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Chapter 3 notes

by: Ryan Rodriguez-Mena

Chapter 3 notes ACC 212

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Ryan Rodriguez-Mena

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Chapter 3 notes from the first exam in Professor Sicres Managerial accounting class.
Managerial Accounting 212
Class Notes
Acc 212, Ch. 2, managerial accounting
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This 2 page Class Notes was uploaded by Ryan Rodriguez-Mena on Sunday February 7, 2016. The Class Notes belongs to ACC 212 at University of Miami taught by Sicre in Spring2015. Since its upload, it has received 20 views.

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Date Created: 02/07/16
Ch.3 01/28/2016 ▯ Y = a + bx  Y = TC  A = FC  B = VC  X = Activity ▯ Job order costing  Is used when the items are unique and they are different  Used extensively in the service industry (by doctors and attorneys because each case is different) o Ex: Three buildings of different sizes can not be divided upon equally because the taller building costs more to build ▯ Process costing  Is used then the items are the same (homogenous) ▯ Absorption costing  Required by GAAP  Uses fixed and variable costs ▯ A bill of materials is a document that lists the type and quantity of each type of direct material needed to complete a unit of product ▯ Manufacturing costs are split up into 3 parts: ▯ Direct Labor  Direct line between costs and product o Someone worked on XYZ product for XYZ amount of time ▯ Direct Material  The absolute material used ▯ Manufacturing Overhead  Labor charges that can’t be easily traced directly to and job o Ex: Think of a building…. You have direct labor and direct material and everything else that is not those two is manufacturing overhead  Manufacturing overhead includes indirect labor, equipment depreciation, security guard  To calculate the cost of manufacturing overhead… o POHR (Predetermined overhead rate) o computed by dividing the total estimated manufacturing overhead cost for the period by the estimated total amount of the allocation base  Costs (direct labor and direct materials)/ machine hours, direct labor hours…. DO NOT USE DIRECT LABOR COSTS because that depends on the location (NY people get paid more than people in Kentucky)  3 parts of the balance sheet (Flow of Costs) o Raw materials o Work In progress o Finished good ▯ Schedule of Cost of Goods Manufactured  Using Work in progress ▯ Schedule of Costs of Good Sold  Using in finished goods ▯ Since the predetermined overhead rate (POHR) is calculated before the period begins and is based entirely on ‘estimated data’, the overhead costs applied to WIP will usually differ from the actual amounts of costs incurred. ▯ This difference is either underapplied or overapplied overhead. ▯ ▯ ▯ ▯ ▯ ▯ ▯ ▯


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