Home
Search results “Management accounting product costing”
Manufacturing Costs (Direct Materials, Labor, Manufacturing Overhead) and Product and Period Costs.
 
05:22
Full Crash Course on Udemy for $9.99! http://bit.ly/2DfGBXu ​Costs can be split up into manufacturing and non-manufacturing costs. We'll look over certain direct and indirect costs and decide how they should be categorized. This tutorial will come in handy when we begin to prepare Cost of Goods Manufactured Statements! Website: http://www.notepirate.com Follow us on Facebook: https://www.facebook.com/pages/Note-Pirate/514933148520001?ref=hl Follow us on Twitter: http://twitter.com/notepirate We appreciate all of the support you guys have given us. Be apart of the mission to help us reach more students by subscribing, thumbs upping and adding the videos to your favorites! ** Notepirate is privately owned and exclusive to Notepirate.com.**
Views: 62534 Notepirate
Product Costs and Period Costs
 
14:56
This video provides a relatively simple, qualitative explanation of how expenses are categorized as either product (manufacturing) costs versus period (non-manufacturing) costs within a production firm and is intended for students just beginning a course in managerial accounting.
Views: 38565 The Accounting Tutor
Direct Material, Direct Labor & Overhead, Product and Period Cost | Managerial Accounting | CMA Exam
 
37:09
Direct cost, indirect cost, common cost, manufacturing overhead cost, indirect material, indirect labor, selling cost, administrative cost, product cost, period costs, prime cost, conversion cost, variable cost, fixed cost, committed fixed cost, discretionary fixed cost, relevant range, mixed cost, engineering approach, scatter-graph, high-low method,
Product Costs in Manufacturing (aka Inventoriable Costs)
 
05:19
This video explains the concept of product costs (aka inventoriable costs) for a manufacturing firm. An example is provided to illustrate how product costs attach to a product (first as inventory, then later through cost of goods sold), as opposed to period costs which are expensed as incurred (and thus are not attached to the product or affected by its flow). Edspira is your source for business and financial education. To view the entire video library for free, visit http://www.Edspira.com To like us on Facebook, visit https://www.facebook.com/Edspira Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD. The goal of Michael's life is to increase access to education so all people can achieve their dreams. To learn more about Michael's story, visit http://www.MichaelMcLaughlin.com To follow Michael on Facebook, visit https://facebook.com/Prof.Michael.McLaughlin To follow Michael on Twitter, visit https://twitter.com/Prof_McLaughlin
Views: 29909 Edspira
Accounting: Product Costs
 
06:43
Copyright by Brian R. Lazarus. 2011. Check out this website: http://www.lazarusbusinesssolutions.com for other related video lectures.
Views: 9187 profblazarus
Topic 8 - Product costing
 
01:26:59
A recording of Lecture 8 of Accounting for Managerial Decisions for the Autumn 2016 session. Provides an introduction to product costing. Recorded on May 19, 2016.
Views: 3356 drdavebond
3 Types of Manufacturing Costs (Direct Materials, Direct Labor, Manufacturing Overhead)
 
05:59
This videos identifies and defines the three types of manufacturing costs: Direct Materials, Direct Labor, and Manufacturing Overhead. The video also provides examples of each type of manufacturing cost to better illustrate the concepts. Edspira is your source for business and financial education. To view the entire video library for free, visit http://www.Edspira.com To like us on Facebook, visit https://www.facebook.com/Edspira Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD. The goal of Michael's life is to increase access to education so all people can achieve their dreams. To learn more about Michael's story, visit http://www.MichaelMcLaughlin.com To follow Michael on Facebook, visit https://facebook.com/Prof.Michael.McLaughlin To follow Michael on Twitter, visit https://twitter.com/Prof_McLaughlin
Views: 135414 Edspira
Job Order Costing Explained | Managerial Accounting | CMA Exam | Ch 3 P 1
 
12:22
Under absorption costing, product costs include all manufacturing costs. Some manufacturing costs, such as direct materials, can be directly traced to particular products. For example, the cost of the airbags installed in a Toyota Camry can be easily traced to that particular auto. But what about manufacturing costs like factory rent? Such costs do not change from month to month, whereas the number and variety of products made in the factory may vary dramatically from one month to the next. Because these costs remain unchanged from month to month regardless of what products are made, they are clearly not caused by—and cannot be directly traced to—any particular product. Therefore, these types of costs are assigned to products and services by averaging across time and across products. The type of production process influences how this averaging is done. Job-order costing is used in situations where many different products, each with individual and unique features, are produced each period. For example, a Levi Strauss clothing factory would typically make many different types of jeans for both men and women during a month. This is a custom product that is being made for the first time, but if this were one of the company’s standard products, it would have an established bill of materials. A bill of materials is a document that lists the type and quantity of each type of direct material needed to complete a unit of product. The materials requisition form is a document that specifies the type and quantity of materials to be drawn from the storeroom and identifies the job that will be charged for the cost of the materials. The form is used to control the flow of materials into production and also for making entries in the accounting records. A job cost sheet records the materials, labor, and manufacturing overhead costs charged to that job. Measuring Direct Labor Cost Direct labor consists of labor charges that can be easily traced to a particular job. Labor charges that cannot be easily traced directly to any job are treated as part of manufacturing overhead. As discussed in a previous chapter, this latter category of labor costs is called indirect labor and includes tasks such as maintenance, supervision, and cleanup. Today many companies rely on computerized systems (rather than paper and pencil) to maintain employee time tickets. A completed time ticket is an hour-by-hour summary of the employee’s activities throughout the day. One computerized approach to creating time tickets uses bar codes to capture data. Computing Predetermined Overhead Rates. There are three reasons for this: Manufacturing overhead is an indirect cost. This means that it is either impossible or difficult to trace these costs to a particular product or job. Manufacturing overhead consists of many different types of cost ranging from the grease used in machines to the annual salary of the production manager. Some of these costs are variable overhead costs because they vary in direct proportion to changes in the level of production (e.g., indirect materials, supplies, and power) and some are fixed overhead costs because they remain constant as the level of production fluctuates (e.g., heat and light, property taxes, and insurance).Page 123 Because of the fixed costs in manufacturing overhead, total manufacturing overhead costs tend to remain relatively constant from one period to the next even though the number of units produced can fluctuate widely. Consequently, the average cost per unit will vary from one period to the next. An allocation base is a measure such as direct labor-hours (DLH) or machine-hours (MH) that is used to assign overhead costs to products and services. The most widely used allocation bases in manufacturing are direct labor-hours, direct labor cost, machine-hours and (where a company has only a single product) units of product. Job order costing, Direct cost, indirect cost, common cost, manufacturing overhead cost, indirect material, job cost sheet, job number, subsidiary ledger, material requisition form, bill of materials, time ticket, allocation base predetermined overhead rate, cost driver, fixed overhead, variable overhead Raw materials, work in process, finished goods, cost of goods manufactured, manufactured overhead cost Cost of goods manufactured Underapplied, overapplied
Overhead Allocation - Managerial Accounting
 
