notes-c3 - C3 JOB ORDER COSTING notes-c3 Written by...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
C 3 - JOB ORDER COSTING notes-c3.doc Written by Professor Gregory M. Burbage, MBA, CPA, CMA, CFM © CHAPTER LEARNING OBJECTIVES: MAJOR: - Identify and explain the components of a product cost. - Explain and calculate total cost and per unit cost. - Calculation of and use the Predetermined Factory Overhead Rate. - Explain the disposition of over or under-applied FOH (factory overhead). - Preparation of journal entries, especially those that are unique to this subject MINOR: - Impact of applying overhead at capacity versus estimated activity - Appendix 3A. NOT IMPORTANT: - Layout (how they look) of forms. * WHEN PREPARING HOMEWORK PROBLEMS THAT REQUIRE JOURNAL ENTRIES, USE BOTH GENERAL JOURNAL ENTRIES AND T ACCOUNT ENTRIES THROUGHOUT THE SEMESTER! ABSORPTION (FULL) COSTING is a method that considers all traditional product costs (DM, DL, VFOH & FFOH) as part of the cost of the product. This is what we are studying and what we previously studied in financial accounting when discussing inventory. Absorption (Full) Costing is also GAAP.
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 01/13/2012 for the course ACCT 222 taught by Professor Staff during the Spring '11 term at Los Rios Colleges.

Ask a homework question - tutors are online