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Economic order quantity (EOQ) is a decision model used to calculates the optimal quantity of
inventory to order under a given set of assumptions
EOQ Formula
EOQ= square root ( 2D/C)

Where:
D = Demand in units for a specified period
P = Ordering costs per purchase order
C = Carrying costs of one unit in stock for the time period used for D
EOQ Assumptions
• The same quantity is ordered at each reorder point
• Demand, purchase-order lead time, ordering costs, and carrying costs are certain
• Quantity ordered does not affect the purchasing costs per unit
• No stock outs occur
• Costs of quality and shrinkage are only considered if they effect ordering or carrying costs

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EOQ stands for the economic order quantity which is the optimal amount of inventory that should be ordered. The reason that the EOQ is useful is because it helps companies identify how many units they should be ordering. Money can be saved by not making small orders which are costly, or ordering too much inventory which can result in spending money that could have elsewhere been invested, instead of on product that isn’t consumed; also avoiding holding costs. With the EOQ, we can minimize ordering costs and meet demand.

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Hi Oliver, sorry for the late reply to your question! In preparation for the final, I think that some extra help with your question can help you prepare! My group mates did an exceptional job with the technical explanation but here is some theoretical explanations to help refresh some concepts.

Chapter 17:

Transferred costs are one of three costs that need to be kept track of in process costing schedule (the other two costs being direct materials and conversion costs).

A transferred cost is a cost that is incurred in one department of production that is attributed to the product's total cost, and this cost will be carried with the unit throughout production cycle. Because the unit moves from one department to the next, the costs incurred will also move with them at 100%.
In process costing, as previously mentioned, transferred costs are one of the costs we keep track of to calculate the equivalent units of production, cost per equivalent unit which will help us solve the cost of ending work-in-progress and the cost of units transferred.

Chapter 18:

Spoilage is waste or non-
processable materials that are a result of the production process.

Normal spoilage is the standard amount of waste that is caused by production, which is difficult to avoid. For example, not using the zest from an orange at an orange juice factory.

Abnormal spoilage exceeds the expected rate of spoilage. For example, melted ice cream cannot be served to a customer.

Rework is the correction of a product that did not meet a minimum quality standard. The rework allows the product to then be sold, creating revenue from a product that would otherwise have been scrapped.

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Hey everyone, good job at answering the question so far! Remember to bring in external sources when appropriate. Keep up the good work.

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It looks like the group members had done a wonderful job in helping explain chapter 19 and 21 to you.

Since they already explain much of what have to say, What I can do right now is to help prepare you for our upcoming exam. To do this, I made a formula sheet for chapter 19 and 21.

I suggest you watch Shannon's video on Chapter 21 because the process of determining benefit for selling and buying division after a transaction can be very tricky.

Good luck in your study and ask more questions if you need too.

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Hey Oliver

I’m going to define the three methods of transfer pricing.

First method market-based pricing is when the transfer price is obtained from the going rate on the open market, so the buying division will pay the same rate whether they buy internally or from external sources.

Second method cost-based pricing is when the transfer price is obtained by calculating the cost of the intermediate product, each subsequent division will add their costs to the product before transferring to the next division. The costs can be calculated in a variety of ways from; variable costs, fixed costs, and even contain markup.

Third method negotiated pricing is when the transfer price is obtained through a negotiation between the selling and buying division. The managers of each division are free to make decisions of whether to buy and sell internally or externally.

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Transferred-in-cost  are material that are carried forward, usually from one department to another department.
1. It is always 100% when transfer from one department to another department.
They are usually material carried forward
2. Amount transferred in will be the amount transferred out from the previous
department and is treated as material contributed at the beginning of the next department.

Inventory on the other hand is the raw materials, work-in-process products and finished goods that are considered to be the portion of a business's assets that are ready or will be ready for sale

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Hey Oliver,

Here's a quick diagram to help you better understand when to use which transfer pricing method!

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Diagram 2

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Diagram 1

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Hey Oliver!

I just want to add some more comments and a couple diagrams to help you understand Spoilage and Rework more.

During a production process, there's an inspection point where products are examined and tested to see of they're acceptable for sale/use or not. This is where spoilage, rework and scrap are usually discovered. Spoilage is mostly assumed to occur at the stage of completion.

