Accounting Principles

Thirteenth Edition
Weygandt Kimmel Kieso

Chapter 21

Process Costing
Prepared by
Coby Harmon
University of California, Santa Barbara
Westmont College
 Chapter 21

Process Costing
Chapter Outline
Learning Objectives
LO 1 Discuss the uses of a process cost system and how
it compares to a job order system.
LO 2 Explain the flow of costs in a process cost system
and the journal entries to assign manufacturing
costs.
LO 3 Compute equivalent units.
LO 4 Complete the four steps to prepare a production
cost report.
Copyright ©2019 John Wiley & Son, Inc. 3
 Overview of Process Cost Systems
Uses of Process Cost Systems
Used to apply costs to similar products that are
mass-produced in a continuous fashion
Examples include the production of cereal, paint,
manufacturing steel, oil refining and soft drinks
ILLUSTRATION 21.1
Manufacturing processes

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 Uses of Process Cost Systems

ILLUSTRATION 21.2
Process cost and job order cost companies and products

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 Process Costing for Service Companies
Service companies that provide individualized, non-routine
services will probably benefit from using a job order cost
system.
Those that perform routine, repetitive services will probably
be better off with a process cost system.

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 Similarities and Differences Between Job
Order Cost and Process Cost Systems
Job Order Cost Process Cost
• Costs assigned to each job • Costs tracked through a
• Products have unique series of manufacturing
characteristics processes or departments
• Products are uniform or
relatively homogeneous
and produced in a large
volume

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 Job Order Cost and Process Cost Flow
Job Order Cost Flow

Work in Process
Direct Materials
Inventory
Direct Labor Finished Goods Cost of Goods
Job No. 101
Manufacturing Inventory Sold
Job No. 102
Overhead
Job No. 103

Process Cost Flow

Direct
Materials Work in Work in
Finished Goods Cost of Goods
Direct Labor Process Process
Inventory Sold
Manufacturing Department A Department B
Overhead

ILLUSTRATION 21.3
Job order cost and process cost flow

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 Job Order Cost and Process Cost Flow
Similarities Differences
1. Manufacturing cost 1. Number of work in process
elements. accounts used.
2. Accumulation of the 2. Documents used to track
costs of materials, labor, costs.
and overhead. 3. Point at which costs are
3. Flow of costs. totaled.
4. Unit cost computations.

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 Job Order Cost and Process Cost Flow
Feature Job Order Cost System Process Cost System
Work in process One work in process Multiple work in process
accounts account accounts
Documents used Job cost sheets Production cost reports
Determination of total
manufacturing costs Each job Each period

Total manufacturing costs ÷

Unit-cost Cost of each job ÷ Units Equivalent units produced
computations produced for the job
during the period

ILLUSTRATION 21.4
Job order versus process cost systems

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 Recording Costs
Process Cost Flow
Ngg Wheels manufactures roller blade and skateboard
wheels that it sells to manufacturers and retail outlets.
Manufacturing consists of two processes: machining and
assembly.
The Machining Department shapes, hones, and drills the
raw materials.
The Assembly Department assembles and packages the
parts.

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 Process Cost Flow ILLUSTRATION 21.5
Flow of costs in process cost system

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 Assigning Manufacturing Costs
Accumulation of cost of materials, labor, and overhead is
same as in job order costing
 Debit Raw Materials Inventory for purchases of raw
materials
 Debit Factory Labor for factory labor incurred
 Debit Manufacturing Overhead for overhead cost
incurred
Assignment of the three manufacturing cost elements to
Work in Process in a process cost system is different from
a job order cost system.
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 Assigning Manufacturing Costs
Materials Costs
A process cost system requires fewer material requisition
slips than a job order cost system.
Materials are used for processes and not specific jobs.
Requisitions are for larger quantities of materials
Journal entry to record materials used:
Work in Process—Machining XXXXX
Work in Process—Assembly XXXXX
Raw Materials Inventory XXXXX

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 Assigning Manufacturing Costs
Materials Costs
Illustration: Ngg Wheels adds materials at the beginning of
each process. Suppose Ngg adds $50,000 of direct materials
to the machining process and $20,000 of direct materials to
the assembly process. Ngg makes the following entry to
record the materials used.
Work in Process—Machining XXXXX
Work in Process—Assembly XXXXX
Raw Materials Inventory XXXXX

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 Assigning Manufacturing Costs
Factory Labor Costs
Time tickets may be used in both systems.
All labor costs incurred within a production
department are a cost of processing.

