Study Guide ACC/561 Version 5 1Week 3 Study Guide: Product CostingReadings and Key Terms · Ch. 15 of Accounting · Cost accounting · Job cost sheet · Job order cost system · Process cost system · Hybrid cost system · Ch. 16 · Process costing · Conversion costs · Equivalent units · Cost reconciliation sheet · Weighted average and FIFO methods · Ch. 17 · Activity · Cost pool · Cost driver · Just-in-time processing Content Overview · Cost accounting systems · Companies must know the cost of their products to ensure they are pricing their product appropriately to cover costs and be profitable. Product costs have three elements: direct materials, direct labor, and manufacturing overhead. In contrast, companies will have other costs that do not relate to production but to sales and administration. These costs are called period costs because they relate more to the fiscal year than to the products. Period costs are fully expensed in a fiscal year while product costs may be capitalized as inventory. To be profitable in the long-run, a company must cover all its costs—both product and period costs. · Job order costing · This is used by companies that make products or provide services that are individually unique, such as a custom print order, an accounting job, or custom furniture. A job order costing system will accumulate product costs—direct materials, direct labor, and manufacturing overhead—by individual job using a job cost sheet. · Process costing · This is used by companies that manufacture homogenous products such as petroleum, milk, and mass production automobiles. A process costing system will accumulated product costs—direct materials, direct labor, and manufacturing overhead—by process or by department. · Hybrid costing · Hybrid costing also called operations costing is a combination of job order and process costing used by companies that make products that have some customized and individualized features. · Activity-based costing · Activity-based costing is a modern method of accounting for product costs. It uses technology to more accurately allocate manufacturing overhead to products. In doing so, it can help a company increase profits. · Cost accounting systems · Cost accounting systems are designed to accurately compute the costs of products and services so company managers can make informed decisions as to pricing, production, and cost management. Copyright © 2013, 2011, 2009, 2008 by University of Phoenix. All rights reserved. Instructions Remember to use 200 words to respond the two peers. Each feedback has to have two quotations from the book The feedback should be agree or not agree with the peers writing .and why you are agree or not . Peer one Q1.What are the prescribed instructional events that comprise an e3 strategy for each of the five types of component skills?          For an effective e3 instructional strategy, every component skill that is included makes the achievement of the goal easy. The instruction.

1. Study Guide
ACC/561 Version 5
1Week 3 Study Guide: Product CostingReadings and Key Terms
· Ch. 15 of Accounting
· Cost accounting
· Job cost sheet
· Job order cost system
· Process cost system
· Hybrid cost system
· Ch. 16
· Process costing
· Conversion costs
· Equivalent units
· Cost reconciliation sheet
· Weighted average and FIFO methods
· Ch. 17
· Activity
· Cost pool
· Cost driver
· Just-in-time processing
Content Overview
· Cost accounting systems
· Companies must know the cost of their products to ensure they
are pricing their product appropriately to cover costs and be
profitable. Product costs have three elements: direct materials,
direct labor, and manufacturing overhead. In contrast,
companies will have other costs that do not relate to production
but to sales and administration. These costs are called period
costs because they relate more to the fiscal year than to the
products. Period costs are fully expensed in a fiscal year while
product costs may be capitalized as inventory. To be profitable

2. in the long-run, a company must cover all its costs—both
product and period costs.
· Job order costing
· This is used by companies that make products or provide
services that are individually unique, such as a custom print
order, an accounting job, or custom furniture. A job order
costing system will accumulate product costs—direct materials,
direct labor, and manufacturing overhead—by individual job
using a job cost sheet.
· Process costing
· This is used by companies that manufacture homogenous
products such as petroleum, milk, and mass production
automobiles. A process costing system will accumulated product
costs—direct materials, direct labor, and manufacturing
overhead—by process or by department.
· Hybrid costing
· Hybrid costing also called operations costing is a combination
of job order and process costing used by companies that make
products that have some customized and individualized features.
· Activity-based costing
· Activity-based costing is a modern method of accounting for
product costs. It uses technology to more accurately allocate
manufacturing overhead to products. In doing so, it can help a
company increase profits.
· Cost accounting systems
· Cost accounting systems are designed to accurately compute
the costs of products and services so company managers can
make informed decisions as to pricing, production, and cost
management.
Copyright © 2013, 2011, 2009, 2008 by University of Phoenix.
All rights reserved.
Instructions
Remember to use 200 words to respond the two peers.

