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Lux Electronic, Inc. Joan Keyes Plant Controller Dear Joan, Process costing is the
most appropriate type of cost accounting system for the commodity products. ...
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Submitted by birdmanshiggs on April 24, 2006
Category: Business
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Joan Keyes
Plant Controller
Dear Joan,
Process costing is the most appropriate type of cost accounting system for the commodity products. First, the made-for ready (Commodity) boards are being produced in large volumes and they are also similar in design. Secondly, production is continuous to ensure that adequate inventories of the finished products are on hand. The commodity products are similar and they require nearly identical materials, labor, and time of production. Process costing accumulates products related to cost for a period of time. In this situation, it is expected that a typical batch of commodity will take over a week to manufacture and as a result, tens of thousands boards will be produced.
Job-order cost system on the other hand, is more appropriate for differentiated products. In made-to-order (Differentiated) boards, the costs are assigned to each or each batch of goods. Each model is custom designed, and the different models require modifications to the production process. It varies in the amount of time it takes to manufacture each product, since each situation is so unique. At each point of the manufacturing product or the providing of service, the job and its associated costs can be identified. A job order cost system measures cost for each completed job, rather than for a set time periods. Each differentiated model also requires different materials for manufactured sporadically in small batches of only a few hundred boards.
The problem I foresee in pursuing two cost systems are as follows. Foremost, the number of work-in-process accounts used is an issue. In a job order cost system, only one work in process account can be used. In a process cost system, multiple work-in-process is used. Secondly, the document used to track costs in a job order system are charged to individual jobs and then summarized in a job cost sheet. In a process cost system, costs are summarized in...
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