These 3 above costs arise due to inefficiencies and defects that occur during the production process. Some of these are considered avoidable and controllable (Abnormal Spoilage) and management should put more control on these to reduce these costs.

The first diagram that starts with production is taken and edited from the textbook, it describes the classification of spoilage, rework and scrap (focusing on rework and scrap) and shows their allocation.

The second diagram is taken and edited from our lecture slides and shows how spoilage is divided and how normal spoilage is included in the Cost of Goods Manufactured while the Abnormal Spoilage is expensed.

I hope the diagrams will help you understand the flow of these costs more!

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Hey Oliver,

One type of transfer pricing is Market Based Transfer Prices.

When transferring products/services at market prices, this generally leads to optimal decisions when 3 conditions are met:

1. The intermediate market is perfectly competitive

2. Interdependencies of subunits are minimal

3. There are no additional costs or benefits to the corporation as a whole in using the market instead of transacting internally

A perfectly competitive market exists when there is a homogeneous product with equal building and selling prices and no buyers or sellers can affect those prices by their own actions. In perfectly competitive markets, the minimum price the seller is willing to accept from the buyer is the market price, b/c the seller can always sell its output in the external market at that price. The maximum price the buyer is willing to pay is the market price, b/c the buyer can always buy it input in the market at that price.

For example:

Assume that there is a perfectly competitive market for crude oil and that the market price is $85/barrel.

As a result, each division (transportation and refining) can buy or sell as much crude oil as each wants at $85/barrel. However, suppose the company would like its managers to buy or sell internally. What decisions would the company’s division managers make if each had the option to sell or buy oil externally?

If the transfer price between the two divisions is set below $85, the manager of the transportation division will want to sell all production to outside buyers @ $85/barrel.

If the transfer price is set above $85, the manager of the refining division will want to purchase all its crude oil requirements from outside suppliers.

A current market value transfer price of $85 could motivate both divisions to buy and sell internally

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Hey Oliver!

I would like to help you understand EOQ (Economic Order Quantity). This is incredibly useful for companies in determining the quantity of inventory to order for each period where an order is required. This is meant to provide the minimum cost to the organization for their inventory orders.

In order to have the EOQ Equation be effective and efficient, we must first check to make sure the organizations situation follows the following assumptions.

1. The same quantity is ordered at each reorder point.
2. Demand, lead-time, ordering costs, and carrying costs are certain and do not fluctuate.
3. Quantity ordered does not affect the purchasing cost.
4. It is guaranteed that the inventory will be in stock and that there will be no stock outs.
5. Costs of quality and shrinkage are only considered in the equation if they effect ordering or carrying cost, similar to how opportunity costs are calculated.

We follow these assumptions in order to use the equation because they guarantee that the equation will be accurate, and they all cause fluctuations in cost if they cannot be assumed.

The actual equation is then used to determine what quantity of inventory per order can minimize costs. I will post a photo of the equation with this post!

An example of this would be if your organization requires 200 units of a certain product every 3 months. every order costs the company $100, and the cost to keep one unit in stock for the time period is $5.

The EOQ in this example would equal 90 units per order, and 27 orders in total per year.

This equation allows the company to take into account many of the most important cost factors so that they can minimize the costs associated with purchasing and holding their inventory.

Hopefully that helps answer your question on Chapter 19, I am sure someone will help you with Chapter 21, but if not let me know and I will be glad to help!

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This is the second problem that deals with transferred in cost using FIFO

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FIFO Process Costing with Transferred in Costs

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Hi Oliver, I hope you mid term went well. I myself also have trouble understanding chapter 17 but I found two videos that helps me understand this chapter better. Victoria and Zach did a great job in explaining chapter 17 to you but I think, to understand this chapter even more, you have to do a problem on it. Luckily, I found two videos that are very good in helping you dealing with transferred in cost for both Weighted average and FIFO.

These 2 videos helped me very much and I hope it will help you also.

This video deals with solving transferred in cost problem with weighted average.

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Process Costing Equivalent Production Lecture

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Weghted Average Process Costing with Transferred In Costs

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Spoilage is the units of production that do not meet the standard required by the customer for good units and that are discarded or sold for reduced prices.
Normal spoilage is considered
unavoidable and is part of the cost of producing the good output.
Abnormal spoilage is considered avoidable and is not part of the cost of producing good output.

