ACCT II Chapter 3

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Absorbtion Costing

A costing method that includes all manufacturing costs—direct materials, direct labor, and both variable and fixed manufacturing overhead—in unit product costs.

Normal costing

A costing system that applies overhead to a job by multiplying a predetermined overhead rate by the actual amount of the allocation base used by the job.

Allocation Base

A measure of activity such as direct labor-hours or machine-hours that is used to assign costs to cost objects.

POHR

A rate used to charge manufacturing overhead cost to jobs that is established in advance for each period.

POHR= Estimated total manufacturing/ estimated total amount of allocation base

How do you calculate predetermined overhead rate?

Job-order costing

a costing system used in situations where many different products, jobs, or services are produced each period

job costing

a form that records the direct materials, overhead cost charged to a job.

COGM

includes the manufacturing costs associated with units of product finished during the period..

Overhead Application

the process of assigning overhead costs to specific jobs using the following formula: overhead applied to a particular job = predetermined overhead rate X amount of the allocation base incurred by the job

COGS

what you pay for what you sell


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