1309 Words   |  6 PagesAfter reading Douglass’s The Narrative of the Life of Frederick Douglass, an American Slave, Written by Himself, I have a better understanding of what it meant to be a black slave in the antebellum era, and have a better understanding of what form of oppression that they had to face. The fact that black people were oppressed into slavery created their own cultural identity. During this era, Douglass was able to pull himself out of terrible circumstances and taught himself how to read and write. AsRead MoreNarrative of the life of Frederick Douglass Essay1558 Words   |  7 PagesNarrative of the life of Frederick Douglass   Ã‚  Ã‚  Ã‚  Ã‚   In reading The Narrative of the life of Frederick Douglass, I, like others, found myself to be deeply moved. The way in which Mr. Douglass walked me through each stage of his â€Å"career† as a slave gave me a better understanding of the African American slaves’ struggle. I realized in reading this mans story that he was a gifted individual and I pondered over where his strength came from? It is true and obvious that Mr. Frederick Douglass was an extremelyRead MoreSlavery Was An Institution That Caused By The North And South Of The United States1531 Words   |  7 Pagesabolitionists in the north saw right through southerner’s proslavery ideology, and refuted their claims on the grounds of morality, equality established by the document of their own nation, as well as false economic growth. Abolitionists such as Frederick Douglass and William Lloyd Garrison used their education and ability to write to promote these justifications for abolishi ng slavery. Between the years of 1820 and 1860, the number of slaves in the nation grew tremendously, and expanded further intoRead MoreThe Slavery Of The United States Of America Essay1279 Words   |  6 Pagesof their fellow man and woman. There were, of course, diverse viewpoints and ideas in how freeing the enslaved would go about and why it was important. Leading abolitionists, including John Brown, Angelina Grimke, William Lloyd Garrison, and Frederick Douglass, had diverse opinions and ideas, but, in the end, fought for a common goal: the outlaw of slavery. John Brown was an abolitionist who attempted to raid the government arsenal at Harpers Ferry and lead an armed slave revolt which consisted ofRead MoreThe Identity Of African Americans1758 Words   |  8 Pagesportrayed through the narratives such as The life of Frederick Douglas by Frederick Douglass and the Autobiography of an Ex-colored man by James Weldon Johnson. In both the narratives, they state they are slaves due their race. First, this idea is supported in the Narrative of the Life of Frederick Douglass when he states in the preface, â€Å"he was a slave â€Å"too (Douglass 325). From the beginning Douglass has started with his identity â€Å"Douglass, in his old age, still bravely stood for the idealsRead MoreThe Life Of Frederick Douglass An American Slave983 Words   |  4 Pages The Narrative of the Life of Frederick Douglass an American Slave, is an incredible story of one man’s struggle to become free from the bonds of slavery. While experiencing his hardships and celebrate his triumphs along the way, the story saddens you with the cruelty of humans but leaves you joyous at the outcome. Written as proof that a well-educated black man was indeed a slave and that even with a life riddled with trials and tribulations you can rise above and succeeded in obtaining your dream

Quiz econ Free Essays

When costs fall, the supply curve increases or shifts to the right. Since changes in producer costs is not a demand factor, there would be no impact on demand. Points Received: 10 of 10 Comments: Question 2. We will write a custom essay sample on Quiz econ or any similar topic only for you Order Now Question : (TCO A) Ceteris paribus, Brand A Plain potato chips and Brand B Plain potato chips are substitutes in consumption. The price of Brand A Plain potato chips increases. (4 pts. ) a. What happens to the demand for Brand B Plain potato chips? (6 pts. ) b. What happens to the demand for Brand A Plain potato chips? a) As price of A rises demand for A falls so that demand for B rises. The demand curve for B shifts to the right b)As price of A rises, demand for A falls due to law of demand. The demand curve moves along the upward direction. Instructor Explanation: a. When the price of a substitute good rises, the demand for the other good increases. Price of Brand A rises demand for Brand B increases. b. This tests your ability to distinguish between a change in demand and a change in quantity demanded. When the price of Brand A rises THERE IS NO EFFECT ON THE DEMAND for Brand A potato chips. Remember that the Price of the good itself is NOT a Determinant of Demand for that good. Points Received: 6 of 10 Comments: In (b) when the price ofa good changes that only affects quantity demanded. The demand for Brand A remains unchanged (no shift of the demand curve). See instructor explanation, Chapter 3, and the tutorial in week 1 on the difference between a change in demand and a change in quantity demanded. When you say there is a change in demand you are saying that something other than price has SHIFTED the demand curve. Question 3. Question : SA 3. (TCO A) The number of wheat producers decreases. (4 pts. ) What happens to the supply of wheat? 6 pts. ) What happens to the demand for wheat? 