PPT-Predetermined Overhead Rates and Overhead Analysis in a Standard Costing System

Appendix 10A Learning Objective 4 Compute and interpret the fixed overhead budget and volume variances Budget variance Fixed Overhead Budget Variance Budget variance Budgeted fixed overhead. Job Order Costing. Describe the key differences between job order costing and process costing.. Learning Objective 2-1. Job Order versus Process Costing. Process Costing. Costs are traced to the process and then divided by units produced to obtain an average unit cost.. 18. Learning Objectives. Discuss the difference . between traditional . costing and . activity-based costing. .. Apply activity-based costing to . a manufacturer. .. Explain the . benefits . and . limitations of activity-based costing. . Cost Accounting: . Foundations & Evolutions, 9e. . Kinney and Raiborn. Learning Objectives . Why and how are overhead costs allocated to products and services?. What causes underapplied or overapplied overhead, and how is it treated at the end of a period?. Cost Accounting Principles, 9e. Raiborn. . ● . Kinney. Learning Objectives . Why and how are overhead costs allocated to products and services?. What causes underapplied or overapplied overhead, and how is it treated at the end of a period?. Chapter 2. Job-Order Costing: An Overview. Job-order costing systems are used when:. . Many different products are produced each period.. Products are manufactured to order.. The unique nature of each order requires tracing or allocating costs to each job, and maintaining cost records for each job.. is used in a. Manufacturing environment.. There are unique challenges. To record journal entries,. Maintain the job order cost sheet. And. Accumulate information for. Financial Statements. Job Order Costing. Overhead Rates and Overhead Analysis in a Standard Costing System. Appendix 8A. Learning Objective 8-7. Compute and interpret the fixed overhead budget and volume variances.. Budget variance. Fixed Overhead Budget Variance. Analysis. Chapter 17. Copyright © 2016 McGraw-Hill Education.  All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.. Wild, Shaw, and . Chiappetta. University of North Florida. ACG 4361. 1. Accounting for Manufacturing Overhead. 1-4. Assigning Costs to Cost Objects.  . Actual Costing. Normal Costing. Standard Costing. Direct Materials. Actual. Actual. Systems Design: . Activity Based Costing. Learning Objective 1. Understand the basic approach in activity-based costing and how it differs from conventional costing.. When cost systems were developed in the 1800s, the emphasis was on simplicity because:. CHAPTER 3. Important Vocabulary Terms. – Part 1. There are seven important vocabulary terms that were introduced in the previous chapter. . Job-order costing . – A costing system used in situations where many different products, jobs, or services are produced each period.. . How . Do . Manufacturing . Companies Use Job Order and Process Costing Systems?. Product costs are accumulated in cost accounting systems. . Knowing unit costs help managers:. Set selling prices that will lead to profits. Learning Objectives. Explain . standard costs and how they . are . set. Compute the direct materials price and quantity variances and explain their significance. Compute the direct labor rate and efficiency variances and explain their significance. Computation of machine hour rate(. mhr. ). MHR refers to the overhead cost of running a machine for one hour. Steps for computation:. 1. The overheads concerning the machine are divided into fixed & variable overheads. Fixed are those that remain constant irrespective of the use of the machine .