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Learning Objectives
2-2
LEARNING
OBJECTIVE
2-3
Two basic types: (1) a process order cost system and (2)
a job order cost system.
LO 1
2-4
LO 1
Illustration 2-1
Process cost system
2-5
LO 1
2-6
Measures costs for each job completed not for set time
periods.
LO 1
2-7
Illustration 2-2
Job order cost system for Disney
LO 1
2-8
LO 1
2-9
LO 1
Illustration 2-3
Flow of costs in job
order costing
2-10
LO 1
2-11
42,000
42,000
LO 1
2-12
LO 1
Factory Labor
32,000
2-13
27,000
5,000
LO 1
2-14
2-15
Manufacturing Overhead
13,800
Utilities Payable
4,800
Prepaid Insurance
2,000
2,600
Accumulated Depreciation
3,000
1,400
LO 1
2-16
LO 1
4,200
Accounts Payable
4,200
18,000
15,000
3,000
LO 1
2-18
7,500
Utilities Payable
2,200
Prepaid Insurance
1,800
Accumulated Depreciation
3,500
LO 1
LEARNING
OBJECTIVE
2-19
Factory Labor
Manufacturing Overhead
LO 2
LEARNING
OBJECTIVE
2-20
LO 2
Illustration 2-4
Job cost sheet
2-21
LO 2
2-22
LO 2
Illustration 2-5
Materials requisition slip
2-23
LO 2
2-24
24,000
6,000
30,000
LO 2
2-25
Illustration 2-6
Job cost sheetsposting
of direct materials
Illustration 15-6
LO 2
2-26
LO 2
2-27
Employee
Hours worked
LO 2
Illustration 2-7
Time ticket
2-28
LO 2
2-29
28,000
4,000
32,000
LO 2
2-30
28,000
4,000
32,000
LO 2
Illustration 2-8
Job cost sheets
direct labor
2-31
LO 2
Work in Process
2-32
LO 2
Work in Process
9,600
9,600
LO 2
Work in Process
6,000
6,000
LO 2
Work in Process
7,500
7,500
LO 2
LEARNING
OBJECTIVE
2-36
LO 3
2-37
Machine hours
LO 3
2-38
Illustration 2-9
LO 3
Illustration 2-10
Using predetermined
overhead rates
2-39
LO 3
This means that for every dollar of direct labor, Wallace will
80 cents of manufacturing overhead to a job.
assign _________
2-40
LO 3
2-41
22,400
22,400
LO 3
Illustration 2-12
Job cost sheets
manufacturing
overhead applied
2-42
Illustration 2-13
Proof of job cost sheets to
work in process inventory
2-43
LO 3
2-44
LO 3
2-45
LO 3
2-46
8,000
LO 3
LEARNING
OBJECTIVE
2-47
Illustration 2-14
Completed job
cost sheet
2-48
39,000
39,000
LO 4
Accounts Receivable
50,000
Sales revenue
Cost of Goods Sold
Finished Goods Inventory
2-49
50,000
39,000
39,000
LO 4
Illustration 2-15
Flow of costs in a job
order cost system
2-50
LO 4
2-51
LO 4
LO 4
2-53
LO 4
Disadvantage
2-54
LO 4
46,000
46,000
42,000
Sales Revenue
Cost of Goods Sold
Finished Goods Inventory
2-55
42,000
27,000
27,000
LO 4
LEARNING
OBJECTIVE
Illustration 2-17
Cost of goods
manufactured
schedule
2-56
2-57
Illustration 2-18
LO 5
2-58
LO 5
Manufacturing Overhead
Cost of Good Sold
2-59
2,500
2,500
LO 5
2-60
Manufacturing overhead
applied
Underapplied
manufacturing overhead
LO 5
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2-61