Assessment 4 Instructions: Production Process and Flow Costs

Journalize production activities and compute the costs from production to sold goods.

Introduction

Note: Accounting requires specific steps that need to be executed in a sequence. The assessments in this course are presented in sequence and must be completed in order.

Manufacturing costs are separated out by department or function.

Instructions

Note: Accounting requires specific steps that need to be executed in a sequence. The assessments in this course are presented in sequence and must be completed in order.

Use the Production Process and Flow Costs Template [XLSX] to complete this assessment. Based on the data provided in the template, complete the financial problems on production cost flow and measurement.

Competencies Measured

By successfully completing this assessment, you will demonstrate your proficiency in the course competencies through the following assessment scoring guide criteria:

• Competency 1: Analyze cost accounting systems.
  • Compute the cost of products transferred from production to finished goods.
• Competency 2: Apply sound budgeting principles.
  • Prepare journal entries to record production activities.
• Competency 4: Analyze financial statements.
  • Compute the cost of products transferred from production to goods sold.
• Competency 5: Communicate in a manner that is professional and consistent with expectations for professionals in the field of accounting.
  • Communicate quantitative information accurately and effectively.