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ChapterThreeSystemsDesign:
Job-OrderCostingChapterThreeSystemsDesign:
ProductCostFlowsCostsassociatedwiththegoodsthatarecompletedduringtheperiodaretransferredtofinishedgoodsinventory.ProductCostFlowsCostsassociLearningObjective1Distinguishbetweenprocesscostingandjob-ordercostingandidentifycompaniesthatwoulduseeachcostingmethod.LearningObjective1DistinguisTypesofProductCostingSystemsProcess
CostingJob-order
Costing
Acompanyproducesmanyunitsofasingle product. Oneunitofproductisindistinguishablefrom otherunitsofproduct. Theidenticalnatureofeachunitofproduct enables assigningthesameaveragecostperunit.TypesofProductCostingSysteTypesofProductCostingSystemsProcess
CostingJob-order
Costing
Acompanyproducesmanyunitsofasingle product. Oneunitofproductisindistinguishablefrom otherunitsofproduct. Theidenticalnatureofeachunitofproduct enables assigningthesameaveragecostperunit.Examplecompanies:
1.Weyerhaeuser(papermanufacturing)
2.ReynoldsAluminum(refiningaluminumingots)3.Coca-Cola(mixingandbottlingbeverages)TypesofProductCostingSysteTypesofProductCostingSystemsProcess
CostingJob-order
Costing
Manydifferentproductsareproducedeachperiod. Productsaremanufacturedtoorder. Theuniquenatureofeachorderrequirestracingor allocatingcoststoeachjob,andmaintainingcost recordsforeachjob.TypesofProductCostingSysteTypesofProductCostingSystemsProcess
CostingJob-order
Costing
Manydifferentproductsareproducedeachperiod. Productsaremanufacturedtoorder. Theuniquenatureofeachorderrequirestracingor allocatingcoststoeachjob,andmaintainingcost recordsforeachjob.Examplecompanies:
1.Boeing(aircraftmanufacturing)
2.BechtelInternational(largescaleconstruction)3.WaltDisneyStudios(movieproduction)TypesofProductCostingSysteComparingProcessandJob-OrderCostingComparingProcessandJob-OrdeLearningObjective2Identifythedocumentsusedinajob-ordercostingsystem.LearningObjective2IdentifytManufacturingOverheadJobNo.1JobNo.2JobNo.3Chargedirectmaterialanddirectlaborcoststoeachjobasworkisperformed.Job-OrderCosting–AnOverviewDirectMaterialsDirectLaborManufacturingOverheadJobNo.ManufacturingOverhead,includingindirectmaterialsandindirectlabor,areallocatedtoalljobsratherthandirectlytracedtoeachjob.DirectManufacturingCostsDirectMaterialsDirectLaborJobNo.1JobNo.2JobNo.3ManufacturingOverheadManufacturingOverhead,includPearCoJobCostSheetJobNumberA-143DateInitiated3-4-05DateCompletedDepartmentB3UnitsCompletedItemWoodencargocrateDirectMaterialsDirectLaborManufacturingOverheadReq.No.AmountTicketHoursAmountHoursRateAmountCostSummaryUnitsShippedDirectMaterialsDateNumberBalanceDirectLaborManufacturingOverheadTotalCostUnitProductCostTheJobCostSheetPearCoJobCostSheetJobNumbeMeasuringDirectMaterialsCostWillE.DeliteMeasuringDirectMaterialsCosMeasuringDirectMaterialsCostMeasuringDirectMaterialsCosMeasuringDirectLaborCostsMeasuringDirectLaborCostsJob-OrderCostAccountingJob-OrderCostAccountingLearningObjective3ComputepredeterminedoverheadratesLearningObjective3Computepr
Thepredeterminedoverheadrate(POHR)usedtoapplyoverheadtojobsisdeterminedbeforetheperiodbegins.ManufacturingOverheadApplicationEstimatedtotalmanufacturing
overheadcostforthecomingperiodEstimatedtotalunitsinthe
allocationbaseforthecomingperiodPOHR=Ideally,theallocationbaseisacostdriverthatcausesoverhead.ThepredeterminedoverheadActualamountoftheallocationbasedupontheactuallevelofactivity.Basedonestimates,anddeterminedbeforetheperiodbegins.ApplicationofManufacturingOverheadOverheadapplied=POHR×ActualactivityActualamountoftheallocatioForeachdirectlaborhourworkedonaparticularjob,$4.00offactoryoverheadwillbeappliedtothatjob.OverheadApplicationRatePOHR=$4.00perDLH$640,000160,000directlaborhours(DLH)POHR=Estimatedtotalmanufacturing
overheadcostforthecomingperiodEstimatedtotalunitsinthe
allocationbaseforthecomingperiodPOHR=ForeachdirectlaborhourworJob-OrderCostAccountingJob-OrderCostAccountingJob-OrderCostAccountingJob-OrderCostAccountingInterpretingtheAverageUnitCostTheaverageunitcostshouldnotbeinterpretedasthecoststhatwouldactuallybeincurredifan
additionalunitwereproduced.
