Accounting: A Business Perspective (Irwin/Mcgraw-Hill Series in Principles of Accounting) by Roger H. Hermanson
English | Apr. 1998 | ISBN: 0075615851 | 262 Pages | PDF | 2 MB
With an emphasis on the corporate approach, this text has 18 chapters devoted to financial accounting and 8 chapters covering managerial accounting. After studying this chapter, you should be able to:
• Describe the types of operations that require a process cost system.
• Distinguish between process and job costing systems.
• Discuss the concept of equivalent units in a process cost system.
• Compute equivalent units of production and unit costs under the average cost procedure.
• Prepare a production cost report for a process cost system and discuss its relationship to the Work in Process
• Distinguish between normal and abnormal spoilage.
• Compute equivalent units of production and unit costs under the first-in first-out (FIFO) system (Appendix
• Discuss how joint costs are allocated to joint products (Appendix 19-B).