Roger Philipp, CPA, CGMA, explains what you need to know for the CPA Exam on the flow of a normal cost system. This can be used in a cost accounting course for upper level students.
Type of Material:
Tutorial
Recommended Uses:
Self-paced
Individual
In-class
Technical Requirements:
Firefox, Chrome, Edge
Identify Major Learning Goals:
Students will be able to calculate pre-determined Factory Overhead (FOH) Rate, Work in Process (WIP), Ending Finished Goods Inventory and Cost of Goods Sold (CGS) amounts
Students will understand the impact on Financial Statements.
Target Student Population:
Upper level accounting students
Prerequisite Knowledge or Skills:
An understanding of the principles of managerial accounting and cost inventories is needed.
Content Quality
Rating:
Strengths:
The viewer can see how manufacturing costs flow through an accounting system.
Basic discussion of the normal inventory cost system was good.
The author’s summary of Direct Material Used, Work in Process Inventory, Finished Goods Inventory, Cost of Goods Sold formulas and pre-determined Factory Overhead Rate on whiteboard was informative
Concerns:
The presenter's handwriting is hard to read.
The messy whiteboard is distracting and not relevant in many aspects.
Potential Effectiveness as a Teaching Tool
Rating:
Strengths:
The teaching goals are easily identified through the presenter's notes.
Students could learn a lot in a short time and reinforce previous knowledge.
The video promotes a better understanding of manufacturing cost accounting.
This video has multiple uses to reinforce learning or assign as a self-paced tutorial.
Concerns:
None.
Ease of Use for Both Students and Faculty
Rating:
Strengths:
The underlying concepts of each category of manufacturing costs are broken down in a dialogue-based presentation.
The presenter clarifies concepts such as applied overhead and where it fits in manufacturing cost accounting.
Basic normal inventory cost flow system and impact on financial statements was well laid out.
Concerns:
The presenter's handwriting is very difficult to understand without the subtitles enabled.
Creative Commons:
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