Fixedoverheadwouldnotchangeifanotherunit
wereproduced,sotheincrementalcostof
anotherunitmaybesomewhatlessthan$118.InterpretingtheAverageUnitQuickCheck
JobWR53atNWFab,Inc.required$200ofdirectmaterialsand10directlaborhoursat$15perhour.Estimatedtotaloverheadfortheyearwas$760,000andestimateddirectlaborhourswere20,000.WhatwouldberecordedasthecostofjobWR53?a.$200.b.$350.c.$380.d.$730.QuickCheck JobWR53atNWQuickCheck
JobWR53atNWFab,Inc.required$200ofdirectmaterialsand10directlaborhoursat$15perhour.Estimatedtotaloverheadfortheyearwas$760,000andestimateddirectlaborhourswere20,000.WhatwouldberecordedasthecostofjobWR53?a.$200.b.$350.c.$380.d.$730.QuickCheck JobWR53atNWLearningObjective4Understandtheflowofcostsinajob-ordercostingsystemLearningObjective4UnderstandJob-OrderCosting
DocumentFlowSummaryAsalesorderisthebasisofissuingaproductionorder.Aproductionorderinitiatesworkonajob.Job-OrderCosting
DocumentFloJob-OrderCosting
DocumentFlowSummaryJobCostSheetsMaterials
RequisitionManufacturingOverheadAccountDirectmaterialsIndirectmaterialsMaterialsused
maybeeither
director
indirect.Job-OrderCosting
DocumentFloJob-OrderCosting
DocumentFlowSummaryJobCostSheetsEmployeeTimeTicketManufacturingOverheadAccountAnemployee’s
timemaybeeither
directorindirect.DirectLaborIndirectLaborJob-OrderCosting
DocumentFloJob-OrderCosting
DocumentFlowSummaryManufacturingOverheadAccountOther
ActualOH
ChargesJobCostSheetsApplied
OverheadMaterials
RequisitionEmployee
TimeTicketIndirect
MaterialIndirect
LaborJob-OrderCosting
DocumentFloLearningObjectives5UseT-accountstoshowtheflowofcostsinajob-ordercostingsystemandprepareappropriatejournalentriestorecordcosts..LearningObjectives5RawMaterialsMaterialPurchasesMfg.OverheadWorkinProcess
(JobCostSheet)ActualAppliedDirect
MaterialsDirect
MaterialsIndirect
MaterialsIndirect
MaterialsThePurchaseandIssueofRawMaterialsRawMaterialsMaterialMfg.OverCostFlows–MaterialPurchasesRawmaterialpurchasesarerecordedinan
inventoryaccount.CostFlows–MaterialPurchaseCostFlows–MaterialUsage
DirectmaterialsissuedtoajobincreaseWorkinProcessanddecreaseRawMaterials.IndirectmaterialsusedarechargedtoManufacturingOverheadandalsodecreaseRawMaterials.CostFlows–MaterialUsageDiMfg.OverheadSalariesandWagesPayableWorkinProcess
(JobCostSheet)Direct
MaterialsDirect
LaborDirect
LaborIndirect
MaterialsActualAppliedIndirect
LaborIndirect
LaborTheRecordingofLaborCostsMfg.OverheadSalariesandWageTheRecordingofLaborCosts
ThecostofdirectlaborincurredincreasesWorkinProcessandthecostofindirectlaborincreasesManufacturingOverhead.TheRecordingofLaborCostsMfg.OverheadSalariesandWagesPayableWorkinProcess
(JobCostSheet)Direct
MaterialsDirect
LaborDirect
LaborIndirect
MaterialsActualAppliedIndirect
LaborIndirect
LaborRecordingActualManufacturingOverheadOther
OverheadMfg.OverheadSalariesandWageRecordingActualManufacturingOverhead
Inadditiontoindirectmaterialsandindirectlabor,othermanufacturingoverheadcostsarechargedtotheManufacturingOverheadaccountastheyareincurred.RecordingActualManufacturingLearningObjective6ApplyoverheadcosttoWorkinProcessusingapredeterminedoverheadrate.LearningObjective6ApplyoverMfg.OverheadSalariesandWagesPayableWorkinProcess
