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5 Cards in this Set
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- 3rd side (hint)
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What are the two types of costing systems?
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Process costing & Job Order costing
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What is Process Costing?
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measuring the average cost of units of a company that produces many units of a single product for long periods of time.
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provides broad, average unit cost figures that applies to homogeneous untis flowing in a continuous stream out of the production process. Ex: Coca Cola, Paper, Firestone |
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What is the Process Costing Formula?
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unit product cost = total manufacturing cost / total units produced
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What is Job Order costing?
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measuring the average cost of units made by a company that produces many DIFFERENT products each period
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job = 1 shipment/order Ex: jeans/clothing, service industries: hospitals, law firms, movie studios, advertising agencies, & repair shops. |
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What is the Job Order costing formula
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average cost per unit = cost of job / # of units in job
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costs are traced to each job and then the cost of the job are divided by the number of units in the job to arrive at an average cost per unit |
