LO 4.1Burnham Industries incurs these costs for the month:
What is the prime cost?
LO 4.1How do job order costing and process costing differ with respect to recording direct materials and direct labor?
LO 4.3Is the cost of goods manufactured the same as the cost of goods sold?
LO 4.4How is the predetermined overhead rate determined?
LO 4.5Why are the overhead costs first accumulated in the manufacturing overhead account instead of in the work in process inventory account?
LO 4.7Match the concept on the left to its correct description.
|A. job order costing||i. computes the overhead applied to each job|
|B. materials requisition sheet||ii. source document indicating the number of hours an employee worked on specific jobs|
|C. overapplied overhead||iii. source document indicating the raw materials assigned to a specific production job|
|D. predetermined overhead rate||iv. the cost accounting system used by pet food manufacturers|
|E. process costing||v. the cost accounting system used by law firms|
|F. time ticket||vi. the result when the actual overhead is less than the amount assigned to each specific job|
|G. underapplied overhead||vii. the result when the actual overhead is more than the amount assigned to each specific job|