ISU ACC 132 - Chapter 3 (3 pages)

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Chapter 3



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Chapter 3

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Chapter 3


Lecture number:
4
Pages:
3
Type:
Lecture Note
School:
Illinois State University
Course:
Acc 132 - Managerial Accounting

Unformatted text preview:

ACC 132 Lecture 4 Outline of Last Lecture I Manufacturing Costs II Nonmanufacturing Costs III Product Costs IV Prime and Conversion Costs V Variable Costs VI High Low Method A Equation VII Tradition Format Income Statement A Costs of goods sold Outline of Current Lecture I Job Order Costing II Measuring Direct Materials a Bill of Materials b Materials Requisition Form III Job Cost Sheet IV Predetermined Overhead Rate a Allocation Base b Predetermined Overhead Rate V Applying Manufacturing Overhead a Cost Driver b Raw Materials c Work in Process Current Lecture Job Order costing used in situations where many different products with individual and unique features are produced each period These notes represent a detailed interpretation of the professor s lecture GradeBuddy is best used as a supplement to your own notes not as a substitute Measuring Direct Materials Bill of Materials document that lists the type and quantity of each type of direct material needed to complete a unit Materials requisition form document that specifies the type and quantity of materials to be drawn from the storeroom and identifies the job that will be charged Sales Order Production Order Materials Requisition Direct Labor Time Ticket Predetermined Overhead Rate Job Cost Sheet records materials labor and manufacturing overhead costs charged to that job Measuring Direct Labor Costs Time Ticket is an hour by hour summary of the employees activities throughout the day Predetermined Overhead Rate Allocation base is a measure such as direct labor hours that is used to assigns overhead costs to products and services Predetermined Overhead Rate POHR estimated total manufacturing overhead costs Estimated total amount of the allocation base used before the period begins Y a bX Y estimated total manufacturing overhead cost a fixed total MOH cost b variable MOH cost per unit of allocation base X estimated total amount allocated base Applying Manufacturing Overhead Overhead applied to a particular job



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