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ASAP Salution – Job costs & Process costs

 

1. Job Order Costing vs Process Costing (5: 59

 

https://www.youtube.com/watch?v=F6RzLSSKlZM

 

2. Job Order Costing (4:25)

 

https://www.youtube.com/watch?v=Uw_52M9GLbg

 

3. Process Costing (12:15)

 

https://www.youtube.com/watch?v=guZc84c5HNI

 

4.Cost Per Equivalent Unit (weighted average method) (12:20)

 

https://www.youtube.com/watch?v=Txv05196CWs

 

5.Cost Per Equivalent Unit FIFO Method (7:53)

 

https://www.youtube.com/watch?v=C76QjSgvnyQ

 

6.Cost Per Equivalent Unit– FIFO Method vs. Weighted-average Method (8:35)

 

https://www.youtube.com/watch?v=P_Nwchc_pcs

 

7.Cost Per Equivalent Unit, FIFO Method, Part 2 (Applying Costs) (6:47)

 

https://www.youtube.com/watch?v=y1TLRSL9Yjo

 

 

 

 

 

After watching the videos, please answer the following questions one paragraph for each question:

 

1. How might you apply direct labor costs under Job Order versus Process Costing?

 

2.Under the 2 methods of Process Costing, why is the FIFO method considered superior to the Weighted Average method?

 

3. Is it possible to monitor cost “trends” using the Weighted Average method?

 

 

 

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University of Nairobi