08:43
Example of how to calculate an overhead rate. Next, the overhead rate is used to allocate overhead costs among three cost objects.
Views: 14306 d oreilly
Accounting for Byproducts:  the Production Method vs. the Sales Method
 
04:29
This video shows how to account for byproducts. In so doing, it compares and contrasts the Production Method and Sales Method for accounting for byproducts. The Production Method requires that byproducts be accounted for when produced (e.g., that their Net Realizable reduce Cost of Goods Sold when the byproduct is actually produced) while the Sales Method requires byproducts to be recognized in the period in which the byproducts are sold. The Sales Method thus gives managers an opportunity to engage in earnings management, as they can wait to sell byproducts until they want to boost earnings. Edspira is your source for business and financial education. To view the entire video library for free, visit http://www.Edspira.com To like us on Facebook, visit https://www.facebook.com/Edspira Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD. The goal of Michael's life is to increase access to education so all people can achieve their dreams. To learn more about Michael's story, visit http://www.MichaelMcLaughlin.com To follow Michael on Facebook, visit https://facebook.com/Prof.Michael.McLaughlin To follow Michael on Twitter, visit https://twitter.com/Prof_McLaughlin
Views: 8879 Edspira
Activity Based Costing vs. Traditional Costing
 
08:43
This video discusses the key differences between Activity Based Costing and traditional costing systems in the context of managerial accounting. Edspira is your source for business and financial education. To view the entire video library for free, visit http://www.Edspira.com To like us on Facebook, visit https://www.facebook.com/Edspira Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD. The goal of Michael's life is to increase access to education so all people can achieve their dreams. To learn more about Michael's story, visit http://www.MichaelMcLaughlin.com To follow Michael on Facebook, visit https://facebook.com/Prof.Michael.McLaughlin To follow Michael on Twitter, visit https://twitter.com/Prof_McLaughlin
Views: 150777 Edspira
Joint Product Costs and the Splitoff Point
 
07:02
This video introduces the concept of joint costs and the splitoff point in managerial accounting. Joint products refer to two or more products that are produced from the same input. The point at which the raw product is transformed into multiple joint products is known as the splitoff point. (Note: a product with a relatively low sales value may be referred to as a by-product rather than a joint product) Costs incurred prior to the splitoff point are known as joint costs. Joint costs are commonly allocated to the individual joint products (using the relative sales method, physical unit method, or Net Realizeable Value method) for purposes of computing Cost of Goods Sold. However, joint costs are not relevant when deciding what to do with a product after the splitoff point has been reached (for example, in a sell-or-process further decision). After the splitoff point has been reached, joint costs have already been incurred-- thus, managers should only consider the incremental costs and revenues. Edspira is your source for business and financial education. To view the entire video library for free, visit http://www.Edspira.com To like us on Facebook, visit https://www.facebook.com/Edspira Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD. The goal of Michael's life is to increase access to education so all people can achieve their dreams. To learn more about Michael's story, visit http://www.MichaelMcLaughlin.com To follow Michael on Facebook, visit https://facebook.com/Prof.Michael.McLaughlin To follow Michael on Twitter, visit https://twitter.com/Prof_McLaughlin
Views: 37516 Edspira
Absorption Costing
 
20:09
This video explains the concept of Absorption Costing in Managerial Accounting. A comprehensive example is provided to explain how absorption costing is used to calculate per unit product costs as well as to create an absorption costing income statement. The video also contrasts the absorption costing method with the variable cost method and discusses how the use of absorption costing can lead to distorted measures of profitability and perverse managerial incentives. Edspira is your source for business and financial education. To view the entire video library for free, visit http://www.Edspira.com To like us on Facebook, visit https://www.facebook.com/Edspira Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD. The goal of Michael's life is to increase access to education so all people can achieve their dreams. To learn more about Michael's story, visit http://www.MichaelMcLaughlin.com To follow Michael on Facebook, visit https://facebook.com/Prof.Michael.McLaughlin To follow Michael on Twitter, visit https://twitter.com/Prof_McLaughlin
Views: 209121 Edspira
Managerial Accounting Cost Allocation
 
13:49
Cost allocation including cost pools and allocation base
Views: 17855 david hopcroft
Basic Product Costing Concepts.mp4
 
37:38
Basic product costing concepts video
Views: 84971 K S
What is a Product Cost vs. Period Cost?
 
05:16
WANNA MASTER MANAGERIAL ACCOUNTING? CLAIM YOUR 50% OFF COUPON BELOW! https://www.udemy.com/managerial-accounting-the-ultimate-beginner-course/?couponCode=50_OFFM Hey Students! In this video today, we use an easy example of a car factory to show you how Product Costs and Period Costs work in Managerial Accounting. See how we calculate product costs and how materials, labor and overhead work. Product Costs are what make up a product. What about the other costs such as Period Costs? Learn more about selling and admin costs. Find out how in this engaging video. Take a look! ******************************************************************** Wanna Master Managerial Accounting? Claim your 50% Off Coupon Now! Managerial Accounting - The Ultimate Beginner Course: https://www.udemy.com/managerial-accounting-the-ultimate-beginner-course/?couponCode=50_OFFM ******************************************************************** SUBSCRIBE SO YOU CAN MASTER ACCOUNTING! https://www.youtube.com/channel/UCCyBG-qtLqfvCdSG34ES8Ag WANT TO LEARN MORE? CONNECT WITH ME BELOW: ******************************************************************** FACEBOOK: https://www.facebook.com/accountinguniversity?ref=hl GOOGLE+ https://plus.google.com/u/0/b/118255991627414878635/+Accountinguniv/posts WEBSITE http://accountinguniv.com/ ******************************************************************** Comment Below if you have any questions!
Views: 7942 Accounting University
Variable Costing (the Variable Costing method in Managerial Accounting)
 
10:54
This video explains the Variable Costing method that some manufacturing firms use internally to compute product costs and calculate cost of goods sold. An example is provided to illustrate how to use Variable Costing to calculate the product cost per unit and to create a Variable Costing Income Statement. The video also discusses the difference between Variable Costing and Absorption Costing and explains why Variable Costing is in many ways superior to Absorption Costing. Edspira is your source for business and financial education. To view the entire video library for free, visit http://www.Edspira.com To like us on Facebook, visit https://www.facebook.com/Edspira Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD. The goal of Michael's life is to increase access to education so all people can achieve their dreams. To learn more about Michael's story, visit http://www.MichaelMcLaughlin.com To follow Michael on Facebook, visit https://facebook.com/Prof.Michael.McLaughlin To follow Michael on Twitter, visit https://twitter.com/Prof_McLaughlin
Views: 68842 Edspira
Product Cost per Unit - Determine Relevant Costs - CSUN Gateway Managerial Accounting - Problem 13
 
