Accounting Study Guide Exam #2

Accounting Study Guide Exam #2 - Accounting Study Guide...

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Accounting Study Guide Exam #2 23:40 Chapter 4  Job order costing  Many different jobs worked on each period, with each job having different production  requirements  Costs are accumulated by individual job  Unit costs are computed by job on the job cost sheet  Process costing  A single product, produced over a long period of time  Costs by department  Unit costs are computed by department  Cost Entries  Material Cost  Debit: Work in process  Credit: Raw materials  Labor Cost Debit: Work in process  Credit: Wages Payable  Overhead Debit: Work in process  Credit: Manufacturing Overhead  Computing Cost flows
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Transfer of partially completed goods from A to B  Debit: Work in process B  Credit: Work in process A  Transfer of completed goods  Debit: Finish goods  Credit: Work in process B  Customer fills an order  Debit: COGS  Credit: Finished goods 
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Accounting Study Guide Exam #2 - Accounting Study Guide...

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