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 Assigning Manufacturing Costs
Factory Labor Costs
Illustration: Suppose that Ngg Wheels incurs factory labor
charges of $20,000 in the machining process and $13,000 in
the assembly process. The entry to assign labor costs to
machining and assembly for Ngg is:
Work in Process—Machining 20,000
Work in Process—Assembly 13,000
Factory Labor 33,000

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 Assigning Manufacturing Costs
Manufacturing Overhead Costs
Objective of assigning overhead is to allocate
overhead to production departments on objective
and equitable basis
Use activity that “drives” or causes costs
Machine time used - primary driver

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 Assigning Manufacturing Costs
Manufacturing Overhead Costs
Illustration: Assume that based on machine hours that Ngg
Wheels allocates overhead of $45,000 to the machining
process and $17,000 to the assembly process. Ngg’s entry to
allocate overhead to the two processes is:
Work in Process—Machining 45,000
Work in Process—Assembly 17,000
Manufacturing Overhead 62,000

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 Assigning Manufacturing Costs
Transfers to Next Department
Suppose Ngg transferred goods with a recorded cost of
$87,000 from machining to assembly. Ngg makes the
following entry.
Work in Process—Assembly 87,000
Work in Process—Machining 87,000

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 Transfers to Next Department
Assembly Department completes unit with a recorded cost of
$114,000 and then transfers them to the finished goods
warehouse. The entry for this transfer is as follows.
Finished Goods Inventory 114,000
Work in Process—Assembly 114,000

Ngg Wheels sells finished good with a recorded cost of

$27,000. It records the cost of goods sold as follows.
Cost of Goods Sold 27,000
Finished Goods Inventory 27,000

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 Equivalent Units
Illustration: Suppose you work in the office of your college’s
president, and she asks you to compute the cost of instruction
per full-time equivalent student at your college. The college’s
vice president for finance provides the following information.
Costs:
Total cost of instruction €9,000,000
Student population:
Full-time students 900
Part-time students 1,000
ILLUSTRATION 21.6
Information for full-time student example

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 Equivalent Units
Illustration: Part-time students take 60% of the classes of a full-time
student during the year. Illustration 21.7 shows the computation of
the number of full-time equivalent students per year.
ILLUSTRATION 21.7
Full-time equivalent unit computation

Full-Time Equivalent Units Full-Time

Students + of Part-Time Students = Equivalent Students
900 + (1,000 x 60%) = 1,500

Cost of instruction per full-time equivalent student =

Total cost of instruction €9,000,000
Number of full-time equivalent students ÷ 1,500
€ 6,000
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 Weighted-Average Method
Considers degree of completion (weighting) of units
completed and transferred out and units in ending
work in process
Most widely used method
Beginning work in process not part of computation
of equivalent units
. Equivalent
Units Completed Equivalent Units
and Transferred + of Ending Work = Units of
out in Process Production
ILLUSTRATION 21.8
Equivalent units of production formula

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 Weighted-Average Method
Illustration: The output of Kori Company’s Packaging
Department during the period consists of 10,000 units
completed and transferred out, and 5,000 units in ending work
in process which are 70% completed.
Calculate the equivalent units of production.

Completed units 100% 10,000

Work in process equivalent units (5,000 x 70%) 3,500
13,500

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 Refinements on the Weighted-Average
Method
Illustration: Kellogg Company has produced Eggo® Waffles since
1970. Three departments produce these waffles: Mixing, Baking,
and Freezing/Packaging. The Mixing Department combines dry
ingredients, including flour, salt, and baking powder, with liquid
ingredients, including eggs and vegetable oil, to make waffle batter.
Illustration 21.9 provides information related to the Mixing
Department at the end of June. Note that separate unit cost
computations are needed for materials and conversion costs
whenever the two types of costs do not occur in the process at the
same time.

