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Chapter 4-Study Information

Chapter 4-Study Information - jobs 5 You should be able to...

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Accounting 230 Chapter 4—Study Information Horngren 13 th Ed. 1. You should be able to define “job order costing,” know the characteristics of the product/service being produced, and how to compute a unit cost (see my handout). 2. You should understand the use of a job cost sheet and be able to record DM, DL and OH on the sheet, as well as compute a unit cost. 3. You should be able to define a “normal cost system.” 4. You should be able to discuss several reasons why actual overhead costs are not traced to specific
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Unformatted text preview: jobs. 5. You should be able to calculate a predetermined overhead rate. 6. You should be able to record journal entries related to a normal cost system. 7. You should be able to compute the amount of under- or overapplied overhead. 8. You should be able to dispose of the under- or overapplied overhead at year end by the three methods discussed in the textbook (and homework problem). 9. You should be able to calculate and use different overhead rates for multiple departments in a company....
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