Term
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Definition
used in situations where the company produces many units of a single product over a long period of time.
Ex: Paper Mills, Soda companies, Oscar Meyer, etc. |
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Term
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Definition
used in situations when many different products are produced in a period.
Ex: Movie production, aircraft manufacturing, large scale productions |
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Term
| Job Cost Sheet (whats on it) |
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Definition
| The Direct Materials, Direct Labor, and Manufacturing Overhead for that particular job. |
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Term
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Definition
| is a measure such as direct labor hours or machine hours that is used to assign costs to products or services. |
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Term
| Predetermined Overhead Rate |
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Definition
| Estimated Total manufacturing overhead cost/ Estimated total amount of the allocation base |
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Term
| Overhead applied to a particular job. (formula) |
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Definition
| Predetermined Overhead Rate x Amount of the Allocation Base Incurred by the job (Actual) |
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Term
| What do you put on the job cost sheet MOH Actual or Applied? |
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Definition
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Term
| Where is Under/Overapplied Overhead allocated to? |
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Definition
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Term
| Underapplied Overhead is ___________ to COGS |
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Definition
| added; Overapplied is subtracted |
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Term
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Definition
| A 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. |
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