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 Refinements on Weighted-Average Method
Illustration: Information related to Mixing Department at the
end of June.
Percentage Complete
ILLUSTRATION 21.9
Information for Mixing Department
Physical Conversion
Units Materials Costs
Work in process, June 1 100,000 100% 70%
Started into production 800,000
Total units 900,000
Units transferred out 700,000
Work in process, June 30 200,000 100% 60%
Total units 900,000

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 Refinements on Weighted-Average Method
Mixing Department Equivalent Units
ILLUSTRATION 21.10
Computation of equivalent
Conversion
units—Mixing Department Materials Costs
Units transferred out 700,000 700,000
Work in process, June 30
200,000 x 100% 200,000
200,000 x 60% 120,000
Total equivalent units 900,000 820,000

Conversion costs are labor costs plus overhead costs

Beginning work in process is not part of the equivalent-units-
of-production formula ILLUSTRATION 21.10
Computation of equivalent units—Mixing Department

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 Refinements on Weighted-Average Method

Equivalent Units Equivalent Units

Units Completed + of Ending Work = of Production-
and Transferred in Process- Materials
Out-Materials Materials

Units Completed Equivalent Units of

and Transferred + Ending Work in = Equivalent Units
of Production-
Out-Conversion Process-Conversion Conversion Costs
Costs Costs

ILLUSTRATION 21.11
Refined equivalent units of production formula

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 Production Cost Report
A production cost report is the
Key document used to understand activities
Prepared for each department and shows
Production Quantity and Cost data
Four steps in preparation:
Step 1: Compute physical unit flow
Step 2: Compute equivalent units of production
Step 3: Compute unit production costs
Step 4: Prepare a cost reconciliation schedule
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 Production Cost Report
Flow of costs to make an Eggo® Waffle and the
related production cost reports for each department.
Raw Materials Factory ILLUSTRATION 21.12
Flow of costs in making
Labor Manufacturing Eggo® Waffles
Overhead

WIP WIP Freezing/

Mixing Baking Finished
Packaging
Department Department Goods
Department

Production Cost Production Cost Production Cost

Report Report Report

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 ILLUSTRATION 21.13
Unit and cost data—Mixing Department

Mixing Department

Units
Work in process, June 1 100,000
Direct materials: 100% complete
Conversion costs: 70% complete
Units started into production during June 800,000
Units completed and transferred out to Baking Department 700,000
Work in process, June 30 200,000
Direct materials: 100% complete
Conversion costs: 60% complete
Costs
Work in process, June 1
Direct materials: 100% complete $ 50,000
Conversion costs: 70% complete 35,000
Cost of work in process, June 1 $ 85,000
Costs incurred during production in June
Direct materials $400,000
Conversion costs 170,000
Costs incurred in June $570,000
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 Production Cost Report
Compute the Physical Unit Flow (Step 1)
Physical units - actual units to be accounted for
during a period, regardless of work performed
Total units to be accounted for - units started (or
transferred) into production during period + units
in production at beginning of period
Total units accounted for - units transferred out
during period + units in process at end of period

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 Compute Physical Unit Flow (Step 1)
Mixing Department
Physical Units
Units to be accounted for
Work in process, June 1 100,000
Started (transferred) into production 800,000
Total units 900,000
Units accounted for
Completed and transferred out 700,000
Work in process, June 30 200,000
Total units 900,000
ILLUSTRATION 21.14
Physical unit flow—Mixing Department

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 Equivalent Units of Production (Step 2)
Mixing Department
Department adds materials at beginning of process
Incurs conversion costs uniformly during the process
Equivalent Units
Materials Conversion Costs
Units transferred out 700,000 700,000
Work in process, June 30
200,000 x 100% 200,000
200,000 x 60% 120,000
Total equivalent units 900,000 820,000
ILLUSTRATION 21.15
Computation of equivalent units—Mixing Department
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 Equivalent Units of Production (Step 2)
Costs expressed in terms of equivalent units of
production
When equivalent units of production are
different for materials and for conversion costs,
three unit costs are computed:
1. Materials
2. Conversion
3. Total Manufacturing

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 Compute Unit Production Costs (Step 3)
Compute total materials cost related to Eggo® Waffles:
Work in process, June 1 ILLUSTRATION 21.16

Direct materials costs $ 50,000

Cost added to production during June
Direct material cost 400,000
Total material costs $450,000

Total Material Equivalent Units Unit Material

Cost + of Materials = Cost
$450,000 + 900,000 = $0.50
ILLUSTRATION 21.17

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 Compute Unit Production Costs (Step 3)
Compute total materials cost related to Eggo® Waffles:
Work in process, June 1 ILLUSTRATION 21.18

