direct materials used

beginning direct materials + purchase of direct materials(including freight in or transportation) - ending direct materials

total manufacturing cost incurred during the period

direct materials used + direct labor + manufacturing overhead(which includes indirect material and indirect labor

cost of goods manufactured

beginning work in process + total manufacturing cost incurred during the period - ending work in process

schedule of cost of good sold [in the income statement ]

beginning finished goods + cost of goods manufactured - ending of finished goods

predetermined manufacturing overhead rate

manufacturing overhead costs/ machine hours

allocated manufacturing overhead

machine hours * predetermined manufacturing overhead rate

expenses that are not directly involved in the manufacturing process but are necessary to operate the business for a specific time period. They are generally categorized as Selling Expenses or Administrative Expenses.

beginning inventory + purchases - ending inventory = COGS sales revenue - COGS = Gross profit

manufacturing overhead rate per machine hour

estimated manufacturing overhead costs/ estimated machine hours

manufacturing overhead allocated

estimated manufacturing overhead costs/estimated machine hours then times actual machine hours

ending work in progress

direct labor * direct labor costs percentage = MOH MOH + beginning work in progress inventory balance + direct materials + direct labor - job costing

total manufacturing overhead costs

factory depreciation + factory utilities + indirect labor + factory rent+ factory property taxes + indirect materials

allocates overhead based on direct labor costs what is predetermined overhead rate

estimated manufacturing overhead/ estimated direct labor cost

manufacturing overhead rate per direct labor hour

wages of factory janitor + utilities for factory + rent on factory building

actual manufacturing overhead

amount of under allocated manufacturing overhead + manufacturing overhead allocated

uses direct labor costs as the allocation base, what would be the allocated manufacturing overhead

estimated manufacturing overhead costs / estimated direct labor costs = ans * actual direct labor costs

manufacturing overhead overallocated or under allocated

estimated manufacturing overhead cost / estimated machine hours = ans * actual machine hours = actual manufacturing overhead costs - ans

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chapter 2 and 3

Question	Answer
direct materials used	beginning direct materials + purchase of direct materials(including freight in or transportation) - ending direct materials
total manufacturing cost incurred during the period	direct materials used + direct labor + manufacturing overhead(which includes indirect material and indirect labor
cost of goods manufactured	beginning work in process + total manufacturing cost incurred during the period - ending work in process
schedule of cost of good sold [in the income statement ]	beginning finished goods + cost of goods manufactured - ending of finished goods
predetermined manufacturing overhead rate	manufacturing overhead costs/ machine hours
allocated manufacturing overhead	machine hours * predetermined manufacturing overhead rate
Period costs	expenses that are not directly involved in the manufacturing process but are necessary to operate the business for a specific time period. They are generally categorized as Selling Expenses or Administrative Expenses.
gross profit	beginning inventory + purchases - ending inventory = COGS sales revenue - COGS = Gross profit
manufacturing overhead rate per machine hour	estimated manufacturing overhead costs/ estimated machine hours
manufacturing overhead allocated	estimated manufacturing overhead costs/estimated machine hours then times actual machine hours
ending work in progress	direct labor * direct labor costs percentage = MOH MOH + beginning work in progress inventory balance + direct materials + direct labor - job costing
total manufacturing overhead costs	factory depreciation + factory utilities + indirect labor + factory rent+ factory property taxes + indirect materials
allocates overhead based on direct labor costs what is predetermined overhead rate	estimated manufacturing overhead/ estimated direct labor cost
manufacturing overhead rate per direct labor hour	wages of factory janitor + utilities for factory + rent on factory building
actual manufacturing overhead	amount of under allocated manufacturing overhead + manufacturing overhead allocated
uses direct labor costs as the allocation base, what would be the allocated manufacturing overhead	estimated manufacturing overhead costs / estimated direct labor costs = ans * actual direct labor costs
manufacturing overhead overallocated or under allocated	estimated manufacturing overhead cost / estimated machine hours = ans * actual machine hours = actual manufacturing overhead costs - ans

Created by: Jgoulas

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