(JobCostSheet)Direct
MaterialsDirect
LaborDirect
LaborIndirect
MaterialsActualAppliedIndirect
LaborIndirect
LaborApplyingManufacturingOverheadOther
OverheadOverhead
AppliedOverhead
AppliedtoWorkin
ProcessIfactualandappliedmanufacturingoverhead
arenotequal,ayear-endadjustmentisrequired.Mfg.OverheadSalariesandWageApplyingManufacturingOverhead
WorkinProcessisincreasedwhenManufacturingOverheadisappliedtojobs.ApplyingManufacturingOverheaLearningObjective6Prepareschedulesofcostofgoodsmanufacturedandcostofgoodssold.LearningObjective6PreparescFinishedGoodsWorkinProcess
(JobCostSheet)Direct
MaterialsDirect
LaborOverhead
AppliedCostof
Goods
Mfd.Costof
Goods
Mfd.TransferringCompletedUnitsFinishedGoodsWorkinProcess
TransferringCompletedUnits
Asjobsarecompleted,theCostofGoodsManufacturedistransferredtoFinishedGoodsfromWorkinProcess.TransferringCompletedUnitsFinishedGoodsCostofGoodsSoldWorkinProcess
(JobCostSheet)Direct
MaterialsDirect
LaborOverhead
AppliedCostof
Goods
Mfd.Costof
Goods
Mfd.Costof
Goods
SoldCostof
Goods
SoldTransferringUnitsSoldFinishedGoodsCostofGoodsSoTransferringUnitsSold
Whenfinishedgoodsaresold,twoentriesarerequired:(1)torecordthesale,and(2)torecordCOGSandreduceFinishedGoods.TransferringUnitsSoldWheLearningObjective8ComputeunderappliedoroverappliedoverheadcostandpreparethejournalentrytoclosethebalanceinManufacturingOverheadtotheappropriateaccounts.LearningObjective8ComputeunProblemsofOverheadApplicationThedifferencebetweentheoverheadcostappliedtoWorkinProcessandtheactualoverheadcostsofaperiodisreferredtoaseitherunderappliedoroverappliedoverhead.Underappliedoverheadexistswhentheamountofoverheadappliedtojobsduringtheperiodusingthepredeterminedoverheadrateislessthanthetotalamountofoverheadactuallyincurredduringtheperiod.Overappliedoverheadexistswhentheamountofoverheadappliedtojobsduringtheperiodusingthepredeterminedoverheadrateisgreaterthanthetotalamountofoverheadactuallyincurredduringtheperiod.ProblemsofOverheadApplicati
PearCo’sactualoverheadfortheyearwas$650,000withatotalof170,000directlaborhoursworkedonjobs.HowmuchtotaloverheadwasappliedtoPearCo’sjobsduringtheyear?UsePearCo’spredeterminedoverheadrateof$4.00perdirectlaborhour.OverheadApplicationExampleOverheadAppliedDuringthePeriodAppliedOverhead=POHR×ActualDirectLaborHoursAppliedOverhead=$4.00perDLH×170,000DLH=$680,000PearCo’sactualoverheadfor
PearCo’sactualoverheadfortheyearwas$650,000withatotalof170,000directlaborhoursworkedonjobs.HowmuchtotaloverheadwasappliedtoPearCo’sjobsduringtheyear?UsePearCo’spredeterminedoverheadrateof$4.00perdirectlaborhour.OverheadApplicationExampleOverheadAppliedDuringthePeriodAppliedOverhead=POHR×ActualDirectLaborHoursAppliedOverhead=$4.00perDLH×170,000DLH=$680,000PearCohasoverapplied
overheadfortheyear
by$30,000.Whatwill
PearCodo?PearCo’sactualoverheadfor
Tiger,Inc.hadactualmanufacturingoverheadcostsof$1,210,000andapredeterminedoverheadrateof$4.00permachinehour.Tiger,Inc.worked290,000machinehoursduringtheperiod.Tiger’smanufacturingoverheadis a.$50,000overapplied.
