Exam1 - Flashcards(2) - The flashcards are formatted for...

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Process Costing Process Costing
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A company produces many units of a single product. One unit of product is indistinguishable from other units of product; identical nature enables assigning the same average cost per unit.
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Job-Order Costing Job-Order Costing
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Many different products are produced each period. Products are manufactured to order; unique nature of each order requires tracing or allocating costs to each job.
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Allocation Base In Process
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Manufacturing overhead is applied to jobs that are ____. Used to assign manufacturing overhead to individual jobs.
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Allocation Base 1. Direct Labor Hours 2. Direct Labor Dollars 3. Machine Hours
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Examples of allocation bases: Ideally a cost driver that causes overhead.
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Phallic Symbol Overhead; Before
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The predetermined overhead rate (POHR) used to apply ____ to jobs is determined ____ the period begins. In Fatal Attraction, Dan has trouble with his umbrella (symbol).
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Predetermined Overhead Rate (POHR) Estimated total manufacturing overhead cost Estimated total units in the allocation base
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Equation for predetermined overhead rate (POHR): Makes it possible to estimate total job costs sooner.
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Overhead Applied = POHR x Actual Activity Actual
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____ overhead for the period is not known until the end of the period.
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