The cost of abnormal spoilage should be expensed when it occurs

Rework refers to the correction of a product that does not initially meet an entity's minimum quality standards. The corrective work allows the product to then be sold, thereby allowing a business to recover some margin from a product that would otherwise have been scrapped.

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Hi Oliver

For the final part of your question about transferred in costs for larger process questions, i'm going to try to help you out.

Transferred-in costs are the costs accumulated from previous departments, so they are always 100% when calculating the cost of units. Whether the unit is in beginning inventory or ending inventory the degree of completion is 100% for transferred-in costs since it is not part of the current department's process.

Using this information we don't have to account for partially complete transferred-in costs when calculating equivalent units or costs.

For example

Given transferred-in cost per equivalent unit of $200 and ending WIP of 50 units. To calculate the transferred-in cost in ending WIP, always account for all the units. So this results in $10,000 (200 x 50) for transferred-in costs to ending WIP.

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Hi, Oliver

The difference between spoilage and rework is this. Spoilage refers to output that fails to attain either a specified performance level of standard of composition. For example, in fermenting beer, hops are added to wort for flavour. Hops also inhit the growth of spoilage bacteria that would ruin the taste of the final product. On the other hand, rework is the conversion of production rejects into reusable products of the same or lower quality. For example, cooked sausage ends can be reprocessed into pizza toppings. Leftover ground raw poultry can be cooked and processed into chili etc.

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Hi Oliver!

Hopefully the midterm went well for everyone!

Let’s first look at the difference between beginning inventory and transferred in costs:

Beginning inventory is the recorded cost of inventory in a company’s accounting records at the start of an accounting period. Whereas, transferred in costs (which is also known as previous department costs) are costs that have been incurred in a previous department that are carried FORWARD as part of the product’s cost as it moves to a following department for processing. And so, as the physical units move from one department to the next, their costs move with them.

I’ve also listed some common mistakes with transferred in costs that will hopefully help us avoid making them:

1. Remember that transferred in costs from previous departments are cost pools that must be added into your calculations

2. When calculating costs to be transferred on a FIFO basis, don't overlook the costs assigned at the beginning of the period to units that were in process but are not included in the units transferred out

3. The cost allocation rates most likely will fluctuate from month to month b/c they are based on actual costs incurred. So, transferred units may contain batches accumulated at different unit costs

4. Units may be measured in different terms in different departments. So consider each department separately

Hope this helps! :)

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Absorption costing includes all costs, including fixed costs, in figuring the cost of production, while variable costing only includes the variable costs directly related to production. Companies that use variable costing keep overhead and other fixed-cost operating expenses separate from production costs.
The fixed costs that differentiate variable and absorption costing are those overhead expenses, such as salaries and building rental, that do not change with changes in production levels. A company has to pay its office rent and utility bills every month regardless of whether it produces 1,000 products or no products at all

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Hey Oliver,

Maybe understanding when each method is advantageous to use can help clear some of your concern:

Advantages - Absorption:
-provides a more detail on a product's cost by including fixed manufacturing overhead
-provides an advantage when you do not sell all of your inventory because fixed expenses are showed on a per-unit amount, and expenses aren't show until items are sold which can temporarily raise profits

Disadvantages- Absorption
-can be used unethically to increase net income by emphasizing fixed manufacturing overhead in the inventory's value on the balance sheet

Advantages - Variable
-provides more detail on the incremental costs associated with a product
-emphasize the costs related to actual inputs
-help give a more accurate representation of production on financial records

Disadvantages - Variable
-do not emphasize fixed manufacturing overhead costs when decision-making; may understate  product's cost

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A variable cost is a cost that varies in relation to changes in the volume of activity.

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A variable cost is a cost that varies in relation to changes in the volume of activity.

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Oliver's Third Question

Hi, Oliver

Generally, operatiing income will differ if a company decides to use absorption or variable costing. The difference would be the amount of fixed product costs that are capitalized as inventory under absorption costing, and expensed as period costs under variable costing

In general, changes in inventory cost have the following affect on operation income

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Hi Oliver!

To expand a bit more on Alex’s helpful answer about the difference between absorption and variable costing:

Absorption costing involves allocating fixed overhead costs across all units produced for that period. On the other hand, variable costing lumps together all fixed overhead costs and reports the expense as a one line item.

