{"id":831,"date":"2015-12-27T14:53:38","date_gmt":"2015-12-27T14:53:38","guid":{"rendered":"https:\/\/courses.candelalearning.com\/managacct2x1xmaster\/?post_type=chapter&#038;p=831"},"modified":"2015-12-27T15:10:57","modified_gmt":"2015-12-27T15:10:57","slug":"chapter-3-study-plan","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/suny-managacct\/chapter\/chapter-3-study-plan\/","title":{"raw":"Chapter 3 Study Plan","rendered":"Chapter 3 Study Plan"},"content":{"raw":"<h2>Study Plan: Process Costing<\/h2>\r\n<strong>Knowledge Targets<\/strong>\r\n\r\nI can define the following terms as they relate to our unit:\r\n<table>\r\n<tbody>\r\n<tr>\r\n<td><strong>Process Costing<\/strong><\/td>\r\n<td>\n\n<strong>Equivalent Units<\/strong>\r\n\r\n<strong>\u00a0<\/strong><\/td>\r\n<td><strong>Conversion Cost<\/strong><\/td>\r\n<td>\n\n<strong>Predetermined overhead rate<\/strong>\r\n\r\n<strong>\u00a0<\/strong><\/td>\r\n<\/tr>\r\n<tr>\r\n<td><strong>Weighted Average method<\/strong><\/td>\r\n<td><strong>Cost of Goods Manufactured<\/strong><\/td>\r\n<td>\n\n<strong>Cost per Equivalent Unit<\/strong>\r\n\r\n<strong>\u00a0<\/strong><\/td>\r\n<td>\n\n<strong>Goods completed and transferred out <\/strong>\r\n\r\n<strong>\u00a0<\/strong><\/td>\r\n<\/tr>\r\n<tr>\r\n<td><strong>Ending goods (or work) in process<\/strong><\/td>\r\n<td><strong>Process cost summary<\/strong><\/td>\r\n<td><strong>Percent Complete<\/strong><\/td>\r\n<td><strong>Goods started<\/strong><\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n&nbsp;\r\n\r\n<strong>Reasoning Targets<\/strong>\r\n<ul>\r\n\t<li>I can identify the difference between <strong>process costing<\/strong> and job costing.<\/li>\r\n\t<li>I can identify costs in <strong>process costing<\/strong> as direct materials, direct labor, and overhead.<\/li>\r\n\t<li>I can understand the difference between beginning and <strong>ending<\/strong> balances in <strong>work in<\/strong> <strong>process<\/strong> inventory.<\/li>\r\n\t<li>I can track process costs from raw materials to goods in process to finished goods and cost of goods sold.<\/li>\r\n\t<li>I can identify accounts to use in recording the flow of <strong>process costing<\/strong>.<\/li>\r\n\t<li>I can determine the <strong>percent complete<\/strong> for direct materials and <strong>conversion costs<\/strong>.<\/li>\r\n\t<li>I can understand <strong>equivalent units of production<\/strong> and how it is used in <strong>process costing<\/strong>.<\/li>\r\n\t<li>I can determine the<strong> ending <\/strong>balance in<strong> goods in process <\/strong>inventory.<\/li>\r\n\t<li>I can understand a <strong>process cost summary<\/strong> report.<\/li>\r\n<\/ul>\r\n&nbsp;\r\n\r\n<strong>Skill Targets<\/strong>\r\n<ul>\r\n\t<li>I can prepare and post journal entries for <strong>process costing<\/strong> from raw materials to cost of goods sold.<\/li>\r\n\t<li>I can calculate the <strong>equivalent units<\/strong> for direct materials, direct labor and overhead using the <strong>weighted average method<\/strong>.<\/li>\r\n\t<li>I can calculate the <strong>cost per equivalent unit<\/strong> using <strong>the weighted average method<\/strong>.<\/li>\r\n\t<li>I can calculate the amount of cost to assign to<strong> goods completed and transferred out <\/strong>(also known as <strong>cost of goods manufactured<\/strong>) using <strong>equivalent units<\/strong> and <strong>cost per equivalent unit<\/strong>.<\/li>\r\n\t<li>I can calculate the amount of cost to assign to <strong>ending goods in process<\/strong> inventory using <strong>equivalent units<\/strong> and <strong>cost per equivalent unit<\/strong>.<\/li>\r\n\t<li>I can prepare a <strong>process cost summary<\/strong> report under the <strong>weighted average method<\/strong>.<\/li>\r\n<\/ul>\r\nClick <a href=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images-archive-read-only\/wp-content\/uploads\/sites\/1430\/2016\/03\/04031452\/Process-Cost-Study-Plan.pdf\">Process Cost Study Plan<\/a> for a printable copy.","rendered":"<h2>Study Plan: Process Costing<\/h2>\n<p><strong>Knowledge Targets<\/strong><\/p>\n<p>I can define the following terms as they relate to our unit:<\/p>\n<table>\n<tbody>\n<tr>\n<td><strong>Process Costing<\/strong><\/td>\n<td>\n<p><strong>Equivalent Units<\/strong><\/p>\n<p><strong>\u00a0<\/strong><\/td>\n<td><strong>Conversion Cost<\/strong><\/td>\n<td>\n<p><strong>Predetermined overhead rate<\/strong><\/p>\n<p><strong>\u00a0<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Weighted Average method<\/strong><\/td>\n<td><strong>Cost of Goods Manufactured<\/strong><\/td>\n<td>\n<p><strong>Cost per Equivalent Unit<\/strong><\/p>\n<p><strong>\u00a0<\/strong><\/td>\n<td>\n<p><strong>Goods completed and transferred out <\/strong><\/p>\n<p><strong>\u00a0<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Ending goods (or work) in process<\/strong><\/td>\n<td><strong>Process cost summary<\/strong><\/td>\n<td><strong>Percent Complete<\/strong><\/td>\n<td><strong>Goods started<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<p><strong>Reasoning Targets<\/strong><\/p>\n<ul>\n<li>I can identify the difference between <strong>process costing<\/strong> and job costing.