05:01
Please buy a copy of Scholarships: Quick and Easy: https://www.amazon.com/Scholarships-Devon-Patrick-Scott-Coombs/dp/1530670330/ref=tmm_pap_swatch_0?_encoding=UTF8&qid=&sr= Devon Coombs explains how to determine relevant product costs per unit when given multiple product costs. Follow the link below for the question in this video: http://www.csun.edu/sites/default/files/managerialquiz.pdf Follow me on Twitter and LinkedIn: https://twitter.com/devonpscoombs https://www.linkedin.com/in/devoncoombs Please subscribe to my channel :)
Views: 10785 Business Core Tutoring
Product Cost Vs Period Cost | Managerial Accounting | CMA Exam | Ch 2 P 2
 
15:45
Product Costs For financial accounting purposes, product costs include all costs involved in acquiring or making a product. In the case of manufactured goods, these costs consist of direct materials, direct labor, and manufacturing overhead.1 Product costs “attach” to units of product as the goods are purchased or manufactured, and they remain attached as the goods go into inventory awaiting sale. Product costs are initially assigned to an inventory account on the balance sheet. When the goods are sold, the costs are released from inventory as expenses (typically called cost of goods sold) and matched against sales revenue on the income statement. Because product costs are initially assigned to inventories, they are also known as inventoriable costs. We want to emphasize that product costs are not necessarily recorded as expenses on the income statement in the period in which they are incurred. Rather, as explained above, they are recorded as expenses in the period in which the related products are sold. Period Costs Period costs are all the costs that are not product costs. All selling and administrative expenses are treated as period costs. For example, sales commissions, advertising, executive salaries, public relations, and the rental costs of administrative offices are all period costs. Period costs are not included as part of the cost of either purchased or manufactured goods; instead, period costs are expensed on the income statement in the period in which they are incurred using the usual rules of accrual accounting. Keep in mind that the period in which a cost is incurred is not necessarily the period in which cash changes hands. For example, as discussed earlier, the costs of liability insurance are spread across the periods that benefit from the insurance—regardless of the period in which the insurance premium is paid. Page 28 Prime Cost and Conversion Cost Two more cost categories are often used in discussions of manufacturing costs—prime cost and conversion cost. Prime cost is the sum of direct materials cost and direct labor cost. Conversion cost is the sum of direct labor cost and manufacturing overhead cost. The term conversion cost is used to describe direct labor and manufacturing overhead because these costs are incurred to convert materials into the finished product. product cost, period costs, prime cost, conversion cost, variable cost, fixed cost, committed fixed cost, discretionary fixed cost, relevant range, mixed cost, engineering approach, scattergraph, high-low method, traditional format, contribution format, Direct cost, indirect cost, common cost, manufacturing overhead cost, indirect material, indirect labor, selling cost, administrative cost, cpa exam. Manufacturing Overhead Manufacturing overhead, the third manufacturing cost category, includes all manufacturing costs except direct materials and direct labor. Manufacturing overhead includes items such as indirect materials; indirect labor; maintenance and repairs on production equipment; and heat and light, property taxes, depreciation, and insurance on manufacturing facilities. A company also incurs costs for heat and light, property taxes, insurance, depreciation, and so forth, associated with its selling and administrative functions, but these costs are not included as part of manufacturing overhead. Only those costs associated with operating the factory are included in manufacturing overhead. Various names are used for manufacturing overhead, such as indirect manufacturing cost, factory overhead, and factory burden. All of these terms are synonyms for manufacturing overhead. Nonmanufacturing Costs Nonmanufacturing costs are often divided into two categories: (1) selling costs and (2) administrative costs. Selling costs include all costs that are incurred to secure customer orders and get the finished product to the customer. These costs are sometimes called order-getting and order-filling costs. Examples of selling costs include advertising, shipping, sales travel, sales commissions, sales salaries, and costs of finished goods warehouses. Selling costs can be either direct or indirect costs. For example, the cost of an advertising campaign dedicated to one specific product is a direct cost of that product, whereas the salary of a marketing manager who oversees numerous products is an indirect cost with respect to individual products. Administrative costs include all costs associated with the general management of an organization rather than with manufacturing or selling. Examples of administrative costs include executive compensation, general accounting, secretarial, public relations, and similar costs involved in the overall, general administration of the organization as a whole. Administrative costs can be either direct or indirect costs.
Process Costing
 
12:16
This video explains the concept of process costing in managerial accounting. Process costing is compared and contrasted with job-order costing, and an example is provided to illustrate the cost flows and associated journal entries of a process costing system. Edspira is your source for business and financial education. To view the entire video library for free, visit http://www.Edspira.com To like us on Facebook, visit https://www.facebook.com/Edspira Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD. The goal of Michael's life is to increase access to education so all people can achieve their dreams. To learn more about Michael's story, visit http://www.MichaelMcLaughlin.com To follow Michael on Facebook, visit https://facebook.com/Prof.Michael.McLaughlin To follow Michael on Twitter, visit https://twitter.com/Prof_McLaughlin
Views: 176975 Edspira
Job Costing - Flow of Costs
 
18:00
Manufacturing costs Product costs Flow of costs in manufacturing t-accounts Allocating overhead Example of calculating overhead applied under normal costing and actual costing
Activity Based Costing (with full-length example)
 
23:39
This video explains the process of Activity-based Costing and illustrates how Activity-based Costing is used with an example. Edspira is your source for business and financial education. To view the entire video library for free, visit http://www.Edspira.com To like us on Facebook, visit https://www.facebook.com/Edspira Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD. The goal of Michael's life is to increase access to education so all people can achieve their dreams. To learn more about Michael's story, visit http://www.MichaelMcLaughlin.com To follow Michael on Facebook, visit https://facebook.com/Prof.Michael.McLaughlin To follow Michael on Twitter, visit https://twitter.com/Prof_McLaughlin
Views: 151827 Edspira
Job Order Costing - Part 1 - Management Accounting
 
13:16
The links to the problems are no longer working. If you want updated videos (with working links) try this playlist: https://youtu.be/2eG_UVdoJrA In this series of videos, we examine job order costing and the predetermined overhead rate. In the first video, we will look at cost concepts and the predetermined overhead rate. In the next 3 parts we will do a comprehensive example of job order costing involving journal entries, applying overhead and generating an income statement. This video and the attached worksheet were prepared by Tony Bell of Thompson Rivers University (TRU) - I encourage educators to freely use, edit and modify these videos and the attached worksheet - they are available under Creative Commons Licenses.
Views: 178080 Tony Bell
Activity Based Costing (Part 1) Cost Pools and 1st Stage Allocation
 