Conversion costs $ 35,000

Cost added to production during June
Conversion costs 170,000
Total conversion costs $205,000

Total Conversion Equivalent Units of Unit Conversion

Cost + Conversion Costs = Cost
$205,000 + 820,000 = $0.25
ILLUSTRATION 21.19

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 Compute Unit Production Costs (Step 3)
Total Conversion Equivalent Units of Unit Conversion
Cost + Conversion Costs = Cost
$205,000 + 820,000 = $0.25
ILLUSTRATION 21.19

Compute total manufacturing costs per unit:

Unit Materials Unit Conversion Total Manufacturing

Cost + Cost = Cost per Unit
$0.50 + $0.25 = $0.75
ILLUSTRATION 21.20

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 Prepare a Cost Reconciliation Schedule
(Step 4) ILLUSTRATION 21.21

Kellogg charged total costs of $655,000 to the Mixing

Department in June, calculated as follows.
Costs to be accounted for
Work in process, June 1 $ 85,000
Direct material cost 570,000
Total costs $655,000

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 Cost Reconciliation Schedule (Step 4)
Mixing Department
Cost Reconciliation Schedule
Costs accounted for
Transferred out (700,000 × $0.75) $525,000
Work in process, June 30
Materials (200,000 × $0.50) $100,000
Conversion costs (120,000 × $0.25) 30,000 130,000
Total units $655,000
ILLUSTRATION 21.22

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 Mixing Department
Production Cost Report ILLUSTRATION 21.23
For the Month Ended June 30, 2020
Equivalent Units
Physical Units Materials Conversion Costs
Quantities
Units to be accounted for Step 1 Step 2
Work in process, June 1 100,000
Started into production 800,000
Total units 900,000
Units accounted for
Transferred out 700,000 700,000 700,000
Work in process, June 30 200,000 200,000 120,000 (200,000 x 60%)
Total units 900,000 900,000 820,000
Costs
Unit costs Step 3
Total cost $450,000 $205,000 655,000
Equivalent units 900,000 820,000
Unit costs [(a) / (b)] $0.50 $0.25 $0.75
Costs to be accounted for
Work in process, June 1 $ 85,000
Started into production 570,000
Total costs $655,000
Cost Reconciliation Schedule Step 4
Costs accounted for
Transferred out (700,000 x $0.75) $525,000
Work in process, June 30
Materials (200,000 x $0.50) $100,000
Conversion costs (120,000 x $0.25) 30,000 130,000
Total costs $655,000

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 Costing Systems – Final Comments
Companies often use a combination of a process cost
and a job order cost system
Called operations costing, this hybrid system is
similar to process costing in its assumption that
standardized methods are used to manufacture
the product
At the same time, the product have some
customized, individual features that require use of
a job order cost system

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 Appendix 21A FIFO Method for Equivalent
Units
Equivalent Units Under FIFO
Equivalent units are the sum of the work performed
to:
1. Finish units of beginning work in process inventory.
2. Complete units started into production during the
period (referred to as units started and
completed).
3. Start, but only partially complete, units in ending
LO 5
work in processCopyright
inventory.
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 Equivalent Units Under FIFO ILLUSTRATION 21A.1
Physical unit flow—Assembly
Department

Assembly Department
Physical Units
Units to be accounted for
Work in process, June 1 (40% complete) 500
Started (transferred) into production 8,000
Total units 8,500
Units accounted for
Completed and transferred out 8,100
Work in process, June 30 (75% complete) 400
Total units 8,500

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 Equivalent Units Under FIFO ILLUSTRATION 21A.2
Computation of equivalent
units—FIFO method

Assembly Department
Work Added Equivalent
Production Data Physical Units This Period Units
Work in process, June 1 500 60% 300
Started and completed 7,600 100% 7,600
Work in process, June 30 400 75% 300
Total 8,500 8,200

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 Comprehensive Example FIFO ILLUSTRATION 21A.3
Unit and cost data—Mixing
Department

Mixing Department
Units
Work in process, June 1 100,000
Direct materials: 100% complete
Conversion costs: 70% complete
Units started into production during June 800,000
Units completed and transferred out to Baking Department 700,000
Work in process, June 30 200,000
Direct materials: 100% complete
Conversion costs: 60% complete
Costs
Work in process, June 1
Direct materials: 100% complete $ 50,000
Conversion costs: 70% complete 35,000
Cost of work in process, June 1 $ 85,000
Costs incurred during production in June
Direct materials $400,000
Conversion costs 170,000
Costs incurred in June $570,000

