Description:

Upon completion of this course, the student should be able to develop and use accounting information to plan and control operations, value inventory, determine income in a manufacturing environment, and evaluate subsequent results. 3 hrs./wk.

Supplies: Refer to the instructor's course syllabus for details about any supplies that may be required.

Textbook(s): For information see - http://bookstore.jccc.net

Course Fees: NONE

Course Objectives:

Upon successful completion of this course the student should be able to:

1. Demonstrate a working knowledge of all cost accounting terms and concepts.
2. Calculate breakeven, target net income and other cost-profit-volume decisions.
3. Cost inventory using a job order cost system.
4. Cost inventory using a process order cost system on either a FIFO or average cost basis.
5. Account for joint and by-products, scrap, spoilage, waste and defective units in a manufacturing environment.
6. Compute transfer prices using various methods and determine impact on segments profitability.
7. Account for materials, labor, overhead and related variances in a standard cost system.
8. Prepare and interpret financial statements using absorption and variable costing methods.

Content Outline & Competencies:

I. General Overview to Manufacturing Accounting
   A. Define cost terms and concepts.
   B. Analyze the types of costs and their relationships in computing cost
of goods sold and net income.
   C. Calculate cost – volume-profit relationships to guide management
decision making.

II. Cost Systems to Account for Accounting Information
   A. Job order costing
      1. Calculate work-in-process inventory, finished goods inventory and
cost of goods sold utilizing a job order cost accounting system.
      2. Journalize the necessary entries.
   B. Process costing
      1. Calculate work-in process inventory and costs transferred to
finished goods inventory using two methods of process costing (FIFO and
weighted average) with and without spoilage.
      2. Journalize the necessary entries.
   C. Standard costing
      1. Calculate standard cost variances; analyze the variances; and
journalize the standard cost transactions.

III. Alternative Cost Systems
   A. Define activity based costing and apply overhead utilizing
activity-based costing.
   B. Calculate transfer prices using various methods and determine impact
on the business entity and segments profitability.
   C. Calculate allocation of joint costs of joint products and byproducts
using various methods.
   D. Prepare and interpret financial statements utilizing absorption
costing and variable costing.

Methods of Evaluation of Competencies:

Evaluation of student mastery of course competencies will be accomplished using the following methods:

Minimum of 4 examinations       100% of grade
Optional homework assignments     5% bonus
                                100%
Grade Criteria:
  90 - 100%  =  A
  80 -  89%  =  B
  70 -  79%  =  C
  60 -  69%  =  D
  Below 60%  =  F

Caveats: NONE

Disabilities:

If you are a student with a disability, and if you will be requesting accommodations, it is your responsibility to contact Access Services. Access Services will recommend any appropriate accommodations to your professor and his/her director. The professor and director will identify for you which accommodations will be arranged.

JCCC provides a range of services to allow persons with disabilities to participate in educational programs and activities. If you desire support services, contact the office of Access Services for Students With Disabilities (913) 469-8500, ext. 3521 or TDD (913) 469-3885. The Access Services office is located in the Success Center on the second floor of the Student Center.