Flashcards
BUS 371 Ch 3 Key Terms
Flashcards do conjunto (15)
- 1Absorption costingA costing method that includes all manufacturing costs—direct materials, direct labor, and both variable and fixed manufacturing overhead—in unit product costs.
- 2Allocation baseA measure of activity such as direct labor-hours or machine-hours that is used to assign costs to cost objects.
- 3Cost of goods manufacturedThe manufacturing costs associated with units of product that were finished during the period.
- 4Finished goodsUnits of product that have been completed but not yet sold to customers.
- 5Job cost sheetA form that records the direct materials, direct labor, and manufacturing overhead cost charged to a job.
- 6Job-order costingA costing system used in situations where many different products, jobs, or services are produced each period.
- 7Normal cost systemA costing system in which overhead costs are applied to a job by multiplying a predetermined overhead rate by the actual amount of the allocation base incurred by the job.
- 8Overapplied overheadA credit balance in the Manufacturing Overhead account that occurs when the amount of overhead cost applied to Work in Process is greater than the amount of overhead cost actually incurred during a period.
- 9Overhead applicationThe process of assigning overhead cost to specific jobs.
- 10Predetermined overhead rateA rate used to charge manufacturing overhead cost to jobs that is established in advance for each period. It is computed by dividing the estimated total manufacturing overhead cost for the period by the estimated total amount of the allocation base for the period.
- 11Raw materialsAny materials that go into the final product.
- 12Schedule of cost of goods manufacturedA schedule that contains three elements of product costs—direct materials, direct labor, and manufacturing overhead—and that summarizes the portions of those costs that remain in ending Work in Process inventory and that are transferred out of Work in Process into Finished Goods.
- 13Schedule of cost of goods soldA schedule that contains three elements of product costs—direct materials, direct labor, and manufacturing overhead—and that summarizes the portions of those costs that remain in ending Finished Goods inventory and that are transferred out of Finished Goods into Cost of Goods Sold.
- 14Underapplied overheadA debit balance in the Manufacturing Overhead account that occurs when the amount of overhead cost applied to Work in Process is less than the amount of overhead cost actually incurred during a period.
- 15Work in processUnits of product that are only partially complete and will require further work before they are ready for sale to the customer.
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- Flashcards on BUS 371 Ch 3 Key Terms
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- Jamie Plym
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