AIM 3341 Exam 2 Notes - AIM 3341 Exam 2 Notes: Chapter 5:...

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AIM 3341 Exam 2 Notes: Chapter 5: Over/(Underapplied) OH Labor Hours Bassets on the Run $100,000 2,500 My Life as a Cat (500,000) 2,300 I Wanna Be a Fish (700,000) 2,800 Actual DLHrs this period 7,600 Actual OH for BotR $1,150,000 Actual OH for IWBaF $2,100,000 Estimated DLHrs this period 6,000 OH allocated for MLaaC $1,150,000 1. Job Costing System is appropriate for – a. Jewelry store that manufactures and sells handcrafted jewelry 2. There is overapplied OH Answer: a. Fixed overhead control xxxx WIP xxx FG xxx COGS xxxx 3. Scrap – bits of DM left over from normal manufacturing processes Product Costs – direct and indirect costs of producing goods or services Process Costing – allocates both direct and overhead costs to continuous-flow processing lines; generally for mass-produced products Job Costing – process of assigning costs to custom products or services Job Cost Record – cost and activity information gathered from source documents is used to record costs in a subsidiary edger for each new job (DM, DL, OH)
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This note was uploaded on 04/19/2008 for the course AIM 3341 taught by Professor Thompson during the Spring '08 term at University of Texas at Dallas, Richardson.

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AIM 3341 Exam 2 Notes - AIM 3341 Exam 2 Notes: Chapter 5:...

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