b.$50,000underapplied.
c.$60,000overapplied.
d.$60,000underapplied.QuickCheckTiger,Inc.hadactualmanu
Tiger,Inc.hadactualmanufacturingoverheadcostsof$1,210,000andapredeterminedoverheadrateof$4.00permachinehour.Tiger,Inc.worked290,000machinehoursduringtheperiod.Tiger’smanufacturingoverheadis
a.$50,000overapplied.
b.$50,000underapplied.
c.$60,000overapplied.
d.$60,000underapplied.QuickCheckOverheadApplied
$4.00perhour×290,000hours
=$1,160,000UnderappliedOverhead
$1,210,000-$1,160,000
=$50,000Tiger,Inc.hadactualmanuDispositionofUnder-orOverappliedOverhead$30,000maybe
closeddirectlyto
costofgoodssold.Costof
GoodsSoldPearCo’sMethodWorkin
ProcessFinished
GoodsCostof
GoodsSold$30,000
maybeallocated
totheseaccounts.ORDispositionofUnder-orOveraDispositionofUnder-orOverappliedOverhead
PearCo’s
Mfg.OverheadActual
overheadcosts
$650,000$30,000
overapplied
PearCo’sCost
ofGoodsSoldUnadjustedBalanceAdjusted
Balance$30,000$30,000Overheadapplied
tojobs
$680,000DispositionofUnder-orOveraAllocatingUnder-orOverappliedOverheadBetweenAccountsAssumetheoverheadappliedinendingWorkinProcessInventory,endingFinishedGoodsInventory,andCostofGoodsSoldisshownbelow:AllocatingUnder-orOverappliAllocatingUnder-orOverappliedOverheadBetweenAccountsWewouldcompletethefollowingallocationof$30,000overappliedoverhead:AllocatingUnder-orOverappliAllocatingUnder-orOverappliedOverheadBetweenAccountsAllocatingUnder-orOverappliOverappliedandUnderappliedManufacturingOverhead-SummaryPearCo’sMethodOverappliedandUnderappliedMQuickCheck
WhateffectwilltheoverappliedoverheadhaveonPearCo’snetoperatingincome?a.Netoperatingincomewillincrease.b.Netoperatingincomewillbeunaffected.c.Netoperatingincomewilldecrease.QuickCheck WhateffectwilQuickCheck
WhateffectwilltheoverappliedoverheadhaveonPearCo’snetoperatingincome?a.Netoperatingincomewillincrease.b.Netoperatingincomewillbeunaffected.c.Netoperatingincomewilldecrease.QuickCheck WhateffectwilHomeworkP97Problem3-5Required:CalculatethecostofgoodsmanufacturedCalculatethecostofgoodssoldCalculatetheincomeHomeworkP97Problem3-5EndofChapter3EndofChapter3ChapterThreeSystemsDesign:
Job-OrderCostingChapterThreeSystemsDesign:
ProductCostFlowsCostsassociatedwiththegoodsthatarecompletedduringtheperiodaretransferredtofinishedgoodsinventory.ProductCostFlowsCostsassociLearningObjective1Distinguishbetweenprocesscostingandjob-ordercostingandidentifycompaniesthatwoulduseeachcostingmethod.LearningObjective1DistinguisTypesofProductCostingSystemsProcess
CostingJob-order
Costing
Acompanyproducesmanyunitsofasingle product. Oneunitofproductisindistinguishablefrom otherunitsofproduct. Theidenticalnatureofeachunitofproduct enables assigningthesameaveragecostperunit.TypesofProductCostingSysteTypesofProductCostingSystemsProcess
CostingJob-order
Costing
Acompanyproducesmanyunitsofasingle product. Oneunitofproductisindistinguishablefrom otherunitsofproduct. Theidenticalnatureofeachunitofproduct enables assigningthesameaveragecostperunit.Examplecompanies:
1.Weyerhaeuser(papermanufacturing)
