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15 Cards in this Set
- Front
- Back
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One distinct unit or set of units |
Job |
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System approach of assigning costs by job; variety of distinct products |
Job-order costing system |
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System approach of assigning costs by process or dept. for given period; mass-produce same or similar products |
Process-costing system |
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Unit cost formula- job-costing |
Unit cost = tot. job costs/output |
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Unit cost formula- process-cost |
Unit cost= process cost/output |
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In this system, only actual costs of DM, DL and OH are used to determine unit cost |
Actual costing |
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System that determines unit cost by adding actual DM, actual DL and estimated OH |
Normal costing |
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3 steps to calculate OH |
POHR=est. ann.OH/est. ann.OP App.OH= POHR x act.OP OH Vari= act OH- app OH (Adj COGS) |
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Formula- Tot Normal prod costs= |
Act DM + act DL + app OH |
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Formula- Tot product cost/# of units |
Unit product cost |
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Primary document for accumulating all costs related to a particular job |
Job-order cost sheet |
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Source document with cost of direct materials assigned to a job |
Materials requisition form |
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Source document that assigns Direct labor costs to individual jobs; used only for direct laborers |
Time ticket |
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Costs of goods sold before adjustment for OH Variance |
Normal cost of goods sold |
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Cost of goods sold after adjusting for OH variance |
Adjusted cost of goods sold |
