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Notes Exam 2 - Job-order costing different types of...

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pport/ per job Depreciation 77,000/200= $385 Office expense 84,000/200=$420 Total= $805/job Job-order costing - different types of products jobs or batches, direct materials + direct labor + overhead predetermined rate (total overhead costs/total allocation base: labor hours ft2 output machine hours) Direct costs go to WIP, indirect+ depreciation costs go to overhead account, no selling and advert costs on t- accounts, use predetermined overhead rate to apply to left of WIP and right on OH account, +oh balance to left of CGS along with CGS, Schedule of Cost Goods Manufactured- Direct Materials : Beg+Purchases-Ending-indirect materials + direct labor + manufacturing oh applied= total manufacturing costs + beg WIP – ending WIP= CGM Income statement- Sales + CGS (finished goods+pos balance of OH) = Gross Margin- Selling Expenses (wages+insurance+advertising+depreciation) = Net operating Income Cost of Goods Sold-= Beg Finished + CGM – End Finished +Under-applied OH Alternative: Estimated OH costs/ Capacity of allocation base. Debit cost of excess capacity, credit overhead Process Costing - single product is produced, total manufacturing costs/ total number units, costs to processes, WIP Department A- cost partially finished + Raw Materials A + Wages A + Manufacturing OH A - finished unit A WIP Department B- cost partially finished + cost finished Dpt. A+ Raw Materials B+ Wages B+ OH B- Finished units B = Partially Finished units (turn into Equivalent Units) Finished Goods- Cost of Finished units B Weighted Average Method- Cost to be accounted for= costs beg WIP + costs added Equivalent Units= units transferred out + EU of ending WIP.
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