Variable costing doesn’t establish a per unit cost for fixed overhead, whereas absorption costing does.

Absorption costing will have two categories of fixed overhead costs: 1) cost of goods sold 2) inventory. Whereas, variable costing will produce a one lump sum expense for fixed overhead costs when calculating net income.

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Hey Oliver!
I know you were having some issues with understanding exactly what the main difference between absorption and variable costing, so I hope that I can give you an explanation that may help!

The main difference between absorption and variable costing is that in absorption costing, the method absorbs all of the variable and fixed manufacturing costs when determining the inventoriable costs, whereas variable costing only takes the variable manufacturing costs into account when determining the inventoriable costs.

This difference continues in what costs are transferred to COGS upon the sale of the goods, where absorption costing will transfer all production costs to COGS, and variable costing will transfer only variable costs to COGS.

Now, how is this applicable to real businesses?

Well, absorption costing works well for companies that want to see how much of overall costs are put into each product.

Variable costing provides you with an accurate representation of what actually goes into the product, as some companies consider that fixed costs would be incurred regardless of the quantity of products produced.

Hopefully this will be of some help to you, Oliver, and if you have any more questions feel free to let me know!

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Good job explaining to Oliver guys. I figured I would add some examples to reinforce fixed overhead variances, since it gave you the most trouble Oliver.

Example 1:

Fit Tech Inc. manufactures fitness trackers. It estimated its fixed manufacturing overheads for the year 2013 to be $37 million. The actual fixed overhead expenses for the year 2013 were $40 million. Calculate the fixed overhead budget variance for 2013.

actual FOH: $40 million
budget FOH: $37 million

FMOH Budget Variance = 40 - 37
= $3 million (unfavorable)

Note: The variance is unfavorable because it is over-applied meaning we exceeded the budget.

Example 2:

Bottle Corp is a manufacturing company specializing in the production of bottles. It budgeted $50,000 overhead at a rate of $5 per bottle, for  May. The actual output of bottles was 10,700 for May. Calculate the fixed overhead volume variance for May.

budgeted FOH: $50,000
budgeted FOH rate: $5
actual output: 10,700

FMOH Volume Variance = 50,000 - (10,700 x 5)
= $3,500 (favorable)

Note: This time the variance is favorable because the actual volume is greater than the budget

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The fixed overhead spending variance is the difference between the actual fixed overhead expense incurred and the budgeted fixed overhead expense. An unfavorable variance means that actual fixed overhead expenses were greater than anticipated

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Standard costing is a subset of cost accounting which typically substitute an expected cost for an actual cost in the accounting records, and then periodically recording variances showing the difference between the expected and actual costs

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Standard costing is a subset of cost accounting which typically substitute an expected cost for an actual cost in the accounting records, and then periodically recording variances showing the difference between the expected and actual costs

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hi guys, sorry I have not been contributing. I was cought up with some thing. am ok and am back now

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hi guys, sorry I have not been contributing. I was cought up with some thing. am ok and am back now

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Hey everyone, good job at starting to answer the question! Remember everyone should be posting something to help effectively answer the question and provide some examples on the material as well

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Great job Goodnews! Not only did you help Oliver but you helped me understand this topic more also.

To reply to Oliver, the reason why there are different variances is to determine whether the cost incurred in the company are favorable or not. If actual cost greater the budgeting cost, unfavorable. The opposite situation would result in a favorable situation. I found an example from my first year managerial accounting class that I think can help you understand the different with flexible, actual, and static budget and also calculate the variances:

To make life easier not just you but to the rest of our team, I took a picture of all the variance formulas that we need to know for the test. I'll attach it to another window for all of us to see. Goodnews hit all the good points especially the video. I tried to add a bit more stuff to his and I hope I am in some way helping you understand this topic better. I'm sure the rest of my teammates can will add some more stuff if you have problem understanding this topic.

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I am glad that you found the test not too bad; however, I did find it somewhat challenging. Hopefully we both do well. Now to your questions!