2.ReynoldsAluminum(refiningaluminumingots)3.Coca-Cola(mixingandbottlingbeverages)TypesofProductCostingSysteTypesofProductCostingSystemsProcess
CostingJob-order
Costing
Manydifferentproductsareproducedeachperiod. Productsaremanufacturedtoorder. Theuniquenatureofeachorderrequirestracingor allocatingcoststoeachjob,andmaintainingcost recordsforeachjob.TypesofProductCostingSysteTypesofProductCostingSystemsProcess
CostingJob-order
Costing
Manydifferentproductsareproducedeachperiod. Productsaremanufacturedtoorder. Theuniquenatureofeachorderrequirestracingor allocatingcoststoeachjob,andmaintainingcost recordsforeachjob.Examplecompanies:
1.Boeing(aircraftmanufacturing)
2.BechtelInternational(largescaleconstruction)3.WaltDisneyStudios(movieproduction)TypesofProductCostingSysteComparingProcessandJob-OrderCostingComparingProcessandJob-OrdeLearningObjective2Identifythedocumentsusedinajob-ordercostingsystem.LearningObjective2IdentifytManufacturingOverheadJobNo.1JobNo.2JobNo.3Chargedirectmaterialanddirectlaborcoststoeachjobasworkisperformed.Job-OrderCosting–AnOverviewDirectMaterialsDirectLaborManufacturingOverheadJobNo.ManufacturingOverhead,includingindirectmaterialsandindirectlabor,areallocatedtoalljobsratherthandirectlytracedtoeachjob.DirectManufacturingCostsDirectMaterialsDirectLaborJobNo.1JobNo.2JobNo.3ManufacturingOverheadManufacturingOverhead,includPearCoJobCostSheetJobNumberA-143DateInitiated3-4-05DateCompletedDepartmentB3UnitsCompletedItemWoodencargocrateDirectMaterialsDirectLaborManufacturingOverheadReq.No.AmountTicketHoursAmountHoursRateAmountCostSummaryUnitsShippedDirectMaterialsDateNumberBalanceDirectLaborManufacturingOverheadTotalCostUnitProductCostTheJobCostSheetPearCoJobCostSheetJobNumbeMeasuringDirectMaterialsCostWillE.DeliteMeasuringDirectMaterialsCosMeasuringDirectMaterialsCostMeasuringDirectMaterialsCosMeasuringDirectLaborCostsMeasuringDirectLaborCostsJob-OrderCostAccountingJob-OrderCostAccountingLearningObjective3ComputepredeterminedoverheadratesLearningObjective3Computepr
Thepredeterminedoverheadrate(POHR)usedtoapplyoverheadtojobsisdeterminedbeforetheperiodbegins.ManufacturingOverheadApplicationEstimatedtotalmanufacturing
overheadcostforthecomingperiodEstimatedtotalunitsinthe
allocationbaseforthecomingperiodPOHR=Ideally,theallocationbaseisacostdriverthatcausesoverhead.ThepredeterminedoverheadActualamountoftheallocationbasedupontheactuallevelofactivity.Basedonestimates,anddeterminedbeforetheperiodbegins.ApplicationofManufacturingOverheadOverheadapplied=POHR×ActualactivityActualamountoftheallocatioForeachdirectlaborhourworkedonaparticularjob,$4.00offactoryoverheadwillbeappliedtothatjob.OverheadApplicationRatePOHR=$4.00perDLH$640,000160,000directlaborhours(DLH)POHR=Estimatedtotalmanufacturing
overheadcostforthecomingperiodEstimatedtotalunitsinthe
allocationbaseforthecomingperiodPOHR=ForeachdirectlaborhourworJob-OrderCostAccountingJob-OrderCostAccountingJob-OrderCostAccountingJob-OrderCostAccountingInterpretingtheAverageUnitCostTheaverageunitcostshouldnotbeinterpretedasthecoststhatwouldactuallybeincurredifan
additionalunitwereproduced.