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 Compute Physical Unit Flow (1) ILLUSTRATION 21A.4
Physical unit flow—Mixing
Department

Mixing Department
Physical Units
Units to be accounted for
Work in process, June 1 100,000
Started (transferred) into production 800,000
Total units 900,000
Units accounted for
Completed and transferred out 700,000
Work in process, June 30 200,000
Total units 900,000

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 Compute Physical Unit Flow (1) ILLUSTRATION 21A.5
Physical unit flow (FIFO)—
Mixing Department

Mixing Department
Physical Units
Units to be accounted for
Work in process, June 1 100,000
Started (transferred) into production 800,000
Total units 900,000
Units accounted for
Completed and transferred out
Work in process, June 1 100,000
Started and completed 600,000
700,000
Work in process, June 30 200,000
Total units 900,000

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 Equivalent Units of Production (2)
Equivalent Units for Materials
Kellogg adds materials at beginning of the process. 100% of
materials costs has been incurred on ending WIP.
Mixing Department—Materials
Materials
Physical Added Equivalent
Production Data Units This Period Units
Work in process, June 1 100,000 0% 0
Started and completed 600,000 100% 600,000
Work in process, June 30 200,000 100% 200,000
Total 900,000 800,000

ILLUSTRATION 21A.6
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 Equivalent Units of Production (2)
Equivalent Units for Conversion Costs
The Mixing Department required 30,000 equivalent units (100,000
units x 30%) of conversion costs to complete the beginning
inventory. In addition, 200,000 units of ending work in process
were 60 percent complete in terms of conversion costs.
Mixing Department—Conversion Costs
Physical Word Added Equivalent
Production Data Units This Period Units
Work in process, June 1 100,000 30% 30,000
Started and completed 600,000 100% 600,000
Work in process, June 30 200,000 60% 120,000
Total 900,000 750,000

ILLUSTRATION 21A.7
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 Compute Unit Production Costs (3)
Under the FIFO method, the unit costs of production are
based entirely on the production costs incurred during
the month.
Direct materials $400,000
Conversion costs 170,000
Total $570,000

ILLUSTRATION 21A.8
Costs incurred during production in June

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 Compute Unit Production Costs (3)
Compute unit cost for the following:

Total Materials Equivalent Units of Unit Materials

Cost + Materials = Cost
$400,000 + 800,000 = $0.50
Total Conversion Equivalent Units of Unit Conversion
Cost + Conversion Costs = Cost
$170,000 + 750,000 = $0.227
Total Materials Unit Conversion Manufacturing
Cost + Cost = Cost per Unit
$0.50 + $0.227 = $0.727
ILLUSTRATION 21A.9
Unit cost formulas and computations—Mixing Department Copyright ©2019 John Wiley & Son, Inc.
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 Prepare Cost Reconciliation Schedule (4)
Kellogg is now ready to determine the cost of goods
transferred out of the Mixing Department to the Baking
Department and the costs in ending work in process. The
total costs charged to the Mixing Department in June are
as follows.
Costs to be accounted for
Work in process, June 1 $ 85,000
Started into production 570,000
Total costs $655,000
ILLUSTRATION 21A.10
Costs charged to Mixing Department

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 Prepare Cost Reconciliation Schedule (4)
ILLUSTRATION 21A.11
Mixing Department
Cost Reconciliation Schedule
Costs accounted for
Transferred out
Work in process, June 1 $ 85,000
Costs to complete beginning work in process
Conversion costs (30,000 × $0.227) 6,810
Total costs 91,810
Units started and completed (600,000 × $0.727) 435,950
Total costs transferred out 527,760
Work in process, June 30
Materials (200,000 × $0.50) $100,000
Conversion costs (120,000 × $0.227) 27,240 127,240
Total costs $655,000

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 Preparing the Production Cost Report
Internal document for management that shows
production quantity and cost data for a
production department
Provides a basis for evaluating productivity of a
department
Managers can use cost data to assess whether unit
costs and total costs are reasonable
Top management can also judge whether current
performance is meeting planned objectives
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 ILLUSTRATION 21A.12

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Copyright ©2019 John Wiley & Son, Inc. 58