<\/li>\n<li>I can identify costs in <strong>process costing<\/strong> as direct materials, direct labor, and overhead.<\/li>\n<li>I can understand the difference between beginning and <strong>ending<\/strong> balances in <strong>work in<\/strong> <strong>process<\/strong> inventory.<\/li>\n<li>I can track process costs from raw materials to goods in process to finished goods and cost of goods sold.<\/li>\n<li>I can identify accounts to use in recording the flow of <strong>process costing<\/strong>.<\/li>\n<li>I can determine the <strong>percent complete<\/strong> for direct materials and <strong>conversion costs<\/strong>.<\/li>\n<li>I can understand <strong>equivalent units of production<\/strong> and how it is used in <strong>process costing<\/strong>.<\/li>\n<li>I can determine the<strong> ending <\/strong>balance in<strong> goods in process <\/strong>inventory.<\/li>\n<li>I can understand a <strong>process cost summary<\/strong> report.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><strong>Skill Targets<\/strong><\/p>\n<ul>\n<li>I can prepare and post journal entries for <strong>process costing<\/strong> from raw materials to cost of goods sold.<\/li>\n<li>I can calculate the <strong>equivalent units<\/strong> for direct materials, direct labor and overhead using the <strong>weighted average method<\/strong>.<\/li>\n<li>I can calculate the <strong>cost per equivalent unit<\/strong> using <strong>the weighted average method<\/strong>.<\/li>\n<li>I can calculate the amount of cost to assign to<strong> goods completed and transferred out <\/strong>(also known as <strong>cost of goods manufactured<\/strong>) using <strong>equivalent units<\/strong> and <strong>cost per equivalent unit<\/strong>.<\/li>\n<li>I can calculate the amount of cost to assign to <strong>ending goods in process<\/strong> inventory using <strong>equivalent units<\/strong> and <strong>cost per equivalent unit<\/strong>.<\/li>\n<li>I can prepare a <strong>process cost summary<\/strong> report under the <strong>weighted average method<\/strong>.<\/li>\n<\/ul>\n<p>Click <a href=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images-archive-read-only\/wp-content\/uploads\/sites\/1430\/2016\/03\/04031452\/Process-Cost-Study-Plan.pdf\">Process Cost Study Plan<\/a> for a printable copy.<\/p>\n","protected":false},"author":1195,"menu_order":1,"template":"","meta":{"_candela_citation":"[]","CANDELA_OUTCOMES_GUID":"","pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"chapter-type":[],"contributor":[],"license":[],"class_list":["post-831","chapter","type-chapter","status-publish","hentry"],"part":3,"_links":{"self":[{"href":"https:\/\/courses.lumenlearning.com\/suny-managacct\/wp-json\/pressbooks\/v2\/chapters\/831","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/courses.lumenlearning.com\/suny-managacct\/wp-json\/pressbooks\/v2\/chapters"}],"about":[{"href":"https:\/\/courses.lumenlearning.com\/suny-managacct\/wp-json\/wp\/v2\/types\/chapter"}],"author":[{"embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/suny-managacct\/wp-json\/wp\/v2\/users\/1195"}],"version-history":[{"count":2,"href":"https:\/\/courses.lumenlearning.com\/suny-managacct\/wp-json\/pressbooks\/v2\/chapters\/831\/revisions"}],"predecessor-version":[{"id":859,"href":"https:\/\/courses.lumenlearning.com\/suny-managacct\/wp-json\/pressbooks\/v2\/chapters\/831\/revisions\/859"}],"part":[{"href":"https:\/\/courses.lumenlearning.com\/suny-managacct\/wp-json\/pressbooks\/v2\/parts\/3"}],"metadata":[{"href":"https:\/\/courses.lumenlearning.com\/suny-managacct\/wp-json\/pressbooks\/v2\/chapters\/831\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/courses.lumenlearning.com\/suny-managacct\/wp-json\/wp\/v2\/media?parent=831"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/suny-managacct\/wp-json\/pressbooks\/v2\/chapter-type?post=831"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/suny-managacct\/wp-json\/wp\/v2\/contributor?post=831"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/suny-managacct\/wp-json\/wp\/v2\/license?post=831"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}