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Chapter 3 Acctg

Vocab for test 2/29

QuestionAnswer
absorption costing- A costing method that includes all manufacturing costs- direct materials, direct labor, and both variable and fixed manufacturing overhead-in the cost of a product.
Allocation base- A measure of activity such as direct labor-hours or machine-hours that is used to assign costs to cost objects
Bill of materials- A document that shows the quantity of each type of direct material required to make a product
Cost Driver- A factor, such as machine-hours, beds occupied, computer time, or flight hours, that causes overhead costs.
Cost of goods manufactured- The manufacturing costs associated with the goods that were finished during the period
Finished goods- Units of product that have been completed but not yet sold to customers
Job cost sheet- A form that records the materials, labor, and manufacturing overhead costs charged to a job
Job-order costing- A costing system used in situations where many different products, jobs, or services are produced each period.
Materials requisition form- A document that specifies the type and quantities of materials to be drawn from the storeroom and that identifies the hob that will be charged for the cost of those materials.
Multiple predetermined overhead rates (POHR) A costing system with multiple overhead cost pools and a different predetermined overhead rate for each cost pool,rather than a single predetermined overhead rate for the entire company. Each production department may be treated as a separate OH cost
Normal Cost system a costing system in which overhead costs are applied to a hob by multiplying a predetermined overhead rate by the actual amount of the allocation base incurred by the job
overapplied overhead A credit balance in the Manufacturing Overhead account that occurs when the amount of overhead cost applied to Work in Process exceeds the amount of overhead cost actually incurred during a period
overhead application the process of charging manufacturing overhead cost to job cost sheets and to the work in Process account
plantwide overhead rate a single predetermined overhead tare that is used throughout a plant
Predetermined overhead rate a rate used to charge MOH cost to jobs that is established in advance for each period. It is computed by dividing the estimated total manufacturing overhead cost by the est total amount of the allocation base for the period
Raw materials any materials that go into the final product
schedule of cost of goods manufactured a schedule that contains 3 elements of product costs-firect materials, direct labor, and manuf overhead- and that summarizes the portions of those costs that remain in ending Finished Goods inventory & that are transferred out of Finished Goods into COGS
time ticket a document that is used to record the amount of time an employee spends on various activities
underapplied overhead a debit balance in the Manufacturing Overhead account that occurs when the amount of overhead cost actually incurred exceeds the amount of overhead cost applied to Work in Process during a period
Work in Progress Units of product that are only partially complete and will require further work before they are ready for sale to the customers
Created by: Sara K