Overview

Process costing is a common method for determining unit product cost. In managerial accounting you learned job order costs which is used when you have many different products or jobs. By contrast, process costing is used most commonly by companies that convert raw materials into homogeneous products (bricks, beer, soda etc.) on a continuous basis. Here we compute the equivalent units of production using the weighted average method as well as prepare a cost reconciliation report.

Learning objectives

This week, our activities, content, and assignments will help you to be able to do the following:

LO4-2: Compute the equivalent units of production using the weighted average method
LO4-3: Compute the cost per equivalent unit using the weighted average method
LO4-4: Assign costs to units using the weighted average method
LO4-5: Prepare a cost reconciliation report using the weighted average method

Weekly roadmap

Here's everything you need to do and remember for the week. These items will all appear, in order, in the weekly module in McGraw-Hill Connect for this week.

READ and/or WATCH the Required Resources for this week in Connect.
DO Homework Problems
JOIN the "Live Session" on Zoom
DO the Quiz