13:56
This video explains the process of activity-based costing. Using an example to illustrate the process, this video shows how to identify cost pools, assign costs to the costs pools in the first stage allocation, and calculate activity rates. Edspira is your source for business and financial education. To view the entire video library for free, visit http://www.Edspira.com To like us on Facebook, visit https://www.facebook.com/Edspira Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD. The goal of Michael's life is to increase access to education so all people can achieve their dreams. To learn more about Michael's story, visit http://www.MichaelMcLaughlin.com To follow Michael on Facebook, visit https://facebook.com/Prof.Michael.McLaughlin To follow Michael on Twitter, visit https://twitter.com/Prof_McLaughlin
Views: 80679 Edspira
Product Costing
 
03:57
Bob wants to know how much his bakery products cost to manufacture. Bobs applies job costing and process costing principles to work out the cost of two products in his bakery.
Activity Based Costing Example in 6 Easy Steps - Managerial Accounting with ABC Costing
 
08:02
Clicked here http://www.MBAbullshit.com/ and OMG wow!I'm SHOCKED how easy.. Imagine your brand makes two types of mobile phone devices. They are each produced working with one machine. The maintenance cost of the apparatus is $100 a month. What percentage should each style of telephone share under the maintenance cost? In order to be "just", some will suggest that the cost must be divided 50%-50%. However, what if Phone A consumes 90 hours of the machinery, and Phone B uses only 10 hours of the apparatus? Should the cost remain to be split 50%-50%? As part of classic "allocated" costing, the cost should probably still be split 50%-50%. However applying the principle of Activity Based Costing, it needs to most likely be cut up 90%-10% for the reason that one phone type is based on 90 hours of the apparatus monthly while the other cell phone form typically only consumes 10 hours of the identical device. The foregoing technique makes use of "amount of activity" for being a function of costing, and not just "allocation" where accountants simplistically allot the costs by the same token.Needless to say, for any product or service, there are a lot more activities to consider, and not only the employment of a particular device. These varying activities which generally encounter a mark on cost are classified as "cost drivers". Cost drivers may appear in numerous varieties for instance machine hours consumed, number of inspections, hours spent on inspections, number of production runs, quantity of hours used up throughout production, quantity of setups, together with multiple others.In the case above, we simply used machine hours consumed. Inside a less forgiving example, we may additionally need to consider the number of inspections. Suppose Phone A solicited added inspections by enterprise engineers than Phone B? It goes without saying, a great deal more of the compensation of institution engineers really needs to be allocated to Phone A. Whereas, what if Phone B solicited a great deal more production runs than Phone A? Again, we would struggle to conveniently partition broad production costs among the two mobile phone types. To further complicate the problem, what if Phone A, irrespective of using far less production runs, solicited more production setups than Phone B? Evidently, the difficulty of appropriately allocating costs to each of the phone models can get incredibly exhausting. Having said that, this difficulty can be really worth the effort if it helps a business apply extra meticulous or more defined costs on items, which can be made use to help the company in its pricing methods. The beauty of Activity Based Costing is that it considers all these diverse costs and cost drivers in a timely fashion, granting an organization the competence to perform pretty defined costing inspite of such concerns. http://www.youtube.com/watch?v=PcjxRe4EsuY activity based costing, abc costing, what is activity based costing, what is abc http://mbabullshit.com/blog/activity-based-costing/
Views: 281165 MBAbullshitDotCom
Activity Based Costing Examples - Managerial Accounting video
 
13:30
Activity Based Costing Example - Accounting video by TheAccountingDr is a tutorial video with examples on using an activity-based costing system: 1) calculate the allocation rate and 2) allocated costs (overhead/indirect costs) using the allocation rate. In addition, we calculate the indirect costs per unit of planned products as well as the product costs per unit of planned products (direct materials + direct labor + OH). Managerial Accounting lecture notes: http://tiny.cc/nw1enw Activity-Based Costing terminology review game: http://tiny.cc/mxgoow -- Thank you all for your wonderful support. Because of your support we have been able to reach and help numerous accounting students. Please continue to be a part of our mission to help other accounting students be successful by giving our videos thumbs up, giving comments and adding our videos to your favorites. Subscribe: http://www.youtube.com/subscription_center?add_user=routhwsuedu Friend me on Facebook and post your questions: http://www.facebook.com/TheAccountingDoctor -- For more accounting/how to eLectures (and accompanying lecture notes) similar to Activity-Based Costing Examples - Managerial Accounting video, blog, FAQs and accounting eBooks visit http://www.TheAccountingDr.com. Activity-Based Costing Examples - Managerial Accounting video: http://youtu.be/7SNjEHIYjns -- Please note that videos may require Flash media and may not play on devices without Flash capabilities (i.e. iPad). If you are having difficulty viewing this video on YouTube, these videos may also be viewed without Flash on my website at http://www.TheAccountingDr.com.
8.  Managerial Accounting Ch2 Exercises Pt1: Manufacturing Costs, Product Costs, Period Costs
 
18:01
Accounting Course - Managerial Accounting - Cost Accounting Exercises: 2.1 Classifying Manufacturing Costs 2.2 Classification of Costs as Period or Product Costs Text used: Managerial Accounting Tenth edition Garrison et al. Publisher: McGrawHill
Views: 9900 Mark Meldrum
Absorption Costing vs. Variable Costing
 
09:10
This video explains the difference between Absorption Cost and Variable Costing in the context of managerial accounting. The key functional difference between these two methods is the way in which fixed overhead is classified, and the video provides an example to illustrate how this difference leads to substantial discrepancies in the calculation of product costs, cost of goods sold, and profitability. The video then summarizes the benefits and drawbacks of Absorption Costing and Variable Costing. Edspira is your source for business and financial education. To view the entire video library for free, visit http://www.Edspira.com To like us on Facebook, visit https://www.facebook.com/Edspira Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD. The goal of Michael's life is to increase access to education so all people can achieve their dreams. To learn more about Michael's story, visit http://www.MichaelMcLaughlin.com To follow Michael on Facebook, visit https://facebook.com/Prof.Michael.McLaughlin To follow Michael on Twitter, visit https://twitter.com/Prof_McLaughlin
Views: 116644 Edspira
Standard Costs and Variance Analysis
 
