ACCT 202 CHAPTER 4 STUDY GUIDE
ACCT 202 CHAPTER 4 STUDY GUIDE ACCT 202
Popular in PRIN OF MANAGERIAL ACCOUNTING
verified elite notetaker
Popular in Accounting
This 3 page Study Guide was uploaded by Tre' Brandon on Sunday October 4, 2015. The Study Guide belongs to ACCT 202 at Old Dominion University taught by ROBERT M CROMICH in Fall 2015. Since its upload, it has received 35 views. For similar materials see PRIN OF MANAGERIAL ACCOUNTING in Accounting at Old Dominion University.
Reviews for ACCT 202 CHAPTER 4 STUDY GUIDE
Eugh...this class is soo hard! I'm so glad that you'll be posting notes for this class
Report this Material
What is Karma?
Karma is the currency of StudySoup.
You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!
Date Created: 10/04/15
ACCTING 202 CHAPTER 4 STUDY Alvin GUIDE Brandon COST SHEET DIFFERENCES JobOrder Costing Process Costing 1 Many different jobs worked eac 1 A single product is produced either period with each job having different on a continuous basis or for long periods production requirements of time 2 Costs are accumulated by each 2 All units are identical individual 39ob J 3 Costs are accumulated by 3 Unit costs are computed by job department on 39obcost sheet J 4 Unit costs are computed by department COST SHEET SIMILARITIES 1 Both systems have the same basic purposes to assign material labor and MOH costs to produce and provide a way to compute product costs 2 Both systems use the same basic manufacturing accounts 3 Flow of costs through the manufacturing accounts is basically identical This is an example of cost ow entries that were exampled in the book to get an idea of how this process works Raw materials are added to the process for formulating involving water avors sugar and carbon dioxide and bottling bottles caps and packing Work in Process Formulating 1 000 Work in Process Bottling 1 000 Raw Materials 2000 Next we account for labor Work in Process Formulating 500 Work in Process Bottling 500 Salaries and Wages Payable 1000 The next step is to consider overhead costs for each department Work in Process Formulating 1000 Work in Process Bottling 1000 Manufacturing Overhead 200 0 These nal transactions will be for completing the cost ows First the materials in the Formulating department must be transferred to the Bottling department to be nished Work in Process Bottling 1000 Work in Process Formulating 100 0 After processing is done within the Bottling department the cost of completed units is transferred to Finished Goods Finished Goods u 2000 Work in Process Bottling 20 00 Finally when units are sold the cost is transferred to 065 Cost of Goods Sold 2000 Finished Goods 2000 The cost ows will be similar between a joborder costing system and a process costing system with the main difference being that a process costing system accounts for various separated departments
Are you sure you want to buy this material for
You're already Subscribed!
Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'