Part 2 – Section B.3. Accumulation systems

[Hameed]

???? define the nature of the system, understand the cost flows of the system, and recognize its appropriate use ???? calculate inventory values and cost of goods sold ???? understand how to account for normal and abnormal spoilage ???? understand the strategic value of cost information regarding products and services, pricing, overhead allocations, and other issues ???? understand the benefits and limitations of each cost accumulation system ???? understand the concept of equivalent units in process costing and calculate the value of equivalent units ???? define the elements of activity-based costing such as cost pool, cost driver, resource driver, activity driver, and value-added activity ???? calculate product cost using an activity-based system and compare and analyze the results with costs calculated using a traditional system ???? understand the concept of life-cycle costing and the strategic value of including upstream costs, manufacturing costs, and downstream costs ???? recognize that operation costing is a hybrid cost system utilizing characteristics of both job costing and process costing and identify industry settings where operation costing is appropriate ???? demonstrate an understanding of backflush costing and describe why it is appropriate in a just-in-time setting where manufacturing cells are utilized

[ran]

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