16:25
This video discusses the use of standard costs in Managerial Accounting. It also provides a comprehensive example to illustrate how standard costs are useful in calculating the price variance and quantity variance. Edspira is your source for business and financial education. To view the entire video library for free, visit http://www.Edspira.com To like us on Facebook, visit https://www.facebook.com/Edspira Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD. The goal of Michael's life is to increase access to education so all people can achieve their dreams. To learn more about Michael's story, visit http://www.MichaelMcLaughlin.com To follow Michael on Facebook, visit https://facebook.com/Prof.Michael.McLaughlin To follow Michael on Twitter, visit https://twitter.com/Prof_McLaughlin
Views: 197829 Edspira
Process Costing with Example | Managerial Accounting | CMA Exam | Ch 4 P 1
 
22:17
Process costing is used when there is mass production of similar products, where the costs associated with individual units of output cannot be differentiated from each other. In other words, the cost of each product produced is assumed to be the same as the cost of every other product. Under this concept, costs are accumulated over a fixed period of time, summarized, and then allocated to all of the units produced during that period of time on a consistent basis. When products are instead being manufactured on an individual basis, job costing is used to accumulate costs and assign the costs to products. When a production process contains some mass manufacturing and some customized elements, then a hybrid costing system is used. Examples of the industries where this type of production occurs include oil refining, food production, and chemical processing. For example, how would you determine the precise cost required to create one gallon of aviation fuel, when thousands of gallons of the same fuel are gushing out of a refinery every hour? The cost accounting methodology used for this scenario is process costing. Process costing is the only reasonable approach to determining product costs in many industries. It uses most of the same journal entries found in a job costing environment, so there is no need to restructure the chart of accounts to any significant degree. This makes it easy to switch over to a job costing system from a process costing one if the need arises, or to adopt a hybrid approach that uses portions of both systems. Example of Process Cost Accounting As a process costing example, ABC International produces purple widgets, which require processing through multiple production departments. The first department in the process is the casting department, where the widgets are initially created. During the month of March, the casting department incurs $50,000 of direct material costs and $120,000 of conversion costs (comprised of direct labor and factory overhead). The department processes 10,000 widgets during March, so this means that the per unit cost of the widgets passing through the casting department during that time period is $5.00 for direct materials and $12.00 for conversion costs. The widgets then move to the trimming department for further work, and these per-unit costs will be carried along with the widgets into that department, where additional costs will be added. Types of Process Costing There are three types of process costing, which are: Weighted average costs. This version assumes that all costs, whether from a preceding period or the current one, are lumped together and assigned to produced units. It is the simplest version to calculate. Standard costs. This version is based on standard costs. Its calculation is similar to weighted average costing, but standard costs are assigned to production units, rather than actual costs; after total costs are accumulated based on standard costs, these totals are compared to actual accumulated costs, and the difference is charged to a variance account. First-in first-out costing (FIFO). FIFO is a more complex calculation that creates layers of costs, one for any units of production that were started in the previous production period but not completed, and another layer for any production that is started in the current period. There is no last in, first out (LIFO) costing method used in process costing, since the underlying assumption of process costing is that the first unit produced is, in fact, the first unit used, which is the FIFO concept. Why have three different cost calculation methods for process costing, and why use one version instead of another? The different calculations are required for different cost accounting needs. The weighted average method is used in situations where there is no standard costing system, or where the fluctuations in costs from period to period are so slight that the management team has no need for the slight improvement in costing accuracy that can be obtained with the FIFO costing method. Alternatively, process costing that is based on standard costs is required for costing systems that use standard costs. It is also useful in situations where companies manufacture such a broad mix of products that they have difficulty accurately assigning actual costs to each type of product; under the other process costing methodologies, which both use actual costs, there is a strong chance that costs for different products will become mixed together. Process costing, equivalent units of production, FiFO method, weighted average, conversion cost flow of costs, cost accounted for, cpa exam, managerial accounting, raw materials, job order costing, work in process, processing departments, transferred-in cost, transferred out cost
Product Costs & Period Costs - Managerial Accounting
 
16:48
Product costs and period costs are distinctions of costs we generally see in managerial accounting. Product costs are costs assigned to production and include direct labor, direct materials and overhead. Period costs are costs incurred during a time period which are usually expensed and include selling an administrative costs. The distinction between product costs and period costs is important for managerial accounting because product costs will not be expensed at the time they are incurred but will be capitalized as part of the cost of inventory. Product costs will eventually be expenses in to form of cost of goods sold when the product is sold. For more accounting information see website. http://accountinginstruction.info/
Direct Cost Vs Indirect Cost | Managerial Accounting | CMA Exam | Ch 2 P 1
 
17:30
Direct Cost A direct cost is a cost that can be easily and conveniently traced to a specified cost object. Indirect Cost An indirect cost is a cost that cannot be easily and conveniently traced to a specified cost object. For example, a Campbell Soup factory may produce dozens of varieties of canned soups. A common cost is a cost that is incurred to support a number of cost objects but cannot be traced to them individually. A common cost is a type of indirect cost. A particular cost may be direct or indirect, depending on the cost object. Direct Labor Direct labor consists of labor costs that can be easily (i.e., physically and conveniently) traced to individual units of product. Direct labor is sometimes called touch labor because direct labor workers typically touch the product while it is being made. Labor costs that cannot be physically traced to particular products, or that can be traced only at great cost and inconvenience, are termed indirect labor. Just like indirect materials, indirect labor is treated as part of manufacturing overhead. Indirect labor includes the labor costs of janitors, supervisors, materials handlers, and night security guards. Although the efforts of these workers are essential, it would be either impractical or impossible to accurately trace their costs to specific units of product. Hence, such labor costs are treated as indirect labor. Manufacturing Overhead Manufacturing overhead, the third manufacturing cost category, includes all manufacturing costs except direct materials and direct labor. Manufacturing overhead includes items such as indirect materials; indirect labor; maintenance and repairs on production equipment; and heat and light, property taxes, depreciation, and insurance on manufacturing facilities. A company also incurs costs for heat and light, property taxes, insurance, depreciation, and so forth, associated with its selling and administrative functions, but these costs are not included as part of manufacturing overhead. Only those costs associated with operating the factory are included in manufacturing overhead. Various names are used for manufacturing overhead, such as indirect manufacturing cost, factory overhead, and factory burden. All of these terms are synonyms for manufacturing overhead. Nonmanufacturing Costs Nonmanufacturing costs are often divided into two categories: (1) selling costs and (2) administrative costs. Selling costs include all costs that are incurred to secure customer orders and get the finished product to the customer. These costs are sometimes called order-getting and order-filling costs. Examples of selling costs include advertising, shipping, sales travel, sales commissions, sales salaries, and costs of finished goods warehouses. Selling costs can be either direct or indirect costs. For example, the cost of an advertising campaign dedicated to one specific product is a direct cost of that product, whereas the salary of a marketing manager who oversees numerous products is an indirect cost with respect to individual products. Administrative costs include all costs associated with the general management of an organization rather than with manufacturing or selling. Examples of administrative costs include executive compensation, general accounting, secretarial, public relations, and similar costs involved in the overall, general administration of the organization as a whole. Administrative costs can be either direct or indirect costs. For example, the salary of an accounting manager in charge of accounts receivable collections in the East region is a direct cost of that region, whereas the salary of a chief financial officer who oversees all of a company’s regions is an indirect cost with respect to individual regions. Nonmanufacturing costs are also often called selling, general, and administrative (SG&A) costs or just selling and administrative costs. Direct cost, indirect cost, common cost, manufacturing overhead cost, indirect material, indirect labor, selling cost, administrative cost, product cost, period costs, prime cost, conversion cost, variable cost, fixed cost, committed fixed cost, discretionary fixed cost, relevant range, mixed cost, engineering approach, scattergraph, high-low method, traditional format, contribution format income statement, differential cost, differential revenue, opportunity cost.sunk cost, relevant cost.
Predetermined Overhead Rate | Managerial Accounting | CMA Exam | Ch 3 P 2
 
