Assigning Manufacturing Costs

Assigning Manufacturing Costs - ASSIGNING MANUFACTURING...

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ASSIGNING MANUFACTURING COSTS—JOURNAL ENTRIES As indicated, the accumulation of the costs of materials, labor, and manufacturing overhead is the  same in a process cost system as in a job order cost system. That is, both systems follow these  procedures:  •   Companies debit all raw materials to Raw Materials Inventory a •   They debit all factory labor to Factory Labor as the labor costs a •   They debit overhead costs to Manufacturing Overhead as these c However, the assignment of the three manufacturing cost elements to Work in Process in a process  cost system is different from a job order cost system. Here we'll look at how companies assign these  manufacturing cost elements in a process cost system. Materials Costs All raw materials issued for production are a materials cost to the producing department. A process  cost system may use materials requisition slips, but 
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This note was uploaded on 11/08/2011 for the course ACCOUNTING ac 202 taught by Professor - during the Fall '11 term at Montgomery.

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Assigning Manufacturing Costs - ASSIGNING MANUFACTURING...

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