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Cost assignment to a cost object (bmw example)
Cost assignment to a cost object (bmw example)
Graphs of variable and fixed costs
Graphs of variable and fixed costs
Examples of the Multiple Classifications of Costs
Examples of the Multiple Classifications of Costs
Cost flows illustrated
Cost flows illustrated
Multiple-step income statement, part one
Multiple-step income statement, part one
Multiple-step income statement, part two
Multiple-step income statement, part two
Different product Costs for Different purposes
Different product Costs for Different purposes
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An Introduction to Cost Terms and Purposes

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1Chapter 2. An Introduction to Cost 18Classifications of Costs. 18. 2-.
Terms and Purposes. Copyright © 2015 19Different Types of Firms.
Pearson Education, Inc. All Rights Manufacturing-sector companies purchase
Reserved. materials and components and convert them
2Chapter 2 learning objectives. Define into finished products.
and illustrate a cost object Distinguish Merchandising-sector companies purchase
between direct costs and indirect costs and then sell tangible products without
Explain variable costs and fixed costs changing their basic form. Service-sector
Interpret unit costs cautiously companies provide services (intangible
Distinguish inventoriable costs period products) like legal advice or audits. 19.
costs Illustrate the flow of inventoriable 2-.
and period costs. 2. 2-. 20Types of inventory. Direct
3Chapter 2 learning objectives, materials—resources in-stock and available
concluded. Explain why product costs are for use Work-in-process (or
computed in different ways for different progress)—products started but not yet
purposes Describe a framework for cost completed, often abbreviated as WIP
accounting and cost management. 3. 2-. Finished goods—products completed and
4Basic Cost Terminology. Cost—a ready for sale Note: Merchandising-sector
sacrificed or forgone resource to achieve companies hold only one type of inventory:
a specific objective. Actual cost—a cost merchandise inventory. 20. 2-.
that has occurred. Budgeted cost—a 21Commonly used classifications of
predicted cost. Cost object—anything for manufacturing costs. Also known as
which a cost measurement is desired. 4. inventoriable costs Direct
2-. materials—acquisition costs of all
5Cost Object Examples at BMW. Cost materials that will become part of the
Object. Illustration. Product. A BMW X6 cost object. Direct labor—compensation of
sports activity vehicle. Service. all manufacturing labor that can be traced
Telephone hotline providing information to the cost object. Indirect
and assistance to BMW dealers. Project. manufacturing—factory costs that are not
R&D project on DVD system enhancement traceable to the product in an
in BMW cars. Customer. Herb Chambers economically feasible way. Examples
Motors, a dealer that purchases a broad include lubricants, indirect manufacturing
range of BMW vehicles. Activity. Setting labor, utilities, and supplies. 21. 2-.
up machines for production or maintaining 22Inventoriable costs vs. period costs.
production equipment. Department. Inventoriable costs are all costs of a
Environmental, Health and Safety product that are considered assets in a
department. 5. 2-. company’s balance sheet when the costs are
6Basic Cost Terminology, concluded. incured and that are expensed as cost of
Cost accumulation—the collection of cost goods sold only when the product is sold.
data in an organized way by means of an For manufacturing companies, all
accounting system. Cost assignment—a manufacturing costs are inventoriable
general term that encompasses the costs. Period costs are all costs in the
gathering of accumulated costs to a cost income statement other than cost of goods
object in two ways: Tracing accumulated sold. They are treated as expenses of the
costs with a direct relationship to the accounting period in which they are
cost object and Allocating accumulated incurred. 22. 2-.
costs with an indirect relationship to a 23Cost Flows. The Cost of Goods
cost object. 6. 2-. Manufactured and the Cost of Goods Sold
7Direct and Indirect Costs. Direct section of the Income Statement are
costs can be conveniently and economically accounting representations of the actual
traced (tracked) to a cost object. flow of costs through a production system.
Indirect costs cannot be conveniently or Note how inventoriable costs to through
economically traced (tracked) to a cost the balance sheet accounts of
object. Instead of being traced, these work-in-process and finished goods
costs are allocated to a cost object in a inventory before entering the cost of
rational and systematic manner. 7. 2-. goods sold in the income statement. 23.
8Cost assignment to a cost object (bmw 2-.
example). 8. 2-. 24Cost flows illustrated. 24. 2-.
9Cost Examples. Direct Costs Parts 25Multiple-step income statement, part
(steel or tires for a car, as an exampe) one. 25. 2-.
