CHAPTER 3B - Systems Design: Job-Order Costing Managerial...

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Systems Design: Job-Order Costing Managerial Accounting Chapter
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Direct Materials Direct Labor Mfg. Overhead Work-in- Process Finished Goods Cost-of Goods Sold Cost  Measurement Cost  Accumulation Cost  Assignment Goal: Accurately costed  products.
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Job-Order Costing Vs. Process Costing - Similarities The same basic purpose exists in both systems. To assign direct material, direct labor and manufacturing overhead to products. To provide a mechanism for computing unit cost. Let ’s 1 2
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Job-Order Costing Vs. Process Costing - Similarities The same basic purpose exists in both systems. Both systems maintain and use the same manufacturing accounts. The flow of costs through the accounts is basically the same. Let ’s 3 4
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Cost Flows in a Manufacturing Firm DM DL MOH DM Inv. WIP Inv. FG Inv. WIP Manufacturing Costs COGS S&A Sales - = Gross Margin - Net Income = Balance Sheet Income Statement Unfinished Finished Sold Unused Used Used Applied
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Differences arise from two factors . . .
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This note was uploaded on 08/10/2011 for the course ECON 123 taught by Professor Other during the Spring '11 term at Pontificia Universidad Catolica Madre y Maestra.

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CHAPTER 3B - Systems Design: Job-Order Costing Managerial...

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