20:55
manufacturing overhead also needs to be recorded on the job cost sheet. However, assigning manufacturing overhead to a specific job involves some difficulties. There are three reasons for this: Manufacturing overhead is an indirect cost. This means that it is either impossible or difficult to trace these costs to a particular product or job. Manufacturing overhead consists of many different types of cost ranging from the grease used in machines to the annual salary of the production manager. Some of these costs are variable overhead costs because they vary in direct proportion to changes in the level of production (e.g., indirect materials, supplies, and power) and some are fixed overhead costs because they remain constant as the level of production fluctuates (e.g., heat and light, property taxes, and insurance).Page 123 Because of the fixed costs in manufacturing overhead, total manufacturing overhead costs tend to remain relatively constant from one period to the next even though the number of units produced can fluctuate widely. Consequently, the average cost per unit will vary from one period to the next. Given these problems, allocation is used to assign overhead costs to products. Allocation is accomplished by selecting an allocation base that is common to all of the company’s products and services. An allocation base is a measure such as direct labor-hours (DLH) or machine-hours (MH) that is used to assign overhead costs to products and services. The most widely used allocation bases in manufacturing are direct labor-hours, direct labor cost, machine-hours and (where a company has only a single product) units of product. Manufacturing overhead is commonly assigned to products using a predetermined overhead rate. The predetermined overhead rate is computed by dividing the total estimated manufacturing overhead cost for the period by the estimated total amount of the allocation base for the period as follows: The predetermined overhead rate is computed before the period begins using a four-step process. The first step is to estimate the total amount of the allocation base (the denominator) that will be required for next period’s estimated level of production. The second step is to estimate the total fixed manufacturing overhead cost for the coming period and the variable manufacturing overhead cost per unit of the allocation base. The third step is to use the cost formula shown below to estimate the total manufacturing overhead cost (the numerator) for the coming period: Y = a + bX where, Y = The estimated total manufacturing overhead cost a = The estimated total fixed manufacturing overhead cost b = The estimated variable manufacturing overhead cost per unit of the allocation base X = The estimated total amount of the allocation base The fourth step is to compute the predetermined overhead rate. Notice, the estimated amount of the allocation base is determined before estimating the total manufacturing overhead cost. This needs to be done because total manufacturing overhead cost includes variable overhead costs that depend on the amount of the allocation base. The Need for a Predetermined Rate Instead of using a predetermined rate based on estimates, why not base the overhead rate on the actual total manufacturing overhead cost and the actual total amount of the allocation base incurred on a monthly, quarterly, or annual basis? If an actual rate is computed monthly or quarterly, seasonal factors in overhead costs or in the allocation base can produce fluctuations in the overhead rate. For example, the costs of heating and cooling a factory in Illinois will be highest in the winter and summer months and lowest in the spring and fall. If the overhead rate is recomputed at the end of each month or each quarter based on actual costs and activity, the overhead rate would go up in the winter and summer and down in the spring and fall. As a result, two identical jobs, one completed in the winter and one completed in the spring, would be assigned different manufacturing overhead costs. Many managers believe that such fluctuations in product costs serve no useful purpose. To avoid such fluctuations, actual overhead rates could be computed on an annual or less-frequent basis. However, if the overhead rate is computed annually based on the actual costs and activity for the year, the manufacturing overhead assigned to any particular job would not be known until the end of the year. predetermined overhead rate, cost driver, fixed overhead, variable overhead Raw materials, work in process, finished goods, cost of goods manufactured, manufactured overhead cost Cost of goods manufactured Underapplied, overapplied, Job order costing, Direct cost, indirect cost, common cost, manufacturing overhead cost, indirect material, job cost sheet, job number, subsidiary ledger, material requisition form, bill of materials, time ticket, allocation base
Target Costing and Cost-Plus Pricing
 
03:31
This video discusses target costing and cost-plus pricing.
Views: 18009 mattfisher64
3 Minutes! Activity Based Costing Managerial Accounting Example (ABC Super Simplified)
 
02:51
For Part 2, Go To http://mbabullshit.com/ If You Liked it, Support my Free Videos at https://www.patreon.com/MBAbull Activity Based Costing Example In 3 Minutes Activity Based Costing is different from traditional costing... Traditional costing is easy because if often just divides some types of costs equally between different items. These are usually costs which are a bit difficult to divide or allocate between products, such as electricity, telephone bills, internet usage, rent, salaries, and others.However, Activity Based Costing finds ways to divide or allocate these costs more proportionally or "fairly"... ...so that we can write down a higher cost for items or products which use more of the stuff related to costs. For example, we might want to write down a higher electric power cost for burgers than for lemonades. As a result, this might cause us to sell our burgers at a higher price than the lemonades, and the lemonades at a lower price than the burgers. Of course, electric power is not the only cost in making burgers and lemonades. Therefore, we have to think about other costs as well before making our final pricing decisions. Check out my free video at http://www.MBAbullshit.com See ya there!
Views: 178226 MBAbullshitDotCom
#4 Process Costing (Equivalent Product) ~ Cost & Management Accounting [For B.Com/CA/CS/CMA)
 
27:00
In this lecture I have explained the concept, need, application calculation procedure of calculating 'Equivalent Product' in process costing 🔴 Download Notes: https://drive.google.com/drive/folders/0BzfDYffb228JNW9WdVJyQlQ2eHc?usp=sharing 🔴 Connect on Facebook : https://www.facebook.com/ca.naresh.aggarwal 🔴 Connect with Google+: https://plus.google.com/u/0/+CANareshAggarwal
Views: 15483 CA. Naresh Aggarwal
Managerial Accounting: Product vs Period Costs
 
