ACCT346 Discussions Week 2

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ACCT346 Discussions Week 2
The job cost sheet is used to accumulate the three product costs: direct material, direct labor, and…

SKU: ACCT 346 Job Order Costing and Process Costing Discussions Week 2 Categories: , Tags: , , ,

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ACCT346 Discussions Week 2

ACCT346 Discussions Week 2

All Students Post 81 Pages

Job Order Costing – 40 Pages

The job cost sheet is used to accumulate the three product costs: direct material, direct labor, and factory overhead. Discuss the source documents for determining these amounts (that is, where do we get these numbers, and how we arrive at the overhead?). Why is overhead the most difficult to assign?…

Problem #1 for EVERYONE to try to work on : Bonnie Company uses a predetermined overhead rate of $8.00 per machine hour. 60,000 machine hours were worked this year and actual overhead costs of $465,000 were incurred.
What was the amount of under-applied or over-applied overhead?
Indicate if it is over-applied or under applied. WHY?…

Process Costing – 41 Pages

Describe how the process costing system accumulates and assigns costs by comparing and contrasting to the job-order costing system….

What is the difference between Job Order Costing and Process Costing? What system would you use for manufacturing custom made tables? What system would you use if you were manufacturing 100,000 gallons of paint? WHY?  Can you think of different situations which clearly should use one system rather than the other?

If beginning inventory consisted of 22,500 units, ending inventory was 7,500 units, and 33,000 units were started during the period, how many units were completed and transferred out of the department to the next department?…