Process costing system


Learnings objectives:

  1. What is process costing? How does it differ from a job order costing system?
  2. How is the flow of cost from one processing department to another processing department journalized in accounting records of the company?
  3. What are equivalent units of production? How are equivalent units computed under weighted average and FIFO method?
  4. What is a cost of production report (CPR)? How is it prepared using weighted average and FIFO method?
  5. How do you account for normal and abnormal loss of units in a process costing system?
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