3. Each feedback has to have two quotations from the book
The feedback should be agree or not agree with the peers
writing .and why you are agree or not .
Peer one
Q1.What are the prescribed instructional events that comprise
an e3 strategy for each of the five types of component skills?
For an effective e3 instructional strategy, every
component skill that is included makes the achievement of the
goal easy. The instructional events prescribed in Merill (2013)
are given below:
1. Information-About Instructional Strategy
Goal: Identify information about a set of object, activities or
processes.
Prescribed Instructional Events:
Presentation:Tell name, information and portrayal item-by-item;
focus attention; explore; repetition.
Practice: Ask for one piece of information by giving the other.
Immediate response; avoid sequence cues; corrective feedback.
2. Part-of Instructional Strategy
Goal: identify the name and location of a given part with
respect to the whole of some object or system.
Prescribed Instructional Events:
Presentation/demonstration: Show its location in the whole and
tell the part name and information about the part. Avoid
location cues.
Practice/application: Do point to location of the part given its
name or information; Use random-order; avoid location cues;
require immediate response; corrective feedback.

4. 3. Kind-of Instructional Strategy
Goal: Classify unencountered instances belonging to a
particular class.
Prescribed Instructional Events:
Presentation:Tell the name of the class and the values on the
discriminating properties that determine class membership.
Demonstration: Show examples and non-examples of the class.
Provide attention-focusing guidance; a divergent set of
examples; matched examples and non-examples; imake them
ncreasingly difficult.
Application: Do require learners to classify unencountered
examples and non-examples of the class. provide coaching on
early items and corrective feedback.
4. How-to Instructional Strategy
Goal: perform a series of action that lead to some desired
consequence for unencountered instance of a task.
Prescribed Instructional Events:
Presentation: Tell the name of the procedure and the steps and
their sequence required to complete the procedure.
Demonstration: Show the execution of each of the steps in
instances of the procedure. provide attention-focusing guidance;
a divergent set of task which is increasingly difficult.
application; Do require the learners to execute each step for a
set of increasingly difficult instance of the task, provide
coaching on early terms and intrinsic feedback.
5. What-Happens Instructional Strategy
Goal: given a set of conditions, predict the consequence for
unencountered instances of the process. Given an unexpected
consequence, identify the missing or flawed conditions

5. responsible for the consequence.
Prescribed Instructional Strategy
Presentation: Tell the name of the process and the conditions
for each event in the process.
Demonstration:Show the process in real or simulated instances.
Provide attention-focusing guidance a divergent set of
increasingly difficult instances of the process.
Application: Do require the learner to predict the consequences
of find the flawed or missing conditions for a set of
increasingly difficult instances of the process.provide early
coaching and intrinsic feedback.
Q2.How are the content elements for different component skills
combined to provide an integrated set of content elements for a
whole problem?
According to Merill (2013), “In real-world problem, every
step is a trigger that changes some condition, and it is the set of
changed conditions that bring about the consequence”(p. 122).
For a problem, the content elements for what-
happens component skills are the conditions that lead to some
consequence. Sometimes it is also a set of steps that lead to
some consequence which is a how-to component skill. The
steps, rather than leading directly to the consequence, each
bring about a condition that, together with other conditions in
the set, brings about the consequence. And this set of
component skills for each step + condition for each step gives
us an integrated set of content elements for a whole problem.
Q3.How are the instructional strategies for different component
skills combined to provide a problem solving instructional
strategy?

