Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
8 Cards in this Set
- Front
- Back
- 3rd side (hint)
|
Wages = Variable
|
Salary = Fixed
|
|
|
|
Over applied overhead
|
Subtract from Cost of Goods Sold, Credit Cost of Goods Sold
|
too much was added in Cost of Goods Sold, therefore deduct
|
|
|
Under applied overhead
|
Add to Cost of Goods Sold, Debit Cost of Goods Sold
|
too little was added to Cost of Goods Sold, therefore add back
|
|
|
Predetermined Ovherhead Rate
|
Estimated manufacturing overhead / Esitmated Direct Labor Cost or Machine Hours
|
|
|
|
Service Companies will use an account called Service Overhead Control
|
Cost of Services Billed is used instead of Gost of Goods Sold
|
|
|
|
Normal Cost
|
Cost of job determined by actual direct material and labor costs applied using a predetermined rate and an actual allocation base
|
|
|
|
Direct Labor is recorded
|
In Work in Process
|
|
|
|
Total Cost per Job basic Formula
|
Beginnint Work in Process
+ Direct Materials + Direct Labor + Overhead (predetermined rate) = Total Job Cost |
|