100 20†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 300 ) It the number ot wheat producers decrease supply tor wheat will decrease and prices might go up. b) The demand for wheat will stay the same. Instructor Explanation: Instructor Explanation: The supply of wheat would decrease, or shift to the left. The number of suppliers is obviously a supply factor, so the less suppliers thare are, the smaller would be the supply. The demand for wheat remains the same as before because the number of suppliers is a supply factor, not a demand factor. Points Received: 10 of 10 Question 4. Question : (TCO A) A market is in equilibrium with equilibrium Quantity of MEQ and equilibrium nce of MEP. (2 pts. ) a. What happens to Market Equilibrium Quantity (MEQ) if there is an increase in Demand? (4 pts. ) b. What happens to Market Equilibrium Price (MEP) if Supply decreases as Demand increases? (4 pts. ) c. What happens to Market Equilibrium Quantity (MEQ) after there has been an increase in Supply followed by a decrease in Demand which is followed by another increase in Supply? ) If their is an increase in demand then the price will rise because their is a move from Dl to D2 b)When supply decreases prices go down and demand increases until their is a new equilibrium. c)an increase in supply will lower rices and move sl tos2, a decrease in demand will lower prices, following an increase in supply will lower prices, overall the price will go down. Instructor Explanation: a. MEQ increases b. MEP increases c. MEQ is indeterminate as the sh ifts force Quantity in different directions and the sizes of the shifts are not given. Points Received: O of 10 Comments: Please see instructor explanations for all 3 parts here. You have not answered the questions asked. Question 5. Question : The following table shows part of the demand function for tickets to an outdoor summer concert by a popular singing group: pnce (P)†¦ quantity (Q) 5†¦. 180 (2 pts. ) What is demand elasticity in the $10- $20 price range? Is demand elastic, inelastic, or of unitary elasticity? Calculate the value and show all of your work. Be sure to use the midpoint equation used to determine elasticity. b. (4 pts. Assume demand elasticity is 1. 3 in the $35 – $50 price range. In this range of demand, by what percentage would quantity demanded change if price increases by 9 percent? Show your detailed calculations. (4 pts. ) What is the effect of a price decline from $35 to $20 on total revenue for the event? Does total revenue (TR) increase, decrease, or remain the same? By how much? Show your detailed calculations. a) 200/300 = . 6667 10-20/20=. 5, . 6667/-. 5=1. 3334, demand elastic b)38. 1 20*300 =6000 Total revenue decreases by 300 Instructor Explanation: a. Using the recommended mid-point formula for calculating elasticity one can see that demand is slightly inelastic in this range since the calculated elasticity value equals 0. 746 which is slightly less than 1. 0. Ed † [change in Q / (sum of Q/2)] / [change P/ (sum ofP/2] = [(500- 300)/800/2] / [(20 -10)30/2] = . 50/-. 67 = 1. 7461, rounding.. b. For this question the point elasticity formula is best since it contains all of the mportant elements in the one formula. Since Ed = %change Q / %change P, according to the point elasticity formula rearranging the equation and solving for %change Q, gives us %change Q = (%change P)(Ed). Thus, in this case, %change Q (9) (1. 3) = a decline of 11. 7 percent. c. This question can be answered in 2 ways: (1) You could calculate the elasticity in the $35 – $20 range. This is [(300- 180) / 480/2] / [(20- 35) / 85/2] = [120 / 240] / [15 / 43] = 0. 50 / 0. 55 = -0. 909, rounding. Since we have slightly inelastic demand in this range we know that lowering price will esult in an DECREASE in total revenue; or (2), Simply calculate the total revenue at the two prices at $20 total revenue is $20 x 300 = $6,000, and at $35, total revenue $35 x 180 = $6?00. o total revenue DECREASES when the pnce lowered to $20 from $35. Points Received: 6 of 10 Comments: Please see instructor explanations for the 1st and 2nd parts here. Question 6. Question : (TCO B) Use a hypothetical example to illustrate whether you agree or disagree with the following statement: â€Å"Unemployment will go up more if the demand for labor is inelastic because the demand tor labor will decrease more when you nave inelastic emand than if demand were elastic. † Explain why, using hypothetical numbers to illustrate your case. Disagree, Unemployment will not go up if the demand for labor is inelastic. demand for labor would be inelastic when the change in demand for labor is less than or equal to 1, and it will not have an impact on unemployment when the change in labor is elastic it is greater than or equal to 1 so it will have an impact on unemployment. Instructor Explanation: The unemployment impact would be greater in the case of elastic demand. Starting with an equilibrium quantity f labor equal to, say, 100 units, an increase in the minimum wage would reduce the quantity of labor demanded. Let us say that demand is inelastic and that Ed = 0. 5. Suppose the minimum wage increases by 10 percent. The quantity of labor demanded would fall by = 5 percent. Alternatively if demand was elastic such that Ed= 2 (say), then the quantity of labor demanded would fall by = 20 percent. Clearly, unemployment is impacted far more in the latter case (elastic demand) than it is in the former (inelastic demand). Points Received: 5 of 10 Comments: Please see instructor explanation regarding the reason why the tatement is false, and the hypothetical example. Question How to cite Quiz econ, Papers