Fixedoverheadwouldnotchangeifanotherunit
wereproduced,sotheincrementalcostof
anotherunitmaybesomewhatlessthan$118.InterpretingtheAverageUnitQuickCheck
JobWR53atNWFab,Inc.required$200ofdirectmaterialsand10directlaborhoursat$15perhour.Estimatedtotaloverheadfortheyearwas$760,000andestimateddirectlaborhourswere20,000.WhatwouldberecordedasthecostofjobWR53?a.$200.b.$350.c.$380.d.$730.QuickCheck JobWR53atNWQuickCheck
JobWR53atNWFab,Inc.required$200ofdirectmaterialsand10directlaborhoursat$15perhour.Estimatedtotaloverheadfortheyearwas$760,000andestimateddirectlaborhourswere20,000.WhatwouldberecordedasthecostofjobWR53?a.$200.b.$350.c.$380.d.$730.QuickCheck JobWR53atNWLearningObjective4Understandtheflowofcostsinajob-ordercostingsystemLearningObjective4UnderstandJob-OrderCosting
DocumentFlowSummaryAsalesorderisthebasisofissuingaproductionorder.Aproductionorderinitiatesworkonajob.Job-OrderCosting
DocumentFloJob-OrderCosting
DocumentFlowSummaryJobCostSheetsMaterials
RequisitionManufacturingOverheadAccountDirectmaterialsIndirectmaterialsMaterialsused
maybeeither
director
indirect.Job-OrderCosting
DocumentFloJob-OrderCosting
DocumentFlowSummaryJobCostSheetsEmployeeTimeTicketManufacturingOverheadAccountAnemployee’s
timemaybeeither
directorindirect.DirectLaborIndirectLaborJob-OrderCosting
DocumentFloJob-OrderCosting
DocumentFlowSummaryManufacturingOverheadAccountOther
ActualOH
ChargesJobCostSheetsApplied
OverheadMaterials
RequisitionEmployee
TimeTicketIndirect
MaterialIndirect
LaborJob-OrderCosting
DocumentFloLearningObjectives5UseT-accountstoshowtheflowofcostsinajob-ordercostingsystemandprepareappropriatejournalentriestorecordcosts..LearningObjectives5RawMaterialsMaterialPurchasesMfg.OverheadWorkinProcess
(JobCostSheet)ActualAppliedDirect
MaterialsDirect
MaterialsIndirect
MaterialsIndirect
MaterialsThePurchaseandIssueofRawMaterialsRawMaterialsMaterialMfg.OverCostFlows–MaterialPurchasesRawmaterialpurchasesarerecordedinan
inventoryaccount.CostFlows–MaterialPurchaseCostFlows–MaterialUsage
DirectmaterialsissuedtoajobincreaseWorkinProcessanddecreaseRawMaterials.IndirectmaterialsusedarechargedtoManufacturingOverheadandalsodecreaseRawMaterials.CostFlows–MaterialUsageDiMfg.OverheadSalariesandWagesPayableWorkinProcess
(JobCostSheet)Direct
MaterialsDirect
LaborDirect
LaborIndirect
MaterialsActualAppliedIndirect
LaborIndirect
LaborTheRecordingofLaborCostsMfg.OverheadSalariesandWageTheRecordingofLaborCosts
ThecostofdirectlaborincurredincreasesWorkinProcessandthecostofindirectlaborincreasesManufacturingOverhead.TheRecordingofLaborCostsMfg.OverheadSalariesandWagesPayableWorkinProcess
(JobCostSheet)Direct
MaterialsDirect
LaborDirect
LaborIndirect
MaterialsActualAppliedIndirect
LaborIndirect
LaborRecordingActualManufacturingOverheadOther
OverheadMfg.OverheadSalariesandWageRecordingActualManufacturingOverhead
