Module 5 Notes
Module 5 Notes ACG 3074
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This 2 page Class Notes was uploaded by Julianna Smith on Saturday March 5, 2016. The Class Notes belongs to ACG 3074 at University of South Florida taught by Christine Andrews in Spring 2016. Since its upload, it has received 13 views. For similar materials see Managerial Accounting for Non-majors in Accounting at University of South Florida.
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Date Created: 03/05/16
Managerial Accounting for Non-Majors Chapter 17 – Job Order Costing -job order costing system – accounting system that accumulates costs by job; used by companies that manufacture unique products or provide specialized services -process costing system – accounting system that accumulates costs by process; used by companies that manufacture identical units through a series of uniform production steps or processes Predetermined overhead allocation rate = Estimated overhead cost / Estimated direct labor cost Allocated overhead = Actual direct labor cost x Predetermined overhead allocation rate Direct labor cost rate = Estimated direct labor costs / Estimated direct labor hours Predetermined overhead allocation rate = Estimated total indirect costs / Estimated direct labor costs Predicted cost = Direct labor + Indirect Costs Direct labor = hrs x Direct labor cost rate Indirect costs = Predetermined overhead allocation rate x Direct labor Desired profit = Predicted cost x % Equations: Accounting Equation Assets = Liabilities + Equity Expanded Accounting Equation Assets = Liabilities + Common Stock – Dividends + Revenues - Expenses Stockholders’ Equity Equation Beginning Equity + Common Stock + Net Income (or – Net Loss) – Dividends = Ending Equity Ending Equity – Beginning Equity - Common Stock + Dividends = Net Income (Loss) Net Income Formula Revenues – Expenses = Net Income (Loss) Merchandise Inventory Sales Revenue – Cost of Goods Sold = Gross Profit Gross Profit – Operating Expenses = Net Income Gross Profit Percentage Gross Profit Percentage = Gross Profit / Net Sales Revenue Calculating Unit Product Cost Units Product Cost = Cost of goods manufactured / Total units produced
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