Description
Please watch video below and write a three to four paragraphs (300 words minimum) summarizing the contents of the video. In your posts you might want to discuss production process and how we account and record Direct Labor, Direct Materials and Overhead in Raw Materials, Work In Process, and Overhead Costs, make sure to discuss Debits and Credits in detail. Also discuss similarities and differences between job order and process costing. Don't forget to discuss accounting for equivalent units.
Please watch video below and write a three to four paragraphs (300 words minimum) summarizing the contents of the video. In your discussion and replies don't forget to discuss major concepts (including the formulas and definitions)
Please watch the two videos below and write a three to four paragraphs (300 words minimum) summarizing the contents of the video. In your discussion and replies don't forget to discuss major concepts (including the formulas and definitions).
Chapter 07: Variable Costing & Segment Reporting (Brewer, 8th ed.) (Links to an external site.)
Explanation & Answer
Attached.
Video Summary Outline
1. Video 1: Job Costing (JC) versus Process costing (PC)
JC is the costs that are realized by companies dealing in manufacturing products. JC accounts,
wherein such costs are accounted, structure an essential part of the account statements of the
producers.
Similarities
To start with, JC and PC, they have similar essential purposes-to assigned material, work, and
overhead costs to products and to give an instrument to processing unit product cost.
Model analysis of Debit/Credit
Production workers monitor the time spent on each activity. In light of that data, the company
assigns production-related work costs to employments (direct work) and overhead costs.
Accounting for Equivalent Units
It is essential to quantify the "aggregate sum of work" done during a bookkeeping period.
2. VIDEO 2: Cost-volume-benefit (CVP) Analysis and Break-Even
CVP analysis is utilized to determine how changes in costs and volume influence a company's
working income and net gain.
Contribution margin (CM) and CM ratio
Key computations when using CVP analysis are the CM and the CM ratio.
Break-even point
The breakeven point represents the degree of sales where overall gain approaches zero.
3. Video 3: Variable costing (VC) and Segment Reporting Tools
VC is utilized for internal primary leadership purposes. It represents costs by conduct, and
manufacturing costs that change with yield are treated as product costs.
Absorption Costing (AC)
It is utilized for outer reports and accounts costs by work. All manufacturing costs are viewed as
product costs.
The Three Concepts
AC and VC incorporate product and period costs, yet costs are characterized unexpectedly.
The Formulae for VC
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