costing. Describe the source documents used to track direct materials and direct labor costs to the job cost sheet. Calculate a predetermined overhead rate and use it to apply manufacturing overhead cost to jobs. Describe how costs flow through the accounting system in job order costing. Calculate and dispose of overapplied or underapplied manufacturing overhead. Calculate the cost of goods manufactured and cost of goods sold. Lecture Presentation–LP2 www.mhhe.com/whitecotton1e 36 FOCUS
Words: 20853 - Pages: 84
Instructor: Kenneth Njoroge SPRING 2012 SAMPLE FINAL EXAM You have 2hrs to complete this final exam. You are allowed to use a single note sheet, no larger than 8.5 by 11 inches, during the exam. This sheet may be typed on both sides in any font size. Any other additional material is strictly prohibited. There are 13 pages in this quiz, including this cover sheet. The pages are photocopied on one side of the page only. There are 2 sections on the quiz. Read each question very carefully. If you are
Words: 2141 - Pages: 9
Prepare a realistic initial plan for a business idea suitable for the local area. You need to prepare a realistic initial plan for a business idea suitable for the local area. This must include an individual rationale with supporting evidence. The supporting evidence will show appropriate research and detail and be appropriate for the local area. 1. Research possible gaps in the market. Give a list of the types of businesses that exist in the local area. Try and detail three services that are
Words: 2140 - Pages: 9
International Accounting Session 9 – Cost Allocations and Activity-Based Costing Dr. Othman Cole othman.cole@faculty.hult.edu 1 Absorption Costing In absorption costing, all manufacturing costs, both fixed and variable, are assigned to units of product. Units are said to fully absorb manufacturing costs. Most countries require some form of absorption costing for both external financial reports and for tax reports. Also, most companies across the world use absorption costing in their management
Words: 1598 - Pages: 7
Activity Based Cost Accounting 09 October 2015 The cost-allocation system Holly has been using allocates 90% of overhead costs to the standard cello because 90% of direct labor hours were spent on the standard model. How much overhead was allocated to each of the two models last year? Based on the activity based costing calculations overall overhead allocations are 67% to the Standard Cello, 33% to the Custom Cello. Discuss why this might not be an accurate way to assign overhead costs to products
Words: 1633 - Pages: 7
Contents 1. Executive Summary 3 2. Introduction 4 3. Introduction to the Business and General Business Environment 5 3.1 Major Customers of Boeing 5 3.2 Competitors of Boeing 5 3.3 Business Environment 6 3.4 Market Structure: Oligopoly 7 4. Production Costs and Scale 7 5. Macro Business Environment 9 6. Sustainability Practices of the Business 12 6.1 Sustainability in the Production Process 12 6.2 Sustainability in the Consumption of the Goods 12 7. Conclusion 13 References 15 1. Executive Summary
Words: 3772 - Pages: 16
Decisions Team A Accounting/ACC 561 November 10, 2010 Professor Rios, Angel J. Guillermo Furniture Store Decisions Navallez Guillermo’s quest to remain competitive in the furniture industry comes down to analyzing cost accounting measures. By carefully analyzing balance sheets and income statements, accounting officials can provide management a synopsis of where company strengths and weaknesses are, and then corrective measures can be adjusted to improve company performance. A break even analysis
Words: 1680 - Pages: 7
| COST ACCOUNTING ASSIGNMENT NAME: SHAMEEL P.B REGISTER NUMBER:1579 DATE OF SUBMISSION:17-09-2012
Words: 3051 - Pages: 13
machine is believed to have an exponential with a mean of 5 minutes. The lost productivity due to an employee spending time in the copying room is estimated to cost the company an average of $25 per hour. Each copy machine is leased for $3000 per year. Determine how many copy machines the company should have to minimize its expected total cost per hour. • Describe queuing model (i.e, M / M /s, M / M/ s // K, etc.) [pic] • [pic][pic] | |3 machines
Words: 1699 - Pages: 7
variance. ____ 4. Using a time ticket, the cost accounting department can enter the cost of direct materials onto the correct job-order cost sheet. ____ 5. Process costing accumulates costs by processing departments rather than by individual jobs. ____ 6. Process costing is most appropriate for manufacturers of homogeneous products. ____ 7. A production report contains information on costs transferred in from prior departments as well as costs added in the department such as direct materials
Words: 2470 - Pages: 10
