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Job Costing Study Guide

by: Kieran Notetaker

Job Costing Study Guide ACCT201

Marketplace > Kansas > Accounting > ACCT201 > Job Costing Study Guide
Kieran Notetaker
GPA 3.3
Managerial Accounting I
Kelvie Krabb

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Managerial Accounting I
Kelvie Krabb
Study Guide
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This 7 page Study Guide was uploaded by Kieran Notetaker on Saturday October 10, 2015. The Study Guide belongs to ACCT201 at Kansas taught by Kelvie Krabb in Summer 2015. Since its upload, it has received 48 views. For similar materials see Managerial Accounting I in Accounting at Kansas.


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Date Created: 10/10/15
Job Costing Study Guide Vocab Productmanufacturing costs any costs a company incurs to acquire raw materials and convert them to nished goods ready for sale Direct materials materials that can be directly traced to or easily identi ed with the nal product Direct labor the wages paid to the workers who transform direct materials into a nished product Manufacturing overhead cost that is incurred to support the factory or the manufacturing and is not classi ed as direct materials or direct labor Indirect materials supplies that is involved with manufacturing the nal product but may or may not be part of the nal product Indirect labor labor cost of all the workers who support the production process Period cost any cost that is not a product cost It is associated the selling of products and administration Selling cost costs that are associated with the storage sale and delivery of nished goods General and administrative costs includes all the costs associated with the general management of a company Work in process inventory account that records the costs of all products that have been started but not yet complete Finished goods inventory records all the production costs of completed products Cost of goods manufactured the cost of everything that is nished during the period whethr or not it was started during the period Total manufacturing cost sum of the direct materials direct labor and manufacturing overhead from the period Job order costing system products are manufactured in batches orjobs and product costs are accumulated for each job Job cost sheet accumulates and summarizes all the costs incurred during the job Materials requisition slip releases those direct materials from the storeroom to the factory oor Overhead application dividing or allocating overhead to various jobs Applied overhead the amount of manufacturing overhead allocated to each job Application base a measure that is correlated with overhead costs Usually labor hours machine hours labor costs and units of production Predetermined overhead rate based on the application base and budgeted manufacturing overhead Underapplied overhead not enough overhead cost was charged to products as they were made Overapplied overhead too much overhead cost was charged to manufactured products Equations Beginning balance costs added during period costs removed ending balance PDMOH Estimated manufacturing overhead Estimated application base Applied overhead PDMOH x Actual application base 41 Product and Period Costs Examples 42 Product cost ows examples Mamruan mm haste s of the Finished G00 39 mamna39sj an a m mumer in the Work in Prmess Invenmn39 account as TL Enj 7 Balance sheet 1 Rm 1 l kquotE F IEUH Q DI I p G h 0 Durecr mmE39aiS DIJ39 MU pi rnze ucwr Compl eted IEISEyS Ham 1 sel39 Tabor Punished I gems 1 Invenmn Manutacmnng Overhead riiunlini lt a 1mrnr 71 Ia llngl fzunliJlll 1 llt m39 We can also creat income statement numbif HmJ I iH m x u1uIF Hl 39 1 r 1 uvrxi139srl xh 1L1 H39n Fquot W i LLZL M r In x l1l112NM 1lwrllJHM lrvrl hl NHHHWMH m mm In P 39 5391 l IJ m A Land 1HJIIHJ L mini nan Hm Mannd II r n h i V x r 7 quot I M quotM in quotJ 1H HI l lHl E lwl F h IN I I39l frlu39xx WHM39ITI39HH J J 39 mum39nr 7 l M I I L m rlu 1 11mm Ill lLL39 er 1 Punu Imcmun Bur uni H quot a 1 H III Jinnquot INN 1 A W3 39 39 quot 7 V x In Aw I I Fman Luwmjhhhu 39 m Mb 47w mm m rurn mquot l quot I HI at 394 WA NT mm m rmudx wmmituturrd and t u 11394er m Mn mu39umr 39JLLHMHL Won n man mammary Etcgman r Damncc 1 Jared mumm 39 A TI39dquotquotr1quotu39af x ng 39 Ham 39 39 7 umulwmu4 7 7 77 nun34 II I n 7 mm m rip3555 mimr nq gauge Ending nuance Wwi m wry 9 lVu39qu I391 L If 5 5pan Umyp pd Whuh c nu mm m 5 an nurnumLIunILI Inr hr nmmh m39 HL39FTH HI I39JI39I rpmAn m E uhrllrl 4X1 Hump u g 21 an m rim 5 I mrmmy Tulajtum wl imvl an i Maxim 4 r SPORTS Schedule of Cost cf Good Manufactured Septimbar 2013 SMILE 7 Dirac mural mid in gladJapan 23 723 Dina khan 1quot Mlnl l u ri g owde 7 n u r 7 Tu Tatl mudduring com Iquot Add manning Wind m Pl mu luvvim M I Sub a guiding Work in Prom1mm mu rm of good mnuhflui39odi 7 j in ml Lab Drd f comng d F S Che dl e 0f CDS39t of goods sold which is a restatement memory account Exhibit 49 Shows 3605 schedule of C05quot 0E g ds sold for S 7 r t 7 I V V V z Tiacmum Show in EXheiEifTEaizr Compare wt to the FINIShEd Goods Inventory cat SPORTS Schedule of Cost 91 Goods Sold September 2013 Cast of goods manufactured Adid beginning Finished Goods Enventory Goods available for sake ending Finished Goods I nwntary Cast 0 goods said 5 M2 543334 I tli1 a39 up air 1 C 39C Sports quot39 as of goods said I S 43 Job Order Costing VJJJJJ quot WJJI quot1122 A All EMMMMRRMM UJlm npm u39 mapmh m ingur S Hv44 ivlu m Liir xg39ug39t me mat durum hr mmung LEAF quot quot39U39F I this vu alri mru r u th prud rmrmmud m g39rhcad raw u 5 I Jjwifmmnm u q H44 r m ll 3 will dqcrcd himr um HPL39nl i fmm lixhu39fhir 114 Hut 56432 rnf dareg lahnr ms an unwrrn um I th HISMl H4li 321th Tame the ahmc pru du tunmnod nwrhmd raw 5134 Hf 1111 LISI39JCIUTing m39urhcad HE UJH n he m39pphmi m hr Inba Sh l l ll39quotquotn SNHAH mrk back at I quot 1ii nlt lU And nd Hm cim f fur tl m gmpliggmmm m mmM1c mng W rht d mm Hit huh UM ahch Recall than he isnwraml mm m L39l39mrgw wmrhmd wt m mimic m Primmm hwmmryquot is Work in P rncess lnvenmry Manufacturing Overhead Mantra XXX Insteadquot Of f rgdiring the Jam warhead coats Wm m Princess ll39nvenmfy 15 was 6 Un t 4 2 jab adm mgting system charges the apphm manuiacmnng 5 and Job Order Costing uct Cost 44 Under and Over applied MOH 913m hil l tlfr luig illnylfnh il mm mm Murray1mm z MaliaIa 53175 1 1l m 51420 Eel561 55413 1 DE 19592 Muffquot 1 1 65955 1 3525 JI EJIFLM m In Wart m P sw ss Inwnmq 5391 1590 l F39FFEF39QEECEPEJE39JJ F WW quot 155432 a v m quotJ yawning 1 hu L 51 3 3 quotEng 5 lquot h39llt i t 4 II i wilrnrw h39urmu L m a mug llama 3w EU 3 based UH IthE nEIm ving rwnm I umpmn Thuquot HULI39rnww run my Elmm39mmrs 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