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10 Cards in this Set
- Front
- Back
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What is the difference between process costing and job costing? |
Process Costing: mass production, similar items, total costs are averaged over all units Job Costing: Unique, custom products or small batches, total costs are accumulated by job |
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How do you calculate the predetermined manufacturing overhead rate? |
Total Estimated Manufacturing Overhead Costs/Total Estimated Amount of Allocation Base |
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How do you calculate the MOH allocated for an individual job? |
Predetermined MOH rate x Actual Amount of Allocation Base used by the job |
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What does it mean when MOH is under allocated? |
Under costed Not enough allocated to jobs Too little expense |
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What does it mean when MOH is over allocated? |
Over costed Too much allocated to jobs Too much expense |
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What is the journal entry for the purchase of raw materials? |
Dr. Raw Materials Inventory Cr. Accounts Payable |
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What is the journal entry for the use of direct materials? |
Dr. Work in Process Inventory Cr. Raw Materials Inventory |
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What is the journal entry for the use of indirect materials (in the factory)? |
Dr. Manufacturing Overhead Cr. Raw Materials Inventory |
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What is the journal entry for the use of direct labor (on jobs)? |
Dr. Work in Process Inventory Cr. Wages Payable |
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What is the journal entry for use of indirect labor (in the factory)? |
Dr. Manufacturing OH Cr. Wages Payable |
