## 会计代写|初级管理会计代写Principles of Management Accounting代考|First-in, first-out method

In contrast to the weighted-average method, the first-in, first-out (FIFO) process-costing method assigns the cost of the previous period’s equivalent units in opening work-in-progress stock to the first units completed and transferred out of the process, and assigns the cost of equivalent units worked on during the current period first to complete beginning stock, then to start and complete new units, and finally to units in closing work-in-progress stock. This method assumes that the earliest equivalent units in the Work in Progress – Assembly account are completed first.

A distinctive feature of the FIFO process-costing method is that work done on opening stock before the current period is kept separate from work done in the current period. Costs incurred in the current pcriod and units produccd in the currcnt pcriod are uscd to calculate costs per equivalent unit of work done in the current period. In contrast, equivalent-unit and costper-equivalent-unit calculations in the weighted-average method merge the units and costs in opening stock with units and costs of work done in the current period.
We now describe the five-step procedure introduced in Case 2 using the FIFO method.
Step 1: Summarise the flow of physical units Exhibit 4.7, step 1, traces the flow of physical units of production. The following observations help explain the physical units calculations.

• The first physical units assumed to be completed and transferred out during the period are the 225 units from the opening work-in-progress stock.
• Of the 275 physical units started, 175 are assumed to be completed. Recall from the March data given earlier in the chapter (on page 93) that 400 physical units were completed during March. The FIFO method assumes that the first 225 of these units were from opening stock; thus $175(400-225)$ physical units must have been started and completed during March.
• Closing work-in-progress stock consists of 100 physical units – the 275 physical units started minus the 175 of these physical units completed.
• Note that the physical units ‘to account for’ equal the physical units ‘accounted for’ (500 units).

## 会计代写|初级管理会计代写Principles of Management Accounting代考|Standard-costing method of process costing

As we have mentioned, companies that use process-costing systems produce masses of identical or similar units of output. Setting standards for quantities of inputs needed to produce output is often relatively straightforward in such companies. Standard costs per input unit may then be assigned to these physical standards to develop standard costs per output unit.

The weighted-average and FIFO methods become very complicated when used in process industries that produce a wide variety of similar products. For example, a steel-rolling mill uses various steel alloys and produces sheets of various sizes and of various finishes. Both the items of direct materials and the operations performed are relatively few. But used in various combinations, they yield such a wide variety of products that inaccurate costs for each product result if the broad averaging procedure of actual process costing is used. Similarly, complex conditions are frequently found, for example, in plants that manufacture rubber products, textiles, ceramics, paints, and packaged food products. The standard-costing method of process costing is especially useful in these situations.
Under the standard-costing method, teams of design and process engineers, operations personnel, and management accountants determine separate standard or equivalent-unit costs on the basis of the different technical processing specifications for each product. Identifying standard costs for each product overcomes the disadvantage of costing all products at a single average amount, as under actual costing.

# 管理会计代考

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## 会计代写|初级管理会计代写管理会计原则代考|过程成本的标准成本法

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