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14 Cards in this Set
- Front
- Back
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Actual Costing
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assigns actual costs of DM, DL, and OH to products; can't provide accurate unit cost info on a timely basis
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Normal Costing
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assigns the actual costs of DM & DL to prodcuts; OH costs are assigned to products using predetermined rates
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Predetermined Rate for normal costing
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Budgeted OH costs/ Budgeted allocation base
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Product Cost/ Inventoriable costs
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Cost associated with making the product: DL, DM, OH
Inventory till sold => COGS |
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Period cost/ expired costs
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not part of making the product; expensed in the period incurred
Sales commissions, depreciation, administrative costs, interest expense Always included as an expense on the Income statement |
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Direct costs
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traced or linked to a specific unit or product
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Indirect cost
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cannot be traced to a specific unit or product
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Factory Overhead
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indirect labor costs, indirect material costs, and other production facility costs
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Overhead applied
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amount placed into the work in process account- based on estimates
WIP OH applied |
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Overhead control
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record actual overhead bills
Overhead control A/P |
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Prime Costs
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DL & DM
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Conversion costs
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DL & MOH
Cost of converting DM into finished product |
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Avoidable cost
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will change as a result of a decision
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Unavoidable cost
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will not change as a result of decision
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