04:40
Help us caption & translate this video! http://amara.org/v/FynI/
Views: 4675 ProfAlldredge
Stock accounting and product costing in Odoo inventory
 
31:38
For more information, please refer to https://www.odoo.com/page/warehouse To schedule a demo, please refer to https://www.odoo.com/r/demo-dalagon
Views: 2406 Odoo
Direct vs. Indirect Costs
 
02:39
This video defines direct and indirect costs and provides an example to illustrate the difference between direct and indirect costs. Edspira is your source for business and financial education. To view the entire video library for free, visit http://www.Edspira.com To like us on Facebook, visit https://www.facebook.com/Edspira Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD. The goal of Michael's life is to increase access to education so all people can achieve their dreams. To learn more about Michael's story, visit http://www.MichaelMcLaughlin.com To follow Michael on Facebook, visit https://facebook.com/Prof.Michael.McLaughlin To follow Michael on Twitter, visit https://twitter.com/Prof_McLaughlin
Views: 51435 Edspira
Intro to Managerial Accounting: Activity-Based Costing & Activity-Based Management
 
01:01:52
Introduction to Managerial Accounting Professor Tatianna Gershberg Lecture: Activity-Based Costing and Activity-Based Management Class Overview and Learning Objectives: 1:25 Objective 1 Develop activity-based costs (ABC): 2:29 Activity-Based Costing: 2:42 Overview of Traditional and ABC Systems: 6:20 Developing an Activity-Based Costing System: 13:00 ABC System: 18:58 ABC System Results: 22:25 S18-3: Computing Indirect Manufacturing Costs Per Unit: 26:09 Objective 2 Use activity-based management (ABM) to achieve target costs: 37:30 Activity-Based Management: 37:49 Cost Comparison - ABC vs. Traditional Allocation: 39:03 Value Engineering: 42:12 Target Pricing Versus Cost-Based Pricing: 44:55 Full-Product Costs: 52:43 Full-Product Cost Comparison: 54:07 Recomputing Activity Costs After a Value Engineering Study: 56:07 ABC Manufacturing Overhead Costs After Value Engineering Study: 58:03 S18-5: Using ABC to Compute Product Costs Per Unit: 1:01:23 This class, we talk about activity based costing and its importance for accounting. The basic idea of this is that out costing will be based on certain activities within the processes. What is the benefit of this? ABC costing allows us to define the way indirect costs are allocated to the production. Many large companies chose to use this type of costing system. As usual, many different types of examples are used in this class to help students understand the calculations, which also allow viewers to take part in the class. Activity-based costing is the more accurate method to attach costs to products. It refines the way indirect costs are allocated to production and focuses on costs incurred by each production activity. Activity costs become the building blocks for allocating costs to products and services. Each activity has its own cost driver. Activity-based costing divides production processes into activities and assigns costs to products based on how much the product uses those activities. Cost drivers are activities that drive the cost to being accumulated. For example, the number of pounds of a delivery drive the shipping costs. Note that each activity uses a different allocation rate. Activity based management uses ABC to make decisions. It aims to increase profits while simultaneously meeting customer needs. The types of decisions made under ABM include cutting costs and how to price products and product mix. This provides a more accurate cost of products and determines the profitability of products. Value engineering involves reevaluating activities to reduce costs. It requires cross-functional teams. Under cost-based pricing, the sales price is determined by adding up full cost and desired profit. Under the target based approach, the target price less the desired profit equals the target cost. Full-product costs consider all production costs (direct materials, direct labor, and allocated manufacturing overhead) as well as nonmanufacturing costs / operating expenses (administrative and selling expenses) to determine the target costs and target profits. Class Overview and Learning Objectives: 1:25 Objective 1 Develop activity-based costs (ABC): 2:29 Activity-Based Costing: 2:42 Overview of Traditional and ABC Systems: 6:20 Developing an Activity-Based Costing System: 13:00 ABC System: 18:58 ABC System Results: 22:25 S18-3: Computing Indirect Manufacturing Costs Per Unit: 26:09 Objective 2 Use activity-based management (ABM) to achieve target costs: 37:30 Activity-Based Management: 37:49 Cost Comparison - ABC vs. Traditional Allocation: 39:03 Value Engineering: 42:12 Target Pricing Versus Cost-Based Pricing: 44:55 Full-Product Costs: 52:43 Full-Product Cost Comparison: 54:07 Recomputing Activity Costs After a Value Engineering Study: 56:07 ABC Manufacturing Overhead Costs After Value Engineering Study: 58:03 S18-5: Using ABC to Compute Product Costs Per Unit: 1:01:23 To receive additional updates regarding our library please subscribe to our mailing list using the following link: http://rbx.business.rutgers.edu/subscribe.html
Views: 12253 Rutgers Accounting Web
72.  Managerial Accounting Ch7 Ex Pt4: Customer and Product Margins
 
14:55
Exercises: 7-7: Product and Customer Profitability Analysis 7-9: Computing Activity-Based Costing Product Costs Text Used Managerial Accounting Tenth edition Garrison et al. Publisher: McGrawHill
Views: 1529 Mark Meldrum
Intro to Managerial Accounting: Activity Based Costing (Chapter 5)
 