6. According to Merill (2013),"The major instructional
activities for teaching a whole problem include:
1. Demonstrate the whole problem,
2. Teach each of the component skills or problem-solving events
that comprise the problem, and
3. Do the whole problem"(p.127).
And in these steps, instructional strategies for different
component skills (kind-of, how-to, what-happens, information-
about, part-of) are combined for instructional modes (Tell,
Show, Ask and Do) according to the content needs.
For example,
For step one, make sure that the demonstration is complete
with kind-of,what-happens and how-to for Show-Q, Show-C and
Show-S respectively.
For step two, for each problem solving event, describe Tell and
show Show the condition C and the step S with kind-
of and how-to component skills combined. Then identify the
step Doid-S and the condition Doid-C for the problem solving
event, and execute the step Doex-S and identify the resulting
conditions Doid-C using kind-of and how-tocomponent skills.
For step three, predict consequences from the conditions Doex-
Q, find faulted conditions or steps Doex-C and execute all of
the steps for the whole problem Doex-S with what-happens and
how-to component skills.
Key: C=condition, S=step, Q=consequence, Doid=identify an
instance, Doex= predict consequence (Doex=Q), find faulted
conditions (Doex-C), execute steps (Doex-S).
Q4.What is a problem-solving event?
Merill (2013) describes problem-solving event as:"one of
a series of activities involved in solving a problem; consists of
a step and the condition it brings about"(p.121).

7. A problem solving event is one of a series of activities
where different component elements are utilized targeted at the
steps taken which in result changes the condition to solve a
problem. The content elements for a problem-solving event
includes; for the step (how-to and sometimes kind-of) , which
changes the condition (what-happens). A condition may be
content elements from an (information-about) or (part-of)
component skill.
Q5.What are the content elements of a problem-solving event?
According to Merill (2013),"Problem-solving events
include content elements from at least three different
component skills—what-happens, how-to, and kind-of"(p.126).
The content elements for what-happens are associated with
conditions that leads to a consequence. The content elements for
how-to are associated with the steps that point to some
condition. The content elements for kind-of are often associated
with the properties of the conditions, the consequence, and each
of the steps.
Q6.What is the instructional strategy for teaching a problem-
solving event?
According to Merill (2013), “Instruction for a problem-
solving event involves three major activities:
1. Demonstrate the first portrayal of the problem-solving event,
2. Identify the step and condition for the second portrayal, and
3. Execute the step and identify the resultant condition for a
third portrayal”(p.123).
A demonstration of the condition C and steps S
through kind of and how-to component skills followed by the
identification of step Doid - S and condition Doid - C through

8. kind-of component skills leading to the execution of the step
Doex - S through how-to and identification of the resulting
condition Doid - C through kind-of component skills.
Key: Doid = identify an instance, Doex = execute a step, S =
step, C = condition
References
Merrill, M. D. (2013). First principles of instruction:
Identifying and designing effective, efficient, and engaging
instruction. San Francisco, CA: Pfeiffer, 48-71.
Peer two
1. What are the prescribed instructional events that comprise
an e3 strategy for each of the five types of component skills
The prescribed instructional events are presentation, practice,
demonstration, and application. Presentation entails telling
instructional events (Merrill, 2013). Learners are given a name
for the information, shown some portrayal of the information if
required and provided for the information description. The
description and portrayal offer information that the student is
expected to remember about some process, activity or object.
Practice entails asking instructional events with corrective
feedback; given the portrayal or description, learners can
provide or recognize the name associated with the information
(Merrill, 2013).
2. How are the content elements for different component
skills combined to provide an integrated set of content elements
for a whole problem
The content elements for the different component skills are

9. combined to provide an integrated set for a whole problem by
ensuring that the instructional events enable learners to acquire
all the skills.
3. How are the instructional strategies for different
component skills combined to provide a problem solving
instructional strategy
The instructional strategies for different component skills
provide a problem solving instructional strategy by combining
the content elements with instructional modes of tell, show, ask
and do that (Merrill, 2013).
4. What is a problem-solving event?
A problem-solving event refers to a series of activities
involved in solving a problem; it consists of a step as well as
the condition it causes.
5. What are the content elements of a problem-solving
event?
The contents elements of a problem-solving event are structural
frameworks, media implementation and peer interaction.
6. What is the instructional strategy for teaching a problem-
solving event
The instructional strategy integrates the instructional strategies
for individual component skills. The instructional design
demonstrates and applies component skills in the problems to be
solved instead of a set of skills that will eventually be used in
solving a problem towards the end of the instruction. It involves
three major instructional activities: showing the whole problem,
teaching the component skills or problem-solving events, and
doing the whole problem (Merrill, 2013).
Reference
Merrill, D. (2013). First Principles of Instruction. New

10. York, NY: John Wiley & Sons.