Chapter 16 Job Costing Appendix A-students

Chapter 16 Job Costing Appendix A-students - Chapter 16...

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Copyright © 2009 School of Accountancy, Arizona State University Chapter 16 Appendix A Job Costing – Continued Recording Transactions
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Copyright © 2009 School of Accountancy, Arizona State University Work in Process Cost of Goods Sold Labor Materials Indirect Finished Goods Factory Overhead Direct Direct Allocate Cost Flow for Job Cost Components The job’s cost becomes the basis for valuing inventory and cost of goods sold Indirect
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Copyright © 2009 School of Accountancy, Arizona State University Raw Materials WIP FG Inventory Beg Inv DM used in Production Beg Inv COGM Beg Inv COGS Purchases DM COGM End Inv DL End Inv Applied MOH End Inv Overhead Control (Overhead) SG& A Expenses COGS Actual MOH Applied MOH Actual SG&A COGS Under Over Applied OH Applied OH T-ACCOUNTS OF INVENTORY FLOWS USING NORMAL COSTING
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Copyright © 2009 School of Accountancy, Arizona State University Raw Materials Material Purchases Direct Direct Material Material Used Used Direct Direct Material Material Used Used Accounting for Materials Actual Overhead Costs Indirect Material Overhead Control Work in Process
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Copyright © 2009 School of Accountancy, Arizona State University JEs for Materials GENERAL JOURNAL DATE DESCRIPTION REF DEBIT CREDIT Raw Materials inventory XXXXX Accounts payable XXXXX Record purchase of RM WIP
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