Vocab for test 2/29
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| show | 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.
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| show | 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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| show | A document that shows the quantity of each type of direct material required to make a product
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| Cost Driver- | show 🗑
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| Cost of goods manufactured- | show 🗑
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| show | Units of product that have been completed but not yet sold to customers
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| Job cost sheet- | show 🗑
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| Job-order costing- | show 🗑
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| show | 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.
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| show | 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
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| show | 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
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| show | 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
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| show | the process of charging manufacturing overhead cost to job cost sheets and to the work in Process account
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| show | a single predetermined overhead tare that is used throughout a plant
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| Predetermined overhead rate | show 🗑
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| show | any materials that go into the final product
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| show | 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
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| time ticket | show 🗑
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| show | 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
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| show | Units of product that are only partially complete and will require further work before they are ready for sale to the customers
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