1) The difference between a static budget and a flexible budget is that in a static budget the level of output is not changed once it is set even if the circumstances change, whereas in a flexible budget any changes in the actual level of output, actual revenue and cost drivers are adjusted an a new budget at the adjusted levels is made

2)  The difference between standard costing and normal costing is that in standard cost standard (targets) are established for direct material and direct labour and variances are recorded based on the comparison of the actual price and usage amounts and the standards, whereas in normal cost, the normal cost is used to value manufactured products with the actual materials costs, the actual direct labor costs, and manufacturing overhead based on a predetermined manufacturing overhead rate.

3) Hi Oliver, this youtube video should give you a heads up on the basic variances.  I am sure one of my colleague will expound more on the variances. https://www.youtube.com/watch?v=K1qefio0rBs

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Hey guys, good job so far at answering the questions, make sure all group members are adding a bit to help each other out! Nice job at having theory and then adding examples as well which I find always helps to clarify the content a little bit more. Remember if you find a website or video that has a good example feel free to post that as well! Keep up the good work. :)

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Oliver's First Question Chapter 4 Answer

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Oliver's First Question Chapter 4 Answer

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Hi everyone! Good job to Walter and Giacomo for their thorough explanation to Oliver's questions. However, I think some examples might also help you Oliver in clarifying these concepts, therefore I included an attachment with a brief example and solutions I came up with for chapter 4. Hope you find this somewhat helpful Oliver! :)
PS. I apologize for any mistakes and for the quality. Feel free to correct me anyone!

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Hey group! Well done Walter's, I know Oliver should be fine after that answer. If not, maybe I can help elaborate.

Chapter 4: Understanding conceptually why there ends being over and under applied OH.

To understand if we have an under applied or over applied overhead, we need to compare the MOH Control (the actual MOH incurred) and the MOH Allocated (the budgeted MOH costs based on the estimated rates multiplied by the ex. labour hours needed). If at the end of the period the overhead amounts used are different from the predicted MOH, we might see MOH account is not accurate.
- If the actual amount of overhead used is less than the overhead allocated: we have and OVERALLOCATED OVERHEAD
-If the actual amount overhead used is more than the overhead allocated: our books would show that we have UNDERALLOCATED OVERHEAD.

To calculate the MOH Allocated, we need to make 3 different measurements:
1- Direct Costs: Actual cost of DM and DL
2- Overhead cost allocation rate calculation: Estimated overhead cost / Estimated quantity of allocation base
3- Overhead Allocation: Estimated allocation rate * Actual quantity of allocation base.
There are the calculations we make to predict how much a job would cost a company to perform; job costing.

At the end of the period we need to reconcile what we predicted would be used with what was actually used. This is when we calculate the MOH control. We perform the same 1,2,3 calculations from MOH allocation substituting estimated costs and quantities with the actual costs and quanities. From here we compare the two values to reconcile if our MOH is under or over allocated.

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At the end of the year, an over applied (Sum of MOH Control < Sum MOH Applied to all products made) or under applied  (SUM of MOH Control > MOH Applied to all products made) will occur. The reason is MOH applied account was used to estimate how much OH costs are contributed to the product cost. It is an estimation due to the use of normal or activity based costing where we use the following formula:
(Budget MFGOH Costs / Budget Q of input) x actual Q of input used

The MOH Control account on the other hand is based on the actual MFGOH costs that was Incurred in which we don't have enough idea on how much it contributed to the product cost. So at the end of the year, we would reconcile the difference and either allocate it fully to COGS or prorate it to COGS & WIP & FG.

Oliver, if you still don’t understand what I am trying to say to you, please review chapter 4 again and please do question 4-27 in the text book. My other team members can also help expand on this idea if you still don't understand.

Question 2:

Normal Costing:

The concept of the single predetermined OH rate used in jor order costing system is used in a MFG Operation where there is no customization of products and more than one product is manufactured in the same plant.

The Formula to find the allocation rate = Budget MFGOH Costs / Budget Q of input. When we applied the OH onto the job, the formula = The allocation rate x Actual Q of input used. For example, if we use Direct labour hour to allocate OH, regardless of other activities that might play a role in the OH cost of the product, we disregard them.

