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Essay / Research Paper Abstract
This 3 page paper looks at the concept of process costing and how it ma take place at a firm such as Coca-cola. The paper then ends by looking at the different items classified as inventory in the annual accounts. The bibliography cites 3 sources.
Page Count:
3 pages (~225 words per page)
File: TS14_TEprocost.rtf
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Unformatted sample text from the term paper:
manufacture, and is not reliant on orders to be placed in order for production to be initiated. In order to supply the quantities need to Coca-Cola, (as well as their
bottlers), undertake a continual process in order to create goods, which are then available to fulfill orders as and when they are needed. In order to undertake this type of
process the usual approach is to adopt a process costing procedure. The actual practices utilized in process costing procedures may vary between companies, but this is an approach which is
utilized generally, and is suitable where a company is producing a large amount of and homogenous product. In order to consider the process for coca cola and the cola drink
we need to look at the stages involved. Classic Coca cola is a single product, it may be sold in tins and different sized bottles, but it is a
uniform product. Unlike other accounting processes this is not require a sales order to start with, as it is ongoing. The production takes place of facility and the costing of
the products for the work in progress are simply divided by the names of the department, for example they may be department for mixing, then maybe department for bottling etc.
The first department which starts the production process will make the first entry into the work in progress accounts, this may be the initial department where the mixing start for
Coca-Cola, where the ingredients such as sugar, caramel and water1 are all brought together for the initial mixing. As the beverage moves through the different departments each department makes further
cost entries into the work in progress accounts that follows the goods with them. The direct labor which is utilizing the production will be recorded on a perioid by perod
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