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Match each of the following terms with its correct definition: v job-order costing system A. A single overhead rate calculated using all estimated overhead for a factory divided by the estimated activity level across the entire factory v Process-costing system B. A costing system that accumulates production costs by process or by department for a given period of v overapplied overhead time plantwide overhead rate

Match each of the following terms with its correct definition: v job-order costing system A. A single overhead rate calculated using all estimated overhead for a factory divided by the estimated activity level across the entire factory v Process-costing system B. A costing system that accumulates production costs by process or by department for a given period of v overapplied overhead time plantwide overhead rate

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Match each of the following terms with its correct definition: v job-order costing system A. A single overhead rate calculated using all estimated overhead for a factory divided by the estimated v Process-costing system activity level across the entire factory v overapplied overhead B. A costing system that accumulates production costs by process or by department for a given period of plantwide overhead rate time predetermined overhead rate C. An overhead rate computed using estimated data v job-order cost sheet D. Overhead assigned to production using predetermined rates v overhead variance E. Materials that can be easily and cost-effectively traced to a specific job v applied overhead F. This form is filled out by each employee every day. v actual cost system G. Indirect materials, indirect labor, and other costs related to manufacturing that cannot be easily to traced to a specific job v Time Ticket v materials requisition form H. An approach that assigns actual costs of direct materials, direct labor, and overhead to products v underapplied overhead v normal cost sytem I. The difference between actual overhead and applied overhead v direct materials J. The amount by which actual overhead exceeds applied overhead v manufacturing overhead K. A costing system in which costs are collected and assigned to units of production for each individual job L. The amount by which applied overhead exceeds actual overhead M. The job order number, or name, head this form. N. An approach that assigns the actual costs of direct materials and direct labor to products but uses a predetermined rate to assign overhead costs O. This form asks for the type, quantity, and unit price of direct materials.
Transcribed Image Text:Match each of the following terms with its correct definition: v job-order costing system A. A single overhead rate calculated using all estimated overhead for a factory divided by the estimated v Process-costing system activity level across the entire factory v overapplied overhead B. A costing system that accumulates production costs by process or by department for a given period of plantwide overhead rate time predetermined overhead rate C. An overhead rate computed using estimated data v job-order cost sheet D. Overhead assigned to production using predetermined rates v overhead variance E. Materials that can be easily and cost-effectively traced to a specific job v applied overhead F. This form is filled out by each employee every day. v actual cost system G. Indirect materials, indirect labor, and other costs related to manufacturing that cannot be easily to traced to a specific job v Time Ticket v materials requisition form H. An approach that assigns actual costs of direct materials, direct labor, and overhead to products v underapplied overhead v normal cost sytem I. The difference between actual overhead and applied overhead v direct materials J. The amount by which actual overhead exceeds applied overhead v manufacturing overhead K. A costing system in which costs are collected and assigned to units of production for each individual job L. The amount by which applied overhead exceeds actual overhead M. The job order number, or name, head this form. N. An approach that assigns the actual costs of direct materials and direct labor to products but uses a predetermined rate to assign overhead costs O. This form asks for the type, quantity, and unit price of direct materials.
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