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Mizzou ACCTCY 2037 - Manufacturing Operations

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Chapter 15 Manufacturing OperationsTypes of Manufacturing ProcessesJob Order CostingJob ShopBatch ProductionSpecial ordersUnique productsSmall quantitiesIndividualized productionEx: KPMG AuditingJohn Deere TractorsBrady New Home ConstructionHoneywell Inc.’s special thermostat for the space shuttleProcess CostingAssembly LineContinuous ProductionBulk OrderStandard ProductsLarge quantitiesMass productionEx: BP gasolineJohn Deere Tractor (can be both)Raw Materials Cost: includes both direct materials and indirect material costsDirect Labor Cost: cost of the labor of the employees who work with the direct materials to convert them into finished productsJob order cost system: costing system used for single product or service or a unique group of products being manufactured togetherProcess Cost System: costing system that keeps track of the costs applied to a product as it moves through one or more manufacturing processesFactory Overhead Costs: cannot be traced directly to a unit of productionConversion cost: direct labor and factory overhead; cost of making the itemAccy 2037 1st Edition Lecture 5Outline of Last Lecture I. Types of Decision MakingOutline of Current Lecture II. Types of Manufacturing ProcessesCurrent Lecture Chapter 15 Manufacturing Operations Types of Manufacturing Processes- Job Order Costingo Job Shopo Batch Production Special orders Unique products Small quantities Individualized production Ex: KPMG Auditing- John Deere Tractors- Brady New Home Construction- Honeywell Inc.’s special thermostat for the space shuttle- Process Costingo Assembly Lineo Continuous Production Bulk OrderThese notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute. Standard Products Large quantities Mass production Ex: BP gasoline- John Deere Tractor (can be both)Raw Materials Cost: includes both direct materials and indirect material costsDirect Labor Cost: cost of the labor of the employees who work with the direct materials to convert them into finished productsJob order cost system: costing system used for single product or service or a unique group of products being manufactured togetherProcess Cost System: costing system that keeps track of the costs applied to a product as it moves through one or more manufacturing processesFactory Overhead Costs: cannot be traced directly to a unit of productionConversion cost: direct labor and factory overhead; cost of making the


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