Process Cost Accounting System Vanderbeck 14e Manual
The four major categories of ethical conduct needs of external parties, such as. With a process cost system, man- differences called variances are calculated. Manual for Principles of Cost Accounting 16th Edition by Vanderbeck.
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Reasons given by U.S. Companies for “reshoring” their manufacturing operations include (1) Chinese wages and shipping costs have risen sharply in the past few years, (2) frustration with the sometimes poor quality of goods made by foreign con- tractors, (3) the desire to bring production managers and assembly-line workers closer to engineers, suppliers, and customers, (4) an effort to protect a company’s intellectual property, and (5) weariness from midnight phone calls and multiple annual trips to Asian producers. With regard to methods for computing the cost of goods sold, the difference between a manufacturer and a merchandiser is in the determination of the cost of goods available for sale. Since the manufacturing business makes the products it has availa- ble for sale, the cost of goods manufac- tured must be determined and added to beginning finished goods inventory to de- termine the cost of finished goods available for sale. Since the merchandiser purchases r ather than makes goods to sell, the cost of purchases is added to beginning merchan- dise inventory to compute the cost of goods available for sale. Manufacturers, such as aircraft producers and home builders, make tangible products by applying labor and technology to raw ma- terials.
Process Cost Accounting
They may have as many as three in- ventory accounts: Finished Goods, Work in Process, and Raw Materials. Merchandisers, such as wholesalers and department stores, purchase tangible products in finished form from suppliers. They have only one inventory account, Merchandise Inventory.
Service businesses, such as airlines and sports fran- chises, provide intangible benefits such as transportation and entertainment. They have no inventory account.