Process Costing System-Cost Accounting-Managerial Accounting
4.6 (37 ratings)
Course Ratings are calculated from individual students’ ratings and a variety of other signals, like age of rating and reliability, to ensure that they reflect course quality fairly and accurately.
13,078 students enrolled

Process Costing System-Cost Accounting-Managerial Accounting

Process costing system-managerial accounting or cost accounting including equivalent unit calculation & journal entries
Highest Rated
4.6 (37 ratings)
Course Ratings are calculated from individual students’ ratings and a variety of other signals, like age of rating and reliability, to ensure that they reflect course quality fairly and accurately.
13,078 students enrolled
Last updated 3/2019
English
English [Auto]
Current price: $139.99 Original price: $199.99 Discount: 30% off
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This course includes
  • 8 hours on-demand video
  • 24 downloadable resources
  • Full lifetime access
  • Access on mobile and TV
  • Assignments
  • Certificate of Completion
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What you'll learn
  • Describe cost classifications and their importance.
  • Explain the differences in financial statements for a manufacturing company versus a merchandising company.
  • List the cost flow process for a manufacturing company.
  • Compare a job cost system and process cost system and explain when each would be used.
  • Describe the cost flows in a process cost system
  • Explain the concept of overhead and how it is used in a process cost system
  • Calculate the predetermined overhead rate.
  • Allocate overhead to job using estimates.
  • Calculate equivalent units of production
  • Allocate costs using a First in First Out (FIFO) method
  • Allocate costs using a weighted average method
Requirements
  • Understanding of financial accounting
Description

Process costing system – Cost Accounting – Managerial Accounting

We will start by introducing managerial accounting or cost accounting topics that apply to companies that manufacture using either a job cost system or a process cost system.

The course will describe classifications for costs and the importance of being able to classify costs in different ways.

We will list and describe an outline of the process costs go through as they flow through the accounting process in a manufacturing company.

The course will compare the two major systems used to track inventory costs in a manufacturing company, the job cost system, and the process costs system. We will discuss when a company would use either a job cost system or a process cost system.

We will discuss the flow of inventory costs in a process cost system and track the process of costs related to raw materials, that then flow to work in process and factory overhead, to finished goods, and finally, are expensed in the form of cost of goods sold.

We will explain the concept of overhead and why it is needed, including the concept of actual overhead incurred and estimated overhead we apply to departments. The course will show how to calculate the predetermined overhead rate and how to use this rate to estimate overhead allocated to departments.

The course will record the journal entries related to costs as they flow through the process cost system including journal entries for the transfer of raw materials to work in process and factory overhead, the incurrence of direct and indirect wages, and other overhead costs. We will enter journal entries to allocate overhead to work in process and to transfer costs from department to department and finished goods. We will also enter journal entries to record sales transactions and related costs of goods sold.

We will calculate the cost per equivalent unit and assign costs to ending work in process and to amounts transferred out of departments using both a First In First Out (FIFO) method and a Weighted Average Method.

We will also discuss key terms and definitions related to a job cost system and how they are used in practice.

In addition to the instructional videos, this course will include:

• Downloadable PDF Files

• Excel Practice Files

• Multiple Choice Practice Questions

• Short Calculation Practice Questions

• Discussion Questions

The PDF files allow us to download reference information we can use offline and as a guide to help us work through the material.

Excel practice files will be preformatted so that we can focus on the accounting process and learning some of the basics of Excel, like addition, subtraction, and cell relationships.

Multiple choice example question helps us improve our test-taking skills by reducing the information into the size and format of multiple-choice questions and discussing how to approach these questions.

Short calculation questions help us reduce problems that have some calculation down to a short format that could be used in multiple choice questions.

Discussion Question will provide an opportunity to discuss these topics with the instructor and other students, a process many students find very helpful because it allows us to see the topic from different viewpoints.

