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busi 101 sep 8 notes[2].chpater 2doc - Sep 8th 2010...

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Sep 8 th , 2010, Wednesday BUSI 101 Predetermined Overhead Rate= Estimated Annual Overhead Costs/ Expected Annual Operating Activity MFC OHD Actual Applied If actual<applied OVER APPLIED If applied>actual UNDER APPLIED To dispose over applied or under applied, we have two ways: 1e Pre-rate(more accurate) 2e Close to COGS (write it off) If over applied MFC OHD XXX COGS XXX If under applied CGS XXX MFC OHD XXX e materials D WIP INV. XXX Materials INV. XXX WIP INV and Materials INV are both asset summary of Chapter 2 Job Order Cost System under job order cost system, the company assigns costs to each job or to each batch of goods. companies may complete jobs or batches to fill a specific customer order or to replenish inventory. an important feature of jobs order costing is that each job or batch has its own distinguishing characteristics. a job order cost system measures costs for each completed job, rather than for set time periods.
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