6.5 CPE Taking this course will enhance your understanding of the key concepts related to managing costs in manufacturing, distribution, and service industries, with an emphasis on developing actionable insights to improve financial and operational results. Special consideration is given to accumulating costs, costing systems, the role of supply and value chains, the theory of constraints, and continuous improvements techniques
Topics include:
- Measurement Concepts
- The Relevant Range
- Mixed Costs
- Absorption and Variable Costing
- Joint Cost Allocation
- Job-Order Costing
- Process Costing
- Activity-Based Costing (ABC)
- Life-Cycle Costing
- Service Department Allocations
- Supply Chain Management
- Theory of Constraints
- Capacity Planning and Costing
- Value Chain Analysis
- Process Analysis
- Best Practice Analysis
- Cost of Quality
The content covered in this course provides a pathway to developing your analytical and critical-thinking skills and closing skills gaps in a variety of relevant topics.
Learning Objectives
- Explore cost measurement and the movement of costs between raw materials, work in process and finished goods inventories.
- Recognize how fixed and variable costs behave in the long and short term.
- Discover how to estimate fixed and variable portions of mixed costs using the high-low method.
- Recognize how to calculate inventory, cost of goods sold, and operating income using both absorption and variable costing.
- Identify the split-off point, separable costs, and by-product costing.
- Explore how to allocate joint product costs using the physical measure, sales value at split-off, net realizable value, and constant gross margin methods.
- Explore how to calculate inventory and cost of goods sold under job-order costing.
- Explore the nature of process costing and recognize process costing flows. Discover how to calculate inventory values and cost of goods sold (COGS) using FIFO (first in, first out) and weighted average process costing.
- Identify the differences between traditional overhead allocation and Activity Based Costing (ABC), and discover elements of ABC such as cost pool, cost driver, activity driver, resource driver, and non-value added activity.
- Explore and recognize the concept of life-cycle costing.
- Identify how to calculate service and support department cost allocation using the direct method, step-down method, and reciprocal method.
- Identify materials requirements planning (MRP), and recognize the operational benefits of implementing Enterprise Resource Planning (ERP) and Just in Time (JIT) systems.
- Explore and recognize the theory of constraints.
- Identify the five steps involved in a theory of constraints analysis.
- Explore how the capacity level affects product costing, capacity management, pricing and financial statements.
- Identify value chain and identify the steps in value chain analysis. Explore how value chain analysis is used to better understand a firm's competitive advantage.
- Discover the concepts of process value analysis and business process reengineering.
- Explore the concept of best practice analysis (benchmarking) and recognize how it can be used by an organization to improve process performance.
- Identify the components of the costs of quality, including conformance and non-conformance costs.
Last updated/reviewed: August 25, 2023
18 Reviews (75 ratings)
Reviews
Anonymous
(Consultant)
Generally well done - Particularly since it's a long program, I would recommend that the instructor not read all of the numbers that make up the computation on the slides. I took the course as a general refresher even though I'm not in a manufacturing environment, but the Service Department Allocations topic has been applicable at every company for which I've worked.
Wendy Cox
(Inventory Accounting Manager at Harry and David)
This course is very informative and the support goes along with the power point very well. There is a lot of information so, taking the quizzes and making sure you understand the material helps with the final exam. A lot of topics are briefly covered and the information is interesting the way it is presented.
John Ball
(controller at CPP)
A lot of useful information is given out on this course which is invaluable for any practicing controller. The concepts are not studied in depth but key issues and examples are available to ensure the core idea is easily understood and can be followed up in more details when required.
Jared Slack
(VP Finance at Fortress Solutions)
The topics covered in this course could take forever to cover. This does a decent job of summarizing. Was left wanting more detail in some areas, but again it could take a long time if too much detail was included.
Anonymous
(Accountant)
This course provides a good foundation in managerial accounting. At times some of the analysis of the numerical examples were a bit redundant, but overall it is a great explanation.
rashaad clavon
(Director of FP&A at Ronin Equity Partners)
great course to go back to for a refresher. Wish you all would have talked about machine rates and absorption more since those are my weakest areas.
Anonymous
(Accounting Manager)
Great refresher for working with manufacturing costs. Summarized in a way that gives focus to the key concepts with just the right amount of detail.
Anonymous
(Internal Auditor)
There are many computational tasks in the tests that require reflection and understanding. interesting material, I recommend to pass
Anonymous
(Director, Finance)
Course was well presented and provided a good overview of Operations and Cost Management. This was a good refresher.
Anonymous
(Director Finance)
Good overall review of all of the methods that can be used in manufacturing. Appropriate for text book learning.
Anonymous
(CEO & Co..)
Good review, and great knowledge, I will hang onto this and reference back to the methodologies for my clients.
Bonnie Tomei
(CFO at Spectra7)
Slides are effective and instructor is very knowledgeable. Easy to understand concepts. Time well spent.
Anonymous
()
Excellent course that goes through many different cost accounting principles
Russell Forrest
(Controller at Premium Minnesota Pork)
Supplemental materials were not able to download properly on my computer.
Erik Schendel
(Controller at Harry & David)
This was a great overview of inventory methods and cost allocations.
Anonymous
()
Well presented, easy to follow, not dull. Informative and relevant.
Anonymous
()
Great introduction to operations and manufacturing cost management.
Anonymous
()
Very comprehensive coverage of the cost accounting.
Prerequisites
Course Complexity: Intermediate
No advanced preparation or prerequisites are required for this course. However, it is recommended to take the other courses in the series prior to completing this one.
Education Provider Information
Company:
Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA
95113
Contact:
For more information regarding this course, including complaint and
cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to
.
Tom CoghlanCEO
About Illumeo
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