22:54
Introduction to Managerial Accounting Professor Savita Sahay Activity Based Costing (Chapter 5) Please visit our website at http://raw.rutgers.edu TIME STAMPS Quick Review of Applied Overhead: 0:19 Practice Problem: 2:48 --- Calculating cost of each unit (job costing) Single Allocation Rate System Outdated: 4:00 ABC Features: 4:47 Practice Problem #2 (info given): 5:46 --- ABC question & solution: 7:15 Practice Problem #3: 9:15 --- Budgeted overhead rate and overhead cost per unit calculations --- Overhead Allocation: 10:26 Steps in Activity Based Costing: 13:00 Hierarchy of Activities: 13:37 Practice Problem #4: 15:14 --- Identifying unit, batch, product, and facility level activities Comprehensive Practice Problem #5: 16:41 --- Questions / Solutions: 17:26 Bottom Line - Simple vs. ABC [Conclusion]: 21:54 The applied overhead rate is a sinle, manufacturing overhead allocation rate using the following formula: Budgeted Manufacturing Overhead Rate = Budgeted manufacturing overhead costs / Budgeted Direct Labor hours. Allocating overhead costs to the job involves multiplying the budgeted allocation rate by the number of actual direct labor hours. Traditional systems were developed in 1800 and focused on simplicity because (1) direct labor information was already being recorded, (2) direct labor was a large component of product costs, and (3) managers believed direct labor and overhead costs were highly correlated. Simple systems often resulted in cross-subsidization, and incorrect costs lead to sub-optimal decisions. The single allocation rate system is outdated. Today, direct labor alone may no longer be a satisfactory base for allocation of overhead. Most companies sell a large variety of products that consume differing amounts of overhead. As a percentage of total costs, direct labor has been shrinking and overhead has been increasing. Many of the new overhead costs may not be correlated with direct labor. Technology advancements have reduced the cost and complexity of gathering diverse sources of data. In activity based costing, a number of allocation bases are used for assigning costs to products. A predetermined overhead rate is computed for each activity and then applied to jobs and products based on the amount of activity consumed by the job or product. It also calculates a more accurate product cost than traditional methods (by categorizing all indirect costs by activity, tracing the indirect costs to those activities, and assigning those costs to products by using a cost driver related to the cause of the cost). The steps in activity based costing involve (1) identifying and classifying each activity, (2) estimating the cost of resources for each activity, (3) identifying a cost driver for each activity and estimating the quantity of each cost driver, (4) calculating an activity cost rate for each activity, and lastly, (5) assigning costs to products based on the level of activity required to make the product or provide the service. The hierarchy of activities is as follows: (1) Unit level (output level) activities are performed each time a unit is produced (such as providing power to run processing equipment. (2) Batch-level activities are performed each time a batch is handled or processed, regardless of how many units are in the batch (such as setting up equipment and shipping customer orders). (3) Product-sustaining level activities relate to specific products and must be carried out, regardless of how many batches are run or units produced and sold (such as designing or advertising a product). (4) Facility sustaining level activities are carried out regardless of which products are produced, how many batches are run, or how many units are made (such as heating a factory or building rent). Examples of each type of activity: machine depreciation is UNIT level, setup costs are BATCH level, spare parts management is PRODUCT level, and property taxes / insurance is FACILITY level. Regarding simple vs. activity based costing, both methods are mathematically correct and acceptable. Each method yields a different cost figure, which will lead to different gross margin calculations. Only overhead is involved. Total costs for the entire firm remain the same - they are just allocated to different cost objects within the firm. Selection of the appropriate method and drivers should be based on experience, industry practices, as well as cost benefit analysis of each option under consideration. To receive additional updates regarding our library please subscribe to our mailing list using the following link: http://rbx.business.rutgers.edu/subscribe.html
Views: 20458 Rutgers Accounting Web
Costing Theory Part 11 II Product Cost and Period Cost Meaning By Chander Durjea For CA/CS/CMA
 
09:57
Product Cost and Period Cost Meaning By Chander Durjea For CA/CS/CMA -9717356614 Website : www.cdclasses.com CMA CHANDER DUREJA FOR SFM FM & COST In this video you will be able to understand : 1. product cost vs period cost meaning with examples, 2.Difference between product cost and period cost 3.is indirect labor a period cost 4.product cost and period cost 5. is advertising a period cost Other Theory Videos are given in following Playlist : https://youtu.be/DnAflbEs_xc
Views: 605 CMA. Chander Dureja
Joint Cost | Managerial Accounting | CMA Exam
 
10:28
Joint cost, relative sale value method, absorption costing, fixed manufacturing overhead, variable costing, fixed cost, variable cost, segmented income statement, common cost, traceable cost,
Job Order Costing vs Process Costing
 
06:00
This video discusses the differences between job-order costing and process costing in the context of managerial accounting. Examples are provided to illustrate how job-order costing is used for heterogeneous products while process costing is used for homogeneous products, with an emphasis on how costs flow through departments rather than jobs under process costing (with work-in-process inventory accounts for each department). Edspira is your source for business and financial education. To view the entire video library for free, visit http://www.Edspira.com To like us on Facebook, visit https://www.facebook.com/Edspira Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD. The goal of Michael's life is to increase access to education so all people can achieve their dreams. To learn more about Michael's story, visit http://www.MichaelMcLaughlin.com To follow Michael on Facebook, visit https://facebook.com/Prof.Michael.McLaughlin To follow Michael on Twitter, visit https://twitter.com/Prof_McLaughlin
Views: 63364 Edspira
Joint Costs Allocation using the Physical Units Method (Cost Accounting Tutorial #35)
 
10:31
70% Off the Complete Crash Course on Udemy: http://bit.ly/2Dhip74 In this managerial accounting presentation I discuss how we will allocate joint costs using the physical units method. We will prorate the joint costs to the separate joint products for the purpose of valuing our inventory and determining income from each product. We need a method that allocates costs so that each product has a fair allocation of cost and yields a profit. In this case, the physical units method does not seem to yield a profit for both products, which we require. Website: http://www.notepirate.com Follow us on Facebook: https://www.facebook.com/pages/Note-Pirate/514933148520001?ref=hl Follow us on Twitter: http://twitter.com/notepirate We appreciate all of the support you guys have given us. Be apart of the mission to help us reach more students by subscribing, thumbs upping and adding the videos to your favorites! ** Notepirate is privately owned and exclusive to Notepirate.com.**
Views: 15804 Notepirate
Cost Classifications
 
11:26
This video goes over fixed, variable, mixed costs as well as the high-low method, scattergraph and leasts squares/regression analysis.
Views: 12119 mattfisher64
Activity Based Costing Part 1 - Management Accounting
 
07:53
The links to the problems are no longer working. If you want updated videos (with working links) try this playlist: https://youtu.be/2eG_UVdoJrA In this series of videos, we go over Activity Based Costing. This video and the attached worksheet were prepared by Tony Bell of Thompson Rivers University (TRU) - I encourage educators to freely use, edit and modify these videos and the attached worksheet - they are available under Creative Commons Licenses.
Views: 82804 Tony Bell
Management Accounting Job Order Journal Entries (Cost Accounting Tutorial #25)
 
11:44
Full Crash Course on Udemy for $9.99! http://bit.ly/2DfGBXu After going over the Cost of Goods Manufactured Statement we'll learn how to record journal entries for the usage of direct materials, incurring direct labor and overhead costs, along with transferring inventories. Overhead applied and overhead incurred are tricky, so pay attention specifically to that part! Website: http://www.notepirate.com Follow us on Facebook: https://www.facebook.com/pages/Note-Pirate/514933148520001?ref=hl Follow us on Twitter: http://twitter.com/notepirate We appreciate all of the support you guys have given us. Be apart of the mission to help us reach more students by subscribing, thumbs upping and adding the videos to your favorites! ** Notepirate is privately owned and exclusive to Notepirate.com.**
Views: 31928 Notepirate

Iphone 3gs ios 6.1.6 application letters
Writing support service
International sales coordinator cover letter
Annotated bibliography thesis example sentence
Vet cover letters examples