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1 Outcome
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2 Overview
Outcome
}By the end of this session you should beable to:
}Job and batch costing:
ØDescribe the characteristics of job and batch costing
ØDescribe the situation where the use ofjob or batch costing would be appropriate
ØPrepare cost records and accounts in joband batch costing situations
ØEstablish job and batch costs from giveninformation
}Process costing:
ØDescribe the characteristics of process costing
ØDescribe situations where the use of process costing would be appropriate
ØExplain the concepts of normal and abnormal losses and abnormal gains
ØCalculate the cost per unit of processoutputs
ØPrepare process accounts involving normaland abnormal losses and abnormal gains
ØCalculate and explain the concept ofequivalent units
ØApportion process costs between workremaining in process and transfers out of a process using the weighted average and FIFO method (Note: situations involving work in progress (WIP) and lossesin the same process are excluded)
ØPrepare process accounts in situationswhere work remains incomplete
ØPrepare process accounts where losses and gains are identified at different stages of the process
ØDistinguish between by products and joint products
ØValue by products and joint products atthe point of separation
ØPrepare process accounts in situations whereby products and/or joint products occur.
}and answer questions relating to theseareas.
