The first half of this course will help you gain an invaluable skill set to advance your career by learning how to design and apply a comprehensive cost accounting system modeled on a real company. This course shows you how to precisely identify all direct and indirect manufacturing costs for each product, link direct costs to their base drivers, and recognize fluctuating variable and semi-fixed costs that are actually direct in nature. You’ll also learn how to trace certain fixed costs to products, distinguish which fixed costs are directly assignable, and apply budgeting techniques to establish accurate standard costs. The second half will help you enhance your career with an invaluable skill set in cost accounting. This program presents a comprehensive cost system based on a real company, guiding you through the accurate classification of manufacturing overhead costs. Learn to distinguish between true variable and fluctuating variable costs, identify fixed overhead costs that are direct or directly assignable, and account for variances from standard costs. In this model, all manufacturing overhead costs are fully traced to products, providing practical insights you can apply directly in the workplace.
Learning Objectives
Substantially reduce manufacturing overhead allocations Identify bases for tracing manufacturing costs to products Automatically embed ABC into the cost system Methodologies for precise costing Comprehensive detail of manufacturing overhead costs 3 Overhead variances, plus overall manufacturing overhead variance Solutions for costing phantom sub-assemblies Setting up inventory cost pools by bases for tracing to products Should standard costs be changed during the year?
Major Topics
- Classifying the five cost types Direct materials
- comprehensive coverage Direct labor
- including all labor burden costs Tracing all the prime costs to products Budgeting and setting standard costs Classifying manufacturing overhead costs into 5 cost types Selecting the bases for tracing overhead costs to products Period Manufacturing Inefficiencies cost of sales
- categories and costing Segregating inventory for costing and analysis Accounting for variances
- budgeting, analyzing, timing for recording