Assembly line wages Indirect Costs 26Multiple-step income statement, part
Electricity Rent Property taxes Plant two. 26. 2-.
administration expenses. 9. 2-. 27Other Cost Considerations. Prime cost
10Factors Affecting Direct/Indirect Cost is a term referring to all direct
Classification. The materiality of the manufacturing costs (materials and labor).
cost in question. The available Conversion cost is a term referring to
information-gathering technology. Design direct labor and indirect manufacturing
of operations. NOTE: a specific cost may costs. Overtime labor costs are considered
be both a direct cost of one cost object part of indirect overhead costs. 27. 2-.
and an indirect cost of another cost 28Measuring costs requires judgment.
object. 10. 2-. Because there are alternative ways for
11Cost Behavior. Variable costs—change management to define and classify costs,
in total in proportion to changes in the judgment is required. Managers,
related level of activity or volume of accountants, suppliers and others should
output produced. Fixed costs—remain agree on the classifications and meanings
unchanged in total, for a given time of the cost terms introduced in this
period, despite changes in the related chapter and throughout the book. 28. 2-.
level of activity or volume of output 29Different product Costs for Different
produced. Costs are fixed or variable only purposes. Pricing and product-mix
with respect to a specific activity or a decisions—decisions about pricing and
given time period. 11. 2-. maximizing profits Contracting with
12Cost Behavior, cont’d. Variable costs government agencies—very specific
are constant on a per-unit basis. If a definitions of allowable costs for “cost
product takes 5 pounds of materials each, plus profit” contracts Preparing
it stays the same per unit regardless if external-use financial
one, ten, or a thousand units are statements—GAAP-driven product costs only.
produced. Fixed costs per unit change 29. 2-.
inversely with the level of production. As 30Different product Costs for Different
more units are produced, the same fixed purposes. 30. 2-.
cost is spread over more and more units, 31A framework for cost accounting and
reducing the cost per unit. 12. 2-. cost management. The following three
13Cost Behavior Summarized. Total features of cost accounting and cost
Dollars. Cost per Unit. Total Dollars. management can be used for a wide range of
Cost Per Unit. Variable Costs. Change in applications (for helping managers make
proportion with output More output = More decisions): Calculating the cost of
cost. Unchanged in relation to output. products, services, and other cost objects
Change in proportion with output More Obtaining information for planning and
output = More cost. Variable Costs. Fixed control, and performance evaluation
Costs. Unchanged in relation to output. Analyzing the relevant information for
Change inversely with output More output = making decisions. 31. 2-.
lower cost per unit. Change inversely with 32TERMS to learn. TERMS to LEARN. Page
output More output = lower cost per unit. Number Reference. Actual cost. Page 29.
Unchanged in relation to output. Fixed Average cost. Page 36. Budgeted cost. Page
Costs. 13. 2-. 29. Conversion costs. Page 46. Cost. Page
14Graphs of variable and fixed costs. 29. Cost accumulation. Page 29. Cost
14. 2-. allocation. Page 30. Cost assignment. Page
15Other Cost Concepts. Cost driver—a 30. Cost driver. Page 34. Cost object.
variable, such as the level of activity or Page 29. Cost of goods manufactured. Page
volume, that causally affects costs over a 43. Cost tracing. Page 30. 32. 2-.
given time span. Relevant range—the band 33TERMS to learn, cont’d. TERMS to
or range of normal activity level (or LEARN. Page Number Reference. Direct costs
volume) in which there is a specific of a cost object. Page 30. Direct
relationship between the level of activity manufacturing labor costs. Page 39. Direct
(or volume) and the cost in question. For material costs. Page 39. Direct materials
example, fixed costs are considered fixed inventory. Page 38. Factory overhead
only within the relevant range. 15. 2-. costs. Page 39. Finished goods inventory.
16Multiple Classifications of Costs. Page 38. Fixed costs. Page 32. Idle time.
Costs may be classified as: Page 47. Indirect costs of a cost object.
Direct/Indirect, and Variable/Fixed These Page 30. Indirect manufacturing costs.
multiple classifications give rise to Page 39. Inventoriable costs. Page 39.
important cost combinations: Direct and Manufacturing overhead costs. Page 39. 33.
variable Direct and fixed Indirect and 2-.
variable Indirect and fixed. 16. 2-. 34TERMS to learn, cont’d. TERMS to
17A Cost Caveat. Unit costs should be LEARN. Page Number Reference.
used cautiously. Because unit costs change Manufacturing-sector companies. Page 38.
with a different level of output or Merchandising-sector companies. Page 38.
volume, it may be more prudent to base Operating income. Page 44. Overtime
decisions on a total cost basis. Unit premium. Page 47. Period costs. Page 39.
costs that include fixed costs should Prime costs. Page 45. Product cost. Page
always reference a given level of output 48. Relevant range. Page 35. Revenues.
or activity. Unit costs are also called Page 39. Service-sector companies. Page
average costs. Managers should think in 38. Unit cost. Page 36. Variable cost.
terms of total costs rather than unit Page 21. Work-in-process inventory. Page
costs for many decisions. 17. 2-. 38. Work in progress. Page 38. 34. 2-.
18Examples of the Multiple 3535.
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