Who this course is for:
  • Accounting students
  • Business owners
  • Anyone who whats to learn accounting
Course content
Expand all 98 lectures 07:59:22
+ Cost Classifications
8 lectures 32:26
2 Cost Classifications
00:16
PDF - 20 Cost Classifications
00:08
PDF - 30 Product Costs & Period Costs.ENCODING
00:08
PDF - 40 Prime Costs & Conversion Costs
00:08
40 Prime Costs & Conversion Costs
05:35
Accounting Comic Break
00:15
+ Manufacturer’s Financial Statements
6 lectures 13:15
3 Manufacturer’s Financial Statements
00:39
PDF - 50 Manufacturer's Balance Sheet
00:08
50 Manufacturer's Balance Sheet
03:15
PDF -60 Manufacturer's Income Statement
00:08
60 Manufacturer's Income Statement
08:49
Accounting Comic Break
00:16
+ Cost Flows for a Manufacturing Company
6 lectures 11:34
4 Cost Flows for a Manufacturing Company
00:14
PDF - 70 Manufacturing Activities Flow
00:08
70 Manufacturing Activities Flow
07:51
PDF - 80 Just In Time (JIT) Manufacturing
00:08
80 Just In Time (JIT) Manufacturing
02:58
Accounting Comic Break
00:15
+ Job Cost vs Process Cost System
4 lectures 10:47
5 Job Cost vs Process Cost System
01:10
PDF 90 Job Cost Vs Process Cost
00:08
90 Job Cost Vs Process Cost
09:13
Accounting Comic Break
00:16
+ Process Cost System Overview Using FIFO Method
8 lectures 41:05
6 Process Cost System Overview Using FIFO Method
00:56
PDF - Cost Flows for a Process Cost System
00:08
Cost Flows for a Process Cost System Part 1
08:53
Cost Flows for a Process Cost System Part 2
08:56
PDF - Equivalent Units Of Production
00:08
Equivalent Units Of Production
14:37
Multiple Choice 1
07:12
Discuss how to track and report the flow of overhead costs in a process cost system.
Discussion Question 1
1 question
Accounting Comic Break
00:15
+ Flow of Materials, Labor, & Overhead Cost Through Inventory Accounts
6 lectures 36:45
7 Flow of Materials, Labor, & Overhead Cost Through Inventory Accounts
00:44
PDF - 105 Flow of Materials, Labor & Overhead
00:08
105 Flow of Materials, Labor & Overhead
18:22
Short Calculation Problems 1
09:57
Multiple Choice 2
07:19
When would a company use a job cost system or a process cost system?
Discussion Question 2
1 question
Accounting Comic Break
00:15
+ Cost Per Equivalent Units – and Assigning Costs Weighted Average Method
18 lectures 56:00
8 Cost Per Equivalent Units – and Assigning Costs Weighted Average Method
00:32
PDF - 110 Methods to Calculate Ending WIP and Units Completed
00:08
110 Methods to Calculate Ending WIP and Units Completed
04:32
PDF - 115 Equivalent Units of Production Weighted Average Method
00:08
115 Equivalent Units of Production Weighted Average Method
05:20
Excel Worksheet Download
00:05
Worksheet - 115 Equivalent Units of Production Weighted Average Method
07:07
PDF - 120 Cost Per Equivalent Unit Calculation Weighted Average Method
00:08
120 Cost Per Equivalent Unit Calculation Weighted Average Method
03:50
Excel Worksheet Download
00:05
Worksheet -120 Cost Per Equivalent Unit Calculation Weighted Average Method
05:40
PDF - 125 Assign Costs to Units Weighted Average Method
00:08
125 Assign Costs to Units Weighted Average Method
04:16
Excel Worksheet Download
00:05
Worksheet - 125 Assign Costs to Units Weighted Average Method
05:39
Short Calculation Problems 2
10:39
Multiple Choice 3
07:21
Discuss a hybrid costing system and when it might be used?
Discussion Question 3
1 question
Accounting Comic Break
00:17
+ Overhead Costs & Allocation
10 lectures 59:10
9 Overhead Costs & Allocation
00:27
PDF - 140 Overhead Costs
00:08
140 Overhead Costs
11:10
PDF - 150 Overhead Allocation Predetermined Overhead Rate
00:08
150 Overhead Allocation Predetermined Overhead Rate
08:34
PDF - 160 Under & Over applied Overhead
00:08
160 Under & Over applied Overhead
07:40
Short Calculation Problems 3
22:21
Multiple Choice 4
08:17
Describe how materials flow in a process cost system and how to account for them.
Discussion Question 4
1 question
Accounting Comic Break
00:17
+ Comprehensive Problem – Recording Process Cost Journal Entries
7 lectures 54:37
10 Comprehensive Problem – Recording Process Cost Journal Entries
00:49
Excel Worksheet Download
00:05
Part 1
12:01
Part 2
12:09
Part 3
13:12
Multiple Choice 5
16:06
What are equivalent units and how are they used?
Discussion Question 5
1 question
Accounting Comic Break
00:15