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18 Cards in this Set
- Front
- Back
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Absorption Costing
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A costing method that includes all manufacturing costs-- direct materials, direct labor, and both variable and fixed manufacturing overhead-- in the cost of teh product. (FULL COST)
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Allocation base
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A measure of activity such as direct labor-hours or machine-hours that is used to assign costs to cost objects.
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Bill of materials
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A document that shows the type and quantity of each major item of materials required to make a product
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Cost Driver
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A factor such as machine-hours, beds occupied, computer time, or flight-hours, that causes overhead costs.
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Full Cost
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Absorption Costing
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Job Cost Sheet
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A form prepared for each job that records te materials, labor, and manufacturing overhead costs charged to the job
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Job-order costing system
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A costing system used in situtations where many different products, jobs, or services are produces each period
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Materials requistiion form
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A detailed source document that specifies the type and quantity of materials drawn from the storeroom and that identifies the job that is changed for the cost of those materials.
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Multiple predetermined overhead rates
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A costing system with multiple overhead cost pools with different predetermined rate for each cost pool.
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Normal Cost System
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A costing system in which overhead costs are applied to jobs by multiplying a predetermined overhead reate by teh actual amount of the allocation base incurred by the job
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Overapplied overhead
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A credit balance in the MOH account that occurs when the amount of OH cost applied to Work in Process is greater than the amount of overhead cost actually incurred during a period.
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Plantwide overhead reate
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A single predetermined overhead rate that is used throughout a plant
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Predetermined overhead rate
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A rate used to charge overhead cost to jobs
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Process costing system
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A costing system used in situations wehre a single, homogenous product is produced for long periods of time.
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Time Ticket
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A detailed source document that is used to record the amount of tiem an employee spends on various activities during the day
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Underapplied overhead
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A debit balance in theMOH account that arises when the omoung of overhead cost actually incurred is greater than the amount of overhead cost applied to Work in Process during a period
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POHR= what?
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Estimated MOH Cost DIVIDED BY Cost Driver
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Overhead Applied= what?
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POHR x Actual Activity
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