Inadditiontoindirectmaterialsandindirectlabor,othermanufacturingoverheadcostsarechargedtotheManufacturingOverheadaccountastheyareincurred.RecordingActualManufacturingLearningObjective6ApplyoverheadcosttoWorkinProcessusingapredeterminedoverheadrate.LearningObjective6ApplyoverMfg.OverheadSalariesandWagesPayableWorkinProcess
(JobCostSheet)Direct
MaterialsDirect
LaborDirect
LaborIndirect
MaterialsActualAppliedIndirect
LaborIndirect
LaborApplyingManufacturingOverheadOther
OverheadOverhead
AppliedOverhead
AppliedtoWorkin
ProcessIfactualandappliedmanufacturingoverhead
arenotequal,ayear-endadjustmentisrequired.Mfg.OverheadSalariesandWageApplyingManufacturingOverhead
WorkinProcessisincreasedwhenManufacturingOverheadisappliedtojobs.ApplyingManufacturingOverheaLearningObjective6Prepareschedulesofcostofgoodsmanufacturedandcostofgoodssold.LearningObjective6PreparescFinishedGoodsWorkinProcess
(JobCostSheet)Direct
MaterialsDirect
LaborOverhead
AppliedCostof
Goods
Mfd.Costof
Goods
Mfd.TransferringCompletedUnitsFinishedGoodsWorkinProcess
TransferringCompletedUnits
Asjobsarecompleted,theCostofGoodsManufacturedistransferredtoFinishedGoodsfromWorkinProcess.TransferringCompletedUnitsFinishedGoodsCostofGoodsSoldWorkinProcess
(JobCostSheet)Direct
MaterialsDirect
LaborOverhead
AppliedCostof
Goods
Mfd.Costof
Goods
Mfd.Costof
Goods
SoldCostof
Goods
SoldTransferringUnitsSoldFinishedGoodsCostofGoodsSoTransferringUnitsSold
Whenfinishedgoodsaresold,twoentriesarerequired:(1)torecordthesale,and(2)torecordCOGSandreduceFinishedGoods.TransferringUnitsSoldWheLearningObjective8ComputeunderappliedoroverappliedoverheadcostandpreparethejournalentrytoclosethebalanceinManufacturingOverheadtotheappropriateaccounts.LearningObjective8ComputeunProblemsofOverheadApplicationThedifferencebetweentheoverheadcostappliedtoWorkinProcessandtheactualoverheadcostsofaperiodisreferredtoaseitherunderappliedoroverappliedoverhead.Underappliedoverheadexistswhentheamountofoverheadappliedtojobsduringtheperiodusingthepredeterminedoverheadrateislessthanthetotalamountofoverheadactuallyincurredduringtheperiod.Overappliedoverheadexistswhentheamountofoverheadappliedtojobsduringtheperiodusingthepredeterminedoverheadrateisgreaterthanthetotalamountofoverheadactuallyincurredduringtheperiod.ProblemsofOverheadApplicati
PearCo’sactualoverheadfortheyearwas$650,000withatotalof170,000directlaborhoursworkedonjobs.HowmuchtotaloverheadwasappliedtoPearCo’sjobsduringtheyear?UsePearCo’spredeterminedoverheadrateof$4.00perdirectlaborhour.OverheadApplicationExampleOverheadAppliedDuringthePeriodAppliedOverhead=POHR×ActualDirectLaborHoursAppliedOverhead=$4.00perDLH×170,000DLH=$680,000PearCo’sactualoverheadfor
PearCo’sactualoverheadfortheyearwas$650,000withatotalof170,000directlaborhoursworkedonjobs.HowmuchtotaloverheadwasappliedtoPearCo’sjobsduringtheyear?UsePearCo’spredeterminedoverheadrateof$4.00perdirectlaborhour.OverheadApplicationExampleOverheadAppliedDuringthePeriodAppliedOverhead=POHR×ActualDirectLaborH
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