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Chapter 4 FIFO Supplement
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Managerial Accounting
Introduction to Managerial Accounting
Jeannie M. Folk
Ray H. Garrison
Eric Noreen
Systems Design: Process Costing

Chapter Outline

  1. Comparison of Job-Order and Process Costing
    1. Similarities between Job-Order and Process Costing
    2. Differences between Job-Order and Process Costing
  2. A Perspective of Process Cost Flows
    1. Processing Departments
    2. The Flow of Materials, Labor, and Overhead Costs
    3. Materials, Labor, and Overhead Cost Entries
  3. Equivalent Units of Production
    1. Weighted-Average Method
  4. Production Report-Weighted-Average Method
    1. Step 1: Prepare a Quantity Schedule and Compute the Equivalent Units
    2. Step 2: Compute Costs per Equivalent Unit
    3. Step 3: Prepare a Cost Reconciliation
    4. A Comment about Rounding Errors
    5. Supplement: FIFO Method (available on the web at www.mhhe.com/folk1e)
  5. Equivalent Units-FIFO Method
  6. Comparison of Equivalent Units of Production under the Weighted-Average and FIFO Methods
  7. Production Report-FIFO Method
    1. Step 1: Prepare a Quantity Schedule and Compute the Equivalent Units
    2. Step 2: Compute the Costs per Equivalent Unit
    3. Step 3: Prepare a Cost Reconciliation
  8. A Comparison of Costing Methods




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