Activity Based costing:

The assumption is that products consume the activities that are incurred in the production process. Not all output consume the same amount of Overhead as each products are differentiated from one another. Also, each activities have an associated Cost driver. An Example of company that uses ABC would be Nike. Let assume Nike made 3 shoes: Red, Black, and White.  Let assume they have multiple of activities that are part of OH Costs such as inspection, scheduling order, product support. The cost driver for Inspection , Scheduling order, and Product support would be # of shoes inspected, Number of Orders, and Number of engineers respectively

For the first activity, Inspection, to allocate OH, we use the following formula:

(The budget total cost of Inspetions/Budgeted Total number of shoes inspected ) x # or Red/Black/White shoes inspected.

The same process would go also to activities concerning scheduling order and product support and their associated and respective cost drivers of Number of orders and number of engineers . dy.com,I��;i}�

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Oliver came to my office today for some help... please watch the video and work together to help him!  Here is a summary of his questions:
CH 4: understanding conceptually why there ends up being over or under applied OH (walk through the process)
CH 5: Difference between traditional costing and activity based costing & examples of companies that would use ABC.

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I look forward to working with you all this semester. Thank you for everyone posting their introductions and great job at encorporating pictures and videos in them!  Keep up the good work throughout the semester and remember that you can add different forms of media in here as well like videos and links to websites that you found useful and relevant to the course matieral!

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Hey guys, I'm Marshall. I'm a 5th year accounting and info systems major and probably in my last year. I'm also born and raised in Ottawa, but spent a bit of time living in Japan as a kid.

I spent the first two months of this summer in Tokyo and across Japan and then worked for the other 2 months and if I'm not in class or working on assignments, I'm usually mountain biking, in the gym, hiking, or on the hill if it's winter.

This is my first online course so let's hope it goes well!

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I'm Nancy and I'm a fourth year accounting student, born and raised here in Ottawa! Me in a nutshell: if I'm not busy being a good student and getting my work done, I'm most likely at the gym, shooting hoops on the basketball court, or eating.
I look forward to working with the awesome members of this group!

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My name is Zach and I'm in my fourth year here at Carleton. I moved to Canada in 2012 from a small island in the Caribbean called Trinidad. In my spare time i like reading and playing ping pong.

I look forward to working with everyone and hope that all us have a great semester.

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My name is Goodnews, and I'm a fourth year Accounting and Finance student. I was originally born in Nigeria, and I lived in Swaziland for a couple of years before immigrating to Canada in 2008. I enjoy reading, music and basketball. I'm looking forward to working with everyone in the group and helping Oliver to be successful in the course.

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Hi Oliver and everyone in the amazing Group 8 :)

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Hi Oliver and everyone in the amazing Group 8 :)

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I'm Ayna, currently in third-year accounting. I'm original from a small Central Asian country Turkmenistan, with a Russian background. Moved to Ottawa in 2007 with my parents and this has been my home since then.

Little bit about me: I'm a fan of Real Madrid and love watching soccer; I try to going to the gym. I love music, food, dance, watching movies and reading. I love travelling and I just came back from Mexico with my family.

Look forward to meeting and working with the rest of this group this year to help you Oliver!

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My name is Alex Gill, and I am an accounting concentration stud
ent, as i'm sure many people in our class are. I look forward to a great semester working with all of you.

Online courses can be hard, especially in collaborating with peers, but this tool will hopefully make it more personal and help all of us get to know one another. I know that one tough thing is the inability to ask for help from peers, but this will definitely make that issue a lot easier, so i look forward to it!

I was born and raised in the Ottawa area, I love music, as well as playing music, and I have a cat named Gatsby who is pretty much always nearby when I am working on my online homework. I also love to read, and love to learn so school is definitely important to me!

I look forward to our semester together.

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Hello Oliver and the rest of Group 8,

My name is Walters and I am happy to be working with you wonderful people this semester.

A little information about me, I am originally from a small country in southeast Asia named Cambodia. I had been enrolled In Carleton since 2013 and I study business with a Concentration in Accounting just like yourself. I had been inactive in school for the past 8 months because of Co-op so my accounting skills might be a bit rusty right now. I am currently doing the second half of my third year in Carleton and I am expected to graduate in December 2017.

I know Oliver and a few of us are not comfortable yet in doing an online course, but don't worry, I'll try to help you all to the best of my ability.

The picture below illustrates a few information about me, my favorite sports to watch, and my love of Donnie